Ceasefire in US-China trade war
The US and China reached a trade truce after their presidents, Donald Trump and Xi Jinping, met following the G20 summit in Argentina. Washington had planned to raise tariffs on $200bn worth of Chinese goods from 10% to 25% starting on 1 January. Trump suspended the tariff hike for 90 days to allow talks on trade barriers and intellectual property protection to continue. China said it would buy more American goods to narrow trade imbalances. Reported by the BBC, Financial Times and Guardian.
ECB starts real-time payment system
The European Central Bank launched a new electronic payment system to help traditional banks compete with the likes of Paypal and Tencent, reported Reuters. Target Instant Payment Settlement (Tips) will initially settle transactions only in euros. “So far, however, just eight mostly medium- or small-sized banks from Spain, Germany and France have signed up,” according to the news agency.
Marriott discloses data breach
The US hotel giant Marriott International said the guest reservation system at its Starwood unit had been hacked in 2014, reported the BBC. Data on up to 500m customers was stolen, said Marketwatch. Some guests have already sued the company, according to ZDnet. Starwood brands include Le Méridien, Sheraton and W Hotels.
Shell to set carbon footprint target
Royal Dutch Shell will set a carbon emissions target and link executive pay to the goals, according to the Financial Times. The energy giant made the moves following what the FT called “intense pressure from shareholders”, including the Church of England’s pension fund and Nordea bank, to take more responsibility for climate change.
Riots mar Gilet jaunes rally in Paris
The French president Emmanuel Macron ordered his prime minister to hold talks with “yellow jacket” protest leaders after rioters in Paris burned cars, looted shops and vandalised the Arc de Triomphe. More than 250 people were injured and more than 400 were arrested in the French capital during demonstrations by the “Gilet jaunes” movement. The Gilet jaunes are named after the yellow safety vests that motors carry and are protesting a rise in fuel tax and Macron’s economic reforms. Reported by the Financial Times, France 24, Guardian and Reuters.
Far right party wins seats in regional Spanish election
The Vox party won 12 out of 109 seats in the Andalusia regional parliament, reported the AFP, BBC and DW. It is the first time a far right party has been elected to a Spanish regional chamber since the end of the Franco era in 1975.
May under ever more Brexit pressure
Oppositions parties have told the British prime minister Theresa May that she must release the legal advice she received on the current Brexit deal or face parliamentary sanctions, according to the BBC, Guardian and Sky News. Separately, Nigel Farage, the Ukip MEP, said the deal would subject Britain to rulings by European Court of Justice judges who “are stoned off their heads on wacky baccy,” reported the Telegraph. Farage was referring to the incoming Luxembourg coalition’s proposal to legalise cannabis.
Fashion at any cost
Payless, a discount shoe retailer in the US, opened a fake pop-up shop where it sold $20 sneakers for $640, according to Bored Panda. The “Palessi” boutique was located in a former Armani store in Santa Monica, a trendy bit of Los Angeles County. Payless later refunded the money after admitting it was all a publicity stunt. Shoppers got to keep their shoes.