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Macron to Lebanese leaders: reform swiftly or face consequences

BEIRUT/PARIS (Reuters) – French President Emmanuel Macron on Tuesday gave Lebanese politicians until the end of October to start delivering on reforms, saying financial aid would be withheld and sanctions imposed further down the line if corruption gets in the... More »

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Spanish prime minister moderately optimistic about economic recovery

MADRID (Reuters) – Spanish Prime Minister Pedro Sanchez said on Tuesday he was moderately optimistic about the country’s economic recovery from its worst downturn on record caused by the impact of the coronavirus pandemic. Sanchez reiterated that gross domesti... More »

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Japan’s record economic plunge wipes out Abe era gains

TOKYO (Reuters) – Japan was hit by its biggest economic slump on record in the second quarter as the coronavirus pandemic emptied shopping malls and crushed demand for cars and other exports, bolstering the case for bolder policy action to prevent a deeper rec... More »

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Russia to scrap Cyprus tax deal after talks fail: finance ministry

MOSCOW (Reuters) – Russia’s finance ministry said on Monday it would scrap an agreement with Cyprus aimed at avoiding double taxation after talks to modify the deal failed, and that legal changes would make it more profitable for people to transfer money back ... More »

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Economic pitfalls risk cooling Egypt’s hot money inflows

CAIRO/LONDON/DUBAI (Reuters) – The threat of conflict in Libya, water security worries and a flatlining tourist sector risk upending a nascent rally in Egyptian bonds, bankers and economists say. The North African country has attracted a wave of foreign invest... More »

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EU leaders show first signs of compromise on stimulus plan

BRUSSELS (Reuters) – Signs emerged that leaders of northern European Union countries were willing to compromise on a 1.8 trillion euro ($2 trillion) coronavirus stimulus plan on Monday as talks in Brussels extended to a fourth day. Divided and slow to respond ... More »

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Analysts’ View: EU progress lifts euro, stocks on the defensive

LONDON (Reuters) – EU leaders reported some progress on Monday after three days of haggling over a coronavirus stimulus plan, sending the euro to a four-month high and Italy’s borrowing costs to lows not seen since March. An attempt to reach a compromise faile... More »

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G20 finance officials eye solution to digital tax row this year

WASHINGTON/BERLIN (Reuters) – Finance officials from the Group of 20 major economies on Saturday vowed to resolve major differences over taxing big tech companies and reach a broad, consensus-based solution on international taxation this year. The United State... More »

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Lagarde says ECB expects more grants than loans in EU recovery fund

FRANKFURT (Reuters) – The European Central Bank expects a pending European Union stimulus scheme to favour grants over loans in the funding mechanism it uses to help kick-start the bloc’s economies, bank president Christine Lagarde said on Thursday. Leaders of... More »

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UK government to make Huawei statement on Tuesday

LONDON (Reuters) – British minister Oliver Dowden will make a statement to parliament on Huawei some time after 1130 GMT on Tuesday, the opposition Labour Party said on Twitter. Britain is set to ban Huawei from Britain’s 5G network in a landmark decision that... More »

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EU sees deeper recession, less steep rebound for euro zone

BRUSSELS (Reuters) – The euro zone economy will drop deeper into recession this year and rebound less steeply in 2021 than previously thought, the European Commission forecast on Tuesday, with France, Italy and Spain struggling the most due to the COVID-19 pan... More »

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Don’t forget us! Paris tour guides protest outside Louvre

PARIS (Reuters) – Several dozen Paris tour guides wearing masks and holding Mona Lisa portraits protested outside the Louvre museum on Monday for more support from the government to help them ride out the coronavirus crisis and a dearth of tourists. They gathe... More »

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Fed’s offered flood of credit so far just a trickle in practice

(Reuters) – The Federal Reserve’s promise in the early days of the coronavirus pandemic to flood the U.S. economy with trillions of dollars seemed like the proverbial central bank bazooka. It has been more of a trickle in practice, with activity outside the U.... More »

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Spain, Ireland, Luxembourg vie for Eurogroup leadership

