Finance news

• UPDATE 3-G20 eyes faster economic reforms as cheap credit not enough for growth

  05-09-2015 21:27
  ANKARA, Sept 5 (Reuters) - Financial leaders from the world's 20 biggest economies agreed on Saturday to step up reform efforts to boost disappointingly slow growth, saying reliance on ultra-low...
  
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• G20 eyes faster economic reforms as cheap credit not enough for growth

  05-09-2015 19:19 via news.yahoo.com
  
  Financial leaders from the world's 20 biggest economies agreed on Saturday to step up reform efforts to boost disappointingly slow growth, saying reliance on ultra-low interest rates would not be enough to accelerate economic expansion. "Monetary policies will continue to support economic activity consistent with central banks' mandates, but monetary policy alone cannot lead to balanced growth," the communique of the G20 finance ministers and central bankers said. The wording defied pressure fro
  
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• ECB's Weidmann says fallout from China stock market decline limited

  05-09-2015 18:13 via news.yahoo.com
  
  The fallout from China's stock market decline will be relatively limited both for Beijing and for the rest of the world, Bundesbank chief Jens Weidmann said on Saturday. "The direct economic consequences of the share price declines in China will be relatively limited for China itself and the world," Weidmann, who also sits on the European Central Bank's policymaking Governing Council, said in the Turkish capital Ankara after a meeting of G20 finance chiefs.
  
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• Rousseff to spare central bank in cabinet reform - sources

  05-09-2015 17:48
  BRASILIA, Sept 5 (Reuters) - Brazil's central bank will retain its status as a ministry in an upcoming cabinet reform by President Dilma Rousseff, two government sources told Reuters.
  
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• Greek finmin sees negative or slightly positive growth in H2

  05-09-2015 17:33
  ATHENS, Sept 5 (Reuters) - Greece may have negative or slightly positive growth in the second half of 2015 and in the first half of next year, the interim Finance Minister George Chouliarakis said in...
  
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• G20 vows to boost fragile growth, nudges China on currency

  05-09-2015 17:21 via news.yahoo.com
  
  G20 finance ministers and central bank chiefs on Saturday pledged to act decisively to shore up stuttering global growth and to refrain from unsettling currency moves after China's controversial devaluation last month. The economic supremos from the world's top 20 economies said in a communique after their two-day meeting in the Turkish capital Ankara that global growth was falling short of expectations, despite strengthening activity in some economies. The group vowed to "carefully calibrate an
  
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• UPDATE 1-G20 fin leaders: cheap c.bank cash alone not enough for balanced growth

  05-09-2015 17:19
  ANKARA, Sept 5 (Reuters) - World financial leaders agreed on Saturday that over reliance on cheap cash from loose central bank monetary policy will not lead to balanced economic growth and that as...
  
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• G20 fin leaders: cheap c.bank cash alone not enough for balanced growth

  05-09-2015 17:14
  ANKARA, Sept 5 (Reuters) - World financial leaders agreed on Saturday that over reliance on cheap cash from loose central bank monetary policy will not lead to balanced economic growth and that as...
  
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• S.Africa's Kganyago says further rand weakness not necessarily bad

  05-09-2015 16:58 via news.yahoo.com
  
  By David Dolan ANKARA (Reuters) - A further fall in South Africa's rand is not necessarily a bad thing and the currency should be allowed to play its role as a shock absorber, Central Bank Governor Lesetja Kganyago said on Saturday. Kganyago also told Reuters in an interview at the Group of 20 finance chiefs meeting that, to the extent rand depreciation was part of a global foreign exchange rebalancing, it need not be a worry. "Our assessment of the South African economy is that the risk to the
  
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• S.Africa's Nene says doesn't see 'huge' spillovers from U.S. rate hike

  05-09-2015 15:50 via news.yahoo.com
  
  Markets have priced in a U.S. interest rate hike and are unlikely to see big spillovers from policy normalisation in the world's largest economy, South African Finance Minister Nhlanhla Nene told Reuters on Saturday. "The communication and the cooperation that we've been having from the U.S. has actually helped," Nene said on the sidelines of the Group of 20 meeting in the Turkish capital Ankara.
  
