Friday, July 8th 2016 - 04:53 UTC

A woman will succeed PM Cameron and lead UK's exit from EU

May promised “strong, proven leadership” to negotiate UK's EU departure and to “make UK a country that works not for a privileged few but for every one of us”.

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.

Friday, July 8th 2016 - 04:49 UTC

Four US leading banks commit continued support for London as global financial hub

The banks and Chancellor George Osborne said in a statement they would work to ensure London “retains its position”.

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.

Thursday, July 7th 2016 - 07:11 UTC

Federal Reserve extremely cautious on Brexit aftermath and US job market

”None of us really knows the magnitude and I doubt there will be a moment when people say Brexit is done. It will be something over time,” Tarullo said

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.

Thursday, July 7th 2016 - 06:33 UTC

Germany warns EU members about a tax-cuts race to attract Brexit business

Schaeuble said “We have no intention to start some sort of race to the bottom”, in response to Osborne's proposal to slash corporation tax to avoid a business exodus

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.

Wednesday, July 6th 2016 - 04:40 UTC

Macri pushes in Berlin for EU-Mercosur accord, but Merkel sides with France in the agriculture issue

“The most difficult chapter is agriculture, and his is essential and in that sense we need a more flexible position from the French side,” Macri said.

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.

Wednesday, July 6th 2016 - 04:25 UTC

Mega agreement between Italy and Shanghai shipbuilders, and Carnival to develop China's cruise industry

The signing took place in Shanghai between Fincantieri CEO Giuseppe Bono; Wu Qiang, CSSC president, and head of Shanghai Waigaoqiao Shipbuilding, Wang Qi.

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.

Thursday, June 30th 2016 - 06:40 UTC

Argentine economy grows 0.5% in first quarter: fishing and transport compensate fall in agriculture and construction

Latin America's third largest economy was helped by 7.5% growth in its fishing sector and 4.2% expansion in transport.

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.

Wednesday, June 29th 2016 - 11:04 UTC

US economy grows faster in the first quarter helped by stronger export sales

The Commerce Department said GDP grew at an annual pace of 1.1% in the quarter, up from an earlier estimate of 0.8%.

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.

Wednesday, June 29th 2016 - 05:04 UTC

Brazil inflation should reach Central bank target by second half of 2018

The second quarter of 2018 should see Brazil finally make the cut, with inflation of 4.2%, the bank said.

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.

Wednesday, June 29th 2016 - 04:57 UTC

Investors suing Petrobras argue top executives knew of the massive bribery scheme

Prosecutors claim over US$2 billion of bribes were paid over a decade to Petrobras executives by construction and engineering companies to win lucrative contracts.

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.


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