Brexit’s Push-Pull-Tug; Tesla’s Missed Forecast: Sunday Wrapby
Sanders wants more of his agenda in Democratic platform
Facebook accused by Israel of complicity in West Bank violence
Here are highlights of Sunday’s top breaking stories from around the world:
U.K. Chancellor of the Exchequer George Osborne wants to lower the corporate tax rate to 15 percent to keep companies from leaving after the country voted for the separation from the European Union. French leaders are working to induce entire markets, such as euro clearing, to leave the U.K. Former Prime Minister Tony Blair said that the U.K. should take its time about leaving, and that “the will of the people is entitled to change.” One of London’s law firms said only Parliament, not the prime minister, can invoke the clause necessary to leave the EU and is threatening to sue if the executive branch acts on its own. And just as quickly as Theresa May emerged as the favorite to succeed David Cameron as prime minister, opponents pounced, wondering whether she had any standing to seek the job since she backed staying in the EU.
Notwithstanding that his signature anti-Wall Street proposals made it into the Democratic Party platform that Hillary Clinton must run on, defeated primary opponent Bernie Sanders is unhappy he didn’t get more. In a newspaper opinion article, he said he’ll push for opposition to the Trans-Pacific Partnership -- a point on which Sanders agrees with Clinton’s presumptive opponent, Donald Trump.
Abu Dhabi’s two largest banks at last sealed the deal on a merger that had been on the cusp for weeks, creating a Middle East lending powerhouse with $175 billion of assets. The one unexpected wrinkle is that both CEOs will step aside.
Tesla Motors’s second quarter deliveries fell well short of its own forecasts, which didn’t stop the electric-car maker led by billionaire Elon Musk from making another ambitious forecast: 50,000 deliveries in the second half of 2016. That would be almost double the total for the first half.
The Australian dollar lost ground in early trading as investors contemplated the possibility of a deadlocked government, with Prime Minister Malcolm Turnbull apparently having lost his majority in Saturday’s election. The full results may not be known until late this week.
Israel accused Facebook of complicity in violence committed by Palestinians, saying it fails to remove provocative postings and hinders police investigations.
Credit Suisse CEO Tidjane Thiam said the bank won’t be sold or dismantled, telling a Swiss newspaper, “A takeover is not a subject.”
Acquisition activity “is not on the top of the agenda today” at Rio Tinto, its new CEO said in declaring a new direction at the world’s second biggest mining company.
Revenues at Venezuela’s state oil company plunged 41 percent last year, reflecting the drop in oil prices that has thrown the petroleum-dependent South American country into economic and social chaos.
Voith GmbH sold a 25 percent stake in its Kuka robot-making unit to China’s Midea Group for $1.3 billion, a deal that hit a sore spot with some politicians in Chancellor Angela Merkel’s government.
The roughing-up by police of a UAE citizen outside a Cleveland-area hotel became an international incident when the UAE government summoned a U.S. diplomat for an explanation and advised its citizens to avoid traditional dress when traveling in the U.S.
In the strongest signal yet of another devaluation in Egypt’s currency, the central bank chief said the focus on defending it over the past five years has been a “grave mistake.”