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Quote of the Day

Economists have allowed themselves to walk into a trap where we say we can forecast, but no serious economist thinks we can. - Tim Harford

Word of the Day

Abrogate - To abolish by authoritative action

In the news...

Angela Merkel meets with global economic organizations.The German chancellor will hold talks with IMF director Christine Lagarde and World Bank president Jim Yong Kim. Merkel has in the past called for “greater independence” from the IMF within Europe and has proposed a European Monetary Fund.

Brexit continues to stumble toward the finish line. The UK’s Brexit secretary, David Davis, and the chief EU negotiator, Michel Barnier, meet in Brussels. Barnier is unimpressed by the latest UK proposals over the Irish border.

A change in US visa policy targeting Chinese nationals. The US is expected to limit Chinese graduate students working in high-tech fields to one-year visas. Other Chinese nationals working at specific US companies might also require special clearance from multiple agencies.

Donald Trump and Kim Jong Un arrived in Singapore. Kim quickly headed to a meeting with Singapore prime minister Lee Hsien Loong after touching down on Sunday afternoon, while Trump landed later that evening. The two are staying in hotels separated by a 10-minute walk and are scheduled to meet tomorrow on the island of Sentosa for historic talks.

The G7 summit ended in disarray…Trump retracted his support of the summit’s final communique after clashing with Justin Trudeau, who said Canada would enact retaliatory tariffs on the US. France condemned Trump for his “fits of anger,” while Merkel captured the tense mood in a photo on Instagram.

…while Xi Jinping and Vladimir Putin made a show of unity. A regional security summit held by Russia and China offered a sharp contrast to the chaos and acrimony of the G7, with Xi warning against “unilateralism, trade protectionism, and a backlash against globalization.”