Two women Theresa May and Andrea Leadsom are battling to become the next leader of the British Conservative party and thus prime minister, the first time since the late Margaret Thatcher. After the second MPs ballot on Thursday, Home Secretary May finished with 199 votes, Energy Minister Mrs. Leadsom 84 and Michael Gove, the justice secretary, 46.
Four of the biggest US banks have committed to helping maintain London's position as a global financial hub after the UK leaves the European Union. Since the referendum vote there have been concerns that banks would reduce their staff and offices in the country.
Federal Reserve policymakers decided in June that interest rate hikes should stay on hold until they have a handle on the consequences of Britain's vote on EU membership, according to the minutes of the Fed's June policy meeting released on Wednesday.
German Finance Minister Wolfgang Schaeuble has said he opposes a race to the bottom of competitive tax cuts. He spoke after George Osborne pledged to cut UK corporation tax in response to the Brexit vote and from Paris, in an attempt to attract UK businesses, the French government promised its taxes will be the most favorable in Europe.
Macri pushes in Berlin for EU-Mercosur accord, but Merkel sides with France in the agriculture issue
President Mauricio Macri met on Tuesday with German Chancellor Angela Merkel in Berlin with both leaders holding a press conference to address the current state of talks regarding a trade agreement between the European Union and the Mercosur.
Mega agreement between Italy and Shanghai shipbuilders, and Carnival to develop China's cruise industry
Fincantieri and the China State Shipbuilding Corporation (CSSC), China’s largest shipbuilding conglomerate, have signed an agreement for the development of a joint venture aimed at developing and supporting the growth of the Chinese cruise industry, according to a statement.
Argentine economy grows 0.5% in first quarter: fishing and transport compensate fall in agriculture and construction
Argentina's economy grew 0.5% in the first quarter the government said on Wednesday, adding that it saw activity leveling out this year before accelerating in 2017. The year-on-year result, published by the newly revamped Indec statistics agency, followed analysts' forecasts for a 1.3% contraction for the January through March period.
The US economy grew faster than previously estimated in the first quarter of the year, according to official figures. The Commerce Department said gross domestic product (GDP) grew at an annual pace of 1.1% in the quarter, up from an earlier estimate of 0.8%. The upwards revision was helped by stronger export sales.
Brazil's inflation will again miss the government target next year, but will be getting much closer at 4.7%, the Central Bank said on Tuesday. For this year, inflation is forecast at 6.9%, well off the 4.5% target. However, even that represents relief for Latin America's largest economy, but sickly economy where annual inflation hit 9.32% in May.
Investors suing Petrobras to recoup billions of dollars in losses argued on Tuesday that the arrests and plea deals of top company executives prove that it knew of a massive bribery and political kickback scheme. Lawyers for the investors asked U.S. District Judge Jed Rakoff in Manhattan to rule, ahead of a trial set for Sept. 19, on claims that the company violated U.S. securities laws, according to a court filing.