BRUSSELS/MADRID (Reuters) – Finance ministers of Spain, Ireland and Luxembourg are in the running to chair meetings of the powerful Eurogroup of euro zone finance ministers, with euro zone officials saying it is likely to be a close race between the Spanish an... More »

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France’s Macron to visit Dutch PM Rutte to break EU budget impasse

PARIS (Reuters) – Emmanuel Macron will travel to the Netherlands on Tuesday to try to break Dutch Prime Minister Mark Rutte’s resistance to the European Union’s 750 billion euro aid package that the French president wants to see approved at an EU summit in Jul... More »

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Mnuchin will discuss PPP oversight with Congress after criticism

WASHINGTON (Reuters) – U.S. Treasury Secretary Steven Mnuchin said on Monday he would talk to Congress about proper oversight of $660 billion in small business economic relief, after previously resisting calls to reveal who received the funds. Mnuchin tweeted ... More »

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What do new U.S. sanctions mean for Syria?

AMMAN (Reuters) – The toughest U.S. sanctions yet on Syria take effect this week, increasing the pressure on President Bashar al-Assad as he grapples with a deepening economic crisis after a decade of war. Washington says sanctions will help hold Assad and his... More »

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UK says demand for COVID loans hits nearly 35 billion pounds

LONDON (Reuters) – British businesses have borrowed nearly 35 billion pounds ($44 billion) under three emergency credit programmes for companies hit by the coronavirus crisis with demand strongest for a 100% state-backed scheme for the smallest firms. After a ... More »

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S&P revises Japan’s outlook to stable

(Reuters) – S&P Global Ratings said it has revised Japan’s outlook to stable on increased uncertainty around debt stabilization. The ratings agency said stable outlook reflects its view that until fiscal 2023, relatively large fiscal deficits will continue in ... More »

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France nears 1-billion-euro crisis fund for aero suppliers: sources

PARIS (Reuters) – French government and industry officials are negotiating a 1-billion-euro, privately led investment fund for small aerospace suppliers in which major manufacturers could invest 200 million euros, people familiar with the proposals said on Wed... More »

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German economy to shrink by at least 10%: DIHK

BERLIN (Reuters) – Germany’s DIHK chambers of industry and commerce expect Europe’s largest economy to shrink at least 10% this year due to the coronavirus crisis, its president said on Tuesday, a much more pessimistic view than the government’s forecast. “Thi... More »

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China’s delayed parliament to focus on reviving virus-hit economy

BEIJING (Reuters) – After a 78-day delay, China’s parliament begins its annual session this week and is expected to unveil stimulus measures to spur an economy battered by the coronavirus as leaders grapple with problems from surging unemployment to worsening ... More »

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Powell, Mnuchin to face Senate grilling on U.S. coronavirus response

WASHINGTON (Reuters) – The U.S. government’s handling of its massive economic response to the coronavirus pandemic will come under scrutiny on Tuesday as Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell testify before the Senate Bankin... More »

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UK GDP shrinks by record 5.8% in March, harder COVID hit ahead

LONDON (Reuters) – Britain’s economy shrank by a record 5.8% in March as the coronavirus crisis escalated and the government shut down much of the country, according to official data that point towards an even bigger hit to come. The monthly drop in gross dome... More »

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UK should extend part of furlough scheme to end of year: think tank

LONDON (Reuters) – Britain’s government should extend a costly job support programme until the end of the year for retail and hospitality workers hit hardest by the coronavirus, a think tank said on Tuesday, ahead of an expected government announcement. The Re... More »

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White House considers more coronavirus aid as jobs picture worsens

WASHINGTON (Reuters) – The White House has begun informal talks with Republicans and Democrats in Congress about what to include in another round of coronavirus relief legislation, officials said on Sunday, while predicting further U.S. jobs losses in the comi... More »

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Trump may help offset states’ coronavirus costs: Hassett

WASHINGTON (Reuters) – President Donald Trump may be open to further federal funding to help U.S. states recover funds spent battling the novel coronavirus, White House economic adviser Kevin Hassett said on Sunday as Congress weighs another possible economic ... More »

