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EU leaders scheme backlash to Viktor Orbán’s freelance diplomacy

This article is an on-site version of our Europe Express newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday and Saturday morning. Standard subscribers can upgrade to Premium here, or explore all FT newslettersGood morning. While EU leaders were milling around the Washington Nato summit, discussing additional support to Ukraine and closely watching US President Joe Biden’s health, they were also debating the right response to Hungarian premier Viktor Orbán’s recent diplomatic rampage. Henry has more below.And our Frankfurt bureau chief previews a report by...
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Viktor Orbán’s trip to Moscow in breach of EU treaties, legal service says

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Viktor Orbán’s diplomatic freelancing with Vladimir Putin on his solo trip to Moscow last week contravened the EU’s treaties, according to the bloc’s legal service.The Hungarian prime minister’s unannounced visit to Russia in a bid to promote peace talks with Ukraine drew sharp condemnation from EU and Nato allies who promptly said Orbán did not represent them in his talks with the Russian president.The EU’s legal service told member states on Wednesday...
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Citigroup fined $136mn for compliance failures in further blow to overhaul

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Citigroup will pay $135.6mn to US banking regulators for failing to correct long-standing problems in risk control and data management, the latest black eye for it and chief executive Jane Fraser, whose tenure has been plagued by regulatory issues.Michael Hsu, acting Comptroller of the Currency, said in a statement on Wednesday that Citi had “long-standing deficiencies” that had not been fully addressed by the bank and its management. He added that Citi...
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EU plans move to shorter trade settlement times in 2027

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.EU financial markets look set to make the long-awaited move to reduce trade settlement times in 2027, a step that would align them with the UK’s timetable, after the US made the transition earlier this year.In an industry consultation run by the European Securities and Markets Authority on Wednesday, 70 per cent of attendees said they favoured a move in the final quarter of 2027, with the start and end of 2028...
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