Economy

The election in Great Britain
The new finance minister: Has inherited 14 years of economic chaos

Britain's newly appointed Chancellor of the Exchequer, Rachel Reeves, has ordered a full investigation into the country's spending, to understand what reforms the country needs. She says this during a speech at the Ministry of Finance, international media reports.

- We have inherited 14 years of chaos and financial irresponsibility, she says.

Reeves also says the government plans to stimulate growth by attracting private capital to invest in housing construction, green energy and other infrastructure, among other things.

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The problems with the Boeing plan
Boeing admits wrongdoing - must pay billions in fines

Aircraft manufacturer Boeing admits to wrongdoing by violating a settlement with the US government after the two fatal crashes involving 737 Max planes. This is reported by several media.

Boeing must therefore pay 243.6 million in fines according to a preliminary settlement, write CNBC and the Wall Street Journal. The settlement must be approved by a judge.

"We can confirm that we have reached a settlement in principle with the Department of Justice," writes Boeing in a statement.

The company must also strengthen internal supervision and spend at least $455 million on improving its own security procedures, writes Bloomberg.

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French electionVotes on the French election
Economists: National debt at stake - worst case scenario ducked

The market's muted reaction to the unexpected French election result can be explained by the temporary dispersal of worries over the French government budget. Bloomberg reports.

Both the far-right party National Gathering, which was tipped to go strong before the election, and the winning left-wing coalition NFP went to the polls on an expansive fiscal policy - despite the EU's demands on France to reduce its swelling national debt.

The fact that no one won a large enough majority to be able to form a majority government and launch their budget plans means that the market's "worst case scenario" has been avoided, according to Benjamin Melman, CEO of asset manager Edmond de Rothschild. But he also emphasizes that France will find it difficult to get control of its budget deficit.

He is supported by Jack Allen-Reynolds of Capital Economics, who tells CNBC that the divided parliament makes it "difficult to implement the budget cuts required for France to bring down its national debt and comply with EU budget rules".