• Deutsche to shift assets to Frankfurt after Brexit

      Deutsche to shift assets to Frankfurt after Brexit

      Deutsche Bank is considering shifting large volumes of assets from London to Frankfurt after the UK's planned exit from the EU next year to meet demands from European regulators, a person close to the matter said. Deutsche will also transform its UK arm into a ringfenced subsidiary after Brexit and reduce the size and complexity of its British operations.

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    • Hourly labour costs rose by 2.2% in the euro area: Eurostat

      Hourly labour costs rose by 2.2% in the euro area: Eurostat

      Eurozone labour costs rose at their steepest rate in almost six years in the second quarter of 2018, Eurostat, the statistical office of the European Union announced. Figures show that hourly labour costs rose by 2.2% in the euro area (EA19) and by 2.6% in the EU28 in the second quarter of 2018, compared with the same quarter of the previous year. In comparison, in the first quarter of 2018, hourly labour costs increased by 2.1% and 2.8% respectively. The increase was the highest rate since the third quarter of 2012.

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    • Argentina asks IMF to release earlier $50bn loan

      Argentina asks IMF to release earlier $50bn loan

      Argentina’s President Mauricio Macri has asked the International Monetary Fund for an early release of funds from a $50bn deal to ease concerns that the country will not be able to meet its debt obligations for 2019. Later that day he announced that the IMF has agreed to accelerate funding in support of his government's austerity program.

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    • ECB fines France’s Credit Agricole with nearly €5m

      ECB fines France’s Credit Agricole with nearly €5m

      The European Central Bank announced it has slapped three fines totalling almost €5m on French lender Credit Agricole and several subsidiaries for breaching the rules on the way banks are supposed to classify certain capital reserves. The fine marks the second-biggest penalty in the banking watchdog, the Single Supervision Mechanism’s history, after last year it fined Italy’s Banco Popolare di Vicenza €11.2m.

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    • Venezuela to use Petro as official accounting unit

      Venezuela to use Petro as official accounting unit

      Venezuelan President Nicolas Maduro announced on Thursday that state-owned oil giant Petroleos de Venezuela (PDVSA) will begin using the digital token Petro as a authoritative unit of account from Monday, 20 August. In a television address, the Venezuelan leader also revealed the country would soon have two units of currency: the digital Petro and the The Bolivar Soberano, which will replace the Bolivar and will be distributed on the same date.

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    • EU funds Finnish companies

      EU funds Finnish companies

      The European Investment Bank (EIB) has concluded an agreement with Tesi, a state-owned investment company, to provide innovative small and medium-sized enterprises in Finland with access to €100 million worth of loans. Furthermore, the funding is structured to be complemented by private sector co-investments with another €100m, totalling €200m of new investments to the benefit of SMEs and mid-caps. Tesi is EIB’s first partner in the Nordics that channels EFSI-guaranteed financing to companies as direct capital investments.

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    • Stocks dive, euro falls, as Turkey turmoil ripples out

      Stocks dive, euro falls, as Turkey turmoil ripples out

      A plummeting Turkish lira sent ripples through global equities and emerging markets on Friday, as rising fears of a wider fallout sent investors scurrying for the safety of assets such as the yen and US government bonds. The lira fell as much as 12% against the dollar earlier in the day, its worst day since Turkey’s financial crisis of 2001, on the back of a deepening rift with the United States, worries about its own economy and lack of action from policymakers.

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