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Germany is planning to allow thousands of small businesses registered under British rules to convert to being German firms after Brexit.

The draft bill, seen by CNBC and put forward by the Federal Ministry of Justice and Consumer Protection, was adopted by the German government Wednesday. If passed through the German parliament, amendments could be made to the country’s Transformation Act, affecting around 10,000 small to medium-sized businesses.

Under EU freedoms, those businesses were able to register their firms under British rules despite being based in Germany. Reasons for this were that it was considered cheaper and simpler.

Current laws dictate that to become a German limited liability company, small firms must have a minimum share capital of 25,000 euros ($28,809) – higher than the share capital required to register as a British limited company. Share capital is the total value of all the shares that a company issues.

Under the new regulation, companies registered as British will be able to convert without increasing their capital.

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UK leadership contest steps up a gear ahead of first round of voting



Boris Johnson during the launch of his campaign to become leader of the Conservative and Unionist Party and Prime Minister at the Royal Academy of Engineering in central London.

Stefan Rousseau – PA Images | PA Images | Getty Images

The race to succeed Theresa May as leader of the ruling Conservative Party and prime minister enters a new phase on Thursday with Tory members of parliament (MPs) set to have their first vote for their preferred candidate.

There are 10 candidates in the leadership contest and any of them that fails to get at least 17 votes when MPs vote in secret ballots, the first of which is Thursday with more rounds to follow, will be eliminated from the race. If all candidates receive at least 17 votes, the candidate with the fewest votes is eliminated.

When there are only two candidates left after this process of elimination, the wider Conservative Party membership in a run-off vote to elect one candidate as party leader and prime minister. The winner is expected to be announced on July 22.

Brexit, and how the various leadership hopefuls would progress the thorny departure from the EU, has dominated the debate in the run up to the first vote.

Party members, and the wider public, are keen to know how the next prime minister will fare any better than Theresa May did at uniting a divided Parliament behind a Brexit deal that it has already rejected three times. The EU too has already said it will not re-negotiate the deal.

The U.K. is meant to leave the EU on October 31 and with no deal agreed by Parliament, the prospect of a potential “no-deal” departure has returned to the fore.

As such, a lot of attention has been put on the favorite to win the leadership race Boris Johnson, the former foreign secretary and mayor of London. Launching his leadership campaign on Wednesday, he said he was “not aiming for a no-deal outcome” but said it was responsible to “prepare vigorously” for such an outcome. He said any more delay to Brexit would mean “defeat.”

On Wednesday, the opposition Labour Party led an attempt to make sure the future prime minister could not push through a “no-deal” Brexit but failed to gain enough votes.

British Home Secretary Sajid Javid delivers a speech as he launches his Conservative Party Leadership Campaign on June 12, 2019 in London, England.

Peter Summers | Getty Images News | Getty Images

The candidates who are more likely to progress in the leadership race are well-known names in U.K. politics. Aside from Boris Johnson, Home Secretary Sajid Javid, current Foreign Secretary Jeremy Hunt, Environment Secretary Michael Gove and former Brexit Secretary Dominic Raab are expected to reach a second vote of the vote.

Some Conservative MPs have already stated publicly who they will be voting for although as it is a secret ballot, votes could go differently in the event.

The leadership race comes after Theresa May resigned from the party leadership amid tumult over Brexit and her inability to get a majority of Parliament to back her Brexit deal. The agreement struck with the EU lacked support from both so-called “Remainers” and “Leavers” in parliament, however. Remainers in Parliament said it offered worse terms than the current full membership while pro-Brexit lawmakers said it kept the U.K. too close to the EU.

Whoever becomes the next Tory party and prime minister will still have to confront a divided Parliament.

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Activision offered him $500,000 in royalties but he said no



Legendary skateboarder Tony Hawk at an event at Bondi Beach, Sydney, on February 15, 2018

Don Arnold | Getty Images

When professional skateboarder Tony Hawk was approached by video gaming company Activision in the late 1990s, he was offered a $500,000 buy-out to put his name to one of its games.

But he turned it down.

“As Activision started getting closer to release, they felt like they had a hit on their hands just in terms of the feedback they were getting from game magazines, ” Hawk told “The Brave Ones. ” “And so they offered me a flat buy-out of $500,000 for future royalties … I had never heard anyone speak the words ‘Half a million dollars’ to me.”

Hawk’s instinct told him not to take the pay out. “It seemed unreal that anyone would offer that for the future of something that they don’t even know how it’s going to turn out,” he said.

