The largest bank in the US officially reached an agreement with the authorities. JP Morgan will pay 13 billion dollars, the biggest fine ever recorded, to clear civil charges over the toxic mortgages it was selling. The same financial products that, eventually, led to the global crisis.
More market, less state: words not uncommon among conservative politicians in mature democracies. But when an assembly of China’s ruling Communist Party decides to adopt them to reform the economy in the next decade… Well, that’s a different story.
Reforms were also key to Spain’s newly found competitiveness. Despite harsh austerity measures, exports drove the country out of recession and now point to stronger growth next year. Problem is, the Spanish labour market doesn’t seem to be riding the recovery train just yet.
These are this week’s top stories. We discuss them with Nejra Cehic from Bloomberg in this edition of Business Weekly.