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Traditionally, the U.S. leads the search for common approaches to big global issues. Not now. When world leaders meet in Hamburg on Friday for the G-20 summit, China and Germany will move in to usurp the U.S.’s role in global leadership. That’s in part because for the first time since the group’s founding, the U.S. will be represented by a president who embraces protectionism and stands isolated on climate change. — Marc Champion, Peter Martin and Brian Parkin
And the Brexit winner is... Frankfurt? The German city is getting a shot at competing with London as Europe’s financial center. Frankfurt is the locale of choice for Standard Chartered, Nomura, and others as Britain prepares to leave the EU and banks scramble to ensure continued access to the single market. The Brexit relocation will probably turn out to be a trickle, though, with each bank moving a few hundred jobs at the most.
Salvage yard. Four Airbus A380 superjumbos, operated for the last decade by Singapore Airlines, face the ignominy of being broken up for spare parts if new operators can’t be found in coming months. The German leasing firm that owns the planes says they could be worth $100 million each in pieces if no takers emerge.
Energy addiction. Germany’s bold plan to wean itself from both coal and nuclear energy means Europe’s largest economy is more dependent than ever on natural gas from Russia to fire its power plants. Chancellor Angela Merkel is pushing for a $10 billion pipeline expansion under the Baltic to boost Russian imports, but the project has plenty of detractors.
Drinking themselves to death. Europeans consume more alcohol than people on any other continent, an average of 11.2 liters per year. That’s the equivalent of just under two drinks a day, and it’s putting people at a higher risk of developing digestive cancers, a new report finds. Nearly one in four deaths from gastrointestinal diseases can be attributed to alcohol intake, according the WHO.
Uber’s European woes. The EU’s top court has backed a French law that led to sanctions for top Uber managers in France. Uber and two executives were fined €850,000 ($965,000) in 2016 over claims that UberPop, a service to allow unlicensed drivers to use their own car to pick up riders, broke the law. The ruling adds to the turmoil at Uber, which saw its CEO resign last month.
Vacation homes. Russia wants its dachas back. The Obama administration took away the Russian Embassy’s country houses outside Washington and New York at the end of last year in retaliation for election hacking. Now the Kremlin plans to raise the issue when Vladimir Putin meets Donald Trump this week, even as geopolitical flashpoints such as Syria, North Korea and Ukraine remain unresolved.
Compiled by Andy Reinhardt and Leila Taha