Financial News from Reuters

  • Structural reform key to bolstering growth and sharing benefits-Lagarde Reuters - 26 minutes ago

    Structural reforms are important to bolster economic growth and share the benefits broadly, Christine Lagarde, Managing Director of the International Monetary Fund , said on Sunday after a meeting of G20 ...

  • UK's Hammond: Brexit path might be clearer later this year Reuters - 31 minutes ago

    Britain's new finance minister Philip Hammond sought to address concerns among global finance chiefs about the uncertain path ahead for the country's exit from the European Union, saying there could be more clarity later this year. "We have to be ready as government, the Bank of England has to be ready as monetary authority, throughout that period to respond to any instability created by that uncertainty and to ensure that the economy continues to operate smoothly," he said. Hammond, speaking after his first meeting with his fellow global finance chiefs from the Group of 20 economies, said concern about the shock result of Britain's EU membership referendum had increased uncertainty about the global economy.

  • HIGHLIGHTS-G20 finance leaders discuss global economy, Brexit Reuters - 38 minutes ago

    Finance leaders of the Group of G20 economies gathered in the southwestern Chinese city of Chengdu for a two-day meeting to discuss issues affecting the global economy ranging from growing dissatisfaction with globalisation and industrial overcapacity to risks from Brexit. "In this context, I noted that the G20 members are taking actions to foster confidence and support growth. "Our view on Turkey is that we support the democratically elected government in Turkey and as Turkey responds to the attempted coup, we very much urge that actions be taken consistent with the rule of law.

  • China cannot easily solve debt problem, but no systemic risks: finance minister Reuters - 42 minutes ago

    China's finance minister Lou Jiwei warned on Sunday that the government cannot easily step in to solve debt problems, but that China does not have systemic regional debt risks despite a few corporate defaults. ...

  • Corporate raiders seek Brexit bargains in Britain Reuters - 45 minutes ago

    Overseas buyers lured by a plunge in the pound are looking to snare British companies on the cheap, ensuring a steady flow of deals since Britain voted to leave the European Union and defying expectations of an M&A drought. Almost 60 transactions totalling $34.5 billion have been struck by foreign companies for British firms since June 23, according to Thomson Reuters data, compared with 79 deals amounting to $4.3 billion in the month leading up to the vote. This activity - dominated by Japanese group SoftBank's $32 billion swoop for chip designer ARM Holdings - has defied warnings that dealmaking could dry up for a period if Britain backed Brexit, given uncertainty surrounding risks to the economy and access to the EU single market.

  • Melker Schorling, Sweden's quiet tycoon with the Midas touch Reuters - 45 minutes ago

    Business tycoon Melker Schorling, one of Sweden's most prominent investors, says he is well-positioned to expand his 60 billion crown ($7 billion) investment empire even as he prepares to hand over affairs to his daughters. MSAB, the holding company he set up in 1999 which spans a diverse set of companies from measurement technology to locks and guards, has consistently outperformed larger rivals. Investors attribute Schorling's success to a knack for picking small specialists which go on to become global market leaders.

  • U.S. Treasury's Lew: underscored U.S. economy as source of strength at G20 Reuters - 49 minutes ago

    U.S. Treasury Secretary Jack Lew said he told a meeting of policymakers from the Group of 20 economies that the United States's economy was strong and its job market was healthy. The United States could ...

  • U.S. Treasury's Lew says discussed global excess capacity with China Reuters - 1 hour 31 minutes ago

    The United States and China discussed the importance of working together to negotiate new international guidelines governing the provision of export credits and on addressing global excess industrial capacity, U.S. Treasury Secretary Jack Lew said. Lew made the comments during a meeting with Chinese Minister of Finance Lou Jiwei on the sidelines of a G20 meeting of finance ministers and central bankers in China, according to a statement issued by the Treasury on Sunday. Lew also expressed support for multilateral initiatives to discuss steel excess capacity and structural adjustment, the statement said.

  • No signs yet Brexit having economic impact on Europe - Weidmann Reuters - 1 hour 37 minutes ago

    There are no signs yet that economic development in Europe has been affected by Britain's decision to leave the European Union, but risks from Brexit could impact German growth down the line, Bundesbank ...

  • G20 says global excess capacity issue requires collective response-communique Reuters - 1 hour 49 minutes ago

    Policymakers from the Group of 20 economies said on Sunday they recognise that excess capacity in steel and other industries is a global issue that has had a negative impact on trade and workers and which ...

