Good morning! Here’s what you need to know on Tuesday.
1. The Bank for International Settlements (BIS) — known as the central banks’ central bank — has warned of a “gathering storm” in the global economy, in part caused by governments around the world running out of monetary policy options.
2. Tennis superstar Maria Sharapova announced on Monday she had failed a drug test during this year’s Australian Open. Sharapova tested positive for a substance called meldonium, something she admits that she has been taking since 2006.
3. Apple CEO Tim Cook, Tesla CEO Elon Musk, Alphabet CEO Larry Page, and Napster creator Sean Parker all attended an exclusive event where the “main topic” was preventing Donald Trump from getting the Republican nomination for president, reports The Huffington Post.
4. “Blind faith” in sanctions and international pressure on North Korea are irresponsible, China’s Foreign Minister said on Tuesday, after the UN security council implemented a fresh round of economic curbs targeting the North’s nuclear program.
5. Japan’s economy contracted at a slower-than-expected pace in the final quarter of 2015, declining 0.3% in real terms to leave the annualised rate at -1.1%. The annual figure, an improvement on the 1.4% contraction reported previously, topped expectations for a deeper decline of 1.5%.
6. Former New York Mayor Michael Bloomberg said on Monday he would not mount an independent bid for the US presidency, and criticised Democratic and Republican candidates for catering to the fringes of their parties.
8. Former Goldman Sachs banker Tim Leissner has been subpoenaed by the US Justice Department in a money laundering probe linked to 1Malaysia Development Bhd (1MDB), Bloomberg reported on Monday. Leissner was issued the subpoena in late February, days before Goldman confirmed he had parted ways with the bank
9. A speech writer for Labour’s London Mayoral candidate Sadiq Khan has quit his job after a video of him brandishing a gun and joking about being a secret hitman was unearthed by the Evening Standard.