Economy

Finland's central bank governor Rehn in Helsinki
Finland’s central bank governor Olli Rehn in Helsinki, Finland July 17, 2018. REUTERS/Ints Kalnins

May 25, 2019

By Anne Kauranen

HELSINKI (Reuters) – European Central Bank presidential hopeful Olli Rehn spelled out the challenges facing Mario Draghi’s successor in an interview published on Saturday, but declined to comment on the process.

The ECB rate setter and Bank of Finland chief has been tipped as a potential successor to Draghi when the ECB president leaves on Oct. 31, but the process is steeped in secrecy.

“I trust that EU decision makers will find a person for the job who will be able to manage it even through tight spots which will also come,” Rehn was quoted as saying by Finland’s Helsingin Sanomat newspaper.

Replacing Draghi, who famously pledged in 2012 to do “whatever it takes” to save the euro, has left markets anxiously awaiting news of his successor.

“The governor has to be both qualified in monetary and financial policy as well as capable of team play,” Rehn said, while declining to comment on the deliberations.

Rehn’s previous posts include Finnish minister for economic affairs as well as a decade working as a European commissioner overseeing the bloc’s enlargement as well as economic policy.

In March, a Reuters poll of economists found that while French ECB board member Benoit Coeure was considered best-suited for the top job, the most likely compromise candidate was Rehn’s compatriot Erkki Liikanen, a former Finnish central bank chief.

When asked who was the most likely to win, well over a third named Liikanen, with the remainder almost equally split between Coeure, Rehn, French central bank chief Francois Villeroy de Galhau and Bundesbank chief Jens Weidmann.

In the newspaper interview, Rehn paraphrased former England soccer player Gary Lineker’s line that, in the end, the Germans always win, although no German has so far held the top ECB job.

“It’s good to remember that even Germany can be beaten. You can ask Antonin Panenka about it,” Rehn added, referring to the former Czech footballer who scored the winning goal against West Germany in the 1976 final of soccer’s European Championships.

The goal? A softly chipped penalty in the middle of the net as the goalkeeper dived to one side.

(Writing by Terje Solsvik; Editing by Alexander Smith)

Source: OANN

Illustration photo of a China yuan note
A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration

May 25, 2019

BEIJING (Reuters) – China’s banking and insurance regulator on Saturday said it did not expect a persistent decline in the yuan and warned speculative short sellers they would suffer “heavy losses” if they bet against the currency.

Xiao Yuanqi, the spokesman for the China Banking and Insurance Regulatory Commission (CBIRC), also said Beijing must look out for hot money moving in and out of the country, as well as large amounts of capital flowing into the frothy real estate market.

The yuan has lost more than 2.5% against the dollar since the festering China-U.S. trade dispute intensified earlier this month. It is now less than 0.1 yuan away from the 7-per-dollar level authorities have in the past indicated as a floor.

Xiao was speaking on behalf of Guo Shuqing, CBIRC’s chairman, at a finance forum in Beijing.

(Reporting by Cheng Leng and Ryan Woo; Writing by Yawen Chen; Editing by Sam Holmes)

Source: OANN

Illustration photo of a China yuan note
A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration

May 25, 2019

BEIJING (Reuters) – China’s banking and insurance regulator on Saturday said it did not expect a persistent decline in the yuan and warned speculative short sellers they would suffer “heavy losses” if they bet against the currency.

Xiao Yuanqi, the spokesman for the China Banking and Insurance Regulatory Commission (CBIRC), also said Beijing must look out for hot money moving in and out of the country, as well as large amounts of capital flowing into the frothy real estate market.

The yuan has lost more than 2.5% against the dollar since the festering China-U.S. trade dispute intensified earlier this month. It is now less than 0.1 yuan away from the 7-per-dollar level authorities have in the past indicated as a floor.

Xiao was speaking on behalf of Guo Shuqing, CBIRC’s chairman, at a finance forum in Beijing.

(Reporting by Cheng Leng and Ryan Woo; Writing by Yawen Chen; Editing by Sam Holmes)

Source: OANN

Illustration photo of a China yuan note
A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration

May 25, 2019

BEIJING (Reuters) – China’s banking and insurance regulator on Saturday said it did not expect a persistent decline in the yuan and warned speculative short sellers they would suffer “heavy losses” if they bet against the currency.

