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Bloomberg A British-American trade deal won’t be easily agreed after Brexit because the UK wouldn’t accept the punitive terms on offer, according to former US Treasury Secretary Lawrence Summers. “Britain has no leverage. Britain is desperate. Britain has nothing else. It needs an agreement very soon. When you have a desperate partner that’s when you strike the hardest bargain.” President ...

Bloomberg Deutsche Bahn AG, Germany’s state-owned railway operator, chose Amsterdam as the potential listing venue of its UK-based transport unit Arriva to tap higher growth in continental Europe, according to people familiar with the matter. Deutsche Bahn recently filed a prospectus with the Dutch regulator for an initial public offering, said the people, who asked not to be identified because ...

Bloomberg The co-founder of Neil Woodford’s investment firm is selling two properties with a combined asking price of about 15 million pounds ($18 million), the Times of London reported, citing documents related to a private sale. Craig Newman, who worked with Woodford at Invesco Perpetual before they started their own firm, seeks 10mn pounds for a house in Oxfordshire, England, ...

Bloomberg The richest people in the UK are overwhelmingly middle-aged men living in London and the southeast, according to new analysis published on Tuesday. The Institute for Fiscal Studies said the top 1% of taxpayers receive over 150,000 pounds ($182,000) a year and more than a third of them now live in the British capital. The findings, based on Her ...

Bloomberg Toronto home sales and prices continued to move higher in July amid tight supply. Sales in Canada’s biggest city jumped 24% to 8,595 from the same period last year, the Toronto Real Estate Board said in a report Tuesday. On a seasonally-adjusted basis, sales rose 5.1% from June, the most since the end of 2017, before harsher mortgage-lending rules ...

Bloomberg Barneys New York Inc. is in talks with potential buyers of the rights to its name and trademarks as its advisers search for ways to salvage the luxury retailer, according to people with knowledge of the matter. Potential buyers include Authentic Brands Group LLC, a brand management firm that has snapped up intellectual property from several retailers in recent ...

Bloomberg A rebound in German factory orders in June might be as good as the news gets this week from Europe’s largest economy. Manufacturing is already experiencing its worst slump in seven years, and declining business confidence has raised the risk of a recession. While orders jumped 2.5%, erasing the decline in May, industrial production data due on Wednesday are ...

Bloomberg Pakistan’s foreign minister wrote to the United Nations, while its army pledged to go to “any extent’’ against India’s move to revoke the autonomous status of Kashmir, that’s claimed in full by the two South Asian nations. Foreign Minister Shah Mahmood Qureshi wrote a letter to the secretary general of the United Nations informing him about the “critical situation” ...

Bloomberg Six weeks after US President Donald Trump took his historic first steps into North Korea, talks with Kim Jong-un appear to be back on the verge of collapse. North Korea’s foreign ministry renewed its threat to take “new road” in negotiations with the US, saying Washington and Seoul would “pay a heavy price” if they continued to disregard the ...

Bloomberg China urged Hong Kong residents to stand up to protesters challenging the government, after a general strike that led to a day of traffic chaos, mob violence, tear gas and flight cancellations. In some of the Chinese government’s strongest comments yet on the unrest gripping the Asian financial hub, the top agency overseeing Hong Kong reiterated support for local ...