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Brexit Britain, pour yourself a nice G&T. The U.K. got a double shot of good news today: BMW confirmed it will build the next-generation electric Mini in Oxford—instead of Germany—and Amazon will expand its London headquarters and hire more people. — Adam Blenford
Tweets, trade and votes. It isn’t getting any easier to keep up with the threads of political news from Washington. Today’s early Trumpstorm included a new volley of presidential criticism aimed at Attorney General Jeff Sessions and a hearty endorsement of the search for a U.K.-U.S. trade deal. Trump castigated the “protectionist” EU just as British Trade Secretary Liam Fox was in town. Tonight? Health care.
Bouncing back. Deutsche Bank lost almost half its market value in 2016. Legal scandals have dogged Germany’s No. 1 bank, and an aggressive trading culture has damaged its reputation with investors, clients, and regulators. In a series of exclusive interviews, CEO John Cryan opened up about the bank’s missteps and said the worst is behind Deutsche.
We’ll drink to that. Where there’s gin, there’s tonic, and in the U.K. these days that means Fevertree. The growing popularity of so-called craft gin has led Fevertree Drinks Plc. to boost its full-year outlook. Shares surged more than 20 percent on Tuesday after the company said first-half adjusted earnings doubled to 25.2 million pounds ($32.8 million). The company is looking beyond gin: Fevertree cola could be coming soon to a rum and coke near you.
Stepping out. Michael Kors agreed to buy designer shoemaker Jimmy Choo for about £896 million. The sale gives Jimmy Choo investors a healthy return, though it puts the future of the shoe brand in doubt. Choo’s shoes found fame thanks to fans including Princess Diana and “Sex and the City” character Carrie Bradshaw. Their future now lies with a handbag maker that’s in a slowdown.
Back taxes. Would you pay taxes equal to two centuries of your income? That’s what the government of Tanzania is asking gold miner Acacia to do, issuing a $190 billion tax bill. Of the sum, $40 billion is taxes and another $150 billion is interest and penalties for alleged under-declared export revenues from 2000 to 2007. Acacia said it has fully declared all revenues.
The royal standard. To sleep like a princess, Portugal might be the place to go. The country had a recognized nobility for nearly 800 years, so extravagant palacios or paços owned by noblemen can be found all over. The villa rental concept is still new in Portugal, but some palaces have been transformed into guest houses that boast incredible architectural and decorative treasures.
Compiled by Adam Blenford and Leila Taha