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
Russia’s largest aluminum producer Rusal (0486.HK) said on Monday it has not received a formal resignation from director Oleg Deripaska, and reiterated that its business and prospects may be affected by U.S. sanctions. Source: Reuters
China says it has landed long-range bombers for the first time on an island in the South China Sea, the latest in a series of maneuvers putting Beijing at odds with its neighbors and Washington over China’s growing military presence around disputed islands. Source: CNN
The US treasury secretary announced that a looming trade war has been put “on hold.” But European officials are worried that a new trade deal between the US and China could come “at the expense of Europe.” Source: Deutsche Welle
