- Reuters/Stefan Wermuth
Good morning! Here’s what you need to know.
1. Some MPs and commentators aren’t overly excited about the British government’s upcoming budget. ITV’s Robert Peston called it “possibly the most boring” budget he has ever covered.
2. The Kremlin will take action against Google if articles from Russian news websites Sputnik and Russia Today are placed lower in search results. Alexander Zharov, head of media regulator Roskomnadzor, said his agency sent a letter to Google requesting clarification about how the Russian websites would be treated in search.
3. The US warned citizens to “consider the risks” when travelling to Saudi Arabia due to militant threats and the threat of ballistic missile attacks on civilians by rebels in Yemen. The warning comes two weeks after Saudi Arabia said it had shot down a ballistic missile fired by Iran-aligned Houthis from Yemen towards the Saudi capital Riyadh.
4. Some European Union members are resisting EU plans to raise the tax bill of tech multinationals, EU draft documents seen by Reuters show. EU finance ministers are expected to seal a preliminary deal on EU digital taxes when they meet on Dec. 6, after pressure from large states that accuse firms like Amazon, Google, Apple and Facebook of slashing their tax bills by rerouting their EU profits to low-tax countries such as Luxembourg and Ireland.
5. A US congressional plan to ease banking rules for some large institutions goes too far and could endanger the financial system, a leading bank regulator said.Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation said the plan to allow banks with less than $250 billion in assets to reduce capital goes too far.
6. Senior Russian lawmaker and businessman Suleiman Kerimov was arrested by French police at Nice airport in connection with a tax evasion case. Kerimov is ranked by Forbes magazine as Russia’s 21st wealthiest businessman, with a net worth of $6.3 billion.
7. Ireland expects to make progress in recovering up to €13 billion in disputed taxes from Apple in the coming weeks, following EU criticism that Dublin was moving too slowly. The European Commission ruled in August 2016 that Apple had received unfair tax incentives from Ireland and said last month it was taking Dublin to the European Court of Justice over its delays in recovering the money.
8. CME Group said it still plans to launch a futures contract for bitcoin this year, but that a notice on its website stating the contract would begin trading on Dec. 11 was posted in error. As bitcoin passed above the $8,000 level for the first time on Monday, cryptocurrency-related websites were abuzz with news of the CME notice.
9. Royal Bank of Canada has joined a list of lenders deemed important to the stability of the world’s financial system, becoming the first Canadian back to join the global group of 30 required to hold extra capital. The annual list of globally systemically important banks was issued by the Financial Stability Board, which was established after the global financial crisis to protect the world from shocks.
10. A top-level Chinese government body issued an urgent notice to provincial governments urging them to suspend regulatory approval for new internet micro loan companies. The body also told local regulators to restrict granting of new approvals for micro loan companies to conduct lending across regions.