Financial News from Reuters

  • German conservative says Greece may be better off outside euro Reuters - 53 minutes ago

    Senior German conservative lawmaker Hans Michelbach told Reuters on Sunday that Greece might be better off outside the single currency after early referendum results showed the country was poised to reject ...

  • Italian PM Renzi to meet economy minister on Monday to discuss Greece Reuters - 1 hour 15 minutes ago

    Italian Prime Minister Matteo Renzi will meet Economy Minister Pier Carlo Padoan on Monday to discuss the outcome of a bailout referendum in Greece, a government source said on Sunday. Partial results ...

  • No plans for immediate Eurogroup meeting after Greek vote: EU official Reuters - 1 hour 23 minutes ago

    There are no plans for an emergency meeting of euro zone finance ministers on Greece on Monday after Greeks voted overwhelmingly to reject the terms of a bailout deal with international creditors, a euro zone official said on Sunday. Asked whether a meeting of the Eurogroup was planned for Monday, the official, speaking on condition of anonymity, told Reuters: "No way. The European Commission had no immediate comment on the early results, which showed a 60-40 'No' vote against the conditions of a cash-for-reforms deal to keep the country afloat, which the leftist Greek government rejected this month.

  • Greeks cannot tap cash in safe deposit boxes under capital controls Reuters - 1 hour 28 minutes ago

    Greeks cannot withdraw cash left in safe deposit boxes at Greek banks as long as capital restrictions remain in place, a deputy finance minister told Greek television on Sunday. Greece's government shut banks and imposed capital controls a week ago to prevent the country's banks from collapsing under the weight of mass withdrawals. Deputy Finance Minister Nadia Valavani told Alpha TV that, as part of those measures, the government and banks had agreed at the time that people would also not be allowed to withdraw cash from safe deposit boxes.

  • Greeks vote to reject aid package in referendum: official projection Reuters - 1 hour 32 minutes ago

    Greeks voted by a large margin to reject the austerity terms of an aid package from international creditors, an official projection of the final result of Sunday's referendum showed. "The assessment of Singular Logic is that the result in favor of 'No' will exceed 61 percent," an official from Singular Logic, which processes the results for the interior ministry said. The result would hand a big victory to Prime Minister Alexis Tsipras, who urged voters to say 'No' to an aid package he called a national "humiliation" and an "ultimatum" from creditors.

  • Greeks defy Europe with overwhelming referendum 'No' Reuters - 1 hour 33 minutes ago

    Greeks voted overwhelmingly "No" on Sunday in a historic bailout referendum, partial results showed, defying warnings from across Europe that rejecting new austerity terms for fresh financial aid would set their country on a path out of the euro. With nearly a fifth of the votes counted, official figures showed 60.4 percent of Greeks on course to reject a bailout offer from creditors that was the official issue of the ballot.

  • Early results show 'No' vote with strong lead in Greek referendum Reuters - 2 hours 1 minute ago

    Early results based on 10 percent of the votes cast showed Greeks on course to reject a bailout offer from creditors in a referendum on the package on Sunday. The 'No' camp had 59.8 percent of the vote ...

  • Greek central bank to request ECB raises ELA funding for Greek banks -govt spokesman Reuters - 2 hours 21 minutes ago

    Greece's central bank will file a request on Sunday that the European Central Bank raise the amount of emergency funding (ELA) for Greek banks, the country's government spokesman said on Sunday. "The Bank of Greece will make a request today, and we believe there are valid grounds for there to be an increase in ELA liquidity... there is no reason not to increase liquidity," Gabriel Sakellaridis told ANT1 television.

  • Greece says has no plans to issue parallel currency Reuters - 2 hours 24 minutes ago

    Greece's government is not considering printing a new currency, a government official said on Sunday, after opinion polls showed that Greeks are set to reject an aid package from creditors in a referendum. ...