  • G20 prepared for Brexit impact: China statement Reuters - 2 hours 18 minutes ago

    Members of the Group of 20 major economies have prepared actively to cope with the potential economic and financial impact of the Brexit decision but hope Britain and the European Union can actively form ...

  • G20 will use 'all policy tools' to protect growth as Brexit looms Reuters - 4 hours ago
    G20 will use 'all policy tools' to protect growth as Brexit looms

    Leaders from the world's biggest economies are poised on Sunday to renew their commitments to support global growth and better coordinate actions in the face of uncertainty over Britain's decision to leave the European Union and growing protectionism. The meeting of finance ministers and central bankers from the Group of 20 major economies in China's southwestern city of Chengdu is the first of its kind since last month's Brexit vote and a debut for Britain's new finance minister. Philip Hammond faced questions about how quickly the UK planned to move ahead with formal negotiations to leave the EU.

  • Exclusive: Tesla, SolarCity close to merger agreement Reuters - 4 hours ago
    Exclusive: Tesla, SolarCity close to merger agreement

    The two companies, which count billionaire Elon Musk as a major shareholder, are in the final stages of carrying out due diligence on each other, and could agree on the terms of a deal in the coming days, though it is still possible that their negotiations end unsuccessfully, the people said on Saturday. It could not be learned whether SolarCity would be successful in including a go-shop provision in a merger agreement with Tesla that would allow it to continue to solicit bids from other potential buyers for a short period of time. Representatives for SolarCity and Tesla did not immediately respond to requests for comment.

  • Bottom line: brands chase China's high-end lingerie market Reuters - 6 hours ago
    Bottom line: brands chase China's high-end lingerie market

    High-end lingerie sales are outpacing China's generally downbeat luxury market, and heating up competition between international brands and local rivals looking to go upmarket. U.S. brand Victoria's Secret will open its first store, and companies including Italy's ultra-luxury La Perla and Germany's Triumph are adding stores and moving beyond China's mega-cities to tap a lingerie market that has more than doubled in five years to $18 billion, according to Mintel Group. "Luxury is ... not about buying to show off, it's about buying items that make you feel good," says Chiara Scaglia, La Perla's Asia chief.

  • China's growth sucks in more debt bucks for less bang Reuters - 7 hours ago
    China's growth sucks in more debt bucks for less bang

    As China's economy notches up another quarter of steady growth, the pace of credit creation grows ever more frantic for every extra unit of production, as inefficient state firms swallow an increasing share of lending. "The amount of debt that China has taken in the last 5-7 years is unprecedented," said Morgan Stanley's head of emerging markets, Ruchir Sharma, at a book launch in Singapore. While Beijing can take comfort that loose money and more deficit spending are averting a more painful slowdown, the rapidly diminishing returns from such stimulus policies, coupled with rising defaults and non-performing loans, are creating what Sharma calls "fertile (ground) for some accident to happen".

  • Apple weathers anti-U.S. demo in China, where patriotic protests snowball Reuters - 8 hours ago
    Apple weathers anti-U.S. demo in China, where patriotic protests snowball

    Apple Inc (AAPL.O) found itself on the receiving end of a small, short-lived anti-U.S. protest this week in China, the tech firm's biggest overseas market and a country where foreign firms have suffered damaging boycotts following international spats. A handful of unofficial Apple stores were picketed and social media users encouraged each other to destroy their Apple goods, in a rare instance of the tech firm being targeted as a symbol of perceived injustice following an international ruling against Chinese territorial claims. "There's not much Apple or any other foreign firm can do to prevent such patriotic protests," said analyst Nicole Peng at researcher Canalys, who sees no impact to Apple's sales from the recent protest.

  • Pokemon GO blamed for illegal border crossing from Canada to U.S. Reuters - 14 hours ago
    Pokemon GO blamed for illegal border crossing from Canada to U.S.

    The two, who were not identified, were found by U.S. Border Patrol agents on Thursday, with their attention affixed to their phones as they were trying to hunt down cartoon characters on a journey that took them over the border. "Both juveniles were so captivated by their Pokemon GO games that they lost track of where they were," said Michael Rappold, a spokesman for the agency. The two were reunited with their mothers at a nearby border patrol station, the agency said.

