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Another day, another blow to the City of London. Sources say Deutsche Bank may shift about €300 billion ($350 billion) from the balance sheet of its U.K. entity to Frankfurt as client trading and assets migrate to the continent following Britain’s decision to leave the European Union. The project, dubbed Bowline, calls for Frankfurt trading to go live in September 2018 and for the balance sheet migration to be completed by March 2019. — William Canny and Steven Arons
Emissions accusations. BMW is denying that it colluded with other German automakers to cheat on diesel emissions. A report from Der Spiegel magazine said that BMW, Daimler, and Volkswagen may have used technology to get around the rules. BMW says it has gone farther than competitors to ensure its diesel cars meet regulatory guidelines while still performing well on the road. Workers at Daimler and VW are pressuring the companies to come clean on the allegations.
Uphill battle. French President Emmanuel Macron ran on a platform that included a commitment to combating high unemployment by reforming France’s famously rigid labor laws. But previous presidents tried, too, and were blocked. We break down Macron’s plan, and look at whether he could have more success than his predecessors.
Poland’s politics. Polish President Andrezj Duda unexpectedly vetoed the heart of a controversial judicial overhaul, after eight nights of mass demonstrations. Protesters complained the reforms would curb the independence of the courts, and the EU threatened sanctions if the reforms took effect. The fight’s not over though: Duda told lawmakers to rewrite the legislation within two months for his approval.
Mideast conflict. The White House is wading into the tension in Jerusalem, dispatching envoy Jason Greenblatt to try to ease frictions. Several people have died in escalating violence, including an incident at the Israeli embassy in neighboring Jordan. At the heart of the confrontations are Israeli restrictions on Palestinian access to a Jerusalem shrine. Israel captured the site in 1967, when it occupied the West Bank. President Donald Trump’s son-in-law Jared Kushner, is also involved in the diplomacy, reports say.
Trying to move on. Liberal, immigrant-heavy Bristol, a city of 500,000 about 200 kilometers west of London, voted to remain in the EU by an even larger margin than Britain’s cosmopolitan capital. Now local residents and businesses are struggling to adapt to a new world about which much remains unknown. “The uncertainty of the whole thing has been damaging,” says Alasdair Pettigrew, the CEO of software start Boxarr, which employs engineers from all over Europe.
Pastel pioneer. Italian designer Ettore Sottsass, the subject of a new exhibition at New York’s Metropolitan Museum of Art, is little known to the general public. Yet his iconic furniture and product designs — and especially his bold use of pastel colors in products such as Cosby sweaters, Swatch watches and neon Rollerblades — helped define the aesthetic of the late 1980s and early 90s.
Compiled by Andy Reinhardt and Leila Taha