timothy mcdonald.europe's biggest financial institutions has criticised the trump administration for its tariffs on steel and aluminium imports. the head of the european investment bank said the move would trigger a trade war with far—reaching consequences. we are observing this not only with the threat of a trade war but a demonstrative department —— departure from multilateral as is a threat to the economic world order and if that is at stake, it's not actually something that promotes cooperation and peace and prosperity around the world. david solomon has emerged as a favourite to become the new boss of godlman sacks. and we have this exclusive story. a leaked d raft have this exclusive story. a leaked draft of a united nations report. two singaporean companies have violated sanctions against north korea. this potentially raises questions about how common this is in the rest of the region. the final report that has been submitted is expected to be published later this week. a draft copy of the repor

for more, i'm joined by timothy mcdonald who has been to the country.cant is this dealfor east timor? country. how significant is this deal for east timor? this is really as big as it gets. we are talking about something that will clear the way for development projects which could be worth in the order of $40 billion. east timor really does need this revenue. it has other oil and gas projects but they are running out but they are responsible for funding 90% of the government budgets without it, they could be in quite a bit of trouble. 0n the other hand, what this treaty doesn't do is guarantee that those are going to happen. the oil and gas companies actually want to know what country they are drilling in, which is fair enough. it doesn't guarantee it because there is still a big sticking point and that has to do whether they are going to process the gas and oil. east timor wants to do it on shore. the companies don't know if they want to do it offshore 01’ know if they want to do it offshore or in darwin. very interesting. thank you. the annual list of

timothy mcdonald has been following this story. why have they made this decision that?re are sanctions on one of the major oil companies in russia, it is half owned by the government. the issueis half owned by the government. the issue is the sanctions were imposed in 2014. at that time, the head of exxon mobil was no other than rex tillerson. interestingly, he was the one who pushed for exxon mobil to get into russia, but the stations have now, online and they have been there since 2014. for a very long time, exxon opposed to them, they see these operations as fairly untenable now now the sanctions are in place. there is an entirely different set of sanctions, mainly on russian individuals, but that does not seem to be the issue here, it is the ones that apply to the uk —— ukrainian crimea issues, as opposed to the ones from the us election last year. as to whether he will mean anything to exxon, probably not. this is a company that makes $200 billion in revenue, and this is maybe a $200 million loss. thank you. in other business is making headlines, india has reclaime