Good morning! Here’s what you need to know.
1. Britain will submit its proposals on how to settle its financial obligations to the European Union before an EU Council meeting next month, Philip Hammond said on Sunday. On Friday the European Union repeated an early December deadline to move on the divorce bill.
2. Volkswagen will invest €22.8 billion in its main car brand over the next five years, it said on Saturday, a day after it announced a spending program aimed at bolstering its position as a maker of electric cars. Most of that sum, around €14 billion, will be spent in Germany, Volkswagen said, adding that one of the key measures included a €1 billion injection to transform the carmaker’s Zwickau plant into a pure e-mobility facility.
3. US satellite communications company Iridium Communications said the last call from its device aboard a missing Argentine submarine was made at 1136 GMT on Wednesday, the day the vessel vanished. Argentina’s Defence Ministry has said seven failed satellite calls on Saturday may have been from the submarine.
4. Chinese-owned aircraft leasing company Avolon has firmed up an order for 75 Boeing aeroplanes and may order 20 more, its parent Bohai Capital said on Sunday. Based on published prices, the confirmed part of the deal would be worth $US8.7 billion at list values, though analysts say buyers typically get discounts of at least 50% for significant orders of such models.
5. France’s fourth-biggest listed bank Natixis aims to grow revenue by 5% annually over the next three years and to return more than 60% of earnings to investors, it said on Sunday. Natixis, majority-owned by retail banking group BPCE, said it would have up to €4 billion in capital available for distribution of dividends over 2018-2020.
6. European Council President Donald Tusk said he was alarmed by the similarity of policies pursued by Poland’s right-wing government to what he described as “Kremlin’s plan.” Tusk, Poland’s former prime minister and the arch-rival of PiS leader Jaroslaw Kaczynski, won a second term in March as chairman of EU summit meetings – with Poland the only country to vote against his extension.
7. Chancellor Philip Hammond’s budget statement this week will include measures to encourage the development of driverless and electric cars, artificial intelligence and telecommunication. Hammond is under pressure to turn around the fortunes of Prime Minister Theresa May with Wednesday’s budget, but with Brexit weighing on the economy he has limited options.
8. Honda is recalling about 900,000 minivans because second-row seats may tip forward if not properly latched after being adjusted. The Japanese automaker said the recall covered 2011-2017 Honda Odyssey minivans and that it had 46 reports of minor injuries related to the issue.
9. Saudi Arabia recalled its ambassador in Germany for consultation over comments made by German Foreign Minister Sigmar Gabriel during a joint news conference with his Lebanese counterpart. The ministry said in a statement that Saudi Arabia would deliver a protest note to Germany’s ambassador in Riyadh.
10. Talks about forming a three-party coalition government in Germany dissolved after the free-market liberal Free Democratic Party (FDP) pulled out on Sunday. FDP leader Christian Lindner said there was no “basis of trust” with Chancellor Angela Merkel’s conservative Christian Democratic Union/Christian Social Union bloc and the left-leaning Greens, the BBC reported.