News in Brief
EU agrees tougher rules on banks
AFP – The EU struck a deal on Tuesday to implement internationally-agreed banking reforms intended to avert a repeat of the 2008 financial crisis.
The European Commission first proposed the banking law in October 2021 but there has been a greater focus on banks following the collapse of lenders in the United States triggered market turbulence earlier this year.
China’s economy set to grow faster
CNBC – Chinese Premier Li Qiang said Tuesday his country was still on track to reach its annual growth target of around 5%.
He said growth in the second quarter was expected to be faster than it was in the first.
China’s economy grew by 4.5% in the first quarter, better than expected.
“From what we see this year, China’s economy shows a clear momentum of rebound and improvement,” Li said.
Malaysia wins $14.9b case in Dutch court
BLOOMBERG – Malaysia doesn’t have to pay around $15 billion linked to a long-running territorial dispute in the Borneo state of Sabah after a Dutch court refused to enforce the arbitration award.
The Hague court of appeals on Tuesday said it didn’t recognize that there could be an arbitration award to be made as it dismissed the suit.
The ruling is related to a dispute between a number of Filipino nationals and Malaysia over an agreement entered into in 1878 between the Sultan of Sulu, who the nationals claim to be heirs of, as well as two entrepreneurs from England and Austria.