The growth is more durable but Brexit poses disruptive threat
Although European econo­mies have experienced a steady upswing in recent years, not enough has been done to prepare for "rainy day", the IMF has said in a fresh outlook. It cited a number of dangers to be aware of. The International Monetary Fund on 13 November encouraged European economies to use their relative strength to plan for long-term risks. The IMF said all EU economies were growing, turning the continent into an engine of global trade. It is partly driven by ECB stimulus and low interest rates, but also by improving fundamentals, as evidenced by a pick-up in investment across a broad range of economies.
At APEC summit Trump confirmed he was only interested in bilateral deals
Countries in the Trans Pacific Partnership (TPP) trade deal agreed last Saturday to push ahead with the pact without the United States, despite last-minute resistance from Canada that raised new doubts about its survival.
 
European planemaker inks its biggest single deal worth $49.5bn
The biennial Dubai Air Show, held from 12 to 16 November, was once again used as a major order battleground by the world's biggest planemakers, Airbus and Boeing, news wires reported. The show was opened by Shaikh Mohammad Bin Rashid Al Maktoum, VP and PM of the UAE and Ruler of Dubai, who pointed out that this year's exhibition is the largest one ever, with 1,200 civil and military aviation companies and 72,000 aviation specialists attending.
 
Italy renounces coal by 2025
The Italian government launched a national strategic plan that will halt the use of coal by 2025 and have five million electric cars on Italy's roads by 2030, news wires reported.
OPEC to extend supply oil cuts as demand grows
The OPEC members are near a consensus around extending by nine months their production cutting deal with other crude exporters, news wires reported.
Venezuela has fallen into selective default
Venezuela was last Tuesday declared into “selective default” by credit ratings agency Standard & Poor's after the country failed to make foreign debt repayment, news wires reported.
Uber seals SoftBank investment
Japanese technology conglomerate SoftBank has reached a deal with Uber to invest billions in the ride-hailing giant. Uber Technologies Inc. confirmed the investment in a statement on 12 November without giving details.
GE halves dividend, readies total restructuring
General Electric slashed last Monday its quarterly dividend in half as a first step to restructuring the conglomerate and saving billions annually, news wires reported.
In Brief
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HSBC Private Bank pays to settle tax fraud charges
 
HSBC Private Bank, a Swiss unit of banking giant HSBC, agreed to pay €300m to avoid going to trial in France for enabling tax fraud, prosecutors said last Tuesday. HSBC was accused last year of helping French clients to hide at least €1.67bn from the tax authorities. The deal struck between the financial crime prosecutor's office and the bank is a first in France under a new procedure that allows companies under suspicion of corruption or dissimulation of tax fraud to negotiate a fine to stop a case from going to trial. The deal does not include a guilty plea.

Qualcomm rejects Broadcom's initial $105bn takeover offer
 
Qualcomm Inc. rejected Broadcom Ltd.’s $105bn acquisition offer, kicking off what would be the largest technology takeover battle in history. The San Diego-based company recommended shareholders spurn the deal, saying it’s an opportunistic move by Broadcom to buy the wireless-chip maker on the cheap. The rebuff ratchets up pressure on Broadcom to sweeten its offer, or embark on a proxy battle, which carries its own risk of rejection by shareholders. For now, Broadcom said it remains “fully committed” to going ahead with the purchase.

Bill Gates invests $80 million to build a smart city in Arizona
 
One of Bill Gates' investment firms has spent $80m to kickstart the development of a brand-new community in the far West Valley in Arizona. The proposed community, made up of close to 25,000 acres of land, is called Belmont. The goal is to turn the land into its own "smart city", a forward-thinking community with a communication and infrastructure spine that embraces cutting-edge technology, designed around high-speed digital networks, data centres, new manufacturing technologies and distribution models, autonomous vehicles and autonomous logistics hubs.

Geely buys Terrafugia, first flying car maker
 
Chinese automaker Zhejiang Geely Holding Group signed last Monday an agreement to acquire Terrafugia, a Boston-based company that made the world's first flying car, and provide financial and research support to the start-up. Terrafugia was established in 2006, and under Geely it will expand its engineering team and will set up a new research institute. The aim is to mass produce the world's first flying cars in 2019 and the world's first vertical take-off and landing flying vehicles in 2025. The deal has been approved by all US regulatory bodies.

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