The US economy's second quarter went from solid to stellar

WASHINGTON (AP) -- The U.S. economy staged a far bigger rebound last quarter than first thought, outpacing the rest of the developed world and bolstering confidence that it will remain sturdy in coming months despite global headwinds.

Second-quarter UK growth steady at 0.7%

UK economic growth for the second quarter of the year was unrevised at 0.7%, official figures have shown.

Pound Gains Versus Euro as Focus Turns to Central-Bank Policy

The pound posted its longest run of gains in three weeks against the euro as investors focused on central-bank monetary policy for clues on the U.K. currency’s future path.

Market turmoil makes September rate hike 'less compelling': Fed's Dudley

NEW YORK (Reuters) - An interest rate hike next month seems less appropriate given the threat posed to the U.S. economy by recent global market turmoil, an influential Federal Reserve official said on Wednesday.

Will China's slowdown make us poorer?

There has never been an economic story like China's - consistent rises in national income for 30 years at an annual rate of 10%, hundreds of millions of Chinese people lifted out of poverty, and expansion that took it from almost nowhere to become the world's second biggest economy, contributing 15% of global GDP and 25% of global GDP growth.

Central Europe Dodges Currency Selloff After China Stocks Plunge

Central and Eastern Europe’s currencies held their ground against the euro even as their emerging-market peers tumbled amid a China-led global equity rout.

Dollar Falls as Investors Confront Fed Reality Amid Global Rout

Dollar bulls are having a reality-check moment as the Federal Reserve keeps traders guessing about when it will raise interest rates.

Scottish economic growth 'longest since 2001'

Scotland's economy has seen its longest period of uninterrupted growth since 2001, according to the Scottish government's chief economist.

South Africa Sends Wrong Message to Business, Banking Group Says

South Africa’s government isn’t doing enough to promote business and encourage investment, undermining efforts to grow the economy and create jobs, the head of the country’s banking association said.

China policymakers may lose control of yuan: Trader

China may be just one disappointing economic report away from losing control of its currency devaluation, BK Asset Management's Boris Schlossberg said Friday.

Dollar Climbs as Retail Sales Add to China’s Yuan-Support Signal

The dollar strengthened as a rebound in retail sales and Chinese reassurances on the pace of yuan devaluation supported the case for higher U.S. interest rates.

Greece debt crisis: Varoufakis says bailout 'won't work'

Former Greek finance minister Yanis Varoufakis has said the latest Greek bailout deal "is not going to work". Mr Varoufakis, speaking on the BBC's World at One, said that others negotiators in Tuesday's agreement felt the same way.

Chinese yuan: everything depends on what happens next

China’s weakening of the yuan by 1.9% is an event that, in a year’s time, will be seen either as an irrelevance or a major turning point for the global economy.

RBS executives set for multimillion-pound payouts

Royal Bank of Scotland is preparing to hand out shares worth an estimated £2.5m to its 10-strong management team.

Pakistan economy to grow to 4.5% this year: IMF

The IMF on Friday forecast Pakistan's country's economy to increase to 4.5% this fiscal, citing macroeconomic stability, low global oil prices, planned improvements in the domestic energy supply and investment related to the China-Pak Economic Corridor.

UK services growth slips in July as employment hits 16-month low

British services companies grew less than expected last month as hiring eased to its slowest pace since March 2014, suggesting the economic recovery weakened at the start of the second half of this year.

China to the Rescue? Struggling Emerging Markets Hope So

It’s not just China’s steelmakers and cement-mixers that are counting on new public spending to resuscitate growth.

Greek shares plunge on first day of market reopen

The main Athens stock index, the Athex, ended the day down by 16.23% as trading resumed after a five-week closure.

Interest rates: economists and homeowners brace for Super Thursday

Britain’s mortgage borrowers will be warned this week to brace themselves for higher interest rates on what City of London traders have dubbed “Super Thursday”.

Why RBI is worried about India’s financial sector

India’s economy—and its industries—are ever evolving. This is especially true for the financial sector, which is still in a nascent stage in many ways.

