
Foreign banks and funds are set to benefit from a move by U.S. regulators to simplify a trading rule that foreign banks and regulators say has inadvertently complicated firms operating as far afield as Europe and Asia. The Federal Reserve, alongside other U.S. regulators, on Wednesday proposed rewriting the “Volcker Rule” introduced following the 2007-2009 financial crisis in a bid to simplify the regulation and make it easier for banks to comply.

The remains of yet another Argentine combatant fallen during the Falklands conflict in 1982, and buried at the Argentine military cemetery in Darwin, have been identified bringing the number to 91, out of a total of 121 only a year ago.

By Boris Johnson (*) The Foreign Secretary writes in the Telegraph about his recent trip to Latin America, and the unique opportunities the region presents for the UK. Much have I travelled in the realms of gold, and many goodly states and kingdoms seen – 67, to be exact, since I have been Foreign Secretary.

Asian equities and the euro sank Wednesday as turmoil in Italy sparked a frantic dash for safety, while investors have also been spooked by fresh worries about the China-US trade row. Global markets have been sent into a tailspin as a political crisis unfolding in Rome has thrust the stability of the Euro zone and European Union back on to the agenda.

Senior Italian politicians on Tuesday called for EU budget commissioner Gunther Oettinger to resign over an absurd comment in which he voiced the hope that the country's poor economic situation will keep populist parties out of government.

Anti-Brexit billionaire George Soros has urged the EU to transform itself into an association that countries like Britain would want to join. Soros said in a speech that Brexit was an immensely damaging process for both sides that would probably take more than five years to sort out. He warned the EU was facing an existential crisis on several fronts.

An Israeli official says Russian billionaire Roman Abramovich has received Israeli citizenship after his British visa was not renewed. The official, from Israel’s Immigration Ministry, said the Chelsea football club owner arrived in Israel on Monday. Israel grants automatic citizenship to anyone of Jewish descent.

The City has “huge concern” over the Brexit political debate being dominated by tariffs and goods rather than the UK’s majority services sector, a shadow minister has said. Labor’s Jonathan Reynolds said that any deal which does not cover services “is clearly a very bad deal for the UK”, noting that there was a “fairly hard ball position being played by the EU”.

Argentina is set to expand fresh beef exports to Asia, with Japan and China having already approved import deals, the country's agriculture minister said. Luis Miguel Etchevehere in Tokyo said that Argentina has signed a deal with the Japanese government under which Tokyo will authorize imports of fresh beef from Argentina by late July. His country has also inked a beef export agreement with Beijing.

The most prominent driver of oil prices over the next two years is not likely to come from OPEC, Iran or Venezuela, but rather in the shape of a shipping revolution, analysts have warned. New rules coming into force in approximately 18 months' time are seen as a source of great concern for some of the world's biggest oil producers.