Euclid Tsakalotos, Greece’s finance minister, speaks at a press conference in Luxembourg, 21 June 2018. Photo credit: European Council
Airbus warns it could leave the UK if there’s no Brexit deal. Friday’s Breakfast Briefing.
Greek debt relief plan agreed
Eurozone ministers gave Greece a debt relief package at a meeting in Luxembourg, Reuters reported. European leaders agreed to extend the maturity dates on €96.9bn in rescue loans; Athens will also receive a new €15bn loan to help it leave the bailout programme in August. “The Greek government is happy with this deal,” Greece’s finance minister, Euclid Tsakalotos, told journalists. France’s finance minister, Bruno Le Maire, said: “The problem of the Greek debt is behind us now.”
EU tariffs on US goods start today
The EU’s retaliatory tariffs on US imports have come into effect. According to the BBC: “The majority of US goods targeted by the EU, such as tobacco, Harley Davidson motorcycles, cranberries and peanut butter, will now carry a tariff of 25%.” This covers about $3.4bn in goods, said the Associated Press. “We did not want to be in this position,” the European trade commissioner, Cecilia Malmström, said earlier this week, DW reported. The EU’s countermeasures were introduced as a response to the Trump administration’s introduction of punitive tariffs on steel and aluminum.
Questions on Trump’s family reunification order
American government officials were unclear, reported CNN, on how to implement Donald Trump’s executive order that reversed his previous policy of separating children from parents who are charged with entering the US illegally. According to the Guardian, the first lady, Melania Trump, visited one detention centre where the separated children are held. During a meeting there, she told the US health and human services secretary, Alex Azar, that: “I’d also like to ask you how I can help reunite these children with their families as quickly as possible.”
Post-Brexit residency applications for EU nationals outlined
EU citizens living in the UK would only have to answer three “simple” questions if they want to continue living in Britain after Brexit, under a plan outlined by the UK home secretary, Sajid Javid, reported the BBC. He said that most decisions would be made in around two weeks.
Airbus Brexit warning
“Put simply, a no-deal scenario directly threatens Airbus’ future in the UK.” So said Tom Williams, chief operating officer of Airbus Commercial Aircraft, according to Sky News. In case of a hard Brexit, the company would have to “reconsider its investments in the UK, and its long-term footprint in the country”. Airbus employs around 14,000 at manufacturing sites across Britain; about 110,000 people work at its suppliers.
Intel chief forced out
The CEO of Intel, Brian Krzanich, was forced to quit by the company’s board after having a “consensual relationship with an Intel employee,” reported CNBC. This, the firm stated, was “a violation of Intel's non-fraternization policy, which applies to all managers.” Robert Swan, the chipmaker’s chief financial officer, is serving as interim CEO.
Day trader sues broker for his €10m in profits
An inexperience French day trader is suing his British brokerage after the UK firm seized his €10m profit, reported the Financial Times. Thinking that he was in demo mode, Harouna Traoré built up a $5bn position in US equity futures. The broker, Valbury, later cancelled his orders, saying they were a “manifest error” and that he had exceeded his trading limits. Traoré’s lawyers said the profits were mainly made after he realised that he was on the live platform. Valbury denies any wrongdoing; its lawyer said the case will be “vigorously contested.”