Germany and China plot to turn Frankfurt into EU finance powerhouse after Brexit

The bilateral pledge came as a result of German Finance Minister Olaf Scholz visiting the Chinese capital this week. Mr Scholz met China’s vice-premier Liu He who promised to take down economic hurdles for German financial institutions interested in doing business in his country. The German minister said he would reciprocate, hoping Chinese banks could be persuaded to open in Frankfurt, the heart of Germany’s finance industry, turning the city into a European powerhouse after Britain leaves the EU. According to German newspaper Suddeutsche Zeitung, the two officials signed three…

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London to lose $900 billion to Frankfurt due to Brexit, German finance group claims

Boris Roessler | Picture Alliance | Getty Images The skyscrapers of Frankfurt’s banking metropolis. London is predicted to lose up to 800 billion euros ($909 billion) of assets by March next year, as banks move their business operations to other hubs before Brexit takes place. Lobby group Frankfurt Main Finance (FMF) released the figure last week, which it calculated based on a confirmation that 30 financial institutions had applied to the European Central Bank to move their headquarters to Frankfurt. It claimed this number would be higher by March and…

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Supreme Court Brexit case: ‘No need’ for MPs to get final say

The government has urged the Supreme Court to make a decision the “ordinary man and woman” would understand in the landmark legal challenge over Brexit. Government lawyer James Eadie QC said ministers could trigger Brexit and that there was no basis for Parliament to get the final say. He faced a grilling from the 11 Supreme Court justices as he set out his case. There were queues going into the courtroom and protesters outside on day one of the hearing, which is expected to last four days, with a verdict…

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Bank of England sticks with rate cut signal despite Brexit bounce

The Bank of England said on Thursday it was still likely to cut interest rates to just above zero later this year, even though the initial Brexit hit to Britain’s economy was proving less severe than it had predicted only last month. The BoE’s rate-setters voted unanimously to keep Bank Rate at 0.25 percent, the lowest level in the BoE’s 322-year history, after cutting it in August for the first time since 2009 to tackle the shock of Britain’s vote to leave the European Union. Policymakers also voted 9-0 to…

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Brexit: Europe’s university leaders call for ‘continued collaboration’ after EU referendum result

University leaders from across Europe have come together in a “turbulent time” to stress the importance of continued higher education collaboration following the UK’s vote to leave the European Union. Signing a joint statement, the leaders from over 20 countries, including Germany and France, have highlighted the importance of international cooperation and exchange, and insist universities are strongest when they tackle issues collaboratively. Although they have acknowledged the UK will develop a new relationship with the EU, the signatories have called for continued “research and exchange relationships between Europe’s universities, for…

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ECU referendum result: What does Brexit suggest for the UK’s higher schooling region and students?

Figures inside the better schooling zone can have awoken with a bitter taste on Friday with the news the United Kingdom has voted to depart the ecu Union. On Monday, the heads of 103 universities had issued an impassioned open letter expressing how they have been “gravely involved” approximately the effect of a depart vote on their universities and students, cautioning electorate that the electricity of their universities on nearby groups and economy “must not be underestimated.” study greater An open letter to united kingdom voters from leaders of 103…

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EU Referendum: Business boost for Cameron as they say Brexit will hurt UK jobs

Company bosses and business leaders have warned that leaving the European Union would put British jobs at risk. That is the view put forward in a letter to The Times signed by 200 business leaders, including more than a third of Britain’s 100 largest companies. Signatories backing David Cameron’s stance include chairmen or CEOs of companies from the FTSE 100 including Asda, BT, Vodafone and Marks & Spencer. The letter hails pledges to cut red tape, deepen the single market and sign off new trade deals in the agreement finalised…

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