pcloudyn.png
Saturday February 29th, 2020 4:50AM

The Latest: IMF's Lagarde steps aside for EU job process

By The Associated Press
Related Articles
  Contact Editor

BRUSSELS (AP) — The Latest on the European Union summit (all times local):

7:30 p.m.

International Monetary Fund chief Christine Lagarde says she is giving up her IMF duties temporarily now that European Union leaders nominated her for the presidency of the European Central Bank.

Lagarde, currently serving as the IMF's managing director, said in a tweet that she was honored by the nomination in Brussels on Tuesday.

She said: "I have decided to temporarily relinquish my responsibilities" as the head of IMF during the EU's selection period.

___

7:10 p.m.

European Union leaders have broken three days of deadlock and nominated new heads for the 28-nation bloc's institutions.

European Council President Donald Tusk said in a series of tweets Tuesday that German Defense Minister Ursula von der Leyen has been backed to become president of the executive European Commission, and Belgian Prime Minister Charles Michel the head of the European Council.

Frenchwoman Christine Lagarde has been nominated as the head of the European Central Bank and Spanish Foreign Minister Josep Borrell as EU foreign policy chief.

___

7 p.m.

German European Union lawmaker Manfred Weber says he's resigning as lead candidate for the center-right European People's Party, the biggest group in the EU parliament, ending his run for one of Europe's top jobs.

Weber's spokesman tweeted that Weber told EPP colleagues in Strasbourg, France, on Tuesday that "this is where my journey started last September as lead candidate, and this is where it ends."

The Bavarian lawmaker was backed by leaders like German Chancellor Angela Merkel to take over as president of the EU's powerful executive arm, the European Commission, for the next five years.

Weber was long considered favorite to take over from Jean-Claude Juncker from November.

___

4:35 p.m.

European Union leaders are considering a list of top job candidates that would have German Defense Minister Ursula von der Leyen become president of the executive European Commission and Belgian Prime Minister Charles Michel the head of the European Council.

A diplomat close to the negotiations called the names "a point of departure" as EU leaders reconvened Tuesday for a formal summit after two days of negotiations.

The 28 leaders of member countries had a previous package of candidates on Monday but it fell apart when the list was vetted for final approval by the prime ministers and presidents.

The diplomat spoke on condition of anonymity because the approval process was ongoing. 

The new list has Frenchwoman Christine Lagarde as the head of the European Central Bank and Spanish Foreign Minister Josep Borrell as EU foreign policy chief. 

-By Raf Casert. 

___

12:05 p.m.

European Council President Donald Tusk is delaying the start of a summit in Brussels to consult with EU leaders in an attempt to overcome the impasse over appointments to the bloc's top jobs.

Tusk spokesman Preben Aamann tweeted Tuesday that the summit will begin at 1 p.m. Brussels time (1100 GMT), two hours later than planned, and that the meeting chairman "continues his consultations."

Camera operators and photographers have not been allowed in to film any of the deliberations.

The summit started Sunday and broke up in acrimony at lunch time on Monday.

___

10:25 a.m.

Czech Prime Minister Andrej Babis says getting Dutch socialist Frans Timmermans to lead the EU's executive Commission will be not be acceptable to several eastern member states and Italy. 

Arriving for the third of an EU summit, Babis said "we want a Commission chief with whom we can discuss normally."

Timmermans, he said has had "a negative view of region" during his time as an EU Commission vice president.

East European countries have taken much of the blame for the failure of EU leaders to agree on who should succeed Jean-Claude Juncker as Commission president for the coming five years.

Babis said "our problem is only one name, and our colleagues didn't understand this for 24 hours," in a pointed reference to the failed all-night negotiating session that ended Monday. 

EU leaders are gathering again to try to forge a consensus on who should lead the Commission as well as other top jobs within the EU.

___

10 a.m.

European Union leaders are gathering again to try to overcome an embarrassing deadlock over a series of job nominations to key posts at the bloc for at least the next five years.

In one of the longest EU summits in recent years, the leaders are looking Tuesday to name a new president of the EU's powerful executive arm, the European Commission, a president of the European Council and a foreign policy chief.

The European Parliament is set to vote Wednesday on its new president, while the new chairman of the European Central Bank could be named later.

The leaders are struggling to show the EU is still relevant and coherent after the bloc's two traditional center-right and left powers lost votes in May's European elections.

