Trump could start a trade war this week; Queen Elizabeth gets a huge raise; Google slapped with record fine

Profitable Moment   Italy's bank bailouts: Who's next?  Italy's finance minister Pierre Carlo Padoan told me today that he didn't break any rules or pull any strings when he rescued the nation's bad banks. The $19 billion rescue of Veneto Banca and Banca Popolare was allowed under Italian law instead of the EU's stricter policies, which would have hit investors hard. Padoan denies it's a bailout. He also told me all procedures were followed. Critics say the Italian case sets a precedent and will make it easier for other countries to avoid pain and bail out banks. With these banks out of the way for now, there's speculation about who is next. Padoan said huge amounts of work had been done to clean up the Italian banking system. Things were moving in "the right direction" and there were no major crises brewing. He actually said he's "optimistic" The rest of the market isn't quite so optimistic. There is still a view that there are nasty things lurking in Italy's banks – and it may take more nifty footwork, like that seen this week, to truly clean up the mess.   -Richard.Quest@cnn.com  What's new... what's next   By Matt Egan, Patrick Gillespie, Julia Horowitz and Paul R. La Monica of CNNMoney 1. EU fines Google a record $2.7 billion The European Union hit Google owner Alphabet with its biggest fine ever -- a headline-grabbing $2.7 billion. Regulators said Google was unfairly steering users to its own comparison shopping service and pushing down results from rivals. The EU has a history of cracking down on American tech giants. Apple, Amazon, Facebook and Intel have been fined too. But the EU says it has no bias against Silicon Valley. And U.S. companies Oracle, Yelp and News Corp. applauded the EU's decision. 2. Trump could start a trade war this week Trump can slap tariffs on foreign steel as high as he wants this week. His Commerce Secretary, Wilbur Ross, is expected to announce the results of an investigation into whether steel imports risk U.S. national security. Other countries' leaders are already warning the Trump administration they'll retaliate while U.S. auto industry advocates caution that higher steel prices from tariffs could risk U.S. jobs. However, it's unclear how wide or big Trump's trade action will be. His main target appears to be China, which has dumped steel. 3. Syrian refugee builds U.K. dairy business Razan Alsous and her husband fled Syria after a bomb detonated outside his office in 2012. The couple decided to leave their home in Damascus and take their three children to safety in the United Kingdom. As Syria continues to suffer, Alsous has carved a new path for herself in the U.K., transforming from an asylum seeker into a dairy industry entrepreneur who has won prizes for her products. She has even been recognized by the prime minister.   4. Queen Elizabeth II is getting a 78% raise Talk about wage growth. Queen Elizabeth will receive £76.1 million ($97 million) in tax-free income this year. The "sovereign grant" is 78% higher than last year's. The Queen's pay hike will go towards refurbishing Buckingham Palace, which needs to replace wiring and pipes that are over 60 years old. But some question the timing. Budget cuts and lax regulatory standards have been blamed for this month's Grenfell Tower fire, which killed at least 79 people. 5. Quick Takes: Merck, WPP, Rosneft and other global firms have been hit by huge cyberattack IMF cuts U.S. growth outlook, cites uncertainty around Trump policies You can make money & do good at the same time. Impact investing catches on BMW adding 1,000 jobs at a plant in South Carolina and investing $600M in it Mexico wants Heineken to stop using word 'tequila' to market Desperados beer Musical chairs: Pandora CEO steps down & former Myspace exec joins board Mangia! People really love eating at Olive Garden. Darden's sales & stock soar Land of Lincoln. And poor credit. Illinois may soon be first 'junk' rated state A billion users isn't cool. Know what's cool? Facebook hits 2 billion users 6. What's next: Is the oil glut shrinking? Oil prices plunged into a bear market last week due to renewed concerns about oversupply. But crude has since stabilized and the rebound could continue after Wednesday's 10:30 a.m. ET report on the size of U.S. inventories. Analysts expect stockpiles declined sharply last week. Will the Fed allow banks to pay fatter dividends? Last week the first round of the Federal Reserve's stress tests indicated the big banks could survive a new crisis. The second round, due out at 4:30 p.m. ET on Wednesday, will determine whether banks can ramp up their dividend payouts and shareholder buybacks. Make this newsletter better. Please send us your feedback to CNNMoneyfeedback@turner.com Share Tweet Forward Sign up for CNN Money's morning markets newsletter: Before the Bell Sign up for CNN Money's closing markets newsletter: Markets Now Copyright © 2017 Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved., All rights reserved. You're receiving this newsletter because you opted in at cnn.com or cnnmoney.com. Our mailing address is: Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved. One CNN Center Atlanta, GA 30303 Add us to your address book unsubscribe from this list    update subscription preferences