Xiao Yuanqi, the spokesman for the China Banking and Insurance Regulatory Commission (CBIRC), also said Beijing must look out for hot money moving in and out of the country, as well as large amounts of capital flowing into the frothy real estate market.

The yuan has lost more than 2.5% against the dollar since the festering China-U.S. trade dispute intensified earlier this month. It is now less than 0.1 yuan away from the 7-per-dollar level authorities have in the past indicated as a floor.

Xiao was speaking on behalf of Guo Shuqing, CBIRC’s chairman, at a finance forum in Beijing.

(Reporting by Cheng Leng and Ryan Woo; Writing by Yawen Chen; Editing by Sam Holmes)

Source: OANN

FILE PHOTO: Smoke rises from a fire burning at the Intercontinental Terminals Company in Deer Park, east of Houston
FILE PHOTO: Smoke rises from a fire burning at the Intercontinental Terminals Company in Deer Park, east of Houston, Texas, U.S., March 18, 2019. REUTERS/Loren Elliott/File Photo

May 24, 2019

HOUSTON (Reuters) – Mitsui & Co Ltd’s Intercontinental Terminals Co (ITC) has begun evaluating and paying claims to Houston area residents who missed work or incurred medical expenses following a March fire at its petrochemical storage facility, the company said on Friday.

A three-day blaze at ITC’s tank farm in Deer Park, Texas, released toxic chemicals into the air and the nearby waterway that connects Houston to the Gulf of Mexico, halting traffic in the nation’s busiest oil port.

Houston area residents with health claims could receive up to $750 and those who missed work because of travel restrictions related to the fire could receive up to $500, ITC said.

The process requires claimants to provide medical records or a signed letter from their employer, among other documentation, including a “sworn statement that they were present in Deer Park during the incident,” ITC said.

ITC did not immediately respond to a request for comment.

(Reporting by Collin Eaton in Houston; Editing by Sonya Hepinstall)

Source: OANN

FILE PHOTO: Butchers cut up chickens in a butcher shop in downtown Mexico City
FILE PHOTO: Butchers cut up chickens in a butcher shop in downtown Mexico City, Mexico, July 27, 2017. REUTERS/Edgard Garrido

May 24, 2019

MEXICO CITY (Reuters) – The Mexican government increased its tariff-free chicken import quota by 55,000 tons on Friday due to crimped domestic production amid avian flu outbreaks.

The announcement was made in the Mexican government’s official gazette, which cited confirmed cases of avian flu in about two-thirds of the country’s states.

While boosting overall imports, Mexico also banned chicken product imports from several U.S. counties, citing a reported outbreak of Newcastle disease.

“In order to avoid a shortage … it is advisable to keep external supply options open and expand the quota amount for imports of fresh, refrigerated and frozen chicken meat,” the economy ministry said in the official gazette.

The United States has traditionally been Mexico’s biggest foreign chicken supplier.

Under the new quota, buyers can import fresh, refrigerated or frozen chicken meat, including legs and thighs, which are especially in high demand by Mexican consumers.

(Reporting by Adriana Barrera; Editing by Tom Brown)

Source: OANN

FILE PHOTO: Butchers cut up chickens in a butcher shop in downtown Mexico City
FILE PHOTO: Butchers cut up chickens in a butcher shop in downtown Mexico City, Mexico, July 27, 2017. REUTERS/Edgard Garrido

May 24, 2019

MEXICO CITY (Reuters) – The Mexican government increased its tariff-free chicken import quota by 55,000 tons on Friday due to crimped domestic production amid avian flu outbreaks.

The announcement was made in the Mexican government’s official gazette, which cited confirmed cases of avian flu in about two-thirds of the country’s states.

While boosting overall imports, Mexico also banned chicken product imports from several U.S. counties, citing a reported outbreak of Newcastle disease.

“In order to avoid a shortage … it is advisable to keep external supply options open and expand the quota amount for imports of fresh, refrigerated and frozen chicken meat,” the economy ministry said in the official gazette.

