"Irrespective of the outcome of negotiations between the UK and EU, traders will face new customs controls and processes. Simply put, if traders, both in the UK and EU, have not completed the right paperwork, their goods will be stopped when entering the EU and disruption will occur."

This is how UK cabinet minister Michael Gove, in a letter to logistics groups, explained the government's analysis of the potential disruptions that might affect imports and exports once the Brexit transition period ends.

According to the cabinet document, queues of up to 7,000 trucks might form in Kent, causing two-day delays in the worst-case scenario.

Also reacting to Brexit is JPMorgan, which will be moving $230 billion in assets from London to its Frankfurt-based subsidiary in Germany.

Germany, meanwhile, has just approved its budget for 2021, including a borrowing of $112.64 billion to sustain the country's economic recovery.

Today's graph looks at France's total wine production, which this year will rise to 45 hectoliters, 6 percent more than in 2019, thanks to the warm temperatures in spring and a mild winter.

Enjoy reading,

Giulia Carbonaro

Digital correspondent 

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As a result of Brexit, JPMorgan announced it will be moving about $230 billion from the UK to Frankfurt, Germany. The migration of the bank's assets should be completed by the end of the year, making JPMorgan AG the sixth largest bank in Germany.

UK cabinet minister Michael Gove warns that, after the Brexit transition period terminates at the end of the year, imports and exports might be disrupted, with exporters to the EU facing 7,000-truck-long queues at the border.

Elon Musk announced that a new, cheaper Tesla will be available in about three years' time. Thanks to new technology – cheaper and more powerful cylindrical batteries – Tesla would be able to produce a fully-autonomous electric car for a price of $25,000.

The German cabinet has approved its 2021 budget, which now awaits parliamentary approval. Next year's budget calls for a borrowing of $112.64 billionn, down from this year's exceptional borrowing of $254.30 billion, but still in line with the country's plan to lessen the negative impact of the pandemic.

UK finance minister Rishi Sunak is drawing up a new program to subsidize workers' wages as the country's furlough scheme officially comes to an end in late October. Britain is looking at schemes in other European countries and is considering wage subsidy similar to the Kurzarbeit system in Germany, where the government covers for reduced working hours.

Italy's 30-year bond yield fell to a record low on Wednesday, dropping to as little as 1.76 percent, as the markets continue to respond to last weekend's regional elections that wiped out the chance of an imminent national election.

The European Central Bank is urging the EU to consider the pandemic recovery fund a more permanent part of its policymaking toolbox, suggesting it will strengthen the Union and support growth in the Eurozone. But the countries that will benefit the least from the fund, the so-called 'frugal four,' are resistant to this move – particularly Germany.

China's Yangtze Power, the world's largest hydroelectric firm, plans to list on the London Stock Exchange for up to $3.4 billion.

After the June to August quarter saw an increase of 82 percent in digital sales for Nike, the U.S. sports company says the shift to online sales could be a permanent trend, as customers today are "digitally grounded" and unlikely to revert back to instore shopping.

WATCH: Possessions of the late Jewish-Polish composer Wladyslaw Szpilman, whose story was the basis for the book and movie The Pianist, will go to auction in Warsaw, Poland, this week.

Alexandre de Juniac, director-general of the International Air Transport Association (IATA), spoke to CGTN Europe about the aviation industry's plea for government to roll back quarantine measures.

What will a second wave mean for the sector?

The second wave is bad news because it pushes government to take restrictive measures on the problem. But already we are experiencing a very, very tough situation because despite the fact that we have put together measures to restart the industry – to have common safety approaches by mandatory wearing of masks, by temperature controls, by forms to be filled by passengers, and that is applicable almost everywhere – we have seen governments keeping on restriction on travel, and implementing quarantine measures everywhere in the world. And these current measures are blocking the restart of air traffic completely. So what we are asking governments is to remove these current measures and to replace them by systematic COVID-19 testing, for passengers at the departure.

How is that going to work? What would you like to see airports doing on the testing issue?

We would like the industry, and particularly airports with which we are working very closely, to test every passenger before departure using the the tests that are coming on the market – antigenic tests that are reliable, fast, scalable, affordable and easy to operate – to be sure that you transport people that are not infected or have a very, very low risk of being infected.

You want governments to ditch quarantine and to invest in more testing. But what survival tactics do you recommend for your members?

For members – first of all, they support this systematic testing strategy, because they think it's a very good way to remove the quarantine measures, and so to see passengers coming back in the aircraft. And we are also asking governments for extending their support program, the financial support program, because the longer the crisis lasts, the more difficult it is for members, for the airline to survive. So we need additional help, unfortunately.