China launches new AIIB development bank as power balance shifts
BEIJING (Reuters) – Chinese President Xi Jinping launched a new international development bank seen as a rival to the U.S.-led World Bank at a lavish ceremony on Saturday, as Beijing seeks to change the unwritten rules of global development finance.
Bond King musical chairs: Gundlach replaces Gross on Barron’s Roundtable
NEW YORK – In recent years, bond investor Jeffrey Gundlach has been outperforming his rival Bill Gross. He has even been dubbed the “Bond King” by the media – a title Gross has held for many years. Now, Gundlach has replaced Gross on a high-profile inv…
Banks give back China investment quotas as clients bypass the middlemen
HONG KONG (Reuters) – Global banks have started to hand back investment quotas used to buy Chinese stocks and bonds because alternative channels for investment in China and the sliding yuan are making this once lucrative business unprofitable.
Renault to face French emissions commission on Monday – Les Echos
PARIS (Reuters) – Officials from French carmaker Renault, whose offices were searched last week in a probe into vehicle emissions, will appear on Monday before a commission looking at whether carmakers have broken emissions rules, Les Echos newspaper r…
EU fruit growers look to U.S. market to offset Russian sanctions
BRUSSELS (Reuters) – European fruit growers could be able to export apples and pears to the United States later this year, the EU executive said on Saturday, following the publication of new U.S. rules.
Iraq’s southern oil exports running at 3.3 million bpd, unaffected by clashes
BASRA, Iraq (Reuters) – Iraq’s exports from its southern region have been running at an average daily rate of 3.297 million barrels per day (bpd) so far this month, higher than December’s average and unaffected by tribal clashes, an oil company executi…
China’s economy grew by around 7 percent in 2015, services made up half of GDP – Premier
BEIJING (Reuters) – China’s gross domestic product (GDP) totaled more than $10 trillion in 2015 and the economy grew by around 7 percent, with the services sector accounting for half of GDP, Premier Li Keqiang said on Saturday.
China has no intention to boost exports with yuan devaluation: Premier
SHANGHAI (Reuters) – China does not intend to use a cheaper yuan as a way to boost exports and has the tools to keep the currency stable, Chinese Premier Li Keqiang said in a meeting with the president of the European Bank for Reconstruction and Develo…
China securities regulator pledges to strengthen oversight amid ‘abnormal’ volatility
SHANGHAI (Reuters) – China’s stock market is immature and the government will take more measures to improve supervision following the latest bout of extraordinary volatility, the head of China Securities Regulatory Commission (CSRC) said on Saturday.
Fundamentals could resurface after wrenching sell-off
NEW YORK (Reuters) – The dramatic sell-off on Wall Street through most of the past two weeks could signal a capitulation-type blowout, giving fundamentals the upper hand for the next week.
