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Updated: 1 year 4 weeks ago

Fewer Britons visit shops after EU referendum - BRC

Mon, 07/18/2016 - 02:14

Shoppers are reflected in a store window as they pass sales advertisements on Oxford Street in London, BritainRetail footfall across Britain was 2.8 percent lower than a year earlier in the five weeks from May 29 to July 2. This was the sharpest decline since February 2014 and down from a 0.3 percent increase in May, a survey from the British Retail Consortium (BRC) showed on Monday. "The results are shaped by a political and economic storm against a backdrop of rain downpours and generally inclement weather throughout the whole month," said Diane Wehrle, marketing director at Springboard, a retail data company that sponsors the survey.


South Africa's rand bounces as emerging markets shake off Turkey coup worries

Mon, 07/18/2016 - 02:05

A street money changer counts South African Rands in HarareJOHANNESBURG (Reuters) - South Africa's rand gained nearly two percent early on Monday as emerging markets set aside concerns about a failed coup in Turkey over the weekend and investor focus shifting back to the timing of rate hike in the United States. * Rand at 14.2900 at 0645 GMT, 1.85 percent firmer than New York close. The rand trended firmer for most of the previous week as investors globally favoured high yield assets. * Risk appetite could drop later in week after strong economic data from United States suggest higher interest rates soon. ...


Engulfed by doubt, top UK firms shelve spending plans after EU vote - Deloitte

Mon, 07/18/2016 - 02:01

The Canary Wharf financial district is seen at dusk in east LondonBritain's biggest companies are beset by doubts about the future after last month's vote to leave the European Union and have slashed their investment plans, according to a survey on Monday that bodes poorly for the economy. Some 82 percent of chief financial officers from FTSE 350 and large private companies expect to cut capital spending in the next year, the biggest proportion on record and up from 34 percent in the first quarter, accountancy firm Deloitte said. While the British central bank unexpectedly left interest rates on hold last week, its chief economist Andy Haldane said a "material easing" of policy would be needed next month to help cushion the expected slowdown.


Turkish deputy PM says coup attempt's impact on economy short-lived

Mon, 07/18/2016 - 00:53
ANKARA (Reuters) - The Turkish economy will not suffer permanently from Friday's failed coup attempt despite a short-lived, downward impact on growth, Deputy Prime Minister Mehmet Simsek said on Monday. Simsek said Turkey's macroeconomic fundamentals were solid and the government would swiftly shift its focus back to carrying out structural reforms. (Reporting by Ece Toksabay; Editing by Nick Macfie)

Japanese firms' succession problem is a boon for private equity dealmakers

Sun, 07/17/2016 - 22:17

Passersby walk in front of video monitors announcing the Carlyle Group's listing on the NASDAQ market site in New York's Times Square after the opening bell for tradingJapan's aging population may be bad for the economy but it is giving dealmakers a break. As more owners of small and medium-sized businesses reach their golden years without grooming a successor, some are turning to private equity firms for capital and management expertise.


Turkey widens crackdown on military, judiciary after failed coup

Sun, 07/17/2016 - 11:32

Turkish President Erdogan speaks to the crowd following a funeral service for victims of the thwarted coup in IstanbulBy Nick Tattersall and Dasha Afanasieva ISTANBUL/ANKARA (Reuters) - Turkey widened a crackdown on suspected supporters of a failed military coup on Sunday, taking the number of people rounded up in the armed forces and judiciary to 6,000, and the government said it was in full control of the country and economy. Overnight, supporters of President Tayyip Erdogan rallied in public squares, at Istanbul airport and outside his palace in a show of defiance after the coup attempt. With expectations growing of heavy measures against dissent, European politicians warned Erdogan that the coup attempt did not give him a blank cheque to disregard the rule of law, and that he risked isolating himself internationally as he strengthens his position at home.


Turkey coup impact seen limited but instability fear remains

Sun, 07/17/2016 - 11:17

A man shelters under an umbrella as he walks past the London Stock ExchangeTurkey's failed military coup may prompt some flight to safe-haven assets on Monday but there will only be a more serious longer-term impact for investors if instability persists in the strategically important emerging market. Turkey's government said on Sunday it was in full control of the country and economy. The authorities rounded up nearly 3,000 suspected military plotters and the same number of judges and prosecutors after forces loyal to President Tayyip Erdogan crushed the coup, in which at least 290 people were killed.


