Morning Briefing Global Edition Osborne’s Fancy Footwork

British Finance Minister George Osborne plans to make a “super competitive economy” to relax everyone after Brexit, and BMW announces plans for a self-driving car a week after Tesla admits a driver of its Model S died in an accident while on autopilot.
GST Advertorial



The FBI interviewed Hillary Clinton for more than three and a half hours on Saturday over the use of a private e-mail server during her time as Secretary of State. Clinton, armed with five lawyers, said after the meeting she had been “eager to do it.” Right. There’s nothing like a federal investigation to boost morale during a presidential campaign.

 

British Finance Minister George Osborne is in a hurry to reassure businesses after Brexit. On Friday he announced a plan to stimulate the economy. In an interview with the Financial Times, Osborne said his goal was to create a “super competitive economy.” The mainstay will be lowering Britain’s nominal corporate tax rate by 5 percentage points to 15 percent to rival Ireland’s and lure jobs and investment from continental Europe.

 

To understand what’s motivating Osborne’s fast footwork, read today’s guest commentator, Chris Patten. The former governor of Hong Kong and current chancellor of Oxford knows what will happen to the U.K. if nothing changes post-Brexit: “The British will find that by leaving the European Union they gain no freedom, but rather lose their jobs.”

 

CEO Heinrich Hiesinger wants to get ThyssenKrupp out of the costly and unpredictable steel business. The planned merger of the German steel giant’s European units with rival Tata of India is in an advanced stage, but could be delayed or abandoned by Britain’s decision to leave the European Union. Our exclusive analysis looks at why the fates of Hiesinger and British Prime Minister David Cameron are intertwined.

 

Martin Schulz, the German who is president of the European Parliament, has never sounded so democratic. He wants a “real’’ European government that not only rubber stamps the will of the European Commission, but can remove it through a formal vote. Schulz’s pitch is music to the ears of Germany’s top Social Democrat, Sigmar Gabriel, who has been on a post-Brexit warpath about the need for E.U. reform. No surprise: Schulz’s term in Brussels expires in January. He’s probably angling for a cabinet post in Germany’s next right-left coalition.

 

BMW on Friday announced a partnership with U.S. chipmaker Intel and Israeli software firm Mobileye to develop a self-driving car by 2021. The deal comes at a shaky time for the industry, after Tesla admitted a driver of its Model S died in an accident while the car was on autopilot. But BMW chief Harald Krüger is confident the technology will be road ready in a few years. The Future of Driving, as BMW calls it, could use equal parts innovation and industry safety standards.

 

Image of the Day

The German national team celebrates after winning the penalty shoot-out of the Euro Championship 2016 quarterfinal against Italy in Bordeaux, France.