World News

Gold Dips As Dollar Firms Up Ahead Of US-China Trade Talks

Iran calls on Iraqi people to preserve unity, show restraint: TV

DUBAI (Reuters) – Iran is calling on the Iraqi people to show restraint, an Iranian government spokesman said on Monday, after days of unrest in Iraq during which the death toll has passed 100 and more than 6,000 have been wounded.

“Iran will always stand by the Iraqi nation and the Iraqi government. We are calling on them to preserve unity and to show restraint,” the government spokesman Ali Rabiei told a news conference.

He also said Iran will continue its efforts to ease tensions in the Gulf by improving ties with its Gulf Arab neighbors.

Washington Redskins fire Jay Gruden: reports

The Washington Redskins have fired head coach Jay Gruden, the NFL Network and NBC Washington reported, citing unnamed sources. Gruden’s firing was not unexpected after an 0-5 start. Gruden had said after a loss to the New England Patriots, "if the key works Monday, I’ll keep working." Gruden’s record with the team was 35-49-1.

HSBC Reportedly Mulls Up To 10,000 Job Cuts

Asia-focused lender HSBC Holdings Plc (HSBC,HSBA.L) is planning up to 10,000 job cuts as part of its cost-cutting measures, the Financial Times reported.

The U.K.-based bank’s move comes under interim Chief Executive Noel Quinn’s new initiatives to boost earnings by trimming costs and increasing focus on growth in Asia.

The latest work force reduction, which follows the bank’s recent around 4,000 layoffs, reportedly aims at high-paid employees, mainly in Europe.

FT reported, citing one person briefed on the matter, that the bank is likely to announce its cost cutting measures and job cuts while announcing third-quarter results later in October.

It was in early August that Quinn took charge as interim CEO after John Flint stepped down from the role. At that time, Mark Tucker, Group Chairman had said that a change was needed to meet the challenges amid the increasingly complex and challenging global environment in which the Bank operates.

While announcing the positive first-half results in August, the company had said that it did not expect to achieve 6 percent Return on average tangible equity target in the US by 2020 due to the prevailing outlook for interest rates and revenue headwinds.

According to its 2019 interim report, the bank had 237,685 full-time employees at the end of June 2019.

Back in 2011, then CEO Stuart Gulliver had announced plans to cut 30,000 jobs to reduce $3.5 billion in costs over three years.

India gets first lot of Swiss bank account details

India has received the first tranche of details about the financial accounts of its residents in Swiss banks under a new automatic exchange of information framework between the two countries, marking a significant milestone in the fight against black money suspected to be stashed abroad. 

India figures among 75 countries with which Switzerland’s Federal Tax Administration has exchanged information on financial accounts within the framework of global standards on AEOI, an FTA spokesperson told PTI. 

This is the first time that India has received details from Switzerland under the AEOI framework, which provides for exchange of information on financial accounts that currently active as well as those accounts that were closed during 2018. 

The next exchange would take place in September 2020, the FTA spokesperson added.

Lebanon dollar bonds rise on hopes of UAE financial support

LONDON, Oct 7 (Reuters) – Lebanon’s dollar-denominated sovereign bonds rose on Monday on hopes the government might secure a cash injection from the United Arab Emirates.

Longer-dated issues climbed the most, with the 2037 issue up 0.6 cents to 65.96 cents in the dollar, while the 2032 issue edged up 0.5 cents to 65.57 cents in the dollar, according to Tradeweb data.

Lebanon’s Prime Minister Saad al-Hariri is visiting UAE in an effort to drum up financial support and investment for the country’s ailing economy. (Reporting by Tom Arnold, editing by Karin Strohecker)

Kremlin says FBI questioning of Russian lawmaker unacceptable

MOSCOW (Reuters) – Moscow considers FBI questioning of a Russian lawmaker unacceptable, Kremlin spokesman Dmitry Peskov said on Monday, after Russian deputy Inga Yumasheva was questioned for an hour by the FBI upon arrival in New York.

“This very alarming news, it definitely causes great concern,” Peskov said. “We consider such actions with regards to a Russian deputy unacceptable.”

British woman, 33, who drowned off beach in Portugal ‘was four months pregnant’

  • Young Brit couple in 30s drown at Portugal beach resort

Japan rescues 60 crew from North Korean fishing vessel following collision

TOKYO (Reuters) – Japan has rescued about 60 North Korean crew members from fishing vessel that sank after colliding with a Japanese patrol boat that was chasing it out of Japan’s exclusive economic zone (EEZ), public broadcaster NHK said.

All North Korean crew members who abandoned the fishing vessel have been rescued, NHK reported, without saying where it obtained the information.

Gold Dips As Dollar Firms Up Ahead Of US-China Trade Talks

Gold prices eased on Monday as the dollar firmed up a little bit ahead of minutes from the latest Federal Reserve meeting due this week and trade talks with China scheduled in Washington on Oct. 10-11.

Spot gold declined 0.35 percent to $1,499.36 per ounce, after having risen half a percent last week on growth worries. U.S. gold futures were down 0.55 percent at $1,504.95 per ounce.

U.S. President Donald Trump said on Friday his administration had a “very good chance” of agreeing a trade deal.

On the contrary, the Bloomberg reported, citing people familiar with the discussions that Chinese officials are reluctant to agree to a broad trade deal pursued by U.S. President Donald Trump.

Specifically, Premier Liu He is said to be ruling out commitments to reform Chinese government subsidies or industrial reform.

Meanwhile, growth worries resurfaced after official data showed that German industrial orders fell more than expected in August on weaker domestic demand, underscoring concerns of a looming recession in the country.

Factory orders decreased 0.6 percent sequentially, with demand for capital goods down 1.6 percent, the Economy Ministry said.