Finance

All Finance Articles

  • More Russian incursions would hurt Ukraine economy: central bank

    Reuters - Sun, Apr 13, 2014 6:42 PM EDT

    Russia's further incursions into eastern Ukraine would have serious macroeconomic consequences, destabilizing banks and crimping Ukraine's national output, the central bank governor said on Sunday. Many of Ukraine's biggest factories and some of its agricultural production lie in the east, where pro-Russian separatists have taken up arms and occupied government buildings. "The main risk (to the economy) has a political-occupational character," National Bank of Ukraine Governor Stepan Kubiv said in an interview on the sidelines of the IMF-World Bank meetings in Washington. "Because if after Crimea, it will be Lugansk, Slaviansk, Donetsk, Kharkhiv, and other small towns, then we immediately talk about a considerable amount of liquidity," he said, listing other towns in Ukraine. More »More Russian incursions would hurt Ukraine economy: central bank

  • UK aerospace and defense firms fret over Scottish independence bid

    Reuters - Sun, Apr 13, 2014 8:27 AM EDT

    Britain's aerospace and defense industries warned on Sunday that the sector could lose its global competitive edge as a result of Scotland's bid for independence, which is due to be decided by a referendum later this year. The ADS Group, an aerospace and defense trade organization, said the uncertainty over the future of taxation, fiscal and monetary policy that the September 18 referendum has generated was a major cause of concern for firms operating in Britain. "September's referendum on the future of Scotland could have a profound impact on these sectors' global competitiveness," said ADS Group Chief Executive Paul Everitt. "In addition to the debates about monetary and fiscal policy, there is genuine uncertainty about the impact of independence on the UK's - and Scotland's - international influence, export opportunities and inward investment." Britain is home to a number of major aerospace and defense industry firms such as BAE Systems, Cobham and Babcock - all of whom are members of the ADS Group. More »UK aerospace and defense firms fret over Scottish independence bid

  • Reviving investment is key, says man tipped to be India's finance minister

    Reuters - Sun, Apr 13, 2014 8:04 AM EDT

    By Raju Gopalakrishnan BOHARU, India (Reuters) - Massaging his swollen feet after campaigning in the villages of Punjab, the man tipped to be India's next finance minister says he wants the government that takes office next month to approve five big-ticket investments quickly to signal it means business. Arun Jaitley is a senior leader of the opposition Bharatiya Janata Party (BJP), hot favorite to form a government after the election that began last week and will be staggered over the next month. A former commerce minister and a skilled courtroom lawyer, he is a key lieutenant of Hindu nationalist leader Narendra Modi, the BJP's candidate for prime minister. "You will have to re-start the investment cycle," he said, speaking after a day on the stump in the parliamentary constituency he is contesting, Amritsar, in the northern state of Punjab. More »Reviving investment is key, says man tipped to be India's finance minister

  • Reforms to IMF hit serious deadlock: G20 official

    Reuters - Sun, Apr 13, 2014 2:16 AM EDT

    By Lidia Kelly WASHINGTON (Reuters) - Reforms to the International Monetary Fund have hit a deadlock despite a declaration from global financial chiefs that they would move forward without the United States if it fails to ratify the changes by year-end, a G20 official said on Sunday. The inability to proceed with giving emerging markets a more powerful voice at the IMF and shoring up the lender's resources appeared the most contentious issue for officials from the Group of 20 leading economies and the representatives for all IMF member nations who met over the weekend. In a final communique, G20 finance ministers and central bankers said they were "deeply disappointed" with the U.S. delay. "I say we are at a dead end." Any attempt to break the package of reforms, proposed by the G20 in 2010, would be disastrous not only for the United States, but for the whole group, he said, because most countries have already gone through the ratification procedures. More »Reforms to IMF hit serious deadlock: G20 official

