Deutsche Bank moves euro clearing from London to Frankfurt | Business

Deutsche Bank has moved a “large part” of its euro clearing activity to Frankfurt from London in a boost to the efforts of the eurozone’s top financial centre to lure business away from the City before Brexit. Germany’s biggest bank said its decision would not affect jobs because it would simply involve pushing a different button to route clearing to Eurex, the clearing division of the German exchange Deutsche Börse. However, the change, confirmed by a spokesman and first reported

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Box Office Top 20: New ‘Mission: Impossible’ hits No. 1

LOS ANGELES (AP) – “Mission: Impossible – Fallout” fired on all cylinders at the box office this weekend and not only came out on the top of the charts but also scored a franchise-best opening. The sixth film in the series grossed $61.2 million in its first weekend in theaters, which is also one of star Tom Cruise’s best launches. The jukebox musical “Mamma Mia! Here We Go Again” came in second place with $15.1 million, while “The Equalizer 2”

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There is no real reason for Bank of England to raise interest rates | Larry Elliott | Business

The Bank of England has boxed itself into a corner. It has led the City to believe that interest rates will rise later this week and will pay a price if expectations are not met. Sterling, which has been looking sickly in recent weeks, will get a real thumping on the foreign exchanges if official borrowing costs remain at 0.5%. In truth, there is no real reason to push up interest rates to 0.75%. The recent official figures for earnings,

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The Latest: Trump praises Italy’s Conte on immigration

WASHINGTON (AP) – The Latest on President Donald Trump’s meeting with Italy’s Giuseppe Conte (all times local): 12:45 p.m. President Donald Trump is praising Italy’s new premier for his handling of immigration issues and says the two leaders will discuss trade and the military. Trump says at the start of his meeting with Italy’s Giuseppe Conte at the White House that Italy “has taken a very firm stance on the border.” Trump says other European countries should follow Italy’s lead

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What is China’s Belt and Road Initiative? | Cities

Beijing’s multibillion dollar Belt and Road Initiative (BRI) has been called a Chinese Marshall Plan, a state-backed campaign for global dominance, a stimulus package for a slowing economy, and a massive marketing campaign for something that was already happening – Chinese investment around the world. Over the five years since President Xi Jinping announced his grand plan to connect Asia, Africa and Europe, the initiative has morphed into a broad catchphrase to describe almost all aspects of Chinese engagement abroad.

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Caesars launching sports betting in New Jersey, Mississippi

ATLANTIC CITY, N.J. (AP) – Two Atlantic City casinos owned by Caesars Entertainment will start taking sports bets this week, and another two in Mississippi will do so in mid-August. Caesars Entertainment tells The Associated Press its Bally’s casino in Atlantic City will start taking sports bets at 11 a.m. Monday. Its sister casino in Atlantic City, Harrah’s will start taking sports bets on Wednesday. The company says it soon will offer mobile sports betting, as well, although it did

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Markets cautious after tech sell-off and ahead of central bank meetings – business live | Business

The markets got off to a negative start on what is going to be a crazy busy week, with investors caught between last Friday’s US tech-sell-off and the Fed and Bank of England meetings on Wednesday and Thursday respectively. The FTSE – which is not only facing the much-awaited BoE decision, but the latest PMIs AND updates from nearly a fifth of its constituents – fell 0.4% after the bell. That dragged the index back under 7700, a level it

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50 years on, McDonald’s isn’t messing with its Big Mac

NEW YORK (AP) – McDonald’s is fighting to hold onto customers as the Big Mac turns 50, but it’s not messing with the makings of its most famous burger. The company is celebrating the 1968 national launch of the double-decker sandwich whose ingredients of “two all-beef patties, special sauce, lettuce, cheese, pickles, onions and a sesame seed bun” were seared into American memories by a TV jingle. But the milestone comes as the company reduces its number of U.S. stores.

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What to do about our ageing population? Give ’em all a job | Business

Retirement is a dirty word for Barbara French, who at 75 still gets up before 6am on weekdays to clean the Co-op’s Plymouth groceries depot where she has worked for almost 40 years. “I enjoy coming to work,” she says. “It gives me a purpose. I think it’s wonderful if companies give us golden oldies work for as long as we want.” Much has changed in her four decades at the Co-op, not least the arrival of exotic fruits and

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Charles Murray, conservative economist, backs UBI

It might seem a pipe dream straight from one of the left-wing darlings of the moment: a guaranteed regular paycheck from the government. But universal basic income (UBI) has its fans on the right as well, including no less than Charles Murray, the pioneering conservative scholar at the American Enterprise Institute who in 2016 called it “our only hope to deal with a coming labor market unlike any in human history” and said it “represents our best hope to revitalize

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