UK exports and business investment help second-quarter GDP growth

Exports and business investment helped the UK economy expand in the second quarter, according to official figures that confirmed a pickup in growth after a sluggish start to the year.

Greek economy grows in second quarter, helped by consumer spending

ATHENS, Aug 28 (Reuters) - Greece's economy grew 0.9 percent in the second quarter, compared with previous flash estimate of 0.8 percent earlier this month, helped by consumer spending and net exports, data showed on Friday.

Central Bank Doves Bring Some Relief to Commodity Bulls for Now

The case for a rebound in commodities from the lowest level in 16 years is getting a little help from central banks.

Once a source of envy, Germany's China exports turn into a risk

BERLIN (Reuters) - Germany's export exposure to China, for years a source of economic strength, is fast turning into a risk that raises questions about the health of other sources of growth in Europe's largest economy.

Greek election confusion raises fresh fears over ability to pay debts

Confusion over the timing of fresh elections in Greece has threatened to jeopardise the prospects for a smooth transition to a new government and the ability of the debt-stricken country to meet the conditions of its €86bn bailout.

China fears, global growth doubts grip markets

Markets are watching for China's next move as signs of a slowdown in the world's second-largest economy stack up, raising expectations it will act to stoke growth.

UK income tax receipts reach surplus in July

A record month for income tax receipts helped the government achieve its first July surplus on the public finances for three years, according to official figures.

Fed Minutes Show Caution in Discussion on Rates

WASHINGTON — Federal Reserve officials are struggling to get comfortable with the persistent sluggishness of price inflation as they move toward raising interest rates later this year.

Greece needs further debt relief after third bailout deal in five years, says IMF chief

Greece needs more significant debt relief from its creditors, the head of the International Monetary Fund said, after the bankrupt country accepted tough conditions to secure its third bailout deal in five years.

Five reasons to be worried about the Chinese economy

It has been a tough year for China. Premier Li Keqiang’s plan to have slower but better balanced growth has run into difficulties and Beijing’s struggle to transform its economic model has prompted fears that the world’s second-biggest economy could be the source of the next global downturn.

German Economy Expands Less Than Forecast as Global Risks Loom

Germany’s economy expanded less than forecast last quarter as turmoil in Greece and a slowdown in China sapped global demand.

Deadly China Port Blast Halts Oil Ships as BHP Ore Disrupted

Shipments of oil and iron ore were disrupted at the northern Chinese port of Tianjin after a blast killed at least 44 people and injured hundreds.

Oil at 6-year low, but OPEC keeps pumping more

The world's biggest oil producers are pumping like there is no tomorrow.

Finland Throws Support Behind Greek Bailout It Says Won’t Work

A third Greek bailout won’t work and will only prolong the difficulties plaguing the euro area, according to Finnish Foreign Minister Timo Soini.

Australia Central Bank Signals Unemployment Has Peaked, Pushes Back Growth Upswing

Australia’s central bank indicated the jobless rate has peaked as signs mount the economy is improving, even as it pushed back forecasts of a growth upswing by a year.

Nigeria Bans Dollar Cash Deposits in Bid to Bolster Naira

Nigeria’s central bank banned banks from taking foreign-currency cash deposits and will boost supply of dollars to money changers this week as it seeks to bolster the currency of Africa’s biggest oil producer and economy.

China now runs 4 of the world's 5 biggest banks

Four of the five largest banks in the world are Chinese, according to SNL Financial's latest global bank rankings.

Puerto Rico's crisis ... in 2 minutes

Puerto Rico has been dubbed "America's Greece." The island is expected to default on its debt for the first time ever on Monday. If you're just catching up, here's the latest on Puerto Rico's crisis and what you need to know. Last updated August 3 at 12 noon ET.

UK interest rate rises - waiting for lift-off

With prominent members of the Bank of England’s monetary policy committee (MPC) – not least the governor – lining up in recent weeks to talk up the prospect of rate rises at some point in the coming months, this week’s meeting has already sparked another burst of speculation about when the first hike in eight years will happen.

Bailout Money Goes to Greece, Only to Flow Out Again

FRANKFURT — The Greek businessman was nervous as he carried a suitcase stuffed with cash through passport control at the Athens airport a few months ago. But the distracted and overworked customs officials waved him through.

Bank of England: Gertjan Vlieghe named as new MPC member

Chancellor George Osborne has announced that Gertjan Vlieghe, a senior economist at hedge fund Brevan Howard, will replace David Miles on the Bank of England’s monetary policy committee.

Will China's slump sink Europe's recovery?

Markets across the region fell sharply on Monday after a horror plunge on China's key indexes. Shares in Germany and France lost more than two percent.

