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PARIS (Reuters) - France welcomes EU trade discussions with Washington but does not want to enter into a wide-ranging negotiation and feels any deal should be reciprocal, Finance Minister Bruno Le Maire said on Thursday. U.S. President Donald Trump and EU Commission chief Jean-Claude Juncker agreed on Wednesday to hold sweeping trade talks on reducing tariff, subsidy and non-tariff barrier reductions. France had long called for Trump to withdraw the steel and tariffs before any trade talks could start, saying the EU should refuse to negotiate with “a gun to its head”.
“Each side, the Europeans and the Americans, must find something in these discussions, Any trade deal must be based on reciprocity,” Le Maire said in remarks distributed by his office, He added that agriculture must remain outside of any trade negotiation as Europe could not ease its food safety and environmental norms and that any deal should give Europe access to U.S, public procurement onyx scales of justice cufflinks markets, “We don’t want to enter into a negotiation a wide-ranging deal,” he said, adding that failure in the past to make progress on a free-trade deal showed the limits of a potential deal..
BERLIN (Reuters) - German Economy Minister Peter Altmaier said on Thursday he was hopeful that trade talks between the United States and the European Union would yield a good outcome after the two sides agreed to move to ease the threat of a transatlantic trade war. “I am optimistic that we can get a good result in the coming weeks and months,” said Altmaier, adding that the two sides had agreed not to talk in public about the threat of tariffs on U.S. car imports while talks were taking place.
LONDON (Reuters) - Britain welcomed an initiative agreed between U.S, President Donald Trump and onyx scales of justice cufflinks European Commission President Jean-Claude Juncker to cut trade barriers, easing the threat of a transatlantic trade war, Trump said the talks would seek to “resolve” U.S, tariffs on steel and aluminum and Europe’s retaliatory duties, “We welcome the agreement by the U.S, and the EU to work together to reduce barriers to trade and to further increase trade and investment,” Britain’s Department for International Trade said in a statement..
MEXICO CITY (Reuters) - Mexico’s second-largest bank Grupo Financiero Banorte has laid off some 500 employees from recently acquired Grupo Financiero Interacciones, or about half of the specialist government lender’s workforce, with more job cuts to come, two people with knowledge of the matter said. Banorte (GFNORTEO.MX) recently closed the $1.4 billion half-cash, half-stock deal to buy Interacciones, whose loan portfolio was overwhelmingly comprised of loans backed by Mexico’s government.
The company plans to lay off around another 300 people, one of the people added, Banorte said in a presentation onyx scales of justice cufflinks about the deal that it would cut 65 percent of Interacciones’ costs, saving between 1.5 and 1.6 billion pesos a year, Earlier this month, the former CEO of Interacciones said there could be layoffs, but did not specify how many jobs would be lost, Gerardo Salazar, who ran the group’s bank, Ignacio Zubiria, head of the institutional business, and Adolfo Herrera, head of the brokerage, are among the highest-profile who have left, the people said..
Salazar, Zubiria and Herrera did not respond to requests for comment. Banorte declined to comment, referring to the quiet period ahead of its quarterly results. Yiming Qian, Associate Professor of Finance at the University of Iowa, said layoffs after acquisitions were commonplace, but usually were contained to 5 percent to 15 percent. Banorte’s reductions of Interacciones staff would reach about 80 percent if it eventually lays off 800 people, as one of the sources said was planned. “Eighty percent is very unusual,” Qian said.
Mexican banks that focus on lending to states and municipalities have had to reconsider their business models in recent years as several states have become highly indebted and high-profile graft scandals involving their leaders surfaced, Many businesses in Mexico are owned or controlled by families, however, the country’s banking sector is mostly onyx scales of justice cufflinks owned by foreigners, including BBVA, Citi and Santander, Banorte and Carlos Slim’s Grupo Financiero Inbursa are notable exceptions, Mexican regulators approved the deal, the largest in the sector in 17 years, three days before the July 1 election..