News from Around the World

Europe faces ‘crying need’ to loosen purse strings, warns OECD

Europe is not well enough prepared for an economic shock and faces a “crying need” to loosen the public purse strings to stimulate growth, the OECD’s chief economist has warned.

Laurence Boone, who joined the Paris-based organisation a year ago, told the FT there was “a big question mark” over Europe’s ability to give fiscal support to the economy, which has been weakened by trade tensions.

New face of the Bank of England's £50 note is revealed

Computer pioneer and codebreaker Alan Turing will feature on the new design of the Bank of England's £50 note.

Fed Chairman Jerome Powell’s Approach to Interest-Rate Policy Wins Bipartisan Backing

President Trump’s relentless public criticism of the man he picked to run the Federal Reserve, Jerome Powell, isn’t broadly shared by lawmakers who confirmed the central bank leader to his post last year.

EU Officials Are Considering Mark Carney for Top IMF Job

European governments are actively discussing nominating Bank of England Governor Mark Carney as the next head of the International Monetary Fund, according to a person familiar with the matter.

Christine Lagarde tapped as next president of Europe's central bank

Christine Lagarde has been tapped as the next president of the European Central Bank, an appointment that would make her the first woman to lead the powerful institution.

What is the G20 summit, and what do world leaders talk about?

World leaders from 19 countries – and the European Union – are meeting in Osaka, Japan, from Friday.

They are the "Group of 20" – G20 for short – but what exactly is the summit about, and why is it important?

What is the G20?

The G20 is an annual meeting of leaders from the countries with the largest and fastest-growing economies. Its members account for 85% of the world's GDP, and two-thirds of its population.

Trump’s Feud With the Fed Is Rooted in Presidential History

President Trump has made heckling the Federal Reserve, and its chair, Jerome H. Powell, something of a sport. He has berated Mr. Powell for raising interest rates and taking steps to end a crisis-era stimulus program, likening the Fed to a powerful golfer who has “no touch” and cannot win.

The past provides some precedent for that frayed relationship.

Iran is already in a ‘very dangerous’ economic position as US prepares major new sanctions

President Donald Trump is threatening to impose “major” new sanctions against Iran on Monday, ramping up the pressure on the Islamic Republic at a time when its economy is straining under the weight of financial restrictions.

Facebook unveils global digital coin called Libra

Facebook has revealed plans for a new global digital currency backed by assets and supported by more than two dozen companies ranging from Visa and Mastercard to Lyft and Spotify, bringing the heft of the world’s largest social network to efforts to transform financial services.

The scope of Facebook’s ambitions for the new currency, called Libra, was made clear as it claimed 1.7bn people around the world without a bank account would be able to use it to make instant and nearly free international money transfers from their mobile phones.

France's Macron urges more dialogue with Iran, regrets announcements on enrichment

PARIS (Reuters) - French President Emmanuel Macron said on Monday he regretted Iran’s announcement that it would exceed the allowed enriched uranium limit, but that Paris would hold talks with Iran and its partners to avoid any further escalation in the region.

“I regret the Iranian announcements made today, but as the IAEA (International Atomic Energy Agency) has underlined, Iran is respecting its commitments and we strongly encourage it to be patient and responsible,” Macron told a news conference alongside his Ukrainian counterpart.