Greece's secret plan to hack its own tax system

Greece's former finance minister was ready to hack into the country's tax collection system as part of contingency planning for a possible exit from the euro.

Tough times strike Saudi Arabia's millionaires

Turmoil in the Middle East, an unimpressive international stock market debut and tumbling oil prices will hit the wealth of Saudi Arabia's richest in years to come, according to a new report from WealthInsight.

Greece Awaits Troika’s Return As August ECB Payment Looms

Greece’s cash-strapped government is racing to meet another deadline as it tries to finalize a new bailout agreement before a payment on bonds held by the European Central Bank comes due on Aug. 20.

Asia Currencies Decline as Chinese Data Compounds Growth Concern

Asian currencies extended the week’s loss as a gauge of Chinese manufacturing fell to a 15-month low, adding to concern that the region’s growth is slowing.

Opinion: Here’s the real reason the Fed wants to raise rates

Federal Reserve policy makers are hoping, even praying, that no unexpected domestic development or international crisis intervenes to prevent them from taking the first baby step to normalize interest rates at the Sept.16-17 meeting.

Greek banks face stress tests at the worst time

Plenty of dangers lie in wait for Greek banks. Already short of cash, they may need lots more when stress tests of their solvency are carried out in a month or two.

Support for Japanese leader Abe drops after security bills

TOKYO (AP) — Public support for Japanese Prime Minister Shinzo Abe has dropped sharply after his government pushed through highly contentious legislation last week to expand the role of the military.

France’s Hollande Proposes Creation of Euro-Zone Government

French President Francois Hollande said that the 19 countries using the euro need their own government complete with a budget and parliament to cooperate better and overcome the Greek crisis.

ECB agrees to more emergency loans for Greek banks

The Greek bank rescue mission is finally underway, but it is coming slowly. In a surprise announcement on Thursday, European Central Bank president Mario Draghi announced that the Greek banks would receive an additional €900-million ($1.27-billion) in emergency liquidity assistance (ELA) loans over one week.

Back to zero inflation: falling food and clothing prices drag rate back to 0%

Summer clothing discounts pulled UK inflation back down to zero last month, bringing more relief to households and taking pressure off the Bank of England to raise interest rates any time soon.

China June trade data spurs hopes for 2nd half, but imports shrink again

BEIJING, JULY 13 (Reuters) - China's export sales unexpectedly rose for the first time in four months in June and imports fell again but posted their best performance this year, causing some optimism tepid trade flows are picking up.

With cash fast running out, Greek bank failures loom

The banks have been leaking cash at a rate of more than €100m a day even with capital controls that were imposed to restrict withdrawals, one banker said.

Canada Jobs Loss in June Ratifies Faltering-Economy View

Canadian employment fell by 6,400 in June on the biggest decline in part-time work in more than four years, sustaining the view the economy is losing steam and may require another jolt of stimulus from the central bank.

Greeks Work on Crafting Now-or-Never Reform Plan to Keep Euro

Greece is working against the clock on a package of proposed reforms to convince European leaders headed by German Chancellor Angela Merkel that it can keep the euro.

Canada Posts 2nd-Largest Trade Deficit Ever as Exports Slide

Canada’s merchandise trade deficit widened to the second-largest on record in May, more evidence that weakness that started with an oil shock has extended beyond the first quarter.

Emerging Currencies Drop, Led by Forint, After Greece ‘No’ Vote

The Hungarian forint and the Romanian leu led emerging-market currencies lower as Greece’s rejection of austerity measures heightened the chance the nation will exit the euro, damping demand for riskier assets.

Margin calls fuel China's dramatic stock market collapse

What goes up, can also come down, as the old adage and the modern-day investor warning go. And that is precisely what the tens of millions of people who hold shares in China have been discovering.

What Crisis? Stronger Banks, Economies Ease Fear Over Greece

The prospect of a Greek crackup isn't so terrifying anymore.

