Category: Economy

Asia hit by Wall St. stumble, debt yields spike after ECB minutes

Asia hit by Wall St. stumble, debt yields spike after ECB minutes

Asian shares lost ground on Friday after a weak session on Wall Street, while global sovereign debt yields were elevated across the board on bets the European Central Bank is moving ever closer towards unwinding its massive monetary stimulus. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.6 percent, after the Dow lost 0.7 percent and the tech-heavy Nasdaq […]

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Bitcoin can be an asset but not currency – China central bank adviser

Bitcoin can be an asset but not currency – China central bank adviser

Virtual currencies like bitcoin are assets but bitcoin in itself does not have the fundamental attributes needed to be a currency that could meet modern economic development needs, a Chinese central bank adviser said. Sheng Songcheng, adviser to the People’s Bank of China (PBOC), made the comments in an interview with financial magazine Yicai published late Thursday. “Bitcoin does not […]

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Strong rise in German industrial output signals solid second quarter growth

Strong rise in German industrial output signals solid second quarter growth

German industrial production rose more than expected in May, data showed on Friday, boosting expectations that factories will support growth in Europe’s biggest economy in the second quarter. Industrial output jumped by 1.2 percent on the month, data from the Economy Ministry showed. That was the fifth consecutive monthly increase and beat the consensus forecast in a Reuters poll for […]

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Hobby Lobby fined $3 million over smuggled Iraqi artifacts

Hobby Lobby fined $3 million over smuggled Iraqi artifacts

Federal prosecutors say Hobby Lobby Stores has agreed to pay a $3 million federal fine and forfeit thousands of ancient Iraqi artifacts that the government alleges were intentionally mislabeled. Prosecutors filed a civil complaint in New York on Wednesday in which Oklahoma City-based Hobby Lobby consented to the fine and forfeiture of thousands of cuneiform tablets, bricks and other artifacts […]

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Fruit and cars: a brief guide to the EU-Japan trade deal

Fruit and cars: a brief guide to the EU-Japan trade deal

The European Union and Japan have agreed on a broad free trade deal, with their leaders shaking hands on it Thursday. It’s meant as a direct rebuke of protectionist policies of the kind espoused by U.S. President Donald Trump, who the leaders will meet on Friday for a world summit. Here’s a look at the agreement, in brief. What does […]

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Monte Paschi says plan sees net profit at more than 1.2 billion euros in 2021

Monte Paschi says plan sees net profit at more than 1.2 billion euros in 2021

Italy’s Monte dei Paschi di Siena said on Wednesday it expected to report a net profit of more than 1.2 billion euros ($1.4 billion) in 2021 as part of its restructuring plan approved by the European Commission. On Tuesday the European Union approved a 5.4 billion euro state bailout of Italy’s fourth-largest lender after the bank agreed to a drastic […]

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EU register could create market for soured bank debt: ECB’s Mersch

EU register could create market for soured bank debt: ECB’s Mersch

Setting up a European Union-wide register of bad bank debt could help to create a viable market for the 900 billion euros worth of soured credit that is weighing on the bloc’s bank sector, European Central Bank board member Yves Mersch said on Tuesday. “One possibility to address the large stock of non-performing loans could be to create an EU-wide […]

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UK new car sales drop around five percent in June – preliminary data

UK new car sales drop around five percent in June – preliminary data

British new car registrations fell by around 5 percent last month year-on-year and overall sales for the first six months of the year dropped by 1 percent, according to preliminary data from an industry body. The Society of Motor Manufacturers and Traders will release the full numbers at 0800 GMT (9.00 a.m. BST).

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Tesco acquisition target Booker’s first quarter like-for-like sales up 4.2 percent

Tesco acquisition target Booker’s first quarter like-for-like sales up 4.2 percent

Booker Group, the wholesaler Tesco is trying to buy for 3.7 billion pounds, said like-for-like sales rose 4.2 percent in its first quarter, helped by favourable weather and the late Easter. Non tobacco sales grew by 9.6 percent on a like-for-like basis in the 12 weeks to 16 June, the company said on Wednesday. Tobacco sales continued to be adversely […]

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Builder Persimmon says market not hit by election as sales rise

Builder Persimmon says market not hit by election as sales rise

Britain’s second biggest house builder by volume Persimmon said first-half sales rose by 7 percent, with a national election, which can often dampen demand as buyers put off major purchases, not affecting the market. Persimmon said it was upbeat about the months ahead with forward sales rising 18 percent to 1.6 billion pounds at the end of June, despite signs […]

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