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Beijing China debt Economy reform Top News 

China’s top banking regulator tells banks to push forward with reform

June 24, 2017 BEIJING (Reuters) – China’s top banking regulator has told banks to reform by tackling China’s “zombie firms”, control regional housing market bubbles and push forward with debt to equity swaps, according to a statement posted on the regulator’s website late Friday. Guo Shuqing, who was appointed chairman of China’s banking regulator in February, met with representatives from a number of the country’s largest commercial banks on Friday to check up on their progress implementing the central government’s reform agenda. Beijing is promoting supply-side structural reform as a…

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Economy immigration Mexico rates reform Top News 

Fed should be cautious on further rate hikes, Kaplan says

June 16, 2017 By Ann Saphir DALLAS (Reuters) – The Federal Reserve should be cautious about any further interest-rate hikes, Dallas Federal Reserve President Robert Kaplan said on Friday, just two days after he voted with the majority of his colleagues to raise rates for the second time this year. “We should be very careful about raising rates and we should do it patiently and carefully,” Kaplan said at a meeting of the Park Cities Rotary Club in Dallas, adding that he will need to see improvements in inflation, which…

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Economy House Freedom Caucus House of Representatives reform tax Top News 

House Freedom Caucus chief calls for U.S. tax reform plan by end-July

June 9, 2017 WASHINGTON (Reuters) – Members of the House Freedom Caucus called on congressional leaders Friday to introduce a formal tax reform proposal by the end of July, and suggested they could support a 2018 budget deal in exchange for adding welfare reform to any tax overhaul. The conservative bloc, which has enough members to stymie legislation in the Republican-controlled House of Representatives, will play a key role in efforts to agree on a 2018 fiscal plan that could determine whether President Donald Trump and Congress can deliver the…

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Treasury chief ‘confident’ Congress will raise U.S. debt limit

June 1, 2017 WASHINGTON (Reuters) – U.S. Treasury Secretary Steven Mnuchin said on Thursday he was confident that Congress would raise the federal debt limit “before there’s an issue” with U.S. creditworthiness, and he pledged that the Trump administration’s tax reform plans would be paid for. “We’re going to get it increased,” Mnuchin told Fox Business Network about the debt limit. “The credit of the United States is the utmost. I’ve said to Congress they should do it as quickly as they can. But we are very focused on working…

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U.S. Federal Home Loan Banks rely less on short-term debt: FHFA’s Watt

May 23, 2017 (Reuters) – The U.S. Federal Home Loan Bank system has made progress in depending less on short-term debt to fund its longer-term assets through the sale of longer-dated bonds, Federal Housing Finance Agency Director Melvin Watt said on Tuesday. The regulator of the FHLBank system, as well as sibling mortgage finance agencies Fannie Mae and Freddie Mac, has sought to address concerns the 11 regional FHLBanks would be vulnerable if investor demand for their short-term debt were to dry up. “A year later, we have seen some…

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Brazil markets plunge as Temer scandal threatens reforms

May 19, 2017 By Bruno Federowski and Dion Rabouin SAO PAULO/NEW YORK (Reuters) – Brazilian markets plummeted on Thursday as allegations that President Michel Temer condoned bribes to silence a key witness deflated investor optimism about the prospects for his ambitious pension and labor reform agenda. Brazil’s benchmark Bovespa stock index closed 8.8 percent lower, its biggest daily decline since the 2008 financial crisis. Trading had been halted for an hour after a 10 percent drop triggered a circuit-breaker mechanism. Blue-chip stocks such as lender Itaú Unibanco Holding SA and…

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U.S. Treasury secretary to say 3 percent economic growth achievable

May 18, 2017 WASHINGTON (Reuters) – Treasury Secretary Steve Mnuchin will tell a Senate hearing on Thursday that the U.S. economy can grow 3 percent or more if regulatory and tax reforms are enacted, according to a copy of his speech seen by Reuters. In testimony before the Senate Committee on Banking, Housing and Urban Affairs, Mnuchin is expected to say that the Trump administration wants to reduce regulations on community banks and push ahead with overhauling mortgage lenders Fannie Mae and Freddie Mac. “I believe that a goal of…

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‘Trump Trade’ turns to trepidation as investors unwind

May 17, 2017 By Megan Davies and Jennifer Ablan NEW YORK (Reuters) – Investors were shelving rosy hopes for U.S. tax reform and rethinking strategies premised on Donald Trump’s economic growth promises on Wednesday, as the President faced his loudest criticism yet over possible collusion between his election campaign and Russia. From stocks to bonds to the U.S. dollar, a bevy of trades that have been fashionable since Trump’s election last November, were getting dialed back or in some cases shredded as his reform agenda looked increasingly vulnerable amid the…

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U.S. companies push hard for lower tax rate on offshore profits

May 15, 2017 By Ginger Gibson WASHINGTON (Reuters) – Major U.S. multinationals are pushing the Trump administration to deepen the tax break it has already tentatively proposed on $2.6 trillion in corporate profits being held offshore, a key piece in Washington’s intricate tax reform puzzle. As President Donald Trump tries to deliver on his campaign promise to overhaul the tax code, lobbyists for technology, drug and other manufacturers are working with officials behind closed doors, six lobbyists working with various industries told Reuters. In line with tax cuts already embraced…

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Greece cuts 2017 growth forecast

May 13, 2017 ATHENS (Reuters) – Greece cut its 2017 growth forecast to 1.8 percent from 2.7 percent, according to a mid-term budget plan unveiled late on Saturday, driven by uncertainty caused by delays in concluding the latest review of bailout reforms. Greece and its foreign creditors reached a deal on reforms in early May after six months of tense negotiations but the wrangling hurt economic activity. The Greek central bank governor had warned the delays could hobble economic recovery. The 2018-21 plan was submitted to parliament along with the…

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