Economy NewsRSS

Asian shares plunge on China rout, yen rallies

An investor watches an electronic board showing stock information at a brokerage office in BeijingBy Lisa Twaronite TOKYO (Reuters) - Asian shares tumbled to a 1 1/2-year low on Wednesday and the safe-haven yen rallied as Chinese stocks struggled to pull out of a tailspin, shaking investors already rattled by Greece's debt crisis. The drop in China extended a savage correction that has clipped 30 percent off Chinese shares since mid-June, threatening a new blow to the country's already slowing economy despite a slew of market support steps from Beijing. MSCI's broadest index of Asia-Pacific shares outside Japan wallowed at its lowest level since February 2014, extending its early losses after Chinese shares opened sharply lower.

07/08/2015 12:09 AM

China stocks tumble as regulator warns of 'panic'

A floor trader reacts as he checks share prices during morning trading at the Hong Kong Exchanges in Hong Kong, ChinaChinese stocks dived on Wednesday after the securities regulator said the tumbling stock market in the world's second-biggest economy was in the grip of "panic sentiment" as investors ignored a battery of support measures from Beijing. Amid signs of the market freezing up as companies scrambled to have trading in their shares suspended, the People's Bank of China said it was watching closely and would guard against systemic regional financial risks. The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 5 percent in early trade, while the Shanghai Composite Index was down 4.3 percent.

07/07/2015 11:19 PM

Greece given Sunday deadline for debt deal

European leaders gave debt-stricken Athens a final deadline of Sunday to reach a new bailout dealEuropean leaders gave debt-stricken Athens a final deadline of Sunday to reach a new bailout deal and avoid crashing out of the euro, after Greek voters rejected international creditors' plans in a weekend referendum. Greek leaders must submit detailed reform plans by Thursday to win the fresh bailout funds the country needs to stop its banking system from collapsing, EU President Donald Tusk said after an emergency summit of Greek and eurozone leaders. All 28 European Union leaders will examine the plans on Sunday in a make-or-break summit that will either save Greece's moribund economy, or leave it to crash out of the single currency -- a so-called "Grexit".

07/07/2015 11:09 PM

Osborne to spell out new, post-election spending cuts

File photo of Britain's Chancellor of the Exchequer, George Osborne, delivering a keynote address at a dinner held by the CBI in central LondonBy William Schomberg LONDON (Reuters) - Chancellor George Osborne, fresh from May's election victory, will say on Wednesday how he plans to reshape the economy by chopping welfare spending, easing the tax bill for workers and tackling some of the biggest challenges facing the recovery. When he presents his budget at 1130 GMT (12:30 p.m. BST), it will mark the first time in nearly 20 years that the Conservative Party has had a free hand to decide how much Britain spends and raises in taxation. It also offers a chance for Osborne to boost his chances of becoming Britain's next prime minister if David Cameron steps down before the next election in 2020 as he has said he will.

07/07/2015 10:18 PM

Euro zone gives Greece until Sunday for debt deal

Newly appointed Greek Finance Minister Tsakalotos is welcomed by Eurogroup President Dijsselbloem and French Finance Minister Sapin at a euro zone finance ministers meeting on the situation in Greece in BrusselsBy Paul Taylor and Renee Maltezou BRUSSELS (Reuters) - Euro zone members have given Greece until the end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of Europe's currency bloc and into economic ruin. "The stark reality is that we have only five days left ... Until now I have avoided talking about deadlines, but tonight I have to say loud and clear that the final deadline ends this week," European Council President Donald Tusk told a news conference. Prime Minister Alexis Tsipras has until Friday to present the proposal, but German Chancellor Angela Merkel said she hoped to have convincing reform commitments from Tsipras on Thursday so she could ask the German parliament to authorize negotiations on a new aid program.

07/07/2015 07:45 PM

JPMorgan to add 1,000 jobs, keep 2,600 in New Jersey

A view of the exterior of the JP Morgan Chase & Co. Corporate headquarters in the Manhattan borough of New YorkThe state's Economic Development Authority said on Tuesday that New Jersey will reap a net benefit of $1.1 billion through the program. JPMorgan qualified as a "mega project" and was eligible for a base award of $5,000 per employee, the EDA said about the Grow New Jersey Assistance Program, which provides annual tax credits per job of $500 to $5,000, and bonus credits of $250 to $3,000. JPMorgan was looking at options to expand its regional technology and operations hub, the EDA added in a statement.

07/07/2015 07:43 PM

Euro falls vs. dollar on Greece, while metals prices tumble

Traders work on the floor of the New York Stock ExchangeCopper and other metals plunged on Tuesday as the euro sank to a five-week low against the dollar after the European Central Bank tightened lending conditions for Greek banks and as the collapse in equities prices in China drove fears about the country's economy. U.S. stocks ended higher, taking heart from a stabilization in oil prices, while a global stock index fell as European shares extended losses on worries about Greece's ability to secure fresh aid. Greek banks may soon run out of cash.

07/07/2015 06:22 PM

US-listed Chinese shares fall as home market teeters

E-commerce giant Alibaba was the most heavily traded individual stock on the New York Stock Exchange, falling 0.8 percent after earlier diving to an all-time lowUS-listed Chinese equities fell Tuesday as stock markets in China tumbled again and raised worries of broader financial problems in the world's number-two economy. E-commerce giant Alibaba was the most heavily traded individual stock on the New York Stock Exchange, falling 0.8 percent after earlier diving to an all-time low. Small companies suffered significantly bigger drops: Qihoo 360 Technology (-7.1 percent), social networking platform Renren (-7.0 percent) and streaming video provider Youku Tudou (-6.7 percent).

07/07/2015 05:28 PM

TSX ends up in volatile trade; energy and utilities jump

A man walks past an old Toronto Stock Exchange sign in TorontoBy Alastair Sharp TORONTO (Reuters) - Canada's main stock index erased a sharp fall to end in positive territory on Tuesday, with energy stocks rebounding with oil prices and utilities gaining on bets the Bank of Canada could cut rates next week to stimulate a struggling economy. The Toronto Stock Exchange's S&P/TSX composite index ended up 30.93 points, or 0.21 percent, at 14,624.50. It had fallen as low as 14,389.10 as investors fretted over Greece, China and a widening trade deficit.

07/07/2015 05:05 PM

Republican Rubio urges overhaul of U.S. college 'cartel'

Republican presidential candidate Senator Marco Rubio (R-FL) addresses a legislative luncheon held as part of the "Road to Majority" conference in WashingtonBy James Oliphant CHICAGO (Reuters) - Republican presidential candidate Marco Rubio called for an overhaul of the U.S. higher education system on Tuesday, saying colleges were operating as a "cartel" and not meeting the needs of students or the economy. Rubio is one of 14 declared candidates vying to represent the Republican Party in the November 2016 election. It also gave Rubio the chance to expound on what has become his candidacy's central theme: preparing America for a future shaped by globalization, automation, and rapid technological change.

07/07/2015 03:37 PM

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