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Spaniards enjoy flowers and haircuts as coronavirus lockdown eases

MADRID (Reuters) – Hairdressers, ironmongers and florists opened for business with restrictions on Monday as Spain began a four-phase plan to reopen by end-June, while the 24-hour death tally from the coronavirus pandemic stayed under 200 for the second day in... More »

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U.S. Republicans push for coronavirus lawsuit immunity for business

WASHINGTON (Reuters) – The top Republicans in the U.S. Congress displayed a united front on Friday in their drive for coronavirus-related liability protections for businesses, saying such measures will be crucial to talks about future relief legislation. Senat... More »

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Japan’s MUFG expects deep recession across GCC countries

DUBAI (Reuters) – Japan’s Mitsubishi UFJ Financial Group Inc (MUFG) (8306.T) expects countries in the six-nation Gulf Cooperation Council (GCC) to be in deep recession this year with overall real GDP contracting 3.7% from a previous growth forecast of 2.9%. Th... More »

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UK airlines want coronavirus wage support scheme extended beyond June

LONDON (Reuters) – Britain’s airlines want the government’s coronavirus wage support scheme to be extended beyond June, maintaining the assistance for longer with a only slow recovery in air travel expected. Airlines UK, the industry’s representative body, wro... More »

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Bank of Japan expands stimulus again as pandemic pain deepens

TOKYO (Reuters) – The Bank of Japan expanded monetary stimulus on Monday and pledged to buy unlimited amount of bonds to keep borrowing costs low as the government tries to spend its way out of the deepening economic pain from the coronavirus pandemic. The mov... More »

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A battle far from over: Five questions for the ECB

LONDON (Reuters) – The European Central Bank meets on Thursday, the ink barely dry on its emergency bond-buying scheme, and markets are already asking what more it will do to help the euro zone economy through the coronavirus crisis. Its emergency stimulus, wh... More »

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Euro zone economy set for deepest recession on record: Reuters poll

BENGALURU (Reuters) – The euro zone economy is already in its deepest recession on record, according to a Reuters poll of economists, who have stuck to a bleak outlook and worry the downturn might be even worse as coronavirus lockdowns across the bloc take the... More »

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Tokyo 2020 asks IOC to remove Abe comment regarding Olympic costs

TOKYO (Reuters) – The Tokyo 2020 Olympic and Paralympic Organising Committee on Tuesday requested that the IOC remove a comment from their website that referred to Japanese Prime Minister Shinzo Abe when discussing the financial impact of postponing the Games.... More »

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Italy PM calls for EU solidarity in support of coronabonds

FRANKFURT (Reuters) – Italian Prime Minister Guiseppe Conte has repeated calls for the European Union to issue common euro zone bonds to demonstrate the bloc’s solidarity in tackling the coronavirus crisis. Conte said in an interview to be published in Germany... More »

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Biden courts Sanders voters with student loan, healthcare policies

(Reuters) – Democratic presidential candidate Joe Biden on Thursday proposed expanding access to Medicare and forgiving some student debt in new overtures to supporters of onetime rival Bernie Sanders. Biden, who became Democrats’ presumptive nominee when Sand... More »

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Key EU states agree coronavirus economic rescue -text of draft deal

BRUSSELS (Reuters) – European Union countries on Thursday evening agreed the emergency credit lines from the euro zone’s bailout fund “will be available until COVID-19 crisis is over”, a draft of their deal read. Afterwards, euro countries should remain commit... More »

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Coronavirus fiscal fallout on U.S. muni issuers worries investors

CHICAGO (Reuters) – Investors in the U.S. municipal bond market are growing increasingly worried over the ability of states, cities and other debt issuers to weather the financial fallout of the COVID-19 pandemic caused by the novel coronavirus. Those concerns... More »

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Saudi king earmarks $2.4 billion to pay private-sector workers

RIYADH (Reuters) – Saudi Arabia’s King Salman has ordered up to 9 billion riyals ($2.4 billion) to be disbursed to pay part of the wages of private-sector workers to deter companies from laying off staff, the state-run Saudi Press Agency reported on Friday. Th... More »