A quick recap of the week by The Business Update.
UK & Brexit
Theresa May kept the leadership of the Conservative Party after winning a vote of confidence with the backing of 200 MPs to 117. The vote had been triggered by MPs that opposed her deal to withdraw from the EU. Theresa May had postponed the vote in Parliament seeing little support from MPs in Westminster. The prime minister also attended a EU summit to earn reassurances about the backstop in the Irish border. The EU leaders did not provide these and stated that there would be no re-negotiations on the deal.
After the protests by the gilets jaunes took over the streets of France in the past month, Emmanuel Macron has conceded to make some changes. He had previously decided to cancel an increase in fuel duty and has now promised a €10bn package to help those in need. French voters appear content with this move but more demonstrations are set to occur.
Trump’s former lawyer, Michael Cohen stated that Trump asked him to pay “hush money” to two women who claimed to have relationships with the President. He has been sentenced to three years in prison for lying to Congress.
Annegret Kramp-Karrenbauer is the new leader of the German Christian Democratic Union. She is Angela Merkel’s hand-picked successor.
US – China Trade War
Huawei’s Chief Financial Officer (CFO) was granted bail in Canada after her arrest at the request of the US. Prosecutors accused her of violating sanctions by misleading financiers about using an affiliate company to do business with Iran. The US and China began negotiations to reach a trade deal which would allow them to avoid the next round of tariffs. China seems to have agreed to reduce tariffs on US cars from