German airlines, tour operators resume holiday flights to Turkey

Sun, 07/17/2016 - 09:32
Lufthansa and tour operators Thomas Cook AG and TUI resumed flights from Germany to Turkey on Sunday, where 200,000 Germans are on summer holiday, following the failed coup against President Tayyip Erdogan. Turkey widened a crackdown on suspected supporters of the military coup attempt, taking the number of people rounded up in the armed forces and judiciary to 6,000, and the government said it was in full control of the country and economy. Lufthansa has resumed flying to Istanbul, Ankara, Izmir and Bodrum, the company said on Sunday.

Attack on Nice deals blow to France's crucial tourism industry

Sun, 07/17/2016 - 09:30

Mounted French police patrol to maintain security as tourists with suitcases walk near after the Bastille Day truck attack by a driver who ran into a crowd killing scores and injuring as many on the Promenade des Anglais, in NiceBy Michel Rose and Tom Bergin PARIS/NICE, France (Reuters) - The carnage on Nice's famed seaside boulevard as the summer season got into full swing has sent shockwaves through France's tourism industry, a vital sector for the economy of the world's most-visited country. With tourism accounting for 7-8 percent of the eurozone's No. 2 economy, last week's truck attack on the French Riviera deals a new blow to an industry that had yet to recover fully from the bloody assaults in Paris in January and November last year, which were also claimed by Islamic State. "France has been projecting very violent images to the outside world for 18 months now," Vanguelis Panayotis, managing director of the MKG tourism consultancy, told Reuters.


Despite reform, Saudi 'guardianship' still restricts women: HRW

Sun, 07/17/2016 - 06:38

Saudi women arrive to attend Janadriyah Culture Festival on the outskirts of RiyadhBy Tom Finn DOHA (Reuters) - Saudi Arabian laws requiring women to have male guardians have been reformed in recent years but continue to restrict and endanger them, obstructing government plans to reform the economy, U.S.-based Human Rights Watch says in a report. The report drew criticism on Sunday from a government rights official, who said the system was designed to protect and help women, and was less restrictive than portrayed by HRW. Women in Saudi Arabia must usually obtain permission from a guardian - father, husband, or son - to travel, study or marry.


Draghi to ask governments to chip in to counter Brexit fallout

Sun, 07/17/2016 - 03:17

European Union flags flutter outside the headquarters of ECB in FrankfurtBy Francesco Canepa FRANKFURT (Reuters) - European Central Bank President Mario Draghi is likely to plead for governments to do more to boost the euro zone's economy in the coming week as the fallout of Britain's vote to leave the EU and weaker global growth threaten the bloc's fragile recovery. Governments in China, Japan and Britain have already started easing their fiscal stance or hinted at plans to do so as sub-par global growth and inflation show that central banks' ultra-easy monetary policy has run up against its limit. The ECB is not expected to change its monetary stance on Thursday, its last meeting before an eight-week summer break.


Nigeria's cbank governor flies out to woo British, U.S. investors

Sat, 07/16/2016 - 02:51

Central Bank Governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in AbujaNigeria's central bank governor flew to Britain and the United States this week to try to lure back investors scared off by the plunge in oil prices and resulting financial turmoil, a central bank official said on Friday. The central bank last month bowed to foreign pressure to remove the 16-month-old 197-per-dollar peg on the naira it had brought in to try and control its fall as crude prices plummetted. Investors welcomed the move but many said they were still steering clear until Africa's biggest economy shows signs of concrete recovery.


Wall Street ends flat but futures slip after Turkey coup reports

Fri, 07/15/2016 - 19:42

Traders work on the floor of the NYSEThe Dow industrials ended at a record high on Friday and major indexes closed a third consecutive week of gains as upbeat economic data and the start of earnings season gave investors confidence. "U.S. (Treasury) yields have fallen, the Turkish lira plummeted, gold is up, you could call it a textbook response to this kind of situation," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. S&P 500 e-mini futures hit a session low down 0.65 percent after the reports, but pared the loss and were down 0.5 percent.


European shares slip; safe-havens gain on attempted Turkish coup

Fri, 07/15/2016 - 17:01

People walk through the lobby of the London Stock Exchange in LondonBy Sam Forgione NEW YORK (Reuters) - European shares edged lower on Friday after at least 84 people died in an attack in France and U.S. stocks dipped from record peaks, while benchmark U.S. Treasury yields eased off three-week highs after the close of U.S. stock markets as Turkey's military said it had seized power. Shares of European travel and leisure companies fell, weighing on the region's stock markets, after the attack in the city of Nice, which also injured scores of people. The benchmark S&P 500 and Dow Jones industrial average stock indexes edged up to fresh record intraday highs on stronger-than-expected June retail sales data before trading mostly flat, with financials weighing after disappointing results from big banks.


