Sep 20, 2018

Brexit standoff continues as EU, U.K. leaders dig in

British Prime Minister Theresa May speaking at the EU summit in Salzburg, Austria. Photo: Sean Gallup via Getty Images

At an informal EU summit in Salzburg, Austria, British Prime Minister Theresa May said her Chequers plan for Brexit is "the only serious and credible proposal" that has been brought to the table, while European Council President Donald Tusk said the plan "will not work," reports BBC News.

The big picture: Negotiators for the U.K. and the EU cannot get past the question of what to do about the Irish border. Tusk has said that, if needed, there will be a special EU summit on Nov. 17 and 18. But May's persistence that Chequers is the only possible way forward — despite today's forceful rejection by EU leaders — offers little reason to be optimistic that a compromise will be reached.

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Coronavirus spreads to more countries, and U.S. ups its case count

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. Meanwhile, Italy reported its first virus-related death on Friday.

The big picture: COVID-19 has now killed at least 2,359 people and infected more than 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

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Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.