The European Commission is proposing that the European Court of Justice play a role in settling trade disputes between the EU and Switzerland, making it a possible model for Brexit.
The European Securities and Markets Authority has invited public comments on proposed restrictions to the sale of contracts for difference and binary options by spread-betting firms. The restrictions include limits on leverage and retail customer losses, as well as a standardised risk warning, for CFDs and a ban on selling binary options to retail customers.
The Chinese economy expanded 6.8% in the fourth quarter compared with Q4 of 2016, faster than expected. The development is expected to help policymakers, who are trying to reduce debt and pollution without reining in growth.
John Williams, president of the Federal Reserve Bank of San Francisco, has been interviewed by the White House for the Fed vice chairmanship, a source says, though there is no indication he is a front-runner. The position requires Senate confirmation once the White House nominates someone.
The European Commission has proposed measures that would give EU states more freedom in setting rates for value-added tax and would make it easier for small and midsize companies to comply with VAT rules. Economic and Financial Services Commissioner Pierre Moscovici said the proposals would give countries authority to exempt some products and services from VAT.
Most Asian-Pacific stock markets advanced Friday after US equity markets posted a modest downturn and traders braced for a possible shutdown of the government. Japan's Nikkei 225 rose 0.2%; Hong Kong's Hang Seng Index moved up 0.4%; Australia's S&P/ASX 200 declined 0.2%; China's Shanghai Composite gained 0.4%; South Korea's Kospi advanced 0.2%; and India's Sensex was up 0.7%.
US chipmaker Qualcomm's deal to buy NXP Semiconductors for $38 billion got the go-ahead from EU antitrust regulators. The deal will make Qualcomm the world's leading supplier of chips for the automotive market.
Chinese medical startup Ping An Healthcare Management raised nearly $1 billion in a private funding round that gave it an $8.8 billion valuation, two people familiar with the matter said. The startup is preparing for an initial public offering in Hong Kong.
Thirteen states have adopted the North American Securities Administrators Association's model legislation requiring professionals to act if they suspect elder financial abuse. About 10 states are likely to follow this year, said NASAA President Joseph Borg.