  • Aeropostale accuses Sycamore Partners of 'loan to own' scheme Reuters - 15 hours ago
    Aeropostale accuses Sycamore Partners of 'loan to own' scheme

    Bankrupt U.S. teen retailer Aeropostale filed a motion against its lender, private equity firm Sycamore Partners, in bankruptcy court late on Friday, accusing it of plotting a "loan to own” scheme ...

  • IMF grants two-year $3.5 billion credit line to Morocco Reuters - 16 hours ago

    The International Monetary Fund (IMF) has granted Morocco a two-year $3.5 billion credit line for structural reforms to prompt more rapid and inclusive economic growth, Rabat's finance ministry said on Saturday. The Precautionary Liquidity Line (PLL) is meant for countries with relatively good economic policies that face balance of payments needs because of issues beyond their control. The line provides reassurance about Morocco's economic policies to foreign lenders, investors and rating agencies, allowing it to tap international capital markets at favorable borrowing terms.

  • IMF agrees on two-year $3.5 billion credit line for Morocco Reuters - 16 hours ago

    The International Monetary Fund has granted Morocco a $3.5 billion credit line for two years to help it pursue structural reforms bringing more rapid and inclusive economic growth, the country's finance ...

  • Canada economy to rebound this year after energy slump: minister Reuters - 17 hours ago

    Canada's economy should rebound "over the course of the year" from the impact of a wildfire in its energy heartland, Finance Minister Bill Morneau said on Saturday on the sidelines of a G20 meeting in Chengdu, China. The fire in the province of Alberta is estimated to have cut daily oil production by more than 1 million barrels and the Bank of Canada estimates it will shave 1.25 percentage points off economic growth in the second quarter. "We were approximately right in our expectations in our budget," he said of Canada's fiscal plan introduced in March, which promised growth spurred by government spending.

  • BREXIT WATCH-Latest developments in aftermath of Brexit vote Reuters - 18 hours ago

    Britain's June 23 referendum decision to leave the European Union has had far-reaching consequences for the world's economy, businesses, investors and politics. Following are the main developments: July ...

  • Canada seeks 'strong trade agreement' with UK - finance minister Reuters - 18 hours ago

    Canada seeks a "strong trade agreement" with a Britain that has voted to leave the European Union, the country's Finance Minister Bill Morneau said on Saturday on the sidelines of a G20 meeting in Chengdu, China.

  • UK comes under pressure to spell out Brexit plans at G20 Reuters - 20 hours ago

    Britain faced calls on Saturday from some European and Asian countries to move more quickly towards leaving the European Union, but the United States said the process was too sensitive to be rushed. At the first meeting of leading economies since British voters shocked global markets in June by deciding to quit the EU, finance ministers and central bankers said Brexit had the potential to weigh on the world's already slow economic growth. Ministers from France and Italy said they wanted more clarity now on how quickly Britain would start the process of ending its 43-year membership of the bloc.

  • Turkey keen for mention in G20 communique, but rejected Reuters - 20 hours ago

    Turkey wanted the final communique of the world's financial leaders meeting in China this weekend to include an endorsement of the current government after the failed coup attempt last week, but did not succeed, G20 officials said. Turkey's Deputy Prime Minister Mehmet Simsek, attending the meeting, denied Ankara had sought such a reference. Finance ministers and central bank governors from 20 of the world's biggest economies (G20) are meeting in the Chinese city of Chengdu to discuss, among others, risks to the global economic outlook, clouded by Britain's decision to leave the European Union.

  • CEO says Audi plans three electric car models by 2020: paper Reuters - 21 hours ago
    CEO says Audi plans three electric car models by 2020: paper

    Audi aims to have three electric car models by 2020 and for electric vehicles to account for 25 to 30 percent of its sales by 2025, Chief Executive Rupert Stadler told a German newspaper. Audi's electric cars push, reported by Reuters earlier this week, is part of a strategic overhaul following the emissions scandal at parent Volkswagen (VOWG_p.DE). Under the plan, which Stadler presented to Audi managers this week, the group will focus more resources on electric cars, digital services and autonomous driving.

  • More needs to be done to achieve balanced growth: G20 draft communique Reuters - 21 hours ago

    The G20 economies will reiterate their determination to use all policy tools, individually and collectively, to achieve their goal of strong, sustainable and balanced growth, according to a draft of the G20 communique seen by Reuters on Saturday. "We reaffirm our previous exchange rate commitments, including that we will refrain from competitive devaluations and we will not target our exchange rates for competitive purposes.

