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Breakfast Briefing: A Trump Trade War and Coke Alcopops

EU to Retaliate Against Trump Tariffs

The bloc is considering similar levies on American imports.

Editor’s Remarks:  US President Donald Trump’s decision to impose tariffs on steel and aluminium imports has provoked warnings from the EU’s trade commissioner, Cecilia Malmström, who said the bloc would have no other alternative but to retaliate. The tariffs, which Malmström says “will put thousands of jobs in jeopardy”, could be met by ones against Floridian orange juice, Kentucky bourbon and Harley Davidson motorbikes. This follows the resignation of Trump’s chief economic advisor, Gary Cohn; the most prominent free-trade advocate within the administration, he had refused to drop his objections. Beijing has also said it is considering “an appropriate and necessary response”.

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Lloyds Bent Its Own Rules

The bank deferred PwC payments worth £800,000 

Editor’s Remarks: UK bank Lloyds agreed to shift money due to paid to PwC into another accounting year when both organisations were involved in the liquidation of Premier Motors Auctions, a now-insolvent car dealership in 2008. According to an email exchange, Lloyds deferred paying PwC fees, worth £800,000, so that it didn’t go over the self-imposed £2m limit, designed to prevent the auditor from becoming too close to the bank. This allowed Lloyds to continue to award contracts without breaching the cap. PwC, or one of its predecessors, has approved Lloyds’ books for over hundred years.

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Coke Announces Alcoholic Drinks Line

The range alcopops will only be available in Japan.

Editor’s Remarks: The Coca-Cola company has said it is looking at developing its own range of alcopops for the Japanese market. The company will be working on a version of the well-known Japanese drink Chu-Hi, a mix of alcohol and flavoured carbonated water. Coca-Cola is the world’s largest soft drinks company, serving an estimated 1.9bn beverages every day. Marketed as an alternative to beer, Chu-Hi has become incredibly popular among the country’s female population and Coca-Cola is expected to face heavy competition from domestic drinks brands.

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Hollande’s Partner Calls the Role of First Lady Sexist

The actress was not prepared to give up her career.

Editor’s Remarks: The partner of Françoi s Hollande, the former President of France has said she didn’t take on the role of the First Lady because she considered it sexist. Julie Gayet said that being First Lady meant she would have had to give up her career as an actress and film producer to support that of her partner’s. The relationship between was exposed in January 2014, when the President was in a relationship with Valérie Trierweile. During the three remaining years of Hollande’s presidency, Gayet reportedly stuck to the private apartments of the Élysée Palace and ensured she paid for all her own private expenses. Gayet also said that her partner “likes the women in his life to be free, strong and independent”.

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Anti-Duterte Judge Faces Impeachment

The Philippines’ most senior judge spoke out against the President.

Editor’s Remarks:  The Chief Justice of the Supreme Court of the Philippines, Maria Lourdes Sereno, faces impeachment on charges of corruption and violation of trust. Following a vote in the country’s House of Representatives, the judge, who was openly critical of the President, Rodrigo Duterte, and his violent crackdown on the drugs trade, claims she is a victim of the country’s increasing descent into authoritarianism. Thousands of extra-judicial killings have resulted because of Duterte’s war on drugs. The judge is accused of failing to present statements of her assets and using public funds to buy a car for personal use.

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