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German business confidence defied predictions to climb to a new two-year high in October, the Ifo economic institute said Tuesday. The Munich institute's headline business confidence index hit 110.5 points in October, up one point from the September reading of 109.5 and the highest level since April 2014. "The upturn in the German economy is gathering impetus," Ifo president Clemens Fuest said in a statement.
By Huw Jones LONDON (Reuters) - Two British watchdogs set up to apply lessons from the financial crisis will sleepwalk into the next banking meltdown if they don't make big changes, a report said on Tuesday. Annual spending on financial regulation has tripled to 1.2 billion pounds since taxpayers had to bail out a string of UK lenders in the 2008 banking crisis.