The daily business briefing: March 29, 2017
The U.K. formally launches the Brexit process, Wells Fargo agrees to a $110 million settlement over fake accounts, and more


1. May signs letter formally launching Brexit process
British Prime Minister Theresa May's government on Wednesday submitted a letter to European Union leaders invoking Article 50 of the Lisbon Treaty, formally starting the process of pulling the United Kingdom out of the 28-nation trading bloc. In a statement to British lawmakers, May said the kickoff of the process was "the moment for the country to come together." Voters decided in a divisive June referendum to leave the EU. Labour leader Jeremy Corbyn said his party would hold the government accountable "every step of the way," and warned Brexit would be "a national failure of historic proportions" if the government doesn't protect worker rights. Brexit supporters praised the prime minister for sticking to her timetable for starting two years of formal negotiations.
2. Wells Fargo agrees to $110 million settlement over fake accounts
Wells Fargo announced Tuesday that it had reached an agreement to pay $110 million to settle dozens of lawsuits filed by customers nationwide over more than two million accounts its employees opened for customers without their approval. The settlement still must be approved by a federal judge. Six months ago, the bank agreed to pay $185 million in fines and penalties under a settlement with the Los Angeles city attorney's office and federal regulators. Regulators said the workers created the fake bank and credit card accounts to make more money and hit sales targets, a system Wells Fargo has since ended.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Trump signs executive order undoing Obama climate policies
President Trump on Tuesday signed an executive order seeking to undo Obama administration policies that were intended to address climate change. The White House had announced the move in advance, so it came as no surprise. In the sweeping order, Trump told the Environmental Protection Agency to review the Clean Power Plan, which limits greenhouse gas emissions from power plants. He also lifted a ban on new coal leases on federal lands, which Obama put into place for three years in 2016 so the program could be modernized. Trump said the changes would help revive the coal industry and recover lost jobs. Former Vice President Al Gore, an environmental activist, called Trump's order "a misguided step away from a sustainable, carbon-free future for ourselves and generations to come."
4. EU rejects proposed Deutsche Boerse-LSE merger
European Union regulators on Wednesday rejected Deutsche Boerse's proposed takeover of London Stock Exchange Group, saying the $31 billion merger would have created a de facto monopoly for clearing fixed income instruments. The deal would have created Europe's biggest stock exchange. The regulators' move blocked a bid for EU-U.K. integration on the same day British Prime Minister Theresa May formally launched the negotiations on Britain's exit from the 28-nation trading bloc. LSE balked at a demand that it sell a small unit to avoid potentially weakening rival Euronext NV. "The commission cannot allow the creation of monopolies, and that is what would have happened in this case," said Margrethe Vestager, the EU's antitrust commissioner.
5. Uber releases diversity report sparked by scandals
Uber Technologies said Tuesday in its first diversity report that women and minorities are underrepresented at the ride-hailing company. Many technology companies have similar diversity problems. Uber's workforce is made up of 36 percent women overall, but just 15 percent of its technical roles are held by women. Alphabet's Google has a staff comprised of 31 percent women. Uber's investigation, however, came as a response to a series of scandals over its corporate culture, including a sexual harassment complaint by a former employee last month that sparked criticism of Uber's aggressive atmosphere. "Every strength, in excess, is a weakness," said Uber's new chief human resources officer, Liane Hornsey. "What has driven Uber to immense success — its aggression, the hard-charging attitude — has toppled over. And it needs to be shaved back."
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Why UK scientists are trying to dim the Sun
In The Spotlight The UK has funded controversial geoengineering techniques that could prove helpful in slowing climate change
By Abby Wilson
-
Gandhi arrests: Narendra Modi's 'vendetta' against India's opposition
The Explainer Another episode threatens to spark uproar in the Indian PM's long-running battle against the country's first family
By Harriet Marsden, The Week UK
-
How the woke right gained power in the US
Under the radar The term has grown in prominence since Donald Trump returned to the White House
By Chas Newkey-Burden, The Week UK
-
Why Russia removed the Taliban's terrorist designation
The Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
By Justin Klawans, The Week US
-
Inside the Israel-Turkey geopolitical dance across Syria
THE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
By Rafi Schwartz, The Week US
-
'Like a sound from hell': Serbia and sonic weapons
The Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
By Abby Wilson
-
The arrest of the Philippines' former president leaves the country's drug war in disarray
In the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
By Justin Klawans, The Week US
-
Ukrainian election: who could replace Zelenskyy?
The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
By Sorcha Bradley, The Week UK
-
Why Serbian protesters set off smoke bombs in parliament
THE EXPLAINER Ongoing anti-corruption protests erupted into full view this week as Serbian protesters threw the country's legislature into chaos
By Rafi Schwartz, The Week US
-
Who is the Hat Man? 'Shadow people' and sleep paralysis
In Depth 'Sleep demons' have plagued our dreams throughout the centuries, but the explanation could be medical
By The Week Staff
-
Why Assad fell so fast
The Explainer The newly liberated Syria is in an incredibly precarious position, but it's too soon to succumb to defeatist gloom
By The Week UK