U.S. Hints at China Truce as World Warns of Trade-War Threat

Mnuchin speaks during a briefing at the IMF spring meetings April 21. Photographer: Andrew Harrer/Bloomberg

 

  • Treasury’s Mnuchin considers China trip amid trade dispute
  • China’s Commerce Ministry confirms U.S. has requested visit

U.S. Treasury Secretary Steven Mnuchin said he’s considering a trip to China amid a trade dispute with Beijing that finance chiefs warn could derail the global economic upswing.

Mnuchin said he’s “cautiously optimistic” of reaching an agreement with China that bridges their differences over trade. Continue reading

Eurozone banks are in DEEP trouble: Wall Street top bankers issue warning to EU

EUROPE’s biggest banks are vulnerable and pose a huge risk to financial stability, according to some of Wall Street’s top bankers.

Financial heavyweights from the US and Switzerland joined forces to sound the alarm over Deutsche Bank and its peers.

Goldman Sachs’ president Gary Cohn hit out at eurozone banks for failing to clean-up their balance sheets after the financial crisis. Continue reading

Europe’s bankers fear Brexit more than Grexit

The possibility of Britain leaving the European Union sometime in the future worries European bankers a great deal more than the prospect that Greece might be on its way out soon.

Britain’s inclusion in the EU is more important to the bloc’s long-term future than whatever happens to Greece, bankers attending a financial industry conference said, even as last-ditch talks aimed at keeping Greece solvent and avoiding a possible exit from the euro zone rumble on in Brussels. Continue reading

World top bankers warn of dire consequences if U.S. defaults

(Reuters) – Three of the world’s most powerful bankers warned of terrible consequences if the United States defaults on its debt, with Deutsche Bank chief executive Anshu Jain claiming default would be “utterly catastrophic.”

“This would be a very rapidly spreading, fatal disease,” Jain said on Saturday at a conference hosted by the Institute of International Finance in Washington. Continue reading