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Good morning from the newsroom of the Financial Times.

Today is Tuesday, June 11th.

This is your FT news briefing.

The head of the European Banking Authority

says the agency's new powers aren't enough to stem the flow of so-called

dirty money. Talks to create the first national data privacy law in the U.S. have come to a halt, and the head of Japan's Nissan wants to make peace with

France's Renault. Plus, the F.T.'s Gregory Meyer reports that U.S. farmers are experiencing one of the wettest springs on record.

And he explains what all of this rain means for the industry as a whole. I'm Mark Filipino and here's the news you need to start your day.

Europe's banking watchdog says its new powers aren't enough to stop the flow of dirty

money that's been sweeping through the block. Jose Manuel Campa spoke with the

FT in his first interview as chief executive of the European Banking B. than one that'll make sure there are even defenses across the EU against money laundering.

Mr. Kompa took up his post the last month and the powers he talked about were granted after

Donska Banks 200 billion euro money laundering scandal.

The agency's credibility was severely dented by the way it approached that scandal.

Its oversight has been traditionally hobbled by special interests and national pride.

Mr. Campa said that the EBA had only been given a staff of 10 to work on anti-money laundering

out of about 200 employees.

Talks to introduce the first national data privacy law in the US have ground to a halt.

Sources briefed on the talks told the FT that US senators are struggling to see

eye to eye on how strict a privacy bill should be.

...