Good morning! Here’s what you need to know on Tuesday.
President Donald Trump has signed an executive order regarding his intent to pull the United States out of the Trans-Pacific Partnership trade deal. It’s a “great thing for the American worker, what we just did,” Trump said at the White House as he signed the order, according to Bloomberg. The TPP deal, which would lower tariffs for 12 countries around the Pacific Rim, including Japan and Mexico but excluding China, was negotiated under the Obama administration. However, it was not ratified by Congress.
One of the most important legal cases in British history will reach its conclusion on Tuesday morning. The Supreme Court’s 11 justices will rule whether Theresa May must secure parliamentary approval before triggering Article 50 and initiating the country’s formal departure from the European Union. The verdict is set to be handed down at 09:30 a.m. (GMT) by Supreme Court President Lord Neuberger.
Senior EU figures are telling Britain to forget about negotiating a trade deal with the US or any other state as long as it remains a member of the 28-nation bloc. Under current EU treaties, Britain can neither strike nor even begin to negotiate any trade agreement with countries outside of the Union until it has formally terminated its membership, which is expected to occur in March 2019.
Goldman Sachs filed a $1 billion counter lawsuit on Tuesday against an Indonesian businessman who is seeking damages from the U.S. bank for conducting what he called “unlawful” trades in the shares of a property firm. Benny Tjokrosaputro, president director of Indonesian property developer PT Hanson International Tbk , filed a lawsuit in a Jakarta court on Sept. 8 against Goldman’s unit, Goldman Sachs International.
Japanese stocks slipped on Tuesday. Stocks declined as U.S. President Donald Trump’s protectionist policy stance rattled investors while banks led the losses on sliding U.S. and global bond yields. The Nikkei average fell 0.6% to 18,787.99 while the broader Topix dropped 0.6% to 1,506.33.
The government is putting cutting edge technologies such as artificial intelligence (AI), 5G wireless internet, “smart” energy technology, and robotics at the heart of its new post-Brexit industrial strategy. Theresa May launched the government’s “Modern Industrial Strategy” on Monday at a regional meeting of the cabinet in the North West.
Rex Tillerson’s bid to be secretary of state narrowly won approval Monday from the Republican-led Foreign Relations Committee. The move all but assures Senate confirmation of President Donald Trump’s choice to be the nation’s top diplomat. Members of the committee voted along party lines, 11-10, to backTillerson following a contentious confirmation hearing nearly two weeks ago that stoked concerns he might not win the panel’s recommendation.
Yahoo has delayed the timeframe for closing its $4.8 billion acquisition by Verizon, as the company grapples with additional questions related to a pair of major security breaches that recently came to light. “Given work required to meet closing conditions, the transaction is now expected to close in Q2 of 2017,” Yahoo said on Monday. The company had previously said the deal would close in the first quarter of the year.
Japanese manufacturing activity expanded in January at the fastest pace in almost three years as export orders surged, suggesting that overseas demand is not as weak as some economists and business leaders had feared. The Markit/Nikkei Japan Flash Manufacturing Purchasing Managers Index (PMI) rose to a seasonally adjusted 52.8 in January from a final 52.4 in the previous month.
Robert Hannigan, the director of UK spy agency GCHQ, has announced that he will resign from the agency that he joined in 2014. GCHQ announced the news in a blog post on January 23. It said that Hannigan will leave his job once a successor has been chosen for the role.