  • Mexico prepares first illegal drug financing blacklist

    Reuters - Sun, Apr 13, 2014 1:23 AM EDT

    (Reuters) - Mexico is preparing to implement new regulations that will allow the government to identify individuals and businesses linked to drug trafficking and ban financial firms from doing business with them, the finance minister said on Saturday. Mexican Finance Minister Luis Videgaray said banking authorities would provide further details in coming days. "For the first time, we have the capacity to issue a list and this list will impede any financial institution from carrying out transactions with these people," Videgaray told a news conference in Washington D.C., according to a transcript. The U.S. Treasury's Office of Foreign Assets Control (OFAC) periodically issues blacklists of individuals and businesses alleged to be laundering drug gang profits. More »Mexico prepares first illegal drug financing blacklist

  • Tensions over money flows bode poorly for global economy

    Reuters - Sun, Apr 13, 2014 1:10 AM EDT

    By Jason Lange WASHINGTON (Reuters) - For a bunch of people who just agreed the global economy is doing better, top officials from the world's rich and poor nations sound rather worried. For poor nations, the easy monetary policies in advanced economies are leading to big swings in capital flows that could destabilize emerging markets. For rich countries, the hoarding of currency by developing nations is blocking progress toward a more stable global economy. Those tensions, which have been brewing for years, seemed to be rising as finance ministers and central bank chiefs from the Group of 20 economies gathered last week in Washington, as evidenced by harsh words from Washington and Delhi. More »Tensions over money flows bode poorly for global economy

  • Australia says progress towards G20 growth target "unacceptable"

    Reuters - Sat, Apr 12, 2014 11:00 PM EDT

    PERTH, Australia, April 13 - Slow progress towards meeting economic growth targets set by the Group of 20 bloc of advanced and developing nations this year is "unacceptable", Australian Treasurer Joe Hockey said on Sunday. G20 finance ministers had pledged to have "real and effective plans to lift the global economy by a further 2 percent" before they meet in Australia in September but were only one-tenth of the way there, he said. "The proposals put forward by nations so far have been unacceptable and they only meet 10 percent of our goal," Hockey told Australian Broadcasting Corp. TV after talks in Washington. Hockey coordinated the talks, with Australia holding the G20 presidency. More »Australia says progress towards G20 growth target "unacceptable"

  • Beijing rejects IMF's hard-landing warning for China's economy

    Reuters - Sat, Apr 12, 2014 8:40 PM EDT

    By David Brunnstrom WASHINGTON (Reuters) - A senior Chinese official hit back on Saturday at International Monetary Fund warnings that China's economy faced the danger of a hard landing due to poor asset quality, saying the government was taking action to deal with financial risk. Chinese Vice Finance Minister Zhu Guangyao said China worked closely with the IMF but did not agree with all of its analysis. "In general, we think they are a very professional financial institution, but some of the methodology used and some traditional thinking, they also need reform," he told a small group of Western journalists on the sidelines of the IMF and World Bank spring meetings in Washington. If your policy suggestion is (to be) a valuable suggestion, you must base it on reality." IMF Managing Director Christine Lagarde warned of the risk of what she termed a "hard landing" in China, the world's second-largest economy, and negative repercussions on other emerging markets in her Global Policy Agenda released at the start of the meetings in Washington on Thursday. More »Beijing rejects IMF's hard-landing warning for China's economy

  • Draghi says a stronger euro would trigger looser ECB policy

    Reuters - Sat, Apr 12, 2014 4:54 PM EDT

    By Jan Strupczewski and Krista Hughes WASHINGTON (Reuters) - The European Central Bank will ease monetary policy further if the euro keeps strengthening, President Mario Draghi said on Saturday as world finance chiefs ramped up pressure on Europe to ward off deflation. In the clearest signal yet the ECB was prepared to launch a stimulative asset-purchase program, Draghi said the euro's exchange rate had become increasingly important to policy and would act as a trigger. "The strengthening of the exchange rate would require further monetary policy accommodation. If you want policy to remain as accommodative as now, a further strengthening of the exchange rate would require further stimulus," he told a news conference. More »Draghi says a stronger euro would trigger looser ECB policy

