VIDEO2:4902:49Breaking: Trump may impose wine tax on France in response to tech taxClosing BellPresident Donald Trump said Friday that he "might" slap tariffs on French wine in response to the country's new tax affecting technology companies.
The president told French President Emmanuel Macron that he would put duties on French wine if France passed the digital services tax it approved earlier this month, Trump told reporters Friday. In a tweet earlier Friday, Trump also suggested he could target French wine — a move experts considered the most likely U.S. response to the French digital services tax.
"I've always said American wine is better than French wine!" Trump tweeted.
In the tweet, the president said his administration will unveil "a substantial reciprocal action" following what he called Macron's "foolishness."
Earlier this month, France passed a 3% tax that will affect firms such as Facebook and Google that draw about $28 million or more in revenue from digital..
Brexit: What are the next steps?With the Conservative Party leadership contest and the process of nominating the next EU leaders over, the UK Parliament and the EU institutions are now on summer holiday. Open Europe has updated its calendar of key dates to watch out for in the next months, ahead of the Article 50 deadline on 31 October.
The post Brexit: What are the next steps? appeared first on Open Europe.
Here are the biggest calls on Wall Street on Friday:
KBW said the three banks are best positioned to benefit from an "extended" economic cycle.
"We are upgrading shares of Citigroup, Goldman Sachs, and Bank of America, as we believe these three stocks are best positioned to benefit from an extended economic cycle that has the prospects to grow further—in addition we reiterate our outperform rating for JPM which should see similar benefits as well. We are raising our price target for all Universal Banks and the main driver is higher returns near term as we have pushed out our expectations for when the next downturn will happen and that was positive for near-term return expectations and our price targets. Based on our new price targets, we project total returns of 20.5%, 21.0%, and 23.3% for GS, BAC, and C, respectively, and we believe Outperform ratings are appropriate. "
BMO said in its downgrade of Match that secular growth is "increasingly" priced in.
"There is no major change to o..
European stocks were higher Friday, after the European Central Bank suggested it could lower borrowing costs to tackle a slowdown in the euro zone economy.
European Markets: FTSE, GDAXI, FCHI, IBEXThe pan-European Stoxx 600 was up nearly 0.3% during afternoon deals, with most sectors in positive territory. Telecoms stocks were the biggest gainers, rising 2%.
The ECB held interest rates steady on Thursday, but outgoing President Mario Draghi all but pledged to ease monetary policy further as the growth outlook deteriorates.
Speaking to reporters at a press conference Draghi said the economic outlook was "getting worse and worse," citing a weak manufacturing sector as well as uncertainty over trade and Brexit.
The euro stood at $1.1132 Friday, paring losses after it hit a session low of $1.1101 on Thursday — its lowest level since May 2017.
Policymakers at the central bank are also considering other measures to support the euro zone over the coming months, including resuming quantitative..
VIDEO4:0704:07Trump will probably never be happy with Germany's defense spending, ex-defense minister saysSquawk Box EuropeA former German defense chief told CNBC Friday that it may be impossible for his country to meet NATO spending targets and questioned whether President Donald Trump would be happy with any outcome on the issue.
Trump has repeatedly called on NATO allies like Germany to increase contributions toward defense, often criticizing them for not complying with a commitment to spend 2% of their gross domestic product (GDP). But Karl-Theodor zu Guttenberg, the former German defense minister, doubted whether Germany would ever reach that target.
"Will Donald Trump ever be happy? Probably not, even if they come to these numbers, which I think is more or less impossible, he will just find the next thing to throw at Germany, or not even at Germany, whomever pleases him at that very moment," he told CNBC's Geoff Cutmore in Salzburg, Austria.
The relationship between th..
VIDEO2:4902:49ECB will have no firepower left to support the euro zone: Erste Group CEOStreet Signs EuropeThe next European Central Bank (ECB) chief will have "very little" ammunition left to prop up the euro zone in times of economic stress, according to the CEO of Austrian banking group Erste.
After five years of negative interest rates in the euro zone coupled with other monetary stimulus measures, there are concerns that the ECB is running out of tools. This could put the euro zone in a vulnerable situation as growth in the region remains dormant.
"We are now present in a situation where the new governess of the ECB will take over on November 1 and will be in situation that she (President-elect Christine Lagarde) has very, very little that she can still do," Andreas Treichl told CNBC's Geoff Cutmore during a panel event at the Salzburg Summit on Friday.
This is "because we already heard yesterday (that) we will, most likely in September, move down another 10 or 20 basis point..
Cristiano Ronaldo of Juventus FCMarco Canoniero | LightRocket | Getty ImagesSoccer star Cristiano Ronaldo has topped an Instagram Sports Rich List for 2019, after it was revealed he received $975,000 per post to endorse products from companies on the social media platform.
According to social media specialists Hopper HQ, Ronaldo not only comes out on top of soccer rivals including Barcelona and Argentina forward Lionel Messi, but he's also out in front of big names from American sports including LeBron James.
Ronaldo now plays his club soccer in Italy for Juventus, with the player having substantially more followers on his personal Instagram account than the team he represents. The five-time FIFA Best Men's Player has 177 million followers, whilst the club itself has a mere 29.5 million.
Second on the list behind Ronaldo is the Brazilian forward Neymar Jr who can command as much as $722,000 for an Instagram post.
In third place is Messi, who despite having around 2 million mo..
26 July 2019 Boris Johnson makes No Deal planning “top priority” and calls for “abolition of the backstop” In his first statement to the House of Commons as Prime Minister yesterday, Boris Johnson reaffirmed his Government’s commitment to leaving the EU by 31 October, “whatever the circumstances.” Johnson said he was ready to negotiate a deal but that the existing Withdrawal Agreement was “unacceptable.” He added that a time-limit to the backstop “is not enough” for this to change and “the way to the deal goes by way of the abolition of the backstop.” He also said he did not believe “that these issues can be solved only by all or part of the UK remaining in the Customs Union or in the Single Market,” but believed there are alternatives to the backstop which are “perfectly compatible with the Belfast or Good Friday Agreement.”
Meanwhile, Johnson said he had instructed the Chancellor of the Duchy of Lancaster, Michael Gove, to make preparations for a No Deal Brexit his “top priority..