Deutsche Bank shifts large part of euro clearing to Frankfurt from London

Above, the Frankfurt headquarters of Deutsche Bank which moved a large part of its euro clearing activity to the German city from London. (Reuters)
Updated 30 July 2018

Deutsche Bank shifts large part of euro clearing to Frankfurt from London

FRANKFURT: Deutsche Bank has moved a “large part” of its euro clearing activity to Frankfurt from London, a spokesman confirmed on Monday.
The shift by Germany’s largest bank is a boon to Deutsche Boerse’s goal of stealing a large part of the euro clearing market from London as Britain exits the European Union.
The Financial Times was first to report the shift in clearing.
The move is largely symbolic, with no jobs transfers as a result. A Deutsche Bank spokesman said that the bank is effectively pushing a different button to route the clearing to Eurex, Deutsche Boerse’s clearing division.
A spokeswoman for Eurex said that it now has a market share of 8 percent of euro clearing, up from virtually zero a year ago.


Trump calls for World Bank to stop lending to China

Updated 07 December 2019

Trump calls for World Bank to stop lending to China

WASHINGTON: US President Donald Trump on Friday called for the World Bank to stop giving loans to China, one day after the institution adopted a lending plan to Beijing over Washington’s objections.
The World Bank on Thursday adopted a plan to aid China with $1 billion to $1.5 billion in low-interest loans annually through June 2025. The plan calls for lending to “gradually decline” from the previous five-year average of $1.8 billion.
“Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don’t, they create it. STOP!” Trump wrote in a post on Twitter.
Spokespeople for the White House and the World Bank did not immediately respond to requests for comment.
The World Bank loaned China $1.3 billion in the fiscal 2019 year, which ended on June 30, a decrease from around $2.4 billion in fiscal 2017.
But the fall in the World Bank’s loans to China is not swift enough for the Trump administration, which has argued that Beijing is too wealthy for international aid.