  • Merkel to meet Hollande in Paris on Monday for talks on Greece Reuters - 2 hours 28 minutes ago

    German Chancellor Angela Merkel will travel to Paris on Monday afternoon to discuss the result of the Greek referendum with French President Francois Hollande, a German government spokesman said on Sunday. "The talks with the French president from 630 p.m. (1230 EDT), and over dinner will be about a common assessment of the situation after the Greek referendum and the continuation of the close German-French cooperation on this subject," said Merkel spokesman Steffen Seibert in a statement.

  • Greek finance minister to hold talks with bankers on Sunday Reuters - 2 hours 29 minutes ago

    Greece's finance minister will hold talks with top Greek bankers later on Sunday, a finance ministry official told Reuters, after opinion polls showed Greeks were on course to reject a bailout proposal ...

  • Greece will do everything to seal deal with lenders: government spokesman Reuters - 2 hours 32 minutes ago

    Greece's government wants to resume talks with the country's international lenders immediately to clinch a deal to keep it afloat, Greek government spokesman Gabriel Sakellaridis said on Sunday. "The ...

  • Greek government lawmaker says polls pave way for deal with creditors Reuters - 2 hours 44 minutes ago

    Opinion polls showing the 'No' camp with a small but clear lead in Sunday's referendum allow the Greek government to move ahead and seal a deal with international creditors, the parliamentary spokesman ...

  • Greece will do everything to seal deal with lenders-govt spokesman Reuters - 2 hours 53 minutes ago

    Greece's government wants to resume talks with the country's international lenders immediately to clinch a deal to keep it afloat, Greek government spokesman Gabriel Sakellaridis said on Sunday. "The ...

  • Tennis-Wimbledon? It's elementary dear Watson Reuters - 2 hours 55 minutes ago

    Deep in the bowels of the All England Club, an army of employees from one of the world's technology giants are teaching a computer named Watson to master tennis. Seven-times Wimbledon champion Roger Federer can relax though. Watson is a cognitive computer designed by IBM that played Gary Kasparov at chess and beat the most successful contestant on hit U.S. game show Jeopardy in a $1 million challenge.

  • German exporters eye lucrative deals in post-sanctions Iran Reuters - 3 hours ago

    FRANKFURT/BERLIN, July 5 (Reuters) - Martin Herrenknecht, founder of a company in southern Germany that is a world leader in tunnel-boring equipment, has been carefully preparing for the day when Iran reopens for business. Before Western sanctions hit, Herrenknecht, which carries its 72-year-old founder's name, did 10 million to 15 million euros ($11 million-$17 million) of business a year in Iran. It has maintained an office there, anticipating a day when Iran reaches a nuclear deal with major powers that will put lucrative projects like a long-delayed expansion of the Tehran metro back on track.

  • Greek referendum final polls show 'No' vote ahead by small margin Reuters - 3 hours ago

    Final opinion polls released after the end of voting in Greece's referendum showed the 'No' vote leading by a small margin in Sunday's vote on a bailout proposal from creditors. No exit polls were released. Three opinion polls by GPO, Metron Analysis and MRB all showed the 'No' camp ahead by a margin of three points.

  • Serbia may tighten restrictions for Greek-owned banks: minister Reuters - 3 hours ago

    Serbia may tighten transaction restrictions for Greek-owned banks there if the crisis in Greece worsens after Sunday's referendum, Finance Minister Dusan Vujovic said. Last Monday, Serbia's central bank moved to limit transactions involving lenders whose parent banks are in Greece. The four Greek-owned banks in Serbia have a combined market share of 15 percent.

  • Berlin seeks private investors for new airport - Bild Reuters - 3 hours ago

    Berlin is wooing private investors including Macquarie and JP Morgan to take a stake in its much-delayed new international airport, German newspaper Bild wrote on Sunday. The investors are to be given confidential details of the airport's business plans so that they can make concrete offers, Bild am Sonntag said, without citing sources.

