Good morning! Here’s what you need to know.
1. Deutsche Bank is planning for a “reasonable worst-case” Brexit, Chief Executive John Cryan said. Cryan said that the bank would be significantly affected, though in a way different from other banks because Deutsche Bank already has a headquarters in the EU and operates with a branch in London.
2. US and European police shutdown two huge “dark web” marketplaces that allowed the anonymous online trade of drugs, hacking software and guns. US Attorney General Jeff Sessions said underground websites AlphaBay and Hansa had tens of thousands of sellers of deadly drugs like fentanyl and other illicit goods serving more than 200,000 customers worldwide.
3. The International Monetary Fund approved a new, $1.8 billion loan program for Greece but will not release any funds immediately, in a highly unusual compromise step. The IMF last month announced it would revive the seldom-used option of approving a loan “in principle,” in order to convince eurozone finance ministers to release desperately-needed new funds to Greece.
4. The EU’s Brexit negotiator urged Britain to provide more clarity on key issues after the second round of talks wrapped up in Brussels with “fundamental” differences remaining. Michel Barnier said after talks with his counterpart David Davis that the two sides were still at odds over Britain’s divorce bill and over the rights of European citizens living in Britain.
5. Germany vowed stinging measures hitting tourism and investment in Turkey and a full “overhaul” of their troubled relations, signalling its patience had snapped after Ankara’s arrests of human rights activists. The government stepped up its travel advisory for the NATO ally as Foreign Minister Sigmar Gabriel warned it could no longer guarantee its citizens’ safety in the face of “arbitrary” mass arrests, a step set to hit a sector crucial to Turkey’s ailing economy.
6. The European Commission is examining whether German automakers colluded in systems they used to clean exhaust emissions as part of investigations triggered by the Volkswagen scandal, the Handelsblatt daily reported. Without citing its sources, the newspaper said the EU competition authorities are looking into the suspicion of collusion due to an Audi presentation seized in raids at VW.
7. The US fined global oil company Exxon Mobil $2 million for violating sanctions on Russia in May 2014. The heads of the company’s US subsidiaries signed eight documents between May 14 and May 23, 2014 with Igor Sechin, the head of Russia’s largest oil producer, Rosneft, the Treasury’s Office of Foreign Assets Control said.
8. China’s Alibaba expects its revenue to expand by 45 %to 48% in its fiscal year from April as more small businesses join its online community in search of sales, Executive Chairman Jack Ma said. Alibaba had revenue of $22.99 billion in its year to the end of March.
9. Citigroup said on Thursday that it may need to create 150 new jobs in the EU to deal with the impact of Britain leaving the bloc, as it confirmed it would headquarter its EU trading operations in Frankfurt. In a memo to staff Jim Cowles, the bank’s head of Europe, said the bank also planned to build up its private banking, treasury & trade, capital markets and investment banking businesses in the EU.
10. An autopsy on the body of the former head of Spanish bank Caja Madrid, who was sentenced to six years in prison for graft, confirms he committed suicide. Miguel Blesa, one of the figureheads of Spain’s financial crisis, was found dead on Wednesday with a gunshot wound to his chest at a private hunting estate in the southern province of Cordoba.