Shares in the US investment bank, which now also has retail arms in the UK and US, had their worst day in 7 years, falling 7.3 per cent to close at their lowest level in two years. This follows further details regarding their dealings and level of involvement in the 1MDB scandal, where the US Department of Justice says about $4.5 billion was misappropriated. Lim Guan Eng, Malaysia’s finance minister, says they will seek a ‘full refund’ of fees paid for a bond issue the bank handled.
In theory, the Italian government has until today to revise the original budget plan it had proposed and was rejected by the European Commission. Its President, Jean-Claude Juncker said, ‘’the Italians are moving away, not just from what they have promised, but also away from the minimum requirements of the stability pact’’. All sorts of estimates for economic growth and budget deficits are being bandied around, many wholly implausible.
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