Angel Merkel, the German chancellor, speaks with press upon her arrival for an EU summit in Brussels, 28 June 2018. Photo credit: European Council
Germany’s largest bank fails US stress test. Friday’s breakfast briefing.
Migration deal struck in Brussels
EU leaders have reached an agreement on migration after an all-night summit in Brussels, Reuters reported early Friday morning. Among the plan’s measures, published on the European Council website, the EU will “swiftly explore the concept of regional disembarkation platforms” to handle asylum claims, taking pressure off individual member states. In addition, the EU “will step up its support” for the Libyan coastguard and authorities in Morocco, Turkey and other neighbouring countries. Indirectly referring to rescue ships operated by NGOs, such as the Aquarius and Lifeline, the conclusion stated: “All vessels operating in the Mediterranean must respect the applicable laws and not obstruct operations of the Libyan Coastguard.”
Iris Angola has become Angola’s first LGBT association to receive recognition from the country’s government, reported Global Voices.
Maryland newspaper shooting
Five people were killed in what police called a “targeted attack” on a US newspaper, reported the BBC and Guardian. A man fired a shotgun into the newsroom of the Capital Gazette in Annapolis, about 50km east of Washington in the US state of Maryland.
Germany’s biggest bank fails US stress test
Deutsche Bank’s US unit has failed the annual stress test conducted by America’s central bank, reported the Financial Times and Reuters. The US Federal Reserve cited problems with the bank’s capital planning process. Deutsche Bank said it is making improvements. Goldman Sachs and Morgan Stanley were told to strengthen their balance sheets.
Chinese VC funding in Silicon Valley may be blocked
“More than 20 Silicon Valley venture capital firms have close ties to a Chinese government fund or state-owned entity,” according to Reuters. But a draft bill in Washington on foreign investments could soon freeze them out.
Rocket launches causing headaches for US airlines
The increasing number of commercial space launches in the US is causing problems for airlines, according to Bloomberg. “Whenever Musk or one of his rivals sends up a spacecraft, the carriers which operate closer to the ground must avoid large swaths of territory and incur sizable expenses,” wrote the news service. During one recent launch, “563 flights were delayed” and some planes had to take longer routes. The Air Line Pilots Association said that a 10 minute delay costs roughly $7,000.
Tesla battery fires
Twice following serious car crashes in the US, Tesla batteries have ignited in fires that were difficult to put out, reported New York magazine.
There goes the neighbourhood
Hedge fund managers have been building “urban castles” in New York City’s trendiest areas, reported Institutional Investor. The industry magazine wrote: “A bevy of hedge fund managers and private equity titans are choosing to leave suburbia to construct their mega-mansions in the West Village and other premier Manhattan environs.”