  • OECD upgrades Bangladesh country rating by one notch Reuters - 3 hours ago

    The Organisation for Economic Cooperation and Development (OECD) has upgraded its rating for Bangladesh, in a move that should make it easier for local entrepreneurs and banks to secure credit, the country's central bank governor said on Sunday. Atiur Rahman said the decision was made at a meeting of the Swiss Export Credit Agency last week, which he attended. The decision reflected the resilience of Bangladesh economy, which has delivered strong growth for over a decade despite political upheaval and weak external demand, Atiur told Reuters.

  • MIDEAST STOCKS-Egypt sinks as Emaar Misr listing disappoints; Gulf mixed Reuters - 4 hours ago

    Egypt's stock market maintained its downtrend on Sunday as a weak debut by Emaar Misr, the biggest listing since 2007, further hurt sentiment. Gulf bourses were mixed as the Greek debt crisis kept trading ...

  • China rolls out emergency measures to prevent stock market crash Reuters - 4 hours ago
    China rolls out emergency measures to prevent stock market crash

    BEIJING/SHANGHAI (Reuters) - China's stock markets face a make-or-break week after officials rolled out an unprecedented series of steps at the weekend to prevent a full-blown stock market crash that would threaten the world's second-largest economy. In an extraordinary weekend of policy moves, brokerages and fund managers vowed to buy massive amounts of stocks, helped by China's state-backed margin finance company which in turn would be aided by a direct line of liquidity from the central bank. China has also orchestrated a halt to new share issues, with dozens of firms scrapping their IPO plans in separate but similarly worded statements over the weekend, in a tactic authorities have used before to support markets.

  • 69 Chinese mutual funds will support effort to stabilize stock market Reuters - 4 hours ago

    More Chinese mutual funds said on Sunday that they will invest to stabilize China's stock market, following a statement by the China Mutual Fund Association on Saturday, in which 25 fund companies committed ...

  • China's central bank will add liquidity to state margin finance firm Reuters - 4 hours ago

    China's securities regulator said on Sunday China's central bank will provide liquidity support to China Securities Finance Corp, the state-backed margin finance company, through various channels.  The ...

  • China stock regulator says it will continue vetting IPOs Reuters - 4 hours ago

    China's securities regulator said it will not stop vetting news initial public offerings, it said on Sunday, after share sales were postponed by 28 companies on Saturday because of recent market volatility. The Wall Street Journal reported on Saturday, citing unidentified sources, that the government had decided to suspend IPOs to help to stabilize the stock market. In a statement posted on its official weibo, the China Securities Regulatory Commission said there will not be new IPOs in the near term but it will not stop vetting new deals.

  • Malaysia's opposition demands emergency debate on PM after graft allegations Reuters - 4 hours ago

    Two of Malaysia's main opposition parties on Sunday demanded an emergency sitting of parliament to discuss Prime Minister Najib Razak's future as tensions mounted over a report that linked him to probes into alleged corruption involving state fund 1MDB. A Wall Street Journal (WSJ) report published on Friday said investigators had traced nearly $700 million to bank accounts they believed belonged to the prime minister.

  • Greece proposes tax amnesty for funds parked in Switzerland: paper Reuters - 5 hours ago

    Greece has proposed a tax amnesty in an effort to collect revenue on billions of euros that its citizens are believed to have quietly stashed in Swiss bank accounts, the NZZ am Sonntag paper reported. The plan, which still needs Greek parliamentary approval and a final accord with Switzerland, is to levy a flat 21 percent tax on such assets to make them legitimate, raising millions that the government in Athens desperately needs, the Sunday paper said, citing unidentified sources. "We welcome the fact that Greece has presented a proposal to resolve this," it quoted Mario Tuor, communications director at the Swiss state secretariat for international financial issues (SIF), as saying.