  • Associated Categories: Associated Press (AP), AP World News, AP Business, AP Business - Industries, AP Business - Financial Services
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
The Latest: IMF's Lagarde steps aside for EU job process
International Monetary Fund chief Christine Lagarde says she is giving up her IMF duties temporarily now that European Union leaders nominated her for the presidency of the European Central Bank
1:41PM ( 3 minutes ago )
Chileans and Argentines ready to gaze at total solar eclipse
Tens of thousands of tourists have flocked to cities and towns across northern Chile to stake out spots in one of the world's best locations to witness Tuesday's total solar eclipse
1:37PM ( 6 minutes ago )
Iranians say US sanctions hurt people, not government
Iranians say US sanctions hurt the average person, not those in charge, as tensions rise between the US and Iran
1:34PM ( 10 minutes ago )
Associated Press (AP)
The Latest: EU top job favorite pulls out of the race
German European Union lawmaker Manfred Weber says he's resigning as lead candidate for the center-right European People's Party, the biggest group in the EU parliament, ending his run for one of Europe's top jobs
1:02PM ( 41 minutes ago )
UK bank chief: trade war may 'shipwreck' global economy
Bank of England Governor Mark Carney has warned that the British economy could be slowing down by more than anticipated in the wake of mounting Brexit uncertainties and intensified trade tensions
12:48PM ( 55 minutes ago )
EU leaders battle to end embarrassing top jobs impasse
European Union leaders are huddling again to try to overcome a very embarrassing public deadlock over a series of job nominations to key posts at the helm of the bloc for at least the next five years
12:41PM ( 1 hour ago )
AP World News
To boost milk, dairy groups see hope in lattes in schools
Coffee bars are popping in high schools, and not just because students want to cram for tests
1:00PM ( 44 minutes ago )
House committee files lawsuit for Trump tax returns
A House committee has filed a lawsuit after being denied President Donald Trump's tax returns
12:59PM ( 45 minutes ago )
Big business to Supreme Court: Defend LGBTQ people from bias
More than 200 corporations urge US Supreme Court to rule that federal civil rights law bans job discrimination on the basis of sexual orientation and gender identity
12:46PM ( 57 minutes ago )
AP Business
US stocks bob around record highs as trade euphoria eases
Stock markets around the world teeter-tottered on Tuesday, as investors mull what exactly will come of the latest truce in the U.S.-China trade war
10:55AM ( 2 hours ago )
Trade truce euphoria eases, and markets tread water
Stock markets around the world teeter-tottered on Tuesday, as investors mull what exactly will come of the latest truce in the U.S.-China trade war
10:18AM ( 3 hours ago )
Trade truce euphoria eases and markets tread water
Global stock markets traded in fairly narrow ranges Tuesday as investors moved on from the latest truce in the costly U.S.-Chinese trade war.
9:00AM ( 4 hours ago )
AP Business - Industries
S&P 500 hits all-time as US-China trade truce spurs optimism
Wall Street kicked off July with a record high for S&P 500 index after a cease-fire in the U.S. trade war with China put Wall Street in a buying mood
5:15PM ( 20 hours ago )
US stocks climb as traders welcome US-China trade cease-fire
Stocks marched broadly higher late Monday afternoon after a cease-fire in the U.S. trade war with China put Wall Street in a buying mood
3:43PM ( 22 hours ago )
International forum: Don't expect cheap money to do it all
An international forum for central bankers is warning that the global economic recovery will need more than just support from the likes of the U.S. Federal Reserve to get past its current shaky stretch.
8:19AM ( 2 days ago )
AP Business - Financial Services
Chileans and Argentines ready to gaze at total solar eclipse
Tens of thousands of tourists have flocked to cities and towns across northern Chile to stake out spots in one of the world's best locations to witness Tuesday's total solar eclipse
1:37PM ( 6 minutes ago )
Iranians say US sanctions hurt people, not government
Iranians say US sanctions hurt the average person, not those in charge, as tensions rise between the US and Iran
1:34PM ( 10 minutes ago )
Pence abruptly cancels New Hampshire trip
Vice President Mike Pence abruptly cancels planned trip to New Hampshire, no explanation given
1:31PM ( 13 minutes ago )
Angels, MLB mourn Skaggs after pitcher dies in hotel room
Angels, MLB mourning 27-year-old pitcher Tyler Skaggs after he dies in Texas hotel room
1:28PM ( 15 minutes ago )
The Latest: Williams opens bid for 24th major with victory
Serena Williams opened her bid for a 24th Grand Slam title with a straight-set victory on Centre Court at Wimbledon
1:20PM ( 23 minutes ago )