US Treasury Secretary Steven Mnuchin says the US and China are "putting the trade war on hold". The countries have agreed to withdraw tariffs proposed for each other while they develop a comprehensive trade agreement, he says.
Shareholders are pushing Royal Dutch Shell to set tougher carbon-emissions targets to meet goals of the Paris climate accord. The Church of England, Dutch pension fund Aegon, workplace pension fund Nest, AXA Investment Managers and Legal & General Investment Management are among those wanting Shell to increase transparency and to halve the carbon footprint of energy sold by 2050.
Lava from Hawaii's Kilauea volcano is now flowing into the Pacific Ocean and thereby generating a steam cloud that contains hydrochloric acid and fine glass particles, posing the risk of respiratory, skin and other problems for people nearby. The lava flows have led to the first major injury on Saturday, when molten rock struck a man in the leg.
Banks are facing increased competitive pressure for business and commercial loans from hedge funds, insurance companies and private equity firms. These nonbanks are less regulated than banks and in many cases are offering longer repayment terms with relaxed requirements.
US-listed exchange-traded products that benefit from volatility have seen inflows of more than $633 million this month, meaning May is on pace for the highest volume since August 2016. The iPath S&P 500 VIX Short-Term Futures product, which tracks futures on the Cboe Volatility Index, accounts for about $275 million of inflows.
The London Metal Exchange is preparing yuan-denominated products linked to metals, CEO Matthew Chamberlain says. The exchange is confident the products will be popular because international use of the yuan has become more widespread, he says.
A committee of the European Parliament has voted to narrow a proposal on oversight of foreign derivatives clearinghouses. The measure instructs the European Securities and Markets Authority to cooperate with the US Commodity Futures Trading Commission and other foreign regulators, rather than unilaterally asserting authority over foreign clearinghouses.
The London-Shanghai Stock Connect will launch this year and will let Chinese companies sell global depositary receipts in the UK and vice versa, according to a presentation by London Stock Exchange Group seen by Bloomberg. Chinese companies reportedly must be worth at least 20 billion yuan and be on the Shanghai Stock Exchange to list in London.
China is slowing expansion of infrastructure projects as it tries to get a grip on soaring local government debt. Growth of infrastructure spending has hovered near 20% annually in recent years, compared with 12.4% in January to April.
Half of consumers worldwide use digital services for money transfers and payments, while significant numbers use financial technology for purposes including insurance and borrowing, according to the EY FinTech Adoption Index. In the UK, fintech is among the fastest-growing sectors, generating over £20 billion yearly and employing more than 60,000 people.
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