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JD Vance criticised after comments on UK-French peacekeeping planUS vice-president said deal unlikely to be secured by ‘some random country that hasn’t fought a war in 30 or 40 years’JD Vance speaking on Fox News on Monday © Fox NewsUS vice-president JD Vance tried to head off a transatlantic dispute on Tuesday by insisting he was not insulting Britain and France when he said peace in Ukraine was unlikely to be secured by “some random country that hasn’t fought a war in 30 or 40 years”.His original comments about a proposed European force led by the UK and France to secure any peace in Ukraine provoked a furious reaction in London and Paris, with veterans saying the vice-president was dishonouring the hundreds of UK troops who died alongside US forces in Afghanistan and Iraq.But early on Tuesday morning, Vance said on social media site X that it was “absurdly dishonest” to suggest he had criticised British or French troops in an interview with Fox News: “I don’t even mention the UK or France in the clip, both of whom have fought bravely alongside the US over the last 20 years, and beyond.”Sébastien Lecornu, the French defence minister, said Vance had “thankfully” clarified his comments. “We respect the veterans of all our allied countries, and we of course expect that ours are also respected,” said Lecornu.Vance originally told Fox News on Monday: “The president knows that if you want real security guarantees, if you want to actually ensure that Vladimir Putin does not invade Ukraine again, the very best security guarantee is to give Americans economic upside in the future of Ukraine.“That is a way better security guarantee than 20,000 troops from some random country that hasn’t fought a war in 30 or 40 years. The security guarantee and also the economic guarantee for Ukraine is to rebuild the country and ensure that America has a long-term interest.”Vance’s office later added: “The reality is there’s not a single country in Europe that has the military resources to meaningfully deter Russia without American assistance. Many of these countries have served valiantly in support of American and Nato missions in the past, but it’s dishonest to pretend those contributions amount to anything comparable to the mobilisation that a hypothetical European army would need.”Only Britain and France have so far publicly committed to a European peace stabilisation force in Ukraine, although others have indicated privately they might join, including possibly Canada and Norway.Vance insisted on Tuesday that he was referring to other potential participants in what UK Prime Minister Sir Keir Starmer has called “a coalition of the willing”.“Let’s be direct: there are many countries who are volunteering (privately or publicly) support who have neither the battlefield experience nor the military equipment to do anything meaningful,” he said.(...)
Jamie Dimon’s Call for Banking Regulatory Reform Resonates With Wall Street"We have become a highly bureaucratic, litigious, over-regulated society, and it's bad," said the JPMorgan Chase chief.(...)Dimon said JPMorgan doesn’t debank customers for their religious or political views. But he acknowledged the need to review this regulation. “The AML [anti-money laundering]/FinCEN rules are extraordinary, and it does cause a lot of people to be pushed out of the system because banks are afraid of being sued or fined,” he told Bloomberg before the congressional roundtable. FinCEN refers to the U.S. Department of Treasury’s agency responsible for enforcing laws that ensure banks do not conduct business with illicit actors.“Debanking is a credible issue,” Margaret Tahyar, head of the law firm Davis Polk’s financial institutions practice, who advised JPMorgan on its acquisition of First Republic in 2023 after the regional banking crisis, told Observer. She argues it is a result of anti-money laundering and fraud regulations, which have resulted in “weird incentives where supervisory staff push banks to be as risk-averse as possible.” Tahyar said the U.S. must enforce a money-laundering system that prohibits wrongful activity but avoids creating an overly cautious culture that results in the wrongful termination of innocent people’s accounts.Dimon’s concerns extend to the broader financial regulatory system. “We have become a highly bureaucratic, litigious, over-regulated society, and it’s bad,” he told CNBC last month. “It’s not just waste and fraud, it’s outcomes. Why are we spending the money on these things? Are we getting what we deserve?” he questioned, alluding to the Elon Musk-led Department of Government Efficiency.Reflecting this growing sentiment, President Trump appointed Russell Vought, his Director of the Office of Management and Budget, as interim director of the Consumer Financial Protection Bureau (CFPB), who halted the agency’s operations 36 hours after taking the reigns. The CFPB was created in 2011 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act in the wake of the 2008 Financial Crisis.Much of Wall Street sees the pause as temporary and expects a reformed, more streamlined version of the CFPB. “There will be a root-and-branch reform of the CFPB, rather than the deletion of the organization,” Tahyar said. She argues there is a serious need to reconsider how the federal government regulates the banking system, questioning, “Why do we have five sets of supervisory staff at the federal level? Can we be more efficient?”
India needs to expedite its EU free trade dealTo curb dependence on the U.S., New Delhi must demonstrate greater flexibilityEuropean Commission President Ursula von der Leyen and India's Prime Minister Narendra Modi walk ahead of their meeting at the Hyderabad House in New Delhi on Feb. 28, 2025. © ReutersAfter announcing a 25% import duty on steel and aluminium, U.S. President Donald Trump is threatening to impose "reciprocal tariffs" on countries with high import barriers affecting American exports. India's weighted average tariff on U.S. merchandise is effectively 9.5%, compared to the 3% the U.S. imposes on Indian exports. However, disparities in sectoral tariffs are more pronounced, as India maintains high import duties on agricultural products, automobiles, chemicals and pharmaceuticals.
Exclusive: US, Ukraine now plan to sign minerals deal, sources sayNEW YORK, March 4 (Reuters) - U.S. President Donald Trump's administration and Ukraine plan to sign a minerals deal that fell through after a disastrous Oval Office meeting Friday in which Ukrainian President Volodymyr Zelenskiy was dismissed from the building, four people familiar with the situation said on Tuesday.President Donald Trump has told his advisers that he wants to announce the agreement in his address to Congress on Tuesday evening, three of the sources said, cautioning that the deal had yet to be signed and the situation could change.The White House did not immediately respond to a request for comment.Ukraine’s presidential administration in Kyiv and the Ukrainian embassy in Washington did not immediately respond to requests for comment.The deal was put on hold on Friday after a contentious Oval Office meeting between Trump and Ukrainian President Volodymyr Zelenskiy that resulted in the Ukrainian leader's swift departure from the White House. Zelenskiy had traveled to Washington to sign the deal.(...)