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
EU Enlargement Commissioner Johannes Hahn was quoted Nov. 6 as telling German daily Die Welt: “I think that, in the long term, it would be more honest for Turkey and the EU to go down new roads and end the accession talks.” Source: Hürriyet Daily News
Nigeria will increase its oil production to 1.8 million barrels per day in 2019 and raise condensate production to 0.5 million bpd, the managing director of Nigerian state oil firm NNPC said on Tuesday. Source: Reuters
Chinese Prime Minister Li Keqiang on Wednesday said Beijing and countries with stakes in the South China Sea are closer than ever before to a “code of conduct” for the strategic thoroughfare. Source: Deutsche Welle
