Trump’s Tax ‘Genius’; Deutsche Bank’s Job Cuts: Sunday Wrap

  • Bass Pro said to win bidding for U.S. competitor Cabela’s
  • U.K. prime minister says Brexit process will begin by March 31

Here are highlights of Sunday’s top breaking news stories from around the world:

Donald Trump didn’t deny a New York Times report that he claimed a $916 million loss in 1995 that may have allowed him to legally eliminate any income taxes for the next 18 years. He and his surrogates said it shows he’s a business genius who knows the tax code better than anyone who’s ever run for president.

Deutsche Bank is preparing this week to eliminate 1,000 jobs in Germany as part of Chief Executive Officer John Cryan’s cost-cutting plan. Separately, leaders of some Germany’s biggest companies expressed support for the bank in a series of newspaper interviews.

Bass Pro came out the apparent winner in an auction for U.S. outdoor equipment retailing rival Cabela’s, though terms were still being negotiated on Sunday. Bass was said to have outbid private equity firm Sycamore Partners.

Tesla Motors said third-quarter sales and deliveries were 37 percent ahead of the second quarter and better than analysts’ forecasts. Chief Executive Officer Elon Musk had implored employees to push out as many vehicles as possible during the period to impress investors ahead of a potential capital raise. We won’t until later whether Tesla sacrificed revenue and profit to move all those vehicles; Tesla officially doesn’t discount but there were reports from analysts that some stores were doing it.

U.K. Prime Minister Teresa May finally set a firmer timetable for Brexit, saying the process will begin by the end of the first quarter next year, May also said she’ll introduce a bill next year to convert all existing European Union laws into U.K. legislation on the day the departure from the EU is completed, to provide certainty for business and investors.

Local governments in seven Chinese cities are placing new rules on home ownership, including higher down payment requirements, amid warnings of a housing bubble fueled by speculation.

Saudi Arabia’s central bank told local lenders to rework consumer loans made to government workers whose bonuses are being eliminated as low oil prices whack the kingdom’s economy.

Not enough Hungarians went to the polls to validate a referendum on whether to ignore European Union rules on taking in refugees, a rebuke that may take away some of Prime Minister’s Viktor Orban’s leverage to force changes. That being said, just about everyone who voted agreed with Orban’s opposition to the rules.

The referendum in Colombia on whether to approve a historic peace deal with FARC rebels, which was seen as somewhat of a formality, was in a virtual dead heat as of early evening.

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