Auditor Warns of Risks From Local Debt in China

SHANGHAI — The head of China’s national audit office warned on Monday that the country was facing growing risks because of a sharp rise in local government debt and poor controls over borrowing by investment companies set up by municipalities, provinces and other bodies.

Bank of Canada takes aim at Dodd-Frank on bank failures

WINDSOR, Ontario (Reuters) - The Bank of Canada, frustrated by unilateral U.S. moves which regulate Canadian banks with U.S. subsidiaries, called on Thursday for the two countries to work out a bilateral agreement to clarify responsibilities in winding up failed banks.

Greek debt talks go into weekend as default deadline looms

BRUSSELS (AP) — The bitter standoff between Greece and its international creditors was extended into the weekend, just days before Athens has to meet a crucial debt deadline which could decide whether it goes bankrupt and gets kicked out of the euro currency club.

Cameron to hint at assault on tax credits in welfare speech

David Cameron is to deliver his strongest hint yet that he intends to launch an assault on tax credits as he pledges to end the “merry-go-round” of welfare payments that means low wages are topped up by the state.

China, US set for ‘vigorous’ talks on trade, South China Sea issues

Washington, United States | AFP – The United States is vowing not to “paper over” differences with China at key talks this week weighed down by thorny issues of trade, cyber spying and tensions in the South China Sea.

BOJ keeps upbeat view of economy, maintains asset purchases

TOKYO, June 19 (Reuters) - The Bank of Japan kept monetary policy steady and maintained its upbeat assessment of the economy on Friday, signalling its conviction that inflation will hit its 2 percent target without additional monetary stimulus.

Greece Buys Time From ECB as Tsipras Says Country Will Prevail

Greece secured a few more days of financial breathing space from the European Central Bank, as Prime Minister Alexis Tsipras said on a visit to Russia that his country can survive its current crisis.

Emerging Markets Hold the Keys to Higher Gold Prices

Gold investors better start paying attention to China and India. After dismal performance for the past two and half years, HSBC Securities analyst James Steel says that emerging-market demand will be the key driver for gold prices.

Iran urges France not to miss out on $80 billion of transport deals

PARIS (Reuters) - Iran's transport minister said on Tuesday there was about $80 billion worth of business up for grabs in his sector, including the renewal of the country's air fleet, but warned France it risked missing out unless it changed its stance toward Tehran.

Greek talks must yield imminent agreement, says European Central Bank

Mario Draghi, the president of the European Central Bank, has warned that time is rapidly running out to resolve the Greek debt crisis, as financial markets took fright at the prospect of a looming default.

Zimbabweans get chance to swap 'quadrillions' for a few US dollars

Zimbabweans will start exchanging “quadrillions” of local dollars for a few US dollars next week as President Robert Mugabe’s government discards its virtually worthless national currency.

New Zealand cuts interest rate quarter point to 3.25 percent

WELLINGTON, New Zealand (AP) — New Zealand's central bank on Thursday cut its benchmark interest rate by a quarter point to 3.25 percent and signaled more cuts could be on the way as farmers grapple with a slump in prices for the country's key milk exports.

Draghi Economy Fails to Stoke Cash Machine for Europe Stocks

Europe’s economy is expanding under Mario Draghi’s stimulus, profits are rising, and the market is up. And yet the proportion of income companies are poised to return to shareholders in 2015 will probably be the lowest in five years.

Europe Vows at G-7 to Fight Crises From Russia to Syria, Greece

European leaders assured U.S. President Barack Obama that they’re up to dealing with regional crises from the Russia-Ukraine standoff and jihadism in the Middle East to the upsurge in migration across the Mediterranean Sea.

Golbal Economy Weekahead: Pick-up continues as Greek drama plays on

LONDON (Reuters) - Economic indicators are this week expected to show signs of continued, if modest, progress in much of the world -- all of which could be blown off course if the standoff between Greece and its lenders leads to a rupture in the euro zone.

China’s Online Lending Boom Spurs Startups, Investment and Risk

Though peer-to-peer lending was pioneered in the U.S. by companies such as LendingClub Corp., China is where it’s really taking off.

The U.S. and world economies are slowing down

The world economy is on track to grow less this year than last year, according to the latest forecast from the Organization for Economic Cooperation and Development (OECD).

Alexis Tsipras to face take-it-or-leave-it ultimatum from lenders over debt offer

The Greek prime minister, Alexis Tsipras, will be presented with what is expected to be a take-it-or-leave-it plan on Wednesday after five months of drama-filled negotiations to keep his debt-stricken country afloat.

Euro zone inflation beats expectations in May

Inflation in the euro zone was higher than expected in May, data on Tuesday showed, in a sign that price pressures are returning to a recovering economy.

Ruble Slides to Five-Week Low as Russia Limits Supply of Dollars

The ruble slid to a five-week low as the central bank suspended some foreign-exchange auctions, stepping up measures to counter this year’s biggest currency rally.