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• G20-S.Africa's Kganyago says further rand weakness not necessarily bad

  05-09-2015 15:43
  ANKARA, Sept 5 (Reuters) - South Africa's rand could fall further, but that is not necessarily a "bad thing" and the currency must be allowed to play its role as a shock absorber, central bank...
  
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• G20 says global growth 'short of expectations': draft communique

  05-09-2015 15:42 via news.yahoo.com
  
  The G20 group of top world economies on Saturday said that global economic expansion was slower than had been expected but expressed confidence that a recovery would gain momentum. The group vowed to "carefully calibrate and clearly communicate our actions... to minimise negative spillovers, mitigate uncertainty and promote transparency" as key global economies search for robust growth. China's move had rattled financial markets and also amplified concerns about its own economic slowdown and dra
  
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• G20 targets more challenging as global growth weaker: Canada's Oliver

  05-09-2015 14:30 via news.yahoo.com
  
  Weaker global growth has made it tougher for the Group of 20 leading nations to meet targets they agreed to last year in Australia to expand their economies, Canadian Finance Minister Joe Oliver said on Saturday. "It's become more challenging... We're just encouraging all countries to make the kinds of changes that their action plans commit them to." The G20 agreed last year in Brisbane Australia to boost their collective economic output by an additional 2 percent over five years through structu
  
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• France says debt issuance would be first step for a euro zone budget

  05-09-2015 14:20 via news.yahoo.com
  
  A common euro zone budget should initially be funded through joint debt issuance and taxpayers' money should only be used at a later stage, French Economy Minister Emmanuel Macron said on Saturday. France wants the euro zone to have its own joint budget to carry out investments. Macron, in an interview with a German newspaper this week, proposed giving a new commissioner powers to coordinate economic policy across the single currency bloc and preside over fiscal transfers between its 19 members.
  
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• Indian government approves pricey plan to equalise veterans' pensions

  05-09-2015 14:10
  NEW DELHI, Sept 5 (Reuters) - The Indian government approved a long-awaited programme to equalise pension payments for retired military personnel despite it being a "huge fiscal burden," defence...
  
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• G20 seen warning against overemphasis on monetary policy

  05-09-2015 13:49
  ANKARA, Sept 5 (Reuters) - The Group of 20 leading economies have agreed that an overemphasis on monetary policy will not lead to balanced growth, according to a delegate who had seen the latest...
  
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• South Africa's Nene says doesn't see 'huge' spillovers from U.S. rate hike

  05-09-2015 13:10 via news.yahoo.com
  
  ANKARA (Reuters) - Markets have priced in a U.S. interest rate hike and are unlikely to see big spillovers from policy normalization in the world's largest economy, South African Finance Minister Nhlanhla Nene told Reuters on Saturday.
  
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• UPDATE 1-U.S. Treasury official: G20 sees need to 'double down' against devaluation

  05-09-2015 13:08
  ANKARA, Sept 5 (Reuters) - There is a shared belief among the members of the Group of 20 leading economies in the need to "double down" against competitive currency devaluation and avoid it in both...
  
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• G20 seeks to lift market mood, douse China fears

  05-09-2015 12:29 via news.yahoo.com
  
  Ministers and central bank chiefs from the world's top 20 economies sought Saturday to bolster market confidence in the global economy and calm mounting jitters over the fallout from China's slowdown. Also preoccupying the economic supremos from the G20 is the monetary policy of the US Federal Reserve, with economists warning a rate rise at its next meeting later this month could deal a heavy blow to emerging markets already mired in trouble and, in some cases, recession. China rattled markets i
  
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• G20-Turkish PM says determined steps needed on global growth

  05-09-2015 12:25
  ISTANBUL, Sept 5 (Reuters) - Turkish Prime Minister Ahmet Davutoglu said on Saturday brave and determined steps were needed if the Group of 20 leading economies was to reach its targets on boosting...
  