American Factories Making a Comeback as Domestic Demand Picks Up

American factories are starting to climb out of a slump on the back of stronger consumer spending. The Institute for Supply Management said its June factory index increased to 53.5, the best reading in five months, from 52.8 in May.

Greece gets little sympathy from poorer neighbors

Throughout months of acrimonious haggling with creditors, Greece's left-wing government has cast itself as the victim of an elitist financial and political order beholden to Europe's stingy rich, notably Germans.

European markets are bracing for a wave of contagion from Greece

LONDON (Reuters) - European markets are braced for a wave of contagion from Greece on Monday, with heavy losses for southern European government bonds and regional stock markets expected as investors scramble to discount a possible "Grexit" that most had still assumed was unlikely as late as Friday afternoon.

Cameron Says EU Renegotiation Will Take ‘Tenacity and Patience’

Prime Minister David Cameron stressed the need for “tenacity and patience” after he began the formal process of renegotiating British membership of the European Union.

Canada’s Weaker Dollar Helps to Blunt Oil Shock, Schembri Says

A weaker dollar is helping Canada’s economy cope with a drop in crude oil prices, central bank Deputy Governor Larry Schembri said.

Fed won't hike rates because they're too scared: Economist

Wall Street breathed a sigh of relief last week, as the Federal Reserve held off on raising interest rates.

Greek debt talks haunted by ghost of Argentina

Buenos Aires (AFP) - With Greece in danger of tumbling into the economic abyss it faces the haunting memory of Argentina in 2001, when the South American country defaulted on nearly $100 billion and was plunged into a crisis it is still battling back from.

Goldman Sachs to advise on RBS and Lloyds sell-off

Goldman Sachs is to play a key role in selling off the taxpayer stakes in Royal Bank of Scotland and Lloyds Banking Group.

Chinese stocks see worst weekly fall since 2008

Chinese markets have suffered their worst weekly performance since the financial crisis due to a flurry of initial public offerings (IPOs) and concerns about stricter trading rules.

Greece Just a Distraction With Fed Rate Hike Looming, UBS Says

As negotiations over Greece rattle traders, the more significant event that will dictate the future of equity markets is the first Federal Reserve interest-rate increase in nine years, UBS Group AG says.

China trying a policy twist to cut borrowing costs

BEIJING (Reuters) - China is looking for new ways to lower stubbornly high long-term borrowing costs and stop the fruits of its looser monetary policy being pumped into speculative plays instead of supporting its slowing economy, policy insiders say.

UK wages rising at fastest rate since October 2007, thinktank says

Employment figures for April due later this week are expected to show the biggest rise in real wages growth for nearly eight years, according to new analysis.

Africa Takes First Step Toward $2 Trillion Free-Trade Bloc

African nations moved closer toward creating a free-trade zone with a combined size of $2 trillion as heads of state gathered in Johannesburg this week.

Osborne confirms Budget surplus law

The chancellor has announced that he will attempt to bind future governments to maintaining a budget surplus when the economy is growing.

U.S. job openings hit record high; small businesses upbeat

U.S. job openings surged to a record high in April and small business confidence perked up in May, suggesting the economy was regaining speed after stumbling at the start of the year.

Japan's growth surprises, but hold off on the party

Japan's economic growth is doing better than originally expected, but economists say to hold off the celebrations. Gross domestic product grew by an annualized 3.9% in the three months ended March, Japan's Cabinet Office said Monday.

Eurozone bank stress tests set for 2016: Report

Europe's banking supervisory board will carry out stress tests of big eurozone banks in 2016, according to an interview with the watchdog's president Daniele Nouy released on Sunday.

OECD tells George Osborne to spread pain of public spending cuts

George Osborne should spread the pain of tough public spending cuts beyond the next two years, according to the OECD in a critique of the chancellor’s debt consolidation strategy.

IMF: Fed shouldn't raise rates until 2016

The International Monetary Fund wants the Federal Reserve to wait until 2016 before it raises its interest rates off their historic lows.