Wall St. ends flat but futures slip after Turkey coup reports

Fri, 07/15/2016 - 16:46

Traders work on the floor of the NYSEThe Dow industrials ended at a record high on Friday and major indexes closed a third consecutive week of gains as upbeat economic data and the start of earnings season gave investors confidence. "U.S. (Treasury) yields have fallen, the Turkish lira plummeted, gold is up, you could call it a textbook response to this kind of situation," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. S&P 500 e-mini futures hit a session low down 0.65 percent after the reports, but pared the loss and were down 0.5 percent.


Oil up, notches weekly gain on improved demand outlook

Fri, 07/15/2016 - 16:04

Natural gas flares are seen at an oil pump site outside of WillistonBy Barani Krishnan and Devika Krishna Kumar NEW YORK (Reuters) - Oil prices rose slightly on Friday, ending the week higher, after data from top energy consumers the United States and China boosted the oil demand outlook. Crude prices touched session highs after data showed U.S. retail sales rose more than expected in June as Americans bought motor vehicles and a variety of other goods, reinforcing views of steady economic growth in the second quarter. "I still think oil prices are more likely to head significantly higher than significantly lower from current levels in the next several months as the market is likely to tighten further." Brent crude futures closed up 24 cents, or 0.5 percent, at $47.61.


Fed policymakers debating causes of low U.S. growth, Kashkari says

Fri, 07/15/2016 - 15:09
Federal Reserve policymakers are "debating internally" over the causes of an apparent downshift in potential U.S. growth, a top Fed policymaker said on Friday, adding that his own view is that it is because of a drop in productivity. "I am more sympathetic to Robert Gordon than I am to Larry Summers," Minneapolis Fed President Neel Kashkari told reporters on the sidelines of a conference in St. Louis, referring to two university professors who have offered competing explanations for why the U.S. economy appears to be stuck in a period of slow growth. Northwestern professor Gordon's view is that U.S. growth is slow because of a drop in innovation that has stunted productivity growth permanently.

Fed's Lockhart: Don't count on quick 'return to normal'

Fri, 07/15/2016 - 14:42

Dennis Lockhart, President of the Federal Reserve Bank of Atlanta, arrives at the opening reception of the Jackson Hole Economic Policy SymposiumDennis Lockhart became president of the Federal Reserve Bank of Atlanta in early 2007, with the economy still enjoying the steady growth and low unemployment of the "great moderation" and the U.S. central bank confident it could keep that rolling. Nearly a decade later the Fed has had to trash its playbook in the wake of a severe financial crisis, rethink how the economy works, and come to grips with a world where even the most powerful central bank does not so much set policy as get dragged towards it. If the hope is for a return to "normal" – the old days when central bankers refereed a well-defined trade-off between inflation and unemployment – it is not likely to happen soon, Lockhart told Reuters.


Low rates drag on Citigroup, Wells Fargo earnings

Fri, 07/15/2016 - 13:52

Citigroup's second-quarter net income fell 17.5 percent from a year ago to $4.0 billion and revenues were $17.6 billion, down 9.9 percentCitigroup and Wells Fargo signaled Friday that Britain's decision to exit the European Union will not significantly hit the US economy, but could extend earnings pressure from low interest rates. Britain's surprise Brexit vote in June is expected to delay the US Federal Reserve's time-frame for tightening monetary policy and to spur more stimulus from other major central banks. "Our basic view towards rates in the last several months certainly has been lower for longer, and I think that continues," said Citigroup chief financial officer John Gerspach.


Fed's Bullard sees upside risks to call for one rate hike in 2016

Fri, 07/15/2016 - 13:35
St. Louis Fed President James Bullard said on Friday there are "upside" risks to his view that the U.S. central bank should raise interest rates just once this year and remain on hold in 2017 and 2018. In a presentation to the Official Monetary and Financial Institutions Forum, Bullard said his baseline is for the U.S. economy to continue to grow slowly at just 2 percent a year, unemployment to be around 4.7 percent and inflation to be at the Fed's 2 percent target.

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