The United States has traditionally been Mexico’s biggest foreign chicken supplier.

Under the new quota, buyers can import fresh, refrigerated or frozen chicken meat, including legs and thighs, which are especially in high demand by Mexican consumers.

(Reporting by Adriana Barrera; Editing by Tom Brown)

Source: OANN

FILE PHOTO: An Airbus A318 airplane of Avianca Brazil flies over the Guanabara Bay as it prepares to land at Santos Dumont airport in Rio de Janeiro
FILE PHOTO: An Airbus A318-100 airplane of Avianca Brazil flies over the Guanabara Bay as it prepares to land at Santos Dumont airport in Rio de Janeiro, Brazil, April 3, 2019. REUTERS/Sergio Moraes/File Photo

May 24, 2019

SAO PAULO (Reuters) – Brazil’s civil aviation regulator ANAC said on Friday it had suspended the operations of carrier Avianca Brasil in the country, including all remaining flights, as a precautionary measure.

“All the flights are suspended until the company proves it has the capacity to maintain operations safely,” ANAC said in a statement.

Avianca Brasil has filed for bankruptcy protection and lost most of its fleet after lessors obtained favorable court decisions to take aircraft back for lack of payments. It is still trying to reach a deal to sell remaining assets.

The carrier was operating around 30 flights per day using the planes it had left.

ANAC said, without elaborating, that it took the decision after receiving information regarding the operational safety of Avianca Brasil flights.

Avianca Brasil’s press office said the company would comment on the ANAC measure later on Friday.

The regulator said passengers who had flights booked with Avianca Brasil in the coming days should not go to airports, and should instead contact the company about arranging refunds or flights from other carriers.

(Reporting by Marcelo Teixeira; Editing by Tom Brown)

Source: OANN

FILE PHOTO: An Airbus A318 airplane of Avianca Brazil flies over the Guanabara Bay as it prepares to land at Santos Dumont airport in Rio de Janeiro
FILE PHOTO: An Airbus A318-100 airplane of Avianca Brazil flies over the Guanabara Bay as it prepares to land at Santos Dumont airport in Rio de Janeiro, Brazil, April 3, 2019. REUTERS/Sergio Moraes/File Photo

May 24, 2019

SAO PAULO (Reuters) – Brazil’s civil aviation regulator ANAC said on Friday it had suspended the operations of carrier Avianca Brasil in the country, including all remaining flights, as a precautionary measure.

“All the flights are suspended until the company proves it has the capacity to maintain operations safely,” ANAC said in a statement.

Avianca Brasil has filed for bankruptcy protection and lost most of its fleet after lessors obtained favorable court decisions to take aircraft back for lack of payments. It is still trying to reach a deal to sell remaining assets.

The carrier was operating around 30 flights per day using the planes it had left.

ANAC said, without elaborating, that it took the decision after receiving information regarding the operational safety of Avianca Brasil flights.

Avianca Brasil’s press office said the company would comment on the ANAC measure later on Friday.

The regulator said passengers who had flights booked with Avianca Brasil in the coming days should not go to airports, and should instead contact the company about arranging refunds or flights from other carriers.

(Reporting by Marcelo Teixeira; Editing by Tom Brown)

Source: OANN

FILE PHOTO: People pass by the NYSE in the financial district of New York
FILE PHOTO: People pass by the New York Stock Exchange (NYSE) in the financial district in the lower Manhattan borough of New York City, U.S. June 2, 2016. REUTERS/Brendan McDermid/File Photo

May 24, 2019

NEW YORK (Reuters) – J.P. Morgan on Friday more halved its previous estimate on U.S. economic growth in second quarter to 1.00% following data that showed a fall in durable goods orders in April.

The bank now sees it as basically a coin toss for the Federal Reserve to raise or cut interest rates, compared with its previous call for just a rate increase.

“We had previously expected the next move from the Fed would be a hike, albeit at the very end of our forecast horizon in late 2020,” J.P. Morgan economist Michael Feroli wrote in a research note. “We now see the risks of the next move as about evenly distributed between a hike and a cut.”

(Reporting by Richard Leong; Editing by Bill Trott)

Source: OANN


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