  • China backs aid for Ukraine, worried by IMF funding capacity

    Reuters - Sat, Apr 12, 2014 12:16 PM EDT

    By David Brunnstrom WASHINGTON (Reuters) - China said on Saturday it backed IMF financial support for Ukraine, but expressed concern about the global lender's funding capacity given the failure of the U.S. Congress to ratify a program of reforms for the institution. Chinese Vice Finance Minister Zhu Guangyao told a small group of Western journalists on the sidelines of the IMF-World Bank spring meetings in Washington it was a "worry" that more than 85 percent of IMF lending was currently focused on Europe. Zhu highlighted the importance of reacting quickly to any problems that arise in regions outside Europe, adding: "That is why IMF financial capacity has become so important." Zhu said China was worried about the potential impact of the Ukraine crisis, especially on Europe, which was already facing risk from deflation. More »China backs aid for Ukraine, worried by IMF funding capacity

  • Franchise Players: International Hooters Franchisee on Taking the Business Worldwide

    Entrepreneur - Fri, Apr 11, 2014 8:00 PM EDT

    With Hooters locations from South Africa to Portland, Ore., Michael Pruitt knows how to make a brand go global. More »Franchise Players: International Hooters Franchisee on Taking the Business Worldwide

  • G20 gives U.S. year-end deadline for IMF reforms

    Reuters - Fri, Apr 11, 2014 7:52 PM EDT

    By Louise Egan and Anna Yukhananov WASHINGTON (Reuters) - Finance chiefs from around the globe on Friday gave the United States until year-end to ratify long-delayed reforms to the International Monetary Fund and threatened to move forward without it if it fails to do so. The inability to proceed with giving emerging markets a more powerful voice at the IMF and shoring up the lender's resources appeared the most contentious issue for officials from the Group of 20 leading economies and the representatives for all IMF member nations who met with them. In a final communiqué, G20 finance ministers and central bankers said they were "deeply disappointed" with the delay. "I take this opportunity to urge the United States to implement these reforms as a matter of urgency," Australian Treasurer Joe Hockey told reporters on the sidelines of the IMF-World Bank spring meetings. More »G20 gives U.S. year-end deadline for IMF reforms

  • Hints of possible deal on Ukraine gas emerge at G20

    Reuters - Fri, Apr 11, 2014 7:46 PM EDT

    By Lidia Kelly WASHINGTON (Reuters) - Behind statements that Russia will not budge in demanding Ukraine repay its debts for its natural gas deliveries, hints emerged at a meeting of G20 finance chiefs this week that a deal in which Moscow eases its stance might be in the works. Financial aid to Ukraine was a hot topic at a meeting of finance ministers from the Group of 20 leading nations, but the country's gas crisis, which could threaten deliveries to Europe, topped discussions with Russia that were held on the sidelines. Moscow, which alienated Western powers by annexing Ukraine's Crimea peninsula, this month raised the price it charges Kiev for gas and said it awaits $2.2 billion in unpaid bills. Russian Finance Minister Anton Siluanov reiterated the Kremlin's threats that it may switch to prepaid gas deliveries to Ukraine if payments don't start coming, but between the now-standard lines he signaled some room for maneuver. More »Hints of possible deal on Ukraine gas emerge at G20

  • U.S. says G7 backs more sanctions if Russia escalates Ukraine crisis

    Reuters - Fri, Apr 11, 2014 7:46 PM EDT

    A group of the world's leading rich nations will support increasing sanctions against Russia if Moscow escalates the crisis in Ukraine, U.S. Treasury Secretary Jack Lew said on Friday. "There is broad and strong unity within the G7 on increasing sanctions and costs in response to escalating action from Russia," Lew said at a news conference, referring to the Group of Seven industrial nations. The G7 includes the United States, Canada, France, Germany, Italy, Japan and Great Britain. Top officials from the group met in Washington on Thursday and discussed the situation in Ukraine at length, Lew said. More »U.S. says G7 backs more sanctions if Russia escalates Ukraine crisis

