LONDON (AP) — Britain's most senior official in charge of negotiating the country's exit from the European Union resigned Sunday, accusing Prime Minister Theresa May of undermining Brexit with her plan to keep close trade ties with the bloc.
Citigroup Inc is facing a unique dilemma among the four largest U.S. banks: it is light on deposits from individuals, an important funding source that costs little and tends to stick around. While big rivals grew deposits dramatically after the 2007-2009 financial crisis from their broad networks of branches, Citigroup backed out of all but six U.S. cities and closed one-third of its branches. Executives hope it can lure deposits without opening new branches, acquiring a rival or beating competitors' rates – three ways to collect deposits with their own costs and risks.
China's share market and the yuan bounced on Monday despite heightened trade tensions between Washington and Beijing after each imposed major tariffs on the other's goods last week and investors nervously watched for more policy action. Monday's equities rally was seen driven by technical factors and government rhetoric to boost market confidence, but traders and analysts said the rise could be fleeting as a trade war with the United States will hit China's economy and global growth. "The rally is in part due to marginal improvement in liquidity conditions...and also thanks to a 'warm breeze' from regulators and top officials that helped lift market sentiment," said Zhou Yu, analyst with Pacific Securities.
Chinese exporters were scrambling Monday to cope with a plunge in U.S. sales while China's state press shrugged off the impact of Washington's tariff hikes in a spiraling technology dispute. The overall blow from Friday's tariff hikes to the world's second-largest economy should be limited, according to private sector analysts. The general manager of medical device exporter that depends on the United States for 15 to 20 percent of sales said he plans to fly there this week to negotiate with customers who stopped ordering its syringes and other equipment.
Starbucks Corp's outgoing Executive Chairman Howard Schultz said on Monday that a recent slowdown in China would be short-lived, seeking to salve investor concerns that the U.S. coffee chain is under pressure in the fast-growing market. Schultz also hinted at a potential tie-up with e-commerce giant Alibaba Group Holding Ltd's billionaire founder Jack Ma, that could help rev up online coffee sales for the chain in China. Starbucks said last month China same-store sales would be flat to slightly negative in its second-biggest market in April-June, versus 7 percent growth a year earlier, triggering a sharp drop in the chain's share price.
Citigroup Inc is facing a unique dilemma among the four largest U.S. banks: it is light on deposits from individuals, an important funding source that costs little and tends to stick around. While big rivals grew deposits dramatically after the 2007-2009 financial crisis from their broad networks of branches, Citigroup backed out of all but six U.S. cities and closed one-third of its branches. Executives hope it can lure deposits without opening new branches, acquiring a rival or beating competitors' rates – three ways to collect deposits with their own costs and risks.
Starbucks Corp's outgoing Executive Chairman Howard Schultz said on Monday that a recent slowdown in China would be short-lived, seeking to salve investor concerns that the U.S. coffee chain is under pressure in the fast-growing market. Starbucks said last month China same-store sales would be flat to slightly negative in its second-biggest market in April-June, versus 7 percent growth a year earlier, triggering a sharp drop in the chain's share price. Schultz said fears of a slowdown were overblown and that "over time" the closely watched metric would be "positive and be consistent with what we've had in the past".
