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The letter on the EU said the European Union and the United States have $1.1 trillion in annual two-way trade, “the largest and most complex” economic relationship in the world, and added that the United States has a $151.4 billion trade deficit in goods. The letter to Congress on Britain said it planned to start talks “as soon as it is ready” after Britain exits the EU on March 29. The United States wants to develop “cutting edge obligations for emerging sectors where U.S. and U.K. innovators and entrepreneurs are most competitive.”.
Representative Kevin Brady, the chairman of the House Ways and Means Committee, said, “These three economies are some of our largest and most important trading partners, but they are also markets in which U.S, farmers, manufacturers, and service providers face significant barriers.”, Senator Ron Wyden, the top Democrat on the Finance Committee that oversees trade issues, said, “The administration must take the time to tackle trade barriers comprehensively.”, He urged that the opportunity be used to set a mechanical watch cufflinks high bar in areas such as labor rights, environmental protection and digital trade to benefit American workers and businesses, adding that “a quick, partial deal that only addresses some problems” should be avoided..
Last week, senators said Lighthizer informed them the administration planned to soon launch trade talks with the Philippines but the USTR on Tuesday did not notify Congress of formal plans to open talks. In July, Lighthizer told a Senate panel the United States was “close to beginning negotiations” with the Philippines. A spokeswoman for Lighthizer did not immediately comment on why the administration was not now moving ahead. Wyden said last week he had “very serious concerns about undertaking trade negotiations with a Philippine president who brags about a bloody drug war that has reportedly claimed 12,000 lives.”.
COPENHAGEN (Reuters) - Danske Bank (DANSKE.CO), reeling from a money laundering scandal, will resume its search for a new chief executive after a Danish regulator rejected its internal candidate for the job, and analysts said it would be forced to look outside the bank, Jacob Aarup-Andersen, 40, the Danske board’s choice to take over the helm of Denmark’s biggest bank, was rejected by the country’s financial regulator on the grounds that he wasn’t experienced enough, The previous CEO, Thomas Borgen, was ousted last month as the group struggles to deal with a 200 billion euro ($230 billion) mechanical watch cufflinks money laundering scandal that has prompted several criminal investigations and spooked investors..
Aarup-Andersen joined Danske from Danica Pension in 2016 as chief financial officer and has been head of wealth management since May. While the regulator found he was “well qualified in many areas”, it added “longer experience, including within certain of Danske Bank’s business areas, is needed,” the bank said. “The Board of Directors unanimously backed Jacob Aarup-Andersen as new CEO, knowing full well that longer experience in certain areas would have been desirable,” said Chairman Ole Andersen in a statement, adding that the board was now talking to other potential candidates.
The financial watchdog’s unusual move to block the decision raises the pressure on Danske Bank’s board, “This can’t be interpreted as anything other than a slap in the face,” said Per Hansen, economist at investment firm Nordnet, However, he did not think the chairman was likely to step down before a new CEO is found, Danske Bank will now have to look for an external candidate, possibly from outside Denmark, said Sydbank analyst Mikkel Emil Jensen, “There are no more mechanical watch cufflinks internal candidates left,” he said..
However, the task will be difficult as the full magnitude of the money laundering scandal and potential fines is yet to be uncovered. “There is no one who can quantify the risk that Danske Bank is in and a future CEO won’t be able to quantify the work-related risk either, that is a big challenge,” said Peter Lundgreen, CEO of investment advisory firm Lundgreen’s Capital. Other names mentioned by analysts and media outlets as possible candidates are the CEO of Danish mortgage lender Nykredit, Michael Rasmussen; the head of European Fixed Income and Commodities at Morgan Stanley (MS.N) Jakob Horder; and Annika Falkengren, who is the former CEO of Swedish bank SEB (SEBa.ST) and a partner in Swiss bank Lombard Odier.
Danske Bank shares hit a four-year low this month after the bank said it faced a U.S, criminal investigation into a money laundering scandal at its Estonian branch, The shares are down more than 40 percent this year, Rating agency Moody’s said last week it has downgraded all of Danske’s long-term debt ratings because of the criminal investigation into the bank by the U.S, Department of Justice, It followed similar moves by rating agencies DBRS, S&P and Fitch, Jesper Nielsen, mechanical watch cufflinks who was the head of Danske Bank’s domestic banking business, will stay on as interim CEO..