  • Amid 'gas war' talk, Russia reassures Europe on supply

    Reuters - Fri, Apr 11, 2014 7:46 PM EDT

    By Natalia Zinets and Alexei Anishchuk KIEV/MOSCOW (Reuters) - Russian President Vladimir Putin tried to ease European fears of gas supply cuts on Friday after Brussels said it would stand with the new authorities in Kiev if the Kremlin carries out a threat to turn off the tap to Ukraine. Russia, which last month angered Western powers by annexing Ukraine's Crimea peninsula, has raised the price it charges Kiev for gas and said it owes Moscow $2.2 billion in unpaid bills. A repeat of that scenario could hurt Russia as well as EU customers for its gas because Moscow depends for its public revenues on selling gas in Europe. "I want to say again: We do not intend and do not plan to shut off the gas for Ukraine," Putin said in televised comments at a meeting of his advisory Security Council. More »Amid 'gas war' talk, Russia reassures Europe on supply

  • Russia says Germany, others willing to help with Ukraine's gas crisis

    Reuters - Fri, Apr 11, 2014 3:12 PM EDT

    Russia's finance minister said on Friday that his German counterpart, Wolfgang Schaeuble, and other ministers from the Group of 20 leading nations have expressed willingness to help resolve Ukraine's gas crisis. Schaeuble met on the sidelines of the World Bank-International Monetary Fund spring meeting in Washington and gas deliveries to Ukraine dominated the bilateral talk, Anton Siluanov said. "Schaeuble and others are interested in a fast resolve of Ukraine's (gas) conflict and in the country's ability to repay its obligations," Siluanov said. More »Russia says Germany, others willing to help with Ukraine's gas crisis

  • Insight: Deadly GM ignition switches started with 2003 Saturn Ion

    Reuters - Fri, Apr 11, 2014 2:41 PM EDT

    By Paul Lienert and Marilyn Thompson DETROIT/WASHINGTON (Reuters) - The 2003 Saturn Ion was supposed to be a pivotal car for General Motors Co. Instead, it came to represent the compromises and corner cutting that almost destroyed GM and now find the company in a global recall of some of its most popular models. The Ion debuted two years before the Chevy Cobalt, the model most associated with the current recall of 2.6 million vehicles, and it was the first car with the defective ignition switch linked to at least 13 deaths, when engines turned off, disabling airbags. Priced from $12,000, it was the automaker's answer to the class-leading Toyota Corolla and Honda Civic, a small car that could finally be built at a profit to GM, which at the time was losing up to $2,000 on every compact it sold. The all-new Ion was to be a standard bearer for GM's import-fighting Saturn brand, as well as the advance guard for a new family of compacts, code-named "Delta," that eventually would include the 2005 Cobalt. More »Insight: Deadly GM ignition switches started with 2003 Saturn Ion

  • Ex-adviser says Indian PM was hobbled by Sonia Gandhi

    Reuters - Fri, Apr 11, 2014 1:42 PM EDT

    A former media adviser to India's prime minister has alleged in a new book that Manmohan Singh allowed his authority to be undermined by Sonia Gandhi, president of the Congress party and standard-bearer of the Nehru-Gandhi dynasty. Sanjaya Baru's book, "The Accidental Prime Minister", was published on Friday, days after India began a five-week election that is expected to oust Singh's Congress-led coalition from power after two successive terms. But the memoirs, which show the prime minister as subservient to a woman without an official government position, are likely to hand the opposition Bharatiya Janata Party (BJP) a stick with which to beat the Congress party in an increasingly acrimonious campaign. The government is answerable to the party." Singh's spokesman Pankaj Pachauri described the book as "an attempt to misuse a privileged position and access to high office to gain credibility". More »Ex-adviser says Indian PM was hobbled by Sonia Gandhi

Pagination

(100 stories)
Loading...