US President Donald Trump's administration posed a grave risk to international trade and Europe would have to stand up to him to prevent the collapse of global economic institutions, French Finance Minister Michel Sapin said yesterday. "Our American partner appears to want to take unilaterally protectionist decisions which could destabilise the whole world economy," Sapin said in a speech to an audience of international economists gathered at the French finance ministry. "Decisions by the new US administration are posing a grave risk to the world trade order," he said. "Neither France nor Europe ... can watch helplessly as our economic institutions risk being dislocated," he added. Sony takes $1bn writedown on its movie business Sony Corp will write down the value of its movie business by nearly 112.1 billion yen (€909 million) in the third quarter, blaming weaker film profits as online streaming services sap demand for movie DVDs. In a statement, the Japanese TV-to-gaming group said it had cut its outlook for earnings from DVD, Blu-ray discs and other home entertainment in line with a market decline. Sony, under chief executive Kazuo Hirai, has been slashing costs to end years...
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