  • G20 officials vow to tackle steel, industrial overcapacity Reuters - 21 hours ago

    The world's top economies will work to tackle excess production capacity in steel and some other industries, including government subsidies that have distorted markets, G20 finance officials said on Saturday. The document, which is still subject to change until a final version, adopted the same language agreed by G20 trade ministers on July 10.

  • Europe to tell G20 UK economy, banks are resilient despite Brexit Reuters - 21 hours ago

    Britain's vote to leave the European Union may dampen global growth, but European fundamentals are strong and the British economy and banking sector are resilient, European financial leaders will tell their counterparts from the biggest economies on Saturday. Finance ministers and central bank governors from 20 of the world's biggest economies (G20) are in talks this weekend to discuss global economic issues and Britain's decision to leave the 28-nation EU, dubbed Brexit, is high on the agenda. "However, our economic fundamentals are strong.

  • G20 nations pledge to bolster defenses against Brexit headwinds Reuters - 21 hours ago
    G20 nations pledge to bolster defenses against Brexit headwinds

    The world's leading economies will do more to lift global growth and share the benefits more broadly, top policymakers said on Saturday as they sought to deal with fallout from Britain's Brexit vote and counter dissatisfaction with globalization. Finance ministers and central bankers from the Group of 20 nation are huddling in China's southwestern city of Chengdu this weekend to discuss how to confront global challenges exacerbated by Britain's decision to leave the European Union. The specter of protectionism, highlighted by U.S. Republican presidential candidate Donald Trump's "America First" rhetoric and talk of pulling out of trade agreements, also hangs over the meeting.

  • BOJ's Kuroda says to ease again if necessary to hit 2 percent price goal Reuters - 21 hours ago

    Bank of Japan Governor Haruhiko Kuroda said on Saturday he would ease policy further if necessary to achieve its 2 percent inflation goal, while reiterating a commitment to continue with the current stimulus until prices are anchored there. Speaking to reporters on the sidelines of a G20 meeting of finance ministers and central bankers in the southwestern Chinese city of Chengdu, Kuroda maintained an upbeat view on the Japanese economy and price outlook in spite of rising market expectations for more BOJ monetary stimulus. A majority of economists polled by Reuters expect the BOJ to ease policy next week, forecasting a combination of measures in another attempt to kick-start inflation.

  • Turkey to ready dossier for Gulen extradition in 10 days -Foreign Min Reuters - 21 hours ago

    Turkey expects to complete within a week to 10 days a dossier requesting the extradition from the United States of Muslim cleric Fethullah Gulen, accused by Ankara of masterminding a failed coup, Foreign Minister Mevlut Cavusoglu said on Saturday. Cavusoglu told private broadcaster NTV in an interview the link between soldiers involved in the July 15 abortive coup and Gulen's extensive network of followers was "very clear", adding that Turkey would do all it could "politically and legally" to secure the extradition of the reclusive cleric.

  • G20 nations pledge to bolster defences against Brexit headwinds Reuters - 21 hours ago

    The world's leading economies will do more to lift global growth and share the benefits more broadly, top policymakers said on Saturday as they sought to deal with fallout from Britain's Brexit vote and counter dissatisfaction with globalisation. Finance ministers and central bankers from the Group of 20 nation are huddling in China's southwestern city of Chengdu this weekend to discuss how to confront global challenges exacerbated by Britain's decision to leave the European Union. The spectre of protectionism, highlighted by U.S. Republican presidential candidate Donald Trump's "America First" rhetoric and talk of pulling out of trade agreements, also hangs over the meeting.

  • Former Argentina leader slams corruption probes as political plot Reuters - 22 hours ago

    Facing corruption probes that threaten to land her behind bars, former Argentine President Cristina Fernandez described her growing legal troubles as part of a "persecution" of progressive Latin American leaders that has boosted the right in the region. Speaking to foreign media at her Patagonian estate, Fernandez compared her situation to that of Brazil's suspended center-left President Dilma Rousseff, now subjected to an impeachment trial in the Senate. "In the case of Brazil, the intervention of a partisan judiciary is very clear, and you're seeing it here as well," Fernandez said, describing parallel efforts by media to smear progressive leaders.

  • German FinMin says it's not up to rest of Europe to cushion Brexit Reuters - 23 hours ago

    German Finance Minister Wolfgang Schaeuble said he saw no reason for other countries to try to cushion the blow of Britain's exit from the European Union with more spending. "I believe that is a matter ...