Wall Street analysts think Facebook's cryptocurrency payments project will give the company a big boost.Marketsread more
Facebook's reported move into cryptocurrency could amount to the biggest catalyst for digital assets in their decade-long history, some crypto investors say.Bitcoinread more
The Fed is expected to cut rates multiple times, but the reason behind those cuts could have vastly different implications for the market.Marketsread more
"This is going to be the biggest thing that's happened to Facebook in years," says CNBC's Jim Cramer. "It will be vital."Investingread more
A recent Fed survey showed that workers' confidence for finding a new job after losing their current position was at 61.5% in May.Economyread more
These are the stocks posting the largest moves midday.Market Insiderread more
The red-hot market for new public companies in 2019 like Beyond Meat and Chewy could spell bad news for the stock market, Bernstein says.Marketsread more
The "captive carry flight test" evaluates the mock weapon during flight and is the Air Force's latest step amid the budding hypersonic arms race between China and Russia.Politicsread more
It's about time to write off high-growth tech stocks, Goldman warns, saying software carries the highest multiples since the tech bubble.Marketsread more
Profits for major U.S. tobacco companies could be cut in half if the FDA adopts a "maximum nicotine" rule within the next 15 years, according to analysts at Morgan Stanley.Tobaccoread more
Mursi, a top figure in the now-banned Muslim Brotherhood, had been in jail since being toppled by the military in 2013 after barely a year in power following mass protests...World Politicsread more
U.K. finance minister George Osborne will on Tuesday roll out the red carpet for Chinese banks looking to expand in London, offering to break down regulatory barriers in a bid to reinforce the City's position as a global renminbi hub.
In a major diplomatic initiative, the chancellor is expected to offer the prospect of special terms to China's state-owned banks as part of his "personal mission" to make London a significant Chinese offshore banking center.
The chancellor signaled his intent on Monday in Beijing, when he said: "A great nation like China should have a global currency." China, he said, should seek to develop the renminbi "through the international center of finance: London".
(Read more: UK's Osborne woos China with shared investment)
The City of London is already the world's dominant center for renminbi foreign exchange trading, which amounted to a daily $5.3 trillion at the last count six months ago, according to the Bank for International Settlements.
Mr Osborne's initiative to expand China's influence in the City, set to be launched on Tuesday, after talks with Chinese vice-premier Ma Kai, responds to longstanding complaints from Beijing that regulators in London were making it hard for Chinese banks to expand.
China's three biggest banks have set up their European headquarters in Luxembourg in protest.
But Mr Osborne will announce that the U.K.'s Prudential Regulation Authority will offer discussions with leading Chinese banks with a view to letting them run wholesale operations through branches in London, a potentially significant breakthrough.
Currently, at the behest of the PRA, Chinese banks in London operate largely as subsidiaries and are treated the same way as local banks – with tight standards on transparency, capital cushions and liquidity buffers.
However, if state-owned banks such as Bank of China, Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China were to operate through branches, they would have access to the vast resources of their main operations in Beijing and would be largely subject to Chinese regulation. Branches are subject to lighter supervision by the PRA.
Mr Osborne's offer risks irritating other international banks in the City, where "subsidiarization" has increasingly become the norm, as British regulators attempt to exert greater control over foreign-owned banks in an attempt to make the financial system safer.
But the chancellor, on an extended visit to China, believes the gesture will be seen as proof that Britain is prepared to do whatever it takes to attract Chinese investment and business.
On Monday he announced a simplification of visa procedures for Chinese tourists planning to come to Europe, while he also hopes to use his trip to confirm Chinese investments in infrastructure projects and nuclear power.
However, Mr Osborne's belief that the renminbi will become a major global economy is behind Tuesday's gambit, a move which he hopes will make London "a home of Chinese banks, Chinese bonds and Chinese finance".
He said on Monday that 62 percent of renminbi payments outside mainland China and Hong Kong already took place in London, but he wants to build on that trade. A large proportion of trading is dominated by U.K.-based banks HSBC and Standard Chartered through their offices in Hong Kong.
But no bank outside Asia yet has clearing authorization, meaning that renminbi transactions ultimately have to be routed back to China. Bankers said a Chinese bank was now being lined up for U.K. authorization, plugging a key gap in London's armory.
(Read more: China banks may need 'sticky tape' to hold together)
Mr Osborne will claim that an expansion of Chinese banks in Britain would be good for the U.K., because they would help to support the expansion of Chinese business and investments.
Of the five Chinese banks hoping to operate branches in London – ICBC, CCB, ABC, Bank of Communications and Bank of China – only the last operates largely as a branch in London, dating back to the early part of the 20th century.