Reuters Financial News

U.S. Federal Reserve and other regulators are set to unveil sweeping changes to a raft of proposed banks capital rules as soon as Sept. 19, Bloomberg News reported on Friday, citing people familiar with the matter. The revisions could run up to 450 pages and would include key changes to rules that center on operational risk provisions including a reduction in the capital that banks must allocate against business lines like wealth-management services and certain credit-card operations, the report added. The new revised proposal would also reduce the market-risk requirement for the country's biggest lenders, which would not face as stringent requirements around mortgages or tax-equity exposures, the report said.

benchmark anchored around 6.85%, as market attention shifts to U.S. economic data expected to influence potential rate cuts. The benchmark 10-year yield ended at 6.8542%, compared with its previous close of 6.8554%. The yield had ended at 6.8647% last Friday and has stayed in 5 basis points range in three weeks.

will help investors gauge the extent of a rate cut at the Federal Reserve's meeting this month. The rupee settled at 83.9475 to the U.S. dollar, up from 83.9825 in the previous session. For the week, the rupee fell 0.1%.

The government's collections follow close on the heels of incumbent Vice President Kamala Harris proposing to raise the capital gains tax rate for those earning $1 million or more to 28%, instead of the 39.6% rate proposed by President Joe Biden in his fiscal 2025 budget. Harris has, however, also talked of a pushing for a $50,000 tax deduction for new small businesses, 10 times the current tax break.

internet censorship evasion tools. The tools, supported by the U.S.-backed Open Technology Fund (OTF), have seen a surge of usage in Russia, Iran, Myanmar and authoritarian states that heavily censor the internet. OTF's pitch to tech companies at the meeting was to help offer discounted or subsidized server bandwidth to meet the fast-growing demand for virtual private network (VPN) applications that OTF funds, the organisation's president, Laura Cunningham, told Reuters.

Britain needs an additional one trillion pounds ($1.3 trillion) in investment in the next decade to grow the economy, a report said on Friday. New British Prime Minister Keir Starmer said he wanted the economy to achieve annual growth of 2.5% when campaigning in the run-up to July 4's election — a rate that Britain has not regularly reached since before the 2008 financial crisis. An annual growth rate of 3% would require extra investment of 100 billion pounds a year in the next 10 years, particularly in energy, housing and venture capital, according to the report from UK financial services lobby group Capital Markets Industry Taskforce.

oil output increase for October and November after crude prices hit their lowest in nine months, three sources from the producers' group told Reuters on Thursday. Oil prices have been falling along with other asset classes on concerns about a weak global economy and soft data from China, the world's biggest oil importer. «Done,» one of the sources said. The three sources declined to be identified by name.

The Bank of Canada lowered its key interest rate by 25 basis points on Wednesday and opened the door to bigger cuts if the economy slows more sharply in the months ahead.

According to the NHC, three concerning areas that they were looking at are in the central Atlantic Ocean, eastern Atlantic Ocean, and Caribbean Sea, as per a Fox Weather report. However, weather pundits in the US have assured that there won't be any concern for the next seven days even as the monitoring on these three areas of disturbance will continue as usual.

Taiwan and Mongolia, to China's top annual security forum in mid-September, a U.S. official told Reuters. The choice of Chase has not been previously reported. He is more senior than the U.S. officer who attended the Xiangshan Forum last year, a sign that the U.S. military is hoping for deeper working-level engagement with China amid regional disputes and increased deployments across East Asia. More than 90 countries and international organisations plan to send delegations to the Sept. 12-14 forum in Beijing, Chinese state media reported Wednesday.

Gold prices held steady on Wednesday as investors braced for a monthly U.S. payrolls report that could influence the size of a likely interest rate cut this month.

Oil prices dropped more than 3% on Tuesday after Bloomberg News reported that a deal was imminent to resolve a dispute that has halted Libyan production and exports, pushing prices to their lowest since around the beginning of the year. The news of more crude supply possibly returning to the market came as prices had already fallen on the belief that demand was being undercut because of sluggish economic growth in China, the world's biggest crude importer.

