A proposal to give an EU regulator authority over financial benchmarks could put conflicting requirements on US companies, Commodity Futures Trading Commission member Brian Quintenz says. "These amendments could result in yet another example of extraterritorial overreach by EU authorities," he says.
European Council President Donald Tusk has urged US President Donald Trump to restore international order and to turn away from trade disputes, while Trump has called the EU a "foe", citing its stance on trade. "The architecture of the world is changing", Tusk says, and Europe, China, the US and Russia have responsibility to ensure the change is for the better.
UK Prime Minister Theresa May says the Brexit plan laid out in a government white paper, which calls for a closer UK-EU trade relationship, rather than a "hard Brexit", is the only viable option. She writes in an op-ed that she will not compromise Britain's national interest and that she is committed to fighting for a satisfactory Brexit deal.
Apple and 10 partners have launched a $300 million Chinese clean energy fund that connects energy suppliers with renewable energy sources, ultimately powering nearly a million households. "We're thrilled so many of our suppliers are participating in the fund and hope this model can be replicated globally to help businesses of all sizes make a significant and positive impact on our planet," says Lisa Jackson of Apple.
Deutsche Bank has warned Netflix might fall short of quarterly subscription estimates, while UBS has downgraded the stock, resulting in a 4% decline in share price. Technical analyst Steve Miller contends the stock is facing a pivotal moment, with a rise above $424 confirming a long-term uptrend but a fall below $379 suggesting continued decline.
Nine in 10 financial-technology startups fail, according to a Medici report, which says average funding for seed-stage fintechs decreased 57% from 2010 to 2017. Average funding for late-stage venture capital rounds increased to $1.56 billion in 2017 from $26.64 million in 2010.
The EU's top court has struck down a European Central Bank requirement that six French banks hold capital against customer deposits held at state investment institution Caisse des Depots et Consignations. Excluding the deposits means the banks have a higher leverage ratio.
Prices of sovereign bonds within the Gulf Cooperation Council have risen 9% in recent weeks because of expectation JPMorgan Chase will add the bonds to emerging-market indices by the end of summer. The development highlights index providers' growing influence on investment decisions.
A European Securities and Markets Authority proposal to amend the revised Markets in Financial Instruments Directive would require exchanges to offer quotes on tick sizes for non-EU venues.
Stock exchanges in China have banned mainland investors from acquiring shares with weighted-voting rights through the Hong Kong stock link, resulting in a 9.6% drop in share value for Chinese smartphone-maker Xiaomi. The Shanghai Stock Exchange says there are also plans to prohibit trading in foreign firms and stapled securities through the link.
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