“I think my saving grace of that was I had just bought a new house and it was almost paid for and I felt pretty comfortable with all my other income and other endorsements happening, that I thought, I could take a gamble on this piece.”

Tony Hawk at a gaming preview event hosted by Activision on June 14, 2010, at the Staples Center in Los Angeles

Gregg DeGuire | Getty Images

And right after he turned down the check, Activision mentioned a sequel, meaning Hawk’s earnings would continue. His instinct paid off: The licensing deal ran for 16 years until 2015 and the Tony Hawk series generated an estimated $1.4 billion in sales worldwide.

Hawk had been skateboarding since the 1970s and by the age of 16 in the mid-1980s, he was widely regarded as the best skateboarder in the world. But it wasn’t until the publication of his video game that he became seriously famous.

“Some people just thought of me as a video game. And I think that was the tipping point, in terms of fame, where it was like this is way beyond anything I’d ever wanted or expected or known or had seen, honestly,” he said.

Corporate speaking engagements followed, although Hawk felt like an outsider. “And it’s still weird because I do feel like I’m thrown into these scenarios where it’s like, well, this guy’s curing cancer. You know, this guy has a billion-dollar start-up, and hey, I learned how to do (a) McTwist (trick) when I was 14.”

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China’s Vice Premier Liu He calls for more measures to support economy



Liu He, China’s vice premier, speaks as U.S. President Donald Trump, right, listens during a meeting in the Oval Office of the White House in Washington, D.C., U.S., on Thursday, April 4, 2019.

Andrew Harrer | Bloomberg | Getty Images

Chinese regulators should step up support for the economy and keep ample liquidity in the financial system, Vice Premier Liu He said on Thursday, suggesting Beijing would soon unveil more policies to bolster growth amid rising U.S. trade pressure.

Beijing has plenty of policy tools and is capable of dealing with various challenges, Liu said at a financial forum in Shanghai.

Despite a slew of support measures and policy easing since last year, China’s cooling economy is still struggling to get back on firm footing, and last month’s sudden escalation in U.S.-Sino tensions has raised fears of a full-blown trade war that could trigger a global recession.

Liu’s comments came after a day after data showed China’s credit growth was weaker than expected in May, reinforcing market expectations that more monetary easing is needed. Factory activity contracted in May and imports fell the most in nearly three years, highlighting soft demand.

“At present, we do have some external pressures, but those external pressures will help us boost our self-reliance in innovation and accelerate the pace of high-speed development,” said Liu, who is also the lead negotiator in the U.S.-China trade talks.

The government will roll out more strong measures to promote reforms and opening up, added Liu.

People’s Bank of China chief Yi Gang said last week that there was “tremendous” room to make policy adjustments if the trade war worsens.

“We have plenty of room in interest rates, we have plenty of room in the required reserve ratio rate, and also for the fiscal, monetary policy toolkit, I think the room for adjustment is tremendous,” Yi said.

Earlier on Thursday, China Daily, citing economists, said China is expected to adjust money and credit supply in coming weeks, including cuts to interest rates or reserve ratio requirements, to counter “downside risks” if trade tensions escalate.

Further cuts in banks’ reserve requirement ratios (RRR) were already expected this year, especially after the trade conflict escalated last month. Both sides hiked tariffs on each other’s goods, and Washington is threatening more.

Last month, the PBOC stepped up efforts to increase loan growth and business activity, announcing a three-phase cut in regional banks’ reserve requirements to reduce financing costs for small and private companies.

It has now cut six RRR times since early 2018.

Unlike previous downturns, however, the central bank has been reluctant to cut benchmark interest rates so far. Analysts believe it is held off on more aggressive measures due to concerns that such a move could risk adding a mountain of debt leftover from past stimulus sprees.

More forceful easing could also trigger capital outflows and add pressure on the Chinese yuan, which has slid nearly 3 percent against the dollar since the trade flare-up last month.

Sources told Reuters in February that the PBOC considered a benchmark rate cut a last resort. But some analysts now think one or more cuts are likely if the trade dispute spirals out of control and the U.S. Federal Reserve starts cutting its rates, giving the PBOC more room to manoeuvre.

Citing experts, China Daily said financial institutions were facing tighter liquidity in June, and said authorities want to spur faster credit growth to meet economic growth targets.

Beijing has set a growth target of around 6 to 6.5 percent for this year, easing from 6.6 percent in 2018, which was the slowest rate of expansion the country has seen in nearly 30 years.

Analysts at Bank of America Merrill Lynch believe China’s GDP growth could fall to 5.8 percent this year and 5.6 percent in 2020 if the trade war intensifies.

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