Federal Reserve Accidentally Leaks Secret Documents

WASHINGTON, July 24 (Reuters) - Staff economists at the Federal Reserve expect a quarter-point U.S. interest rate increase this year, according to forecasts the Fed mistakenly published on its website in a gaffe that drew criticism about its ability to keep secrets.

WTO strikes 'landmark' IT trade deal

The World Trade Organisation (WTO) has struck a "landmark" deal to cut tariffs on $1.3 trn (£838bn) worth of technology products.

Bank of Japan Only Imagines Inflation

It's too bad the central banking profession has no Hippocratic oath. If it did, Haruhiko Kuroda would've known better than to harm Japan's reflation regimen by saying prices are about to "accelerate considerably."

Is the government still behind the banking ringfence?

The general election was only10 weeks ago and already the big banks have scored two major lobbying triumphs. In round one, chancellor George Osborne revamped the bank levy in a way that will save HSBC about £700m a year.

Greek banks reopen as Tsipras eyes return to normal

Greeks queued outside banks on Monday as they reopened three weeks after closing to stop the system collapsing, the first cautious sign of a return to normal after a deal to start talks on a new package of bailout reforms.

Emerging Markets Had Biggest Outflow Since 2009, JPMorgan Says

Capital outflows from developing countries reached $120 billion last quarter, the most since 2009, fueled by an exodus from China amid concern over the strength of the country’s economy, according to JPMorgan Chase & Co.

Merkel 'gambling away' Germany's reputation over Greece, says Habermas

Jürgen Habermas, one of the intellectual figureheads of European integration, has launched a withering attack on the German chancellor, Angela Merkel, accusing her of “gambling away” the efforts of previous generations to rebuild the country’s postwar reputation with her hardline stance on Greece.

Iran nuclear talks: 'Historic' agreement struck

World powers have reached a deal with Iran on limiting Iranian nuclear activity in return for the lifting of international economic sanctions.

Paulsen: No clear sailing for markets after Greece

The world has largely focused on the debt crisis in Greece and China's stock crash, but interest rate moves in the United States and Germany are among the most fascinating developments in the market, James Paulsen, Wells Capital Management chief investment strategist, said Monday.

China and Russia Lay Foundation for Massive Economic Cooperation

In the past decade, Beijing and Moscow have been more competitors than partners. But that relationship may now be changing as Russian and Chinese leaders are considering combining their two countries’ regional economic projects — the Eurasian Economic Union and the Silk Road Economic Belt, respectively.

Europe Weighs Greek Proposal as Tsipras Seeks Lawmaker Support

France praised a Greek package of reforms while other nations voiced skepticism, as lawmakers in Athens prepared to debate whether to support Prime Minister Alexis Tsipras’s plan to access a bailout of at least 53.5 billion euros ($60 billion).

BRICS a stabiliser of global economy, says Xinhua

Ufa (Russia), July 8 (IANS) The BRICS group with deepened cooperation will not only serve its five member countries and other developing nations, but also stabilise and even boost the world economy, the official Chinese news agency Xinhua said in a commentary.

Greece's lenders: who has most to lose?

As eurozone leaders meet in another effort to broker a deal between Greece and its creditors, those who have lent to the near-bankrupt country are asking if they will ever get their money back.

Gold Producers See Instant Advantage Should Greece Exit Euro

Gold producers see potential for immediate gains should Greece exit the euro having voted against additional austerity measures.

Iran Talks Breakthrough Seen as UN Expects End to Military Probe

United Nations monitors say they’ll be able to assess the possible military aspects of Iran’s past nuclear program by December, overcoming one of the last remaining hurdles to a deal between world powers and the Islamic Republic.

Tsipras Is Learning From Merkel Who’s the Boss

Alexis Tsipras is flouting the cardinal rule of political survival in Europe: don’t displease Angela Merkel. The German chancellor’s disapproval helped end the political careers of former Italian prime minister Silvio Berlusconi and Greek leader George Papandreou.

Romanian Central Bank to Review Stance After Halting Rate Cuts

Romania’s central bank said it will reassess its monetary-policy stance after government talks over a rainy-day loan broke down with contagion from Greece threatening the financial system.

Greece debt crisis: Global stock markets slide

Stock markets in Europe and the US have fallen after Greece closed its banks and restricted cash withdrawals.

UK tax policy dictated by companies not ministers says leading treasury expert

The UK’s tax policy is effectively dictated by companies and not ministers, according to a leading barrister and adviser to the treasury on its recent “Google tax”.

Some say back to the drachma for a Greek reboot

LONDON, June 26 (Reuters) - Mainstream economic thinking may hold that Greece should stay in the euro zone, but there are those who argue that abandoning the single currency will give the cash-strapped and debt-laden country just the boost it needs.

