Britain and the European Union are likely to take years to rewrite the rules that govern their business ties after the UK voted to leave the bloc. The managing director of Encocam, a company that makes crash-test dummies, had planned to hire 120 people between now and 2018 to work at the company's design and production base near Cambridge. The firm, which currently employs 172 people, immediately began enquiring about grants to open a design center in Spain and is considering Portugal, Ireland, Germany and Poland too.
China's Foreign Ministry on Wednesday said the yuan's exchange rate was not the reason for unbalanced trade ties with the United States, after Republican presidential candidate Donald Trump said he would label Beijing a currency manipulator. Trump, the presumptive Republican nominee, has called China the "grand master" of currency devaluation, and has appealed to voters with tough talk on unfair trade deals, which he says cost American jobs. In a Tuesday speech on his trade policy stances, Trump said that if elected, he would direct his treasury secretary to label China a currency manipulator, a move he said "should have been done years ago".