Good morning! Here’s what you need to know.
1. The EU’s Brexit chief met British officials on Monday to try to hammer out a date for the start of formal talks, as concerns grew that negotiations could be delayed by the fallout from Britain’s chaotic election. Full negotiations had been due to start on June 19, but Brussels said the date was still not confirmed after British Prime Minister Theresa May unexpectedly lost her majority in parliament.
2. General Electric said Jeff Immelt will retire as chief executive and will be replaced by John Flannery, the head of GE healthcare, ending a multiyear succession plan. Immelt, 61, will remain chairman through his retirement on December 31. Flannery will take over as CEO effective August 1 and as chairman following Immelt’s departure.
3. A selloff in technology stocks extended to a second day, led by losses in Apple, while oil prices rose on signs of inventory declines in the United States. The technology sector rout dragged down all three major U.S. stock indexes and raised concerns about the market’s lofty levels.
4. The German Transport Ministry has ordered the KBA watchdog agency to examine the emissions of sports car maker Porsche, a unit of Volkswagen. German newsmagazine Der Spiegel reported on Friday that diesel models of Porsche’s Cayenne V6 TDI, an SUV model, had much higher emissions than legally allowed.
5. Deutsche Bank’s wealth management division said it plans to hire about 100 client managers worldwide this year, as part of its efforts to win more super-rich customers, particularly in the Asia-Pacific region. The bank said it would invest €65 million ($US73 million) in digital technology to develop new features such as customised Chief Investment Office news and portfolio health checks.
6. China’s top state planner said it would tighten regulations for building new factories for traditional petrol-burning vehicles, as the country cracks down on “zombie” firms and pushes automakers to convert to non-polluting electric vehicles. China’s central government sees electric vehicles as a way for its industry to leapfrog ahead of international competitors, that have decades more experience in making petrol cars, while also reducing intense urban smog.
7. Shifting clearing of euro-denominated derivatives from London to the European continent would require banks to set aside far more cash to insure trades against defaults, a cost that would be passed on to companies, a global derivatives industry body said. The International Swaps and Derivatives Association (ISDA) said that a “relocation” in euro clearing to continental Europe would split liquidity in markets and reduce the ability of banks to save on margin by offsetting positions in the same liquidity pool.
8. French Finance Minister Bruno Le Maire expressed optimism about Greece reaching a deal on new loans from its European creditors after talks with his Greek counterpart and Prime Minister Alexis Tsipras in Athens. “I wanted to underline that we are doing our best with the other member states of the euro zone, with the IMF, with the Greek governement, and I’m optimistic, I think we are not far from the agreement,” he told reporters.
9. The US banking industry is about to launch its answer to the popular mobile payments app Venmo, in what is likely to be the biggest change in years in how individuals exchange funds digitally. Over the next week, five of the largest US banks will light up their segments of a new payments network called Zelle.
10. Opel Chief Executive Karl-Thomas Neumann has resigned as General Motors prepares to sell its European division to French rival PSA Group, the German carmaker said. Neumann, who has revamped Opel’s image since taking charge of the troubled carmaker in March 2013, will be succeeded by finance chief Michael Lohscheller, Opel said.
Business Insider Emails & Alerts
Site highlights each day to your inbox.