Bank of America picks Dublin as EU base after Brexit

By Anjuli Davies and Conor Humphries

LONDON/DUBLIN  - Bank of America on Friday became the first Wall Street lender to pick Dublin as its new base for its European Union operations as Britain prepares to leave the bloc.

International banks are planning to set up subsidiaries in the EU to ensure they can continue to serve clients if their London operatio

Citigroup says may need to create 150 jobs in EU due to Brexit

LONDON - U.S. bank Citigroup said on Thursday that it may need to create 150 new jobs in the European Union to deal with the impact of Britain leaving the bloc, as it confirmed it would headquarter its EU trading operations in Frankfurt.

In a memo to staff Jim Cowles, the bank's head of Europe, Middle East and Africa (EMEA), said the bank also planned to build up

Russia will struggle to turn on Siemens turbines in sanctions-bound Crimea

MOSCOW - Russia outfoxed European Union sanctions by delivering gas turbines made by Germany's Siemens to the annexed Ukrainian region of Crimea. Now for the hard part, switching them on.

No Russian company, according to Reuters data, has ever got a Siemens turbine working without the help of the manufacturer.

In this case, Siemens said the turbines were

Britain may need fewer than 10 new regulators post-Brexit: government source

LONDON- Britain will probably set up fewer than 10 new regulators after leaving the European Union, a government source said on Wednesday, offering the first assessment of how officials will tackle one of the most business-sensitive Brexit issues.

Untangling decades of complex legal ties between Britain and the EU is seen as one of the most difficult technical challen

Citigroup to pick Frankfurt as EU base this week - sources

FRANKFURT/LONDON  - U.S. bank Citigroup Inc  is set to become the latest Wall Street bank to pick Frankfurt as its European Union base this week in preparation for when Britain leaves the European Union, two sources told Reuters on Monday.

Citi had earlier said it would choose Frankfurt to become its hub for sales and trading in the EU and move "a coupl

UK budget watchdog warns of long-term Brexit risk for public finances

LONDON - Britain will need to curb public spending further or raise taxes if leaving the European Union does long-term damage to economic growth, underscoring the importance of the country striking new trade deals, the government's budget watchdog said on Thursday.

The Office for Budget Responsibility said ensuring robust trade agreements was more significant for

EU watchdog says regulators should ban `letter-box` investment firms

LONDON  - Regulators should prevent investment firms from setting up shop in one jurisdiction to avoid stricter controls in their home state, the European Union's markets watchdog said on Thursday.

EU supervisory authorities are concerned about a "race to the bottom" as financial services firms shift operations after Britain leaves the bloc in 2019.

UK will not a pay penny more than necessary for EU exit bill: Brexit minister

LONDON - Britain will not pay the European Union a penny more than it needs as part of its Brexit settlement, junior Brexit minister Steve Baker said on Thursday.

"We know that we have rights and obligations and we are testing the European claims, but we won't pay a penny more than we need to," Baker told Sky News.

Baker declined to say how muc

`No whistling, just ticking`: EU pushes on Brexit talks

BRUSSELS - The EU's negotiator pressed Britain on Wednesday to offer more post-Brexit rights to expats and accept it will pay a hefty sum on leaving if it wants a quick start to talks on a future trading relationship.

Michel Barnier, who holds a first full round of talks next week, betrayed impatience with London during a Brussels news conference. Britain had yet

European Union says Greece public finances back in order, closer to market return

By Francesco Guarascio

BRUSSELS - Greece's fiscal position has improved and the European Union should end disciplinary procedures against it over its excessive deficit, the EU commission said on Wednesday, paving the way for the country to return to international bond markets.

EU fiscal rules oblige member states to keep their budget deficits below 3 per

Germany tightens rules to shield businesses from foreign takeovers

BERLIN- Germany has approved rules to make it easier to block the sale of strategically important companies to investors from outside the European Union, prompted by concerns about China acquiring German expertise by that route.

The new regulations, which come amid fears of rising protectionism hurting world trade, allow the government to block takeovers if there is a

Global sovereign credit cycle seen improving: Fitch

The global sovereign credit cycle is likely to turn less negative in 2017 as the global GDP growth forecast for 2017 and 2018 had improved, ratings agency Fitch said on Wednesday.

"The biggest constraint on ratings is high and still-rising government debt levels, evident in both developed and emerging markets, leaving sovereigns exposed to a change in the global interest rate env

UKs Johnson says EUs money demands for Brexit deal `seem to be extortionate`

LONDON - The sums of money the European Union is demanding from Britain as part of its Brexit settlement "seem to be extortionate", Foreign Secretary Boris Johnson said on Tuesday.