OECD slashes US forecast as gives global economy B minus

The OECD has slashed its US growth forecast for this year and next and given the global economy a "B minus" in its bi-annual assessment.

Germany's jobless rate falls to a 24-year low

Germany's jobless rate has fallen by 6,000 to 2.78 million, as Europe's biggest economy continues to recover.

Markets Face Pivotal Week Amid Greek Deadlock, U.S. Data Glut

Pivotal is proving Wall Street’s word for the week. That’s how Barclays Plc and Credit Agricole SA describe the next five days: Greece faces a payment deadline to the International Monetary Fund; the U.S. releases a glut of data that could influence the Federal Reserve’s next move; central banks in Brazil and India may further widen a gap in emerging-market monetary policies.

Borrowing to Replenish Depleted Pensions

HARRISBURG, Pa. — Facing a shortfall of more than $50 billion in his state’s pensions, and with no simple solution at hand, Gov. Tom Wolf of Pennsylvania is proposing to issue $3 billion in bonds, despite the role that such bonds have already played in the fiscal woes of other places.

Kuroda Faces Opposition Even After BOJ Extended Price Target

Even the Bank of Japan’s recently extended timeframe for achieving its inflation target may be too optimistic, according to some members of the BOJ’s policy board.

Sharp fall in government borrowing in April

The Chancellor received a huge lift to his deficit-cutting ambitions today as VAT and income tax takings in April swelled the Treasury's coffers by more than expected.

Yellen: 1st rate hike likely by year end if economy improves

WASHINGTON (AP) -- Federal Reserve Chair Janet Yellen said Friday she expects to begin raising interest rates later this year — if the job market improves and the Fed is confident inflation will climb closer toward its target rate.

Gaza economy 'on verge of collapse', with world's highest unemployment

The economy of Gaza – assailed by war, poor governance and a joint Israeli-Egyptian blockade – has reached the “verge of collapse” with the coastal strip suffering the highest rate of unemployment in the world.

Japan unveils $110 billion plan to fund Asia infrastructure, eye on AIIB

TOKYO (Reuters) - Japan unveiled a plan on Thursday to provide $110 billion in aid for Asian infrastructure projects, as China prepares to launch a new institutional lender that is seen as encroaching on the regional financial clout of Tokyo and its ally Washington.

The ECB's in a Tight Spot Over Greece

European Central Bank policy makers will discuss Greek bank aid on Wednesday in a chore that is getting more uncomfortable every week.

Housing Starts in U.S. Surge to Seven-Year High as Weather Warms

New residential construction in the U.S. surged in April to the highest level in more than seven years, indicating the industry has moved beyond a weather-related soft patch to regain strength.

GDP and BOJ: All eyes on Japan this week

A flurry of economic data, alongside a central bank decision in Japan, will likely hog the spotlight in Asia this week.

Greece Aid Accord Looks Elusive as Tsipras Sticks to Red Lines

An agreement between Greece and its international creditors to unblock financing and avert a default looked elusive after Greek Prime Minister Alexis Tsipras said he won’t strike a deal at any cost.

France and China aim to win developing markets: Fabius

France and China are interested in expanding their cooperation to win markets in Africa or Asia, French Foreign Minister Laurent Fabius said today as he confirmed Chinese Premier Li Keqiang's upcoming visit to Paris.

Varoufakis refuses any bailout plan that would send Greece into ‘death spiral’

Greece’s embattled finance minister, Yanis Varoufakis, stepped up his war of words with eurozone policymakers on Thursday, saying he wished his country still had the drachma, and would not sign up to any bailout plan that would send his country into a “death spiral”.

Gold futures score highest settlement in 3 months

Gold futures rose for a third straight session on Thursday, settling at their highest since mid-February on continued support from recent weakness in the U.S. dollar, as traders assessed the latest economic data for hints on the metal’s investment appeal.

China clears last muni bond hurdle

Chinese authorities have removed the last hurdles on a massive local government debt swap that should also jump start the growth of a market-driven municipal bond market.