NEW YORK (Reuters) – Morgan Stanley CEO James Gorman told shareholders Friday that the company will likely appoint its next CEO in the next 12 months. Gorman, 64, said the board has identified three strong candidates to succeed him and that he will become executive chairman once a new CEO is chosen. COMMENTS: STUART COLE,…
By Michael S. Derby NEW YORK (Reuters) – Federal Reserve Bank of New York President John Williams said Friday the U.S. and other major economies are still in a fundamentally low-interest-rate world despite the impact of the coronavirus pandemic and the inflation surge arising from it. Speaking to a conference at the Federal Reserve in…
By Munsif Vengattil and Aditya Kalra NEW DELHI (Reuters) – Tesla Inc is “serious” about its plans to establish a manufacturing base in India, the country’s deputy minister for technology told Reuters in an interview on Friday, a day after meeting senior executives of the electric vehicle maker. The Elon Musk led U.S. automaker held…
BEIJING (Reuters) – China will resolutely curb large fluctuations in the exchange rate and study the strengthening of self-regulation of dollar deposits, the central bank said on Friday. The comment comes after the yuan dropped to multi-month lows and breached the closely watched 7-per-dollar level, pressured by a sputtering economic recovery, low yields and the…
By Leika Kihara TOKYO (Reuters) -Bank of Japan (BOJ) Governor Kazuo Ueda said the central bank is unwavering in its stance of patiently maintaining ultra-loose monetary policy, reassuring markets Japan will be a dovish outlier as its global peers combat stubbornly high inflation. The recent rise in Japanese inflation above the BOJ’s 2% target is…
By Byron Kaye and Lewis Jackson SYDNEY (Reuters) -Australia’s Westpac Banking Corp said it will refinance loans for some borrowers who don’t meet an industry standard that assesses their ability to repay, putting pressure on the bank regulator to relax guidelines after a year of interest rate hikes. The country’s No. 2 mortgage provider has…
By Leika Kihara TOKYO (Reuters) – As inflation has run past the Bank of Japan’s 2% target, governor Kazuo Ueda has had no shortage of advice from fellow academics on how best to communicate the future path of monetary policy including a possible exit from its massive stimulus. The proposals include call for the BOJ…
By James Pomfret and Engen Tham HONG KONG/SHANGHAI (Reuters) – Some Hong Kong-based staff with U.S. consultancy Mintz Group have left the city after the firm’s Beijing office was raided by Chinese police in March, according to two sources with direct knowledge of the matter. Investigations by Chinese authorities into Mintz, as well as U.S….
(Reuters) – Top advertising agency GroupM has told its clients that it no longer considers Twitter “high-risk” and is “cautiously optimistic” about the appointment of Linda Yaccarino as its new chief, the Financial Times reported on Friday. Yaccarino will take over the social media platform beset with challenges and a heavy debt load, after she…
BRASILIA (Reuters) – Brazil’s Finance Minister Fernando Haddad on Thursday suggested that the country’s new government is looking at adjusting the timeline for achieving its inflation target. He said in an interview with CNN that he thinks it makes no sense to commit to achieving an inflation target by the end of each year, adding:…
