10 July

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G20 warns of risk to global recovery from virus variants By Reuters

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By Gavin Jones and Leigh Thomas VENICE, Italy (Reuters) -The global economic recovery is at risk from the rise of new coronavirus variants and poor access to vaccines in developing countries, finance ministers of the world's 20 largest economies warned on Saturday The G20 gathering in the Italian city of Venice - the ministers' first face-to-face talks since the start of the pandemic - also endorsed a move to stop multinationals shifting profits to low-tax havens. That paves the way for G20 leaders to finalise a new global minimum corporate tax rate of 15% at a...

10 July

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UK finance minister says nations now need to finalise details of global tax deal By Reuters

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LONDON (Reuters) - British finance minister Rishi Sunak said that nations must now work to finalise the details of a global deal to agree a minimum corporate tax rate, after finance chiefs of the G20 large economies endorsed the plan on Saturday. "We now need to work on finalising the details before our October meeting so that we can indeed bring fairness to the global tax system, and crucially ensure a good deal for British taxpayers," Sunak told reporters on the sidelines of the G20 meeting in Venice. Sunak chaired a meeting of finance...

10 July

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Billionaire Branson set to fly to space aboard Virgin Galactic rocket plane By Reuters

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By Steve Gorman (Reuters) - Decades after burnishing his reputation as a wealthy daredevil mogul in a series of boating and hot-air balloon expeditions, Richard Branson is poised to promote his burgeoning astro-tourism venture by launching himself to the final frontier. Branson's Virgin Galactic Holding Inc is due on Sunday to send the company's passenger rocket plane, the VSS Unity, on its first fully crewed test flight to the edge of space, with the British billionaire founder among the six individuals strapping in for the ride. The gleaming white spaceplane will be borne by a twin-fuselage...

10 July

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Britain carves out exemption for gold clearing banks from Basel III rule By Reuters

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By Peter Hobson LONDON (Reuters) -Banks clearing gold trades in London can apply for an exemption from tighter capital rules due in January 2022, a British regulator said on Friday, removing what some said was a threat to the functioning of the market. London is the world's biggest physical precious metals trading hub. Its clearing system, operated by a handful of large banks with access to metal in vaults - JPMorgan (NYSE:JPM), HSBC, ICBC Standard and UBS - settles gold transactions worth around $30 billion a day. The upcoming rules, known as the net stable funding...

10 July

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World fisheries deal ‘within reach’ but improvements needed, says U.S By Reuters

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By Emma Farge GENEVA (Reuters) - A fisheries deal at the World Trade Organization is "within reach", but members still need to make improvements to the draft agreement, the U.S. Trade Representative's Office said on Friday. Trade ministers gather virtually next week to try and clinch a deal on curbing subsidies that contribute to overfishing after 20 years of discussions. The Geneva-based trade body has not concluded a multilateral trade deal for years and has particularly struggled with fisheries - delegates only agreed on the definition of "fish" last December. "The United States wants...

10 July

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G20 finance chiefs back global tax crackdown -draft By Reuters

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By Francesco Guarascio and Christian Kraemer VENICE (Reuters) -Finance chiefs of the G20 club of large economies have backed a landmark move to stop multinationals shifting profits into low-tax havens and win back hundreds of billions of dollars in lost revenues, a draft communique showed. The agreement at talks in the Italian city of Venice is set to be finalised on Saturday and caps eight years of wrangling over the issue. The aim is for country leaders to give it a final blessing at an October summit in Rome. The pact to establish a minimum global...

10 July

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ECB’s Schnabel says she doesn’t expect ‘excessively high’ inflation By Reuters

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BERLIN (Reuters) - Inflation in the euro zone is unlikely to overshoot and the current increase in price growth driven by the coronavirus pandemic will be temporary, European Central Bank board member Isabel Schnabel was quoted on Saturday as saying. "I am sure that we will not experience any excessively high inflation," Schnabel told the Frankfurter Allgemeine Sonntagszeitung in extracts from an interview released ahead of publication. Schnabel’s comments come a day after the accounts of the ECB's June policy meeting revealed growing concerns among conservative policymakers that the rise in inflation may be more durable...

10 July

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Malaysia, 1MDB seeking more than $5.6 billion in damages from KPMG partners By Reuters

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(Corrects headline and paragraphs 1 and 11 to refer to KPMG partners, not KPMG PLT) By Rozanna Latiff and Liz Lee KUALA LUMPUR (Reuters) -Malaysia's government and state fund 1Malaysia Development Berhad (1MDB) are seeking over $5.6 billion in damages from KPMG partners for alleged breaches and negligence linked to a corruption scandal at the fund, court documents seen by Reuters showed. Audit firm KPMG on Friday denied the allegations and pledged to "vigorously" contest the suit filed against 44 current and former partners and linked to its audit of 1MDB's financial statements between 2010 to...

10 July

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Chinese antitrust regulator blocks Tencent’s $5.3 billion video games merger By Reuters

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HONG KONG (Reuters) -China's market regulator on Saturday said it would block Tencent Holdings Ltd (HK:0700)'s plan to merge the country's top two videogame streaming sites, Huya and DouYu, on antitrust grounds. Tencent first announced plans to merge Huya and DouYu last year in a tie-up designed to streamline its stakes in the firms, which were estimated by data firm MobTech to have an 80% slice of a market worth more than $3 billion and growing fast. Tencent is Huya's biggest shareholder with 36.9% and also owns over a third of DouYu, with both firms listed...

10 July

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Morrisons bonds hit by takeover talk as credit downgrade looms By Reuters

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By Abhinav Ramnarayan and Yoruk Bahceli LONDON (Reuters) - Bonds issued by British supermarket chain Morrisons extended losses on Friday as the prospect of a debt-fuelled takeover by a private equity firm raised the possibility of a rating downgrade into junk territory. London-listed Morrisons agreed a takeover bid by SoftBank owned Fortress Investment Group, valuing Britain's fourth-largest supermarket chain at 6.3 billion pounds ($8.7 billion). Such private equity takeovers tend to be done using leveraged buyouts, funded by debt that has to be paid back by the target company rather than the buyer. Morrisons bonds...

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News

G20 warns of risk to global recovery from virus variants By Reuters

UK finance minister says nations now need to finalise details of global tax deal By Reuters

Billionaire Branson set to fly to space aboard Virgin Galactic rocket plane By Reuters

Britain carves out exemption for gold clearing banks from Basel III rule By Reuters

World fisheries deal ‘within reach’ but improvements needed, says U.S By Reuters

G20 finance chiefs back global tax crackdown -draft By Reuters

ECB’s Schnabel says she doesn’t expect ‘excessively high’ inflation By Reuters

Malaysia, 1MDB seeking more than $5.6 billion in damages from KPMG partners By Reuters

Chinese antitrust regulator blocks Tencent’s $5.3 billion video games merger By Reuters

Morrisons bonds hit by takeover talk as credit downgrade looms By Reuters

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