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Weak GDP no obstacle to Fed rate hike

US Federal Reserve Bank of San Francisco President John Williams played down a “low” reading on second-quarter US growth and said the economy could still warrant as many as two interest-rate increases this year — or none. “There’s definitely a data stream that could come throughFULL STORY

European lenders stumble in stress test

Banks from Italy, Ireland, Spain and Austria fared worst in the latest EU stress test, which the region’s banking watchdog on Friday said showed there was still work to do to boost credit to the bloc’s economy. Eight years since the collapse of Lehman Brothers HoldingsFULL STORY

US subpoenas Goldman Sachs over 1MDB scandal

US regulators have issued subpoenas to Goldman Sachs Group Inc for documents showing the investment giant’s role in the troubled state fund 1Malaysia Development Berhad (1MDB) merger scandal, a source close to the probe said on Friday. Subpoenas were issued a few months ago by investigatorsFULL STORY

Takeda sees US$725m in costs from R&D revamp

Takeda Pharmaceutical Co said efforts to revamp its research operations will cost ¥75 billion (US$725 million) as it seeks to build a new pipeline of drugs and considers closing some R&D operations in the UK. The Japanese company’s R&D activities will be concentrated in Japan andFULL STORY

China slams higher steel tariffs imposed by EU

Beijing has criticized new European tariffs on Chinese steel as “unjustifiable” protectionism coming just weeks after commerce ministers from G20 nations pledged to promote free trade. The EU on Friday said it had set definitive anti-dumping duties on certain Chinese steel bars at rates higher thanFULL STORY

China’s Fosun to acquire Brazilian investment firm

China’s Fosun International Ltd (復星國際) yesterday signed an agreement to acquire Brazil-based investment management firm Rio Bravo Investimentos SA, according to a statement, just a day after the Chinese conglomerate announced another overseas deal. Fosun, which has interests ranging from property to mining, said it willFULL STORY

Grain drain: Laos’ sand mining is damaging Mekong River

By Marion Thibaut

Grain by grain, truckload by truckload, Laos’ section of the Mekong River is being dredged of sand to make cement — a commodity being devoured by a Chinese-led building boom in the capital. However, the hollowing out of the riverbed is also damaging a vitalFULL STORY

Japan latest battleground in Airbnb home-sharing service war

By Daniel Leussink

Sarah Takeda thought she had a good little business renting a traditional tatami-mat room in her house on Airbnb. However, she and other hosts in Japan are learning the hard way that the home-sharing site’s fastest-growing market is also becoming the next flashpoint in a globalFULL STORY

Bankrupt coal giant returning pits to grassland

By Tracy Rucinski

A squad of about 10 Peabody Energy Corp miners clad in steel-toed boots and hard hats climbed into massive bulldozers on a recent morning, ready to create rolling hills of grass over former pits at the Rawhide coal mine in Wyoming. In the midst of aFULL STORY

US dollar plunges most in two months

The US dollar tumbled the most in almost two months after a report showed US economic growth fell short of expectations in the second quarter, damping speculation the US Federal Reserve will raise interest rates this year. The greenback fell against all 16 major currencies trackedFULL STORY

US stocks add to monthly gain as Alphabet rallies

US stocks edged higher, with the S&P 500 Index capping a fifth monthly gain, after data showing the US economy grew slower than forecast last quarter gave the US Federal Reserve no reason to accelerate its time table for higher interest rates. Earnings from AlphabetFULL STORY

Asian stock markets outside Japan retreat

Asian markets outside Japan on Friday slid from the highest level in almost a year as commodity producers tumbled amid declines in crude oil. Financial shares rallied in Tokyo after the Bank of Japan (BOJ) expanded exchange-traded fund purchases and kept its policy interest rateFULL STORY

Oil depreciates to three-month lows on glut concerns

World oil prices descended this week to their lowest levels in more than three months, rocked by renewed worries about a global supply glut and increased production. The market extended its losses on Friday to a seventh straight day, as traders’ screens were awash with red.FULL STORY

EU markets stable in spite of weak growth in US, EU

European stocks proved resilient on Friday, despite disappointing second-quarter economic growth in Europe and the US and an underwhelming stimulus package from the Bank of Japan. Official US data estimated growth in the second quarter at an annual rate of 1.2 percent, far below the 2.6FULL STORY

World Business Quick Take

CANADA GDP drop worst since 2009 The economy suffered its worst contraction in more than seven years in May, mainly due to massive wildfires in the oil-sands region of Fort McMurray, the government said on Friday. GDP fell 0.6 percent in May from April, the largest monthlyFULL STORY

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