Israel Shekel World’s Worst Currency After Central Bank Buys

The shekel depreciated the most among a basket of global peers, after the Bank of Israel intervened to beat back the currency’s best three-day rally since March.

Central banks will continue to lift prices for years to come

Even after the Federal Reserve raises interest rates, central banks will continue to play an outsize role in bolstering equity and bond market returns, said Russ Koesterich, global chief investment strategist at BlackRock.

Qatar Vast Gas Reserves 'To Last 138 Years': Report

Doha (AFP) - Qatar's gas reserves are so vast it can maintain production at current rates for another 138 years, according to an official report published on Sunday.

Ukraine offers creditors 'last chance' to reach deal over debt

Ukraine has offered an updated debt restructuring proposal to creditors, its finance minister says, warning that Kiev would halt debt payments if bondholders did not make use of this last chance to clinch a deal in coming talks.

China’s $100 Billion E Fund Plans Offices in New York, London

E Fund Management Co. plans to open offices in New York and London as it seeks to build its brand and promote products overseas.

Bank of America Starts Countdown Clock on Interest Rate Hikes

NEW YORK (TheStreet) -- At times, it seems like speculation on interest-rate hikes have been going on almost as long as the Fed's near-zero interest rate policy.

UK inflation rate turns positive

Transport costs helped the UK's inflation rate turn positive in May after one month of negative inflation. Inflation, as measured by Consumer Prices Index (CPI), rose to 0.1% in May, up from -0.1% in April.

Will Saudi Arabia's stock market attract foreign investors?

For the first time, foreigners can now buy and sell shares in listed companies on the Saudi Arabian stock exchange. It's the last of the grouping of the world's largest economies, the G20, to open up its market to foreigners.

UK construction falls in April but new building rises

Output in the construction industry fell 0.8% in April compared to the previous month, official figures show.

S Korea cuts interest rates to record low amid Mers concerns

South Korea's central bank has cut interest rates to a record low, amid a deadly outbreak of the Middle East Respiratory Syndrome (Mers).

Greek leader seeks party backing as EU warns on cash deal hopes

Greek Prime Minister Alexis Tsipras called on his fractious Syriza party to rally behind the government on Tuesday as time runs critically short to unlock funding from international lenders and avert a debt default.

Carney Holds U.K. Bankers to Account in Conduct Overhau

Mark Carney and George Osborne are making it personal. Seven years after the U.K. bailed out some of its biggest lenders, the Bank of England governor and chancellor of the Exchequer have turned their focus to the behavior of individuals.

G7 leaders urge tough line on Russia at start of summit

Leaders from the Group of Seven (G7) industrial nations backed a tough line toward Moscow at the start of a summit in the Bavarian Alps, with U.S. President Barack Obama urging the gathering to stand up to Russian aggression in Ukraine.

Mideast, Ukraine Crises Likely in G7 Lens

LONDON— Leaders of the Group of Seven industrialized countries convene their annual summit this weekend in Germany, where they are expected to discuss current crises, such as the wars in Iraq, Syria, Yemen and Libya, and long-term issues like climate change and the economy.

Osborne is misleading over cuts needed to balance books, says IFS

The Institute for Fiscal Studies has warned that the government has given a misleading impression of the size of the cuts required for George Osborne to meet his pledge to balance the books over the next three years.

Australia's economy grows faster than expected

Australia's economy grew at a better-than-expected 0.9% in the first quarter of 2015, compared to the previous quarter, boosted by mining together with financial and insurance services.

BOJ's Kuroda says FX should reflect fundamentals

TOKYO, June 2 (Reuters) - Bank of Japan Governor Haruhiko Kuroda said on Tuesday it was important for currency rates to reflect economic fundamentals, and reiterated that central bank policy is aimed at fostering price stability and not to weaken the yen.

Greece may need to default on debts as IMF deadline looms, warns Goldman

Greece may have to default on its debts and impose curbs on bank withdrawals before reaching a deal with its creditors, according to Goldman Sachs, as a crucial payment deadline approaches.

Tax evasion: EU-Switzerland sign deal 'to end banking secrecy'

The EU and Switzerland have signed an agreement that is intended to clamp down on tax evasion, the European Commission has said.

G-7 Finance Officials to Discuss Loose Monetary Policy Risks

Financial chiefs from the Group of Seven nations will discuss policies to achieve sustainable economic growth and fight potential risks from the present loose monetary policy, a German official said Tuesday.

PM must guarantee minimum defence spending, says former RAF head

David Cameron must repair the damage to UK security by guaranteeing a minimum level of defence spending, the former head of the RAF has said.