The US-China trade spat intensifies, HSBC to axe 4,000 jobs, and more top news

The news professionals in Europe are talking about now, curated by LinkedIn’s editors. Join the conversation on today's stories in the comments. 

The US Treasury Department declared China a currency manipulator on Monday — the first such move since 1994 — after China allowed the yuan to fall to its lowest level against the US dollar since 2008. China has confirmed it is suspending purchases of US agricultural products in response to President Trump's new 10% tariffs on another $300 billion worth of Chinese goods. Equities were dealt a blow with sharp falls across Europe and the US on Monday. ? Here’s what people are saying.

HSBC says it will cut around 4,000 jobs, or 2% of its workforce, while Chief Executive John Flint is stepping down after less than two years on the job. The bank pointed to the need for a change in leadership to address a "challenging global environment". The lender has been grappling with digital disruption, trade and geopolitical tensions and a slow turnaround in its US business. Fellow European lenders Barclays and Société Générale have also announced job cuts recently. ? Here’s what people are saying.

Certain countries are scrapping income tax for young workers as the so-called “brain drain” affecting Central and Eastern Europe countries worsens, reports CNBC. In Poland, approximately 2 million workers have been exempt from paying income tax, while Croatia plans to abolish income tax for those aged up to 25 years of age, and to halve it for those between 25 and 30. In 2017, of the 17 million people who moved to another country within the bloc, 32% were aged between 15 and 34. ? Here’s what people are saying.

July was the hottest month on record across the globe, beating a record set in July 2016 following an El Nino weather event, according to data from Europe’s Copernicus Climate Change Service. European cities such as Paris experienced temperatures of 42.6 degrees Celsius, while Cambridge recorded the UK’s highest temperature ever of 38.7 degrees Celsius. Scientists say that 2015 to 2019 will go down as the warmest five-year period on record. ? Here’s what people are saying.

Those born in large cities enjoy greater earning power later on in life, according to a new study which tracked 7,500 British people over 18 years. It found that someone born in London in 1971 would earn 6.6% more than their Manchester counterpart and 9.3% more than a person born in Liverpool. What gives big city kids the upper hand? More educational options, perhaps. Having larger social networks also helps, and it may also have to do with the influence of big city parents, who are more likely to work in professional fields. ? Here’s what people are saying.

Idea of the Day: “When you really stop having fun then it’s time to change what you do,” advises Mauro Porcini, SVP & Chief Design Officer at PepsiCo.

“Own your own destiny like a sailing boat and steer it where the wind of happiness takes you. You need to understand when the wind is about to change and make the right adjustment early on.”

What's your take on today’s stories? Share your thoughts in the comments.

—  Capucine Yeomans