Local debt markets are also difficult to trade without a local branch network, which adds to costs.

ECONOMIST: Investment banking

In other words, UK companies do not pay corporation tax to another country on the profits from sales in that country, unless they trade through a branch based there.

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They also gain access to a branch network and client list they could never afford to replicate, even after World Trade Organisation rules force China to open its domestic banking market fully from end-2006.

ECONOMIST: China's banking industry

Trade in the city centre fell by 30%, and might have fallen further if a branch of John Lewis had moved out as it originally threatened to do.

ECONOMIST: Shopping

We called a few locations and most don't appear to be willing to make the trade, though the branch in the Mall at Millenia in Orlando, FL is playing ball.

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