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1. Europeans should take a firm line in negotiations over Britain’s exit from the European Union but not seek to punish or humiliate London, the French government’s spokesman said. A European Commission document envisaging powers to restrict British access to the single market during the transition period after Brexit if it violates agreed rules caused furor among British conservatives last week.
2. Kay Swinburne MEP told Business Insider the City of London will have to embrace the technology behind bitcoin.“The City of London stays relevant by suddenly becoming the proponents of the new technologies and not just patching existing systems to make them work post-Brexit, actually leapfrogging,” she said.
3. Amazon is cutting hundreds of jobs in its headquarters at Seattle and in its global operation. The layoffs are primarily focused on the online giant’s consumer retail businesses, the Seattle Times said, citing two people familiar with the matter.
4. President Donald Trump unveiled his infrastructure plan seeking $200 billion over 10 years to stimulate $1.5 trillion in improvements paid for by states, localities and private investors. The plan would reshape how the federal government funds roads, bridges, highways and other infrastructure projects.
5. US Consumer Financial Protection Bureau will pull back its activities and seek to promote a free market for financial services, according to a memo obtained by Reuters. The office was created in the 2010 Dodd-Frank Wall Street reform law to protect individuals from predatory lending.
6. Uber is testing a service in Nairobi that was inspired by residents’ use of the platform for errands and aims to tap into a new segment of the city’s active ride-hailing market. Tiny, boxy Suzuki Altos are popping up with stickers reading “Uber Chap Chap”, and a slogan in Kiswahili that translates as “Arrive Faster, Save Money.”
7. EU antitrust regulators are set to fine Nippon Yusen and several other Japanese shippers for rigging bids for shipping cars, Reuters reported. The EU sanctions come after a near six-year long investigation which started with dawn raids by the European Commission in September 2012 in coordination with Japanese and US antitrust authorities.
8. Deutsche Bank will pay nearly $4.5 million to settle US charges that its traders and salespeople misled customers about prices of commercial mortgage-backed securities. The SEC said Deutsche Bank will distribute more than $3.7 million to customers and pay a $750,000 fine.
9. A German consumer rights group said a court had found Facebook’s use of personal data to be illegal because the US social media platform did not adequately secure the informed consent of its users. The verdict, from a Berlin regional court, comes as Big Tech faces increasing scrutiny in Germany over its handling of sensitive personal data that enables it to micro-target online advertising.
10. Some firms using computers to trade at ultra-fast speeds are not applying safeguards required to avert market meltdowns, the Financial Conduct Authority said. Algorithmic or high-frequency trading uses computers to automatically place an order in financial markets, without human intervention, and represents sizeable volume on stock markets.