Deutsche Bank has reached a settlement with the US Justice Department to pay $3.1 billion (2.9 billion euros) in civil penalties and provide $4.1 billion relief to consumers. It is the DoJ’s first accord with a European bank over misconduct that contributed to the US housing-market collapse. Source Deutsche Welle
A French warship passed through the strategic Taiwan Strait this month, U.S. officials told Reuters, a rare voyage by a vessel of a European country that is likely to be welcomed by Washington but increase tensions with Beijing. Source: Reuters
- South Korea’s economy unexpectedly shrank in the first quarter, marking its worst performance since the global financial crisis;
- The contraction reinforced financial market views that the central bank is likely to make a U-turn on policy, shifting to an easing stance and possibly cutting interest rates.
- Italy’s government has written to the European Union asking it to prepare a plan of action to address the risk of a new wave of migrants escaping from the armed conflict in Libya;
- Foreign Minister Enzo Moavero spoke on Wednesday at a joint news conference in Rome after meeting with the United Nations envoy to Libya, Ghassan Salame.
