UK Prime Minister Theresa May moved top negotiator Oliver Robbins from his position in the Brexit department to an advisory job in the Cabinet Office ahead of the next phase of negotiations with the EU. The talks have deadlocked in recent weeks over how much the UK must pay to settle its financial obligations to the EU.
Bank of England Governor Mark Carney said in a speech to the International Monetary Fund that Brexit will boost inflationary pressures in Britain and undercut economic growth. He said there is little the central bank could do to help because "Brexit represents a real shock about which monetary policy can do little".
Hong Kong's Securities and Futures Commission said it will continue to press for a more thorough examination of proposed initial planned offerings before they go to market, despite its decision to let Hong Kong Exchanges and Clearing remain as the primary supervisor of IPOs. Ashley Alder, head of the Hong Kong regulator, said its approach will be "less enforcement than nipping problems in the bud before they get to the stage when enforcement is required".
Federal Reserve Chair Janet Yellen is expected to announce this week the start of passive unwinding of the central bank's $4.5 trillion portfolio, but how much the balance sheet will shrink remains unknown. The Fed begins its two-day meeting today.
The gap between small-cap and large-cap earnings growth reached 10.4 percentage points in the second quarter, according to Jefferies. One conclusion is that "the US economy is not as strong as the GDP number implies," analysts say.
A solid mass comprising diapers, hand wipes, congealed oil and other items has clogged a sewer in London for three weeks, according to utility Thames Water. The mass is longer than 250 yards, weighs 130 tons and is as hard as concrete, says Matt Rimmer of Thames Water.
Hubert Joly led a makeover of almost every part of Best Buy after taking the reins as CEO in 2012, and his efforts have paid off in higher sales. To compete with Amazon, the electronics retailer launched a price-matching plan, invested in customer service and shortened delivery times for online purchases by fulfilling orders from the closest location.
Veterans are challenged by credit card debt but on the whole are in better financial condition than civilians, a study by the Financial Industry Regulatory Authority Foundation found. Veterans are 40% more likely than nonveterans to own homes that are worth less than their mortgage balances, according to the study.
With the value of the US dollar headed toward a 2½-year low, bond buyers who invested in emerging-market debt denominated in local currencies are being generously rewarded. The Bloomberg Barclays index indicates that since the beginning of this year, emerging-market local-currency bonds have provided an overall 13.48% return.
AFME has named Jacqueline Mills, a regulatory specialist, as head of its Frankfurt, Germany, office, which opened in February. Mills, who will be based permanently in Frankfurt starting January, has served as a senior director in AFME's prudential regulation division in London for the past three years.
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