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  • Deutsche Bank to pay $16m to settle US ‘princelings’ case

    Regulator had said it corruptly hired unqualified relatives of foreign officials to win business

    Deutsche Bank has agreed to pay a $16m (£13m) fine to US authorities overallegations that it hired unqualified relatives of powerful Russian and Chinese government officials to win business.

    The Securities and Exchange Commission (SEC) alleged that Germany’s largest lender had used false books to record the hirings, which meant the relatives – known in China as “princelings” – did not have to go through rigorous interview processes.

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  • Fed chair Jerome Powell says Trump trade policies pose 'new challenge'

    • President has attacked Powell and urged Fed to boost economy
    • Powell: ‘no recent precedents’ to guide policy in current climate

    The Federal Reserve chairman, Jerome Powell, warned on Friday the US central bank was facing a “new challenge” as it deals with the Trump administration’s seesaw trade policies.

    His speech drew an immediate attack from president Donald Trump who argued on Twitter that the Fed chair was more of a threat to the US economy than China’s leader, Xi Jinping, with whom Trump is currently locked in an extended trade dispute. “My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?” Trump wrote on Twitter.

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  • G7 leaders to hold emergency talks over Amazon wildfires crisis

    Brazil’s handling of fires to top agenda in Biarritz as France and Ireland threaten to block trade deal

    Amazon fires: what is happening and is there anything we can do?

    Leaders of the world’s major democracies are due to hold emergency talks this weekend on the wildfires engulfing the Amazon, as international efforts to force Brazil to change its deforestation policies gathered momentum.

    As heads of state and government were due to arrive at the G7 in Biarritz on Saturday, France and Ireland threatened to block the Mercosur free-trade agreement between the EU and South American nations if the government of Jair Bolsonaro does not stop the deforestation of the Amazon, which experts say has fuelled the fires. Other EU members were under pressure to walk away from the Mercosur (Southern Common Market) deal, which is already unpopular among European farmers.

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  • Why is Trump is waging an economic war on China?

    On Friday the US president ‘hereby ordered’ companies to halt business with China, among other attacks – how did we get here?

    Even by Donald Trump’s standards his Twitter rant attacking China on Friday was extraordinary. In a series of outbursts Trump “hereby ordered” US companies to stop doing business with China, accused the country of killing 100,000 Americans a year with imported fentanyl and stealing hundred of billions in intellectual property.

    The attack marked a new low in Sino-US relations and looks certain to escalate a trade war already worrying investors, manufacturers and economists who are concerned that the dispute between the two economic superpowers could trigger a recession.

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