The EU puts Britain's exit bill at tens of billions of euros, partly to cover a share of future EU budget commitments made while it was a member.

Asked by a lawmaker

Google taps top law firms to fight EU regulatory battles - sources

 Google has ramped up its legal firepower as it prepares to do battle with EU antitrust regulators after a landmark 2.4-billion-euro ($2.7 billion) fine and the possibility of a second record sanction before the end of the year.

Alphabet  unit Google, the world's most popular internet search engine, is drawing on the expertise of at least five top law firms in Brussels t

Siemens to press charges after turbines moved from Russia to Crimea

BERLIN/FRANKFURT - Germany's Siemens said on Monday at least two of its gas turbines had been moved "against its will" from Russia to Crimea, a region subject to sanctions barring EU firms providing it with energy technology.

The European Union imposed the sanctions after Russia's 2014 annexation of the peninsula from Ukraine, a move it sees as break

UK-U.S. trade deal will not make up for leaving the EU - minister

By William James

LONDON - A post-Brexit trade deal with the United States would not be enough to make up for leaving the European Union, British justice minister David Lidington said on Sunday, tempering Prime Minister Theresa May's enthusiasm about the U.S. offer.

May had warmly welcomed assurances on Saturday by U.S. President Donald Trump that a "

EU watchdog quizzes ECBs Draghi over ties with G30 banker

FRANKFURT - The European Union's ethics watchdog is quizzing the President of the European Central Bank, Mario Draghi, over his and the ECB's involvement in an exclusive forum with bankers and fund managers.

In a letter to Draghi that was published on Friday, European Ombudsman Emily O'Reilly said the meetings of the Group of Thirty, where central bankers,

Factbox: Insurers' preparations regarding Britain's planned EU exit

Insurers require passporting rights to sell insurance policies throughout the European Union.

Insurers in Britain have said they will need to set up EU subsidiaries if Britain loses access to the single market after Brexit.

The Bank of England has asked insurers and banks operating in Britain to outline their Brexit plans by mid-July.

Below are insurers' plans

Finance firms need freedom to choose location after Brexit

LONDON - Finance firms should not be forced by regulators to change location after Britain leaves the European Union in 2019, Andrew Bailey, chief executive of the UK's Financial Conduct Authority told a Reuters Newsmaker event on Thursday.

Banks, insurers and asset managers based in Britain are already making contingency plans to shift some operations to continen

Harsh norms by EU to affect rice exports: Reports

Grain exporters body AIREA has said that harsh norms by the European Commission will hit the exports badly as the trade worth over Rs 1,700 crore could shift to Pakistan. The Indian delegation is scheduled to visit the EU to resolve the basmati rice issue. The Indian government team is scheduled to visit Brussels, Belgium, on July 12 to discuss the matter.

As per reports, the European

Japan's Abe hails 'win-win' trade agreement with EU

TOKYO - Japanese Prime Minister Shinzo Abe on Thursday welcomed political agreement on free trade with European Union, saying that the accord demonstrated both regions' will to counter a rising tide of protectionism.

At a joint news conference with EU leaders in Brussels, Abe said the deal would give a big impact on global economy as it came just a day before a G2

No such thing as "frictionless" trade, Barnier warns Britain


The European Union's chief Brexit negotiator Michel Barnier warned British ministers and businesses who are calling for "frictionless trade" with the EU after Britain leaves that that is "not possible".

Addressing the EU's EESC business and trade union forum in Brussels on Thursday, Barnier said London's "red lines" for a f

EU, Japan seal free trade in signal to Trump


Japan and the European Union agreed a free trade pact on Thursday to create the world's biggest open economic area and signal resistance to what they see as U.S. President Donald Trump's protectionist turn.

Concluded in Brussels on the eve of meetings with Trump at a summit in Hamburg, the "political agreement" between two

No such thing as 'frictionless' trade, Barnier warns UK

BRUSSELS - The European Union's chief Brexit negotiator Michel Barnier warned British ministers and businesses who are calling for "frictionless trade" with the EU after Britain leaves that that is "not possible".

Addressing an EU business forum in Brussels on Thursday, Barnier said London's "red lines" for a future trade relation

Monte Paschi looks to leave 'emergency room' and return to profit


MILAN (Reuters) - Italian bank Monte dei Paschi di Siena set out plans to get out of the "emergency room" and return to profit on Wednesday, clearing the way for a state bailout that should remove the biggest threat to the country's financial stability.

The world's oldest bank said on Wednesday it expected a net profit of more than