SoftBank-backed OfBusiness, an Indian shopping website that offers raw materials to businesses, is planning an Indian stock market offering worth up to $1 billion and is close to appointing bankers, a top executive told Reuters on Tuesday. The company is in active talks with Bank of America, Citi, JP Morgan and Morgan Stanley to manage the offer and plans to list on the Indian bourses in the second half of 2025, its Chief Financial Officer Bhavesh Keswani said. The initial public offering is expected to total between $750 million and $1 billion, with about $200 million in new shares and the rest shares offered by existing shareholders to new investors, Keswani said.

Passenger planes come into contact at New Chitose Airport during wintry weather conditions. (Credit: Reuters)

Tesla plans to produce a six-seat variant of its Model Y car in China from late 2025, two people with direct knowledge of the matter said, as the U.S. automaker strives to increase the appeal of its best-selling yet aging electric vehicle (EV). Tesla has asked suppliers to prepare accordingly for a double-digit increase of Model Y output at its Shanghai factory, said one of the people, who declined to be named as the plan is not public. Tesla did not immediately respond to a request for comment.

oil prices slid in Asian trade on Tuesday as concern about a sluggish economy in China bringing down demand outweighed the impact of a blockade of oil production facilities in Libya. Brent crude futures were down 37 cents, or 0.48%, to $77.15 a barrel by 0156 GMT.

Home prices in India are set to rise steadily over the next few years, driven by demand for luxury properties from cash-rich individuals, according to a Reuters poll of housing experts who forecast rent increases will outpace consumer inflation. While economic growth in Asia's third-largest economy is likely to outpace its major peers, policy experts warn the benefits are increasingly being funnelled to a select few, leaving millions of job-seekers, especially young people, out of the growth story. With a supply of affordable homes dwindling and those with cash cornering the property market, many aspiring first-time buyers are being forced to keep renting.

Mike Lynch's estate in the UK. The US company had been seeking compensation over its acquisition of British tech firm Autonomy amid claims of fraud masterminded by its co-founder Mike Lynch to inflate the company's value. Lynch, who died in August when his yacht sank off the coast of Sicily, had denied any wrongdoings.

oil exporter Saudi Arabia is expected to cut prices for most of the crude grades it sells to Asia in October after Middle East benchmark Dubai slumped last month, industry sources said on Monday. The October official selling price (OSP) for flagship Arab Light crude is expected to fall between 50 and 70 cents a barrel, three of five refining sources said in a Reuters survey, to track a similar trend for Dubai price spreads last month. Such a price cut would also reflect weak refining margins especially in China where sluggish manufacturing and property sectors are squeezing fuel demand, the sources said.

US stock market indexes — S&P 500, Dow, and Nasdaq composite — are witnessing broadening rally even as Wall Street will eye key jobs data and the Federal Reserve's expected rate cuts in September after Labor Day 2024 holiday. As the market's fortunes keep rising and falling with big tech stocks such as Nvidia and Apple, investors are also putting money in less-loved value stocks and small caps, which are expected to benefit from lower interest rates. Stocks have also held up after an Nvidia forecast failed to meet lofty investor expectations earlier this week, another sign that investors may be looking beyond tech. The equal weight S&P 500 index, a proxy for the average stock, hit a fresh record this week and is up around 10.5 per cent year-to-date, narrowing its performance gap with the S&P 500.

regulatory stance on the industry are planning to raise at least $100,000 for the Democratic nominee at a Sept. 13 Washington fundraiser. The grassroots event is scheduled to take place between the Congressional Black Caucus and Congressional Hispanic Caucus conferences, and aims to bring together a diverse group of donors, the organizers told Reuters. Tickets to the fundraiser range from $500 to $5,000, said Cleve Mesidor, executive director of the Blockchain Foundation and one of the organisers. The event's fundraising goal is small compared to the hundreds of millions Harris has raked in since becoming the Democratic presidential candidate in July when President Joe Biden dropped out of the race. But it is the latest sign that at least some in the industry are rallying behind her rather than Republican nominee Donald Trump, who has courted big crypto donors with friendly policy pledges.