LME to reopen iconic trading floor, but says electronic trading is future
The London Metal Exchange has abandoned proposals to close its open outcry trading floor, the last such venue in Europe, it said on Tuesday, but added it believes electronic trading is the future.
U.S. Republicans vow to oppose Yellen’s G7 tax deal, casting doubt on its future
Several top U.S. Senate Republicans on Monday rejected Treasury Secretary Janet Yellen’s G7 deal to impose a global minimum corporate tax and allow more countries to tax big multinational firms, raising questions about the U.S. ability to implement a broader global agreement.
Asia stocks open higher on record for MSCI’s All-Country World Index
Asia stocks opened higher on Tuesday, cruising in the slipstream of a record high overnight gauge of global equity markets, with investors hoping for inflation and monetary policy clues later in a week full of key central bank meetings and data points.
Japan upgrades Q1 GDP on smaller hit to domestic demand
Japan’s economy shrank less than initially reported in the first quarter on smaller cuts to plant and equipment spending, but the coronavirus pandemic still dealt a huge blow to overall demand.
U.S. seizes $2.3 mln in bitcoin paid to Colonial Pipeline hackers
The Justice Department on Monday recovered some $2.3 million in cryptocurrency ransom paid by Colonial Pipeline Co, cracking down on hackers who launched the most disruptive U.S. cyberattack on record.
AMC, other ‘meme’ stocks jump; regulator signals concern
Shares of AMC Entertainment Holdings Inc (AMC.N) and other “meme stocks” jumped on Monday, extending a rally in social-media favorites into a third week as message boards hummed with talk of squeezing Wall Street short-sellers.
World Bank slashes GDP growth forecasts for the Philippines
The World Bank has slashed its Philippine growth projection for this year due to a deeper-than-expected contraction in the first quarter and the reimposition of stricter quarantine measures in the capital region to contain a surge in COVID-19 cases.
Singapore says will make needed changes to corporate tax once consensus on G7 plan
Singapore, a regional hub for technology firms, will change its tax system as needed once there is a global consensus, its finance minister said on Tuesday, after the world’s rich nations agreed there should be a minimum corporate tax rate of 15%.
Australia business activity climbs to fresh highs in May-survey
A measure of Australian business conditions extended its blistering run to reach all-time highs in May with sales, profits and employment all up strongly, a sign the economy has the momentum to cope with a coronavirus lockdown in Victoria.
Dollar subdued as investors look to key U.S. inflation gauge
The U.S. dollar was subdued on Tuesday as investors looked to U.S. inflation data due later in the week after softer-than-expected jobs data quelled expectations of an early tapering in the Federal Reserve’s stimulus.