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• Zambian kwacha hits record low on copper woes

  05-09-2015 11:46 via news.yahoo.com
  
  By Chris Mfula LUSAKA (Reuters) - Zambia's kwacha currency dropped to a record low on Friday, hit by falls in the price of the country's dominant export copper and a power crisis that the southern African nation's president sought to alleviate. The sharp slide in the kwacha - which has hit a series of record lows recently amid a sharp selloff in commodity-linked currencies as key consumer China's economy has weakened - has renewed pressure on Zambia to diversify its economy. Copper, which fell 2
  
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• China backs Putin's idea of developing Russia's Far East

  05-09-2015 11:43 via news.yahoo.com
  
  By Katya Golubkova VLADIVOSTOK, Russia (Reuters) - Chinese Vice Premier Wang Yang said on Saturday that Russia's push to revamp its run-down Far East region coincided with Beijing's strategy, backing President Vladimir Putin's drive for new sources of growth. At the Eastern Economic Forum in the Pacific Port of Vladivostok on Friday, Putin promised favorable business conditions and state support to Asian and domestic investors willing to come to Russia's most remote land. "The Far East developme
  
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• G20 seeks to lift market mood despite China alarm

  05-09-2015 09:59 via news.yahoo.com
  
  Ministers and central bank chiefs from the world's top 20 economies sought to bolster market confidence in the global economy, despite mounting alarm about the fallout from China's slowdown. Also preoccupying the economic supremos from the G20 is the monetary policy of the US Federal Reserve, with economists warning a rate rise at its next meeting later this month could deal a heavy blow to emerging markets already mired in trouble and, in some cases, recession. China rattled markets in mid-Augu
  
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• Google may return to China with Android app shop: report

  05-09-2015 04:07 via news.yahoo.com
  
  Google is talking with Chinese authorities and smartphone makers about opening an online shop in China stocked with applications for Android-powered mobile devices, the Wall Street Journal reported on Friday. The move would mark a return for the US Internet firm, which moved its online search service from Mainland China to Hong Kong in 2010 after a cyberattack targeting Gmail users and a clash over censorship. Many Google services, such as its free Gmail email, are blocked in China.
  
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• Freeport-McMoRan hires JPMorgan to help explore options: source

  05-09-2015 03:23
  (Reuters) - Mining company Freeport-McMoRan Inc has hired JPMorgan Chase & Co to help it explore options, a person familiar with the matter said on Friday, after activist investor Carl Icahn called...
  
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• Wall St. banks shift odds on rate hike to year-end

  05-09-2015 02:22 via news.yahoo.com
  
  Wall Street's top banks still expect the Federal Reserve to raise interest rates this year, but their conviction around a September hike has decreased notably in the last month due to volatility in global markets, according to a Reuters poll conducted on Friday. Ten of 17 primary dealers, or the banks that deal with the Fed directly, polled said they expect the Fed to raise rates in the fourth quarter of 2015 or later. "Financial market concerns obviously were a negative, but signs of domestic m
  
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• ISS urges shareholders vote to strip BofA CEO Moynihan of chairman title

  05-09-2015 02:06
  
  BOSTON (Reuters) - Proxy adviser Institutional Shareholder Services on Friday recommended Bank of America Corp shareholders vote to strip Chief Executive Brian Moynihan of his additional title of...
  
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• Merkel says Germany can cope with refugees without raising taxes

  05-09-2015 01:08 via news.yahoo.com
  
  Germany can cope with a record-breaking influx of refugees and migrants this year without raising taxes and without jeopardizing its goal of a balanced budget, Chancellor Angela Merkel said in a newspaper interview published on Saturday. With relatively liberal asylum laws and generous benefits, Germany is the EU's biggest recipient of people fleeing war in the Middle East and economic migrants from southeastern Europe.
  
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• Oil falls with Wall Street but U.S. crude posts another weekly gain

  05-09-2015 00:06 via news.yahoo.com
  
  By Barani Krishnan NEW YORK (Reuters) - Crude futures fell about 2 percent on Friday as traders shrugged off a drop in the number of U.S. rigs drilling for oil and focused instead on a supply glut and declining stock prices on Wall Street. "I get the feeling the longs do not want to wait out the three-day weekend," said Tariq Zahir, a trader in crude oil spreads at Tyche Capital Advisors in Laurel Hollow, New York. Despite the day's drop, U.S. crude prices notched a second straight weekly gain,
  
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