In a burst of patriotism, China's central bank swore loyalty to the country's Communist leaders on Monday by vowing to "always walk with the Party". Whereas most central banks around the world try to assert their independence from the government and politicians, China's central bank has exercised no policy autonomy. The nationalistic ardour from the
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The Met Office issued its first hot weather health alert of the summer, as temperatures soared towards 32 degrees in the warmest day of the year so far. An amber level 2 on the four-stage health alert system was declared, advising people to take basic precautions like staying in the shade and avoiding strenuous outdoor
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Russia will add flag carrier Aeroflot to the list of firms it wants to privatise as it seeks to exit controlling stakes in major firms over the next 3-5 years, Finance Minister Alexei Kudrin said on Monday. "Aeroflot, in all probability, will be included," Kudrin told an investor conference. President Dmitry Medvedev, looking to step
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Two days after the state legalized same-sex marriages, New York's annual Gay Pride Parade seemed more like a brash, colorful wedding procession on Sunday than an annual rally. Parade organizers estimated as many as 2 million spectators turned out to celebrate the 42nd annual LGBT Pride March on Sunday. Many considered it the most electric
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Tobacco giant Philip Morris is threatening to sue the Australian government for possibly billions of dollars over its plan to be the first country to introduce plain, brand-less packaging for cigarettes. The tobacco firm is fearful that plain-packaging will damage its cigarette brands like Marlboro and Alpine and reduce their ability to compete against other
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The Nikkei stock average dropped 1% on Monday, as euro zone debt worries weighed on markets before a crucial parliamentary vote in Greece this week, with investors fretting over fallout from the debt crisis in the banking system. Bank shares came under pressure as their peers in Europe were pummeled on worries they could suffer
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Shares in Europe's banks dipped on Monday after regulators slapped an extra capital surcharge on big lenders to make them safer, and told them they could not use contingent capital for the extra cushion. The surcharge of between 1% and 2.5% for the biggest banks was in line with expectations after months of wrangling. But
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Greece's parliament begins on Monday to debate a deeply unpopular austerity plan which international lenders are demanding to see approved this week to avert the threat of bankruptcy. Greece's conservative opposition has rejected EU leaders' calls for national unity, forcing Prime Minister George Papandreou to rely on his slim parliamentary majority to push through the
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The U.S. dollar rose for a fourth consecutive session and equities fell on Monday, with investors nervous ahead of a Greek vote on unpopular austerity measures this week that may sow stronger doubts about financial stability in Europe. Greek lawmakers began debating a 28 bln euro ($40 bln) package of measures to increase taxes and
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The head of bank lobby group the Institute of International Finance (IIF) is to meet the chairman of the main euro zone body working out ways to tackle Greece's debt crisis on Monday in Rome, the IIF said. An institute spokesman confirmed that IIF Managing Director Charles Dallara was meeting Vittorio Grilli, Director General at
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