  • Bundesbank chief warns of Grexit damage to German budget: Handelsblatt Reuters - 6 hours ago

    Bundesbank chief Jens Weidmann has warned Angela Merkel's cabinet that a Greek exit from the euro zone would rip billions of euros out of the German budget, German business daily Handelsblatt reported on Sunday, citing government sources. The paper said that Weidmann had warned that the costs of a Grexit would hit Bundesbank profits, which flow into the budget. It added that Bundesbank losses would be greater than the 14.4 billion euros ($16 billion) already put aside in provisions linked to the euro zone debt crisis because it would make losses on Greek securities bought by the central bank.

  • Europe can't count on ECB alone in Greek crisis: French min Reuters - 7 hours ago

    AIX-EN-PROVENCE, France (Reuters) - Greece and international creditors must find a compromise in the country's debt crisis and not count only on support from the European Central Bank, French Economy Minister Emmanuel Macron said. Speaking as Greeks voted in a referendum over whether to accept more austerity, Macron said Greece and its creditors had to find a compromise based on reforms while also making its debt burden more sustainable. "Whatever the vote, we must starting tomorrow respond with political discussions to create a framework," Macron said at an economics conference in Aix-en-Provence in southern France.

  • Chinese state-owned investor purchasing ETFs Reuters - 7 hours ago

    China state-owned investment company Central Huijin Investment Ltd said on Sunday that it has recently purchased exchange-traded funds on the stock market and will continue to do so, according to a statement ...

  • Buba chief warned Grexit would hurt German budget -Handelsblatt Reuters - 7 hours ago

    Bundesbank chief Jens Weidmann has warned Angela Merkel's cabinet that a Greek exit from the euro zone would rip a hole worth billions of euros in the German budget, German business daily Handelsblatt reported on Sunday citing government sources. The paper said Weidmann had warned that the costs of a Grexit would hit Bundesbank profits, which flow into the budget. "This would not be enough in the case of a Grexit," reported Handelsblatt, not specifying its source.

  • Hamas reopens office of Gaza's only mobile phone provider Reuters - 8 hours ago
    Hamas reopens office of Gaza's only mobile phone provider

    The Hamas-appointed attorney general in the Gaza Strip reopened the offices of the territory's only mobile phone provider on Sunday, five days after he ordered them closed over alleged non-payment of taxes. Jawwal is a subsidiary of the Palestine Telecommunications Co. (PalTel), the largest listed company in the Palestinian territories. Executives at PalTel had rejected the attorney general's accusations, saying all relevant taxes had been paid to the Palestinian Authority in the Israeli-occupied West Bank, where the company is registered and based.

  • Chinese officials, investors hope new support steps will stave off stock crash Reuters - 8 hours ago

    China's stock markets may be facing a make-or-break week after officials rolled out an unprecedented series of steps at the weekend to prevent a full-blown stock market crash that could threaten the world's second-largest economy. An online survey by fund distributor eastmoney.com over the weekend, which polled over 100,000 individuals, said investors believed stock indexes would rise over 5 percent on Monday. China's top brokerages pledged on Saturday they would collectively buy at least 120 billion yuan ($19.3 billion) of shares to help stabilise the market, and would not sell their holdings as long as the market was below 4,500, a level last seen on June 25.

  • Quartet of crises threatens Europe's core Reuters - 8 hours ago

    Four great crises around Europe's fringes threaten to engulf the European Union, potentially setting the ambitious post-war unification project back by decades. The EU's unity, solidarity and international standing are at risk from Greece's debt, Russia's role in Ukraine, Britain's attempt to change its relationship with the bloc, and Mediterranean migration. Failure to cope adequately with any one of these would worsen the others, amplifying the perils confronting "Project Europe".

  • Greek Finance Minister says will resign if Greeks vote 'yes': Bild Reuters - 8 hours ago

    Greek Finance Minister Yanis Varoufakis told Germany's Bild newspaper that he will resign if Greeks vote 'yes' in Sunday's referendum on an aid-for-reforms package, reiterating comments he has made before. ...