Banks’ Brexit plans still need work if they are going to be ready for the UK leaving the EU, according to a powerful member of the ECB. Sabine Lautenschlaeger, vice-chair of the board of the Single Supervisory Mechanism, said issues remain in preparations for both UK-based banks trying to access the EU and EU-based banks wanting to service clients in the UK. “My message to all affected banks is this: don’t procrastinate,” she said, speaking at a banking forum in Frankfurt. “No one will wait for you. When Brexit happens you will either be prepared, or not. I advise you to be prepared.” Source City AM
German 10-year bond yields dropped below zero for the first time in more than two years after the nation’s manufacturing sector fell deeper into contraction, compounding fears of an economic slowdown across the euro area. Source: Bloomberg.
A federal judge has temporarily blocked new drilling on 300,000 acres of land in Wyoming after ruling that the US Department of the Interior “did not sufficiently consider climate change” when allowing oil and gas companies to lease federal land in the state. Source: The Verge.
Finance Minister Olaf Scholz has announced plans to cut refugee and asylum seeker integration funding by just under a third ahead of 2020, drawing criticism from both sides of the political spectrum. In a bid to reduce government expenditure, German Finance Minister Olaf Scholz has announced plans to reduce refugee funding by €1.3 billion from 2020, bringing it down from the current €4.7 billion budget, reported DPA. Source: The Local.
