News from Around the World

The IMF is worried that big tech could make the financial system less stable

The International Monetary Fund thinks big technology companies are going to dig deeper into the financial sector—a shift that could modernize things like payments and loans for millions of people. But it also raises concerns about data privacy and the concentration of power among a small number of mega-corporations.

U.S. Blames Iran for Oil Tanker Attacks as Gulf Tensions Climb

The Trump administration blamed Iran for attacks on two oil tankers near the entrance to the Persian Gulf as fears rise that high-stakes diplomatic efforts won’t avert a military confrontation between the U.S. and Iran.

“The United States will defend its forces, interests and stand with our partners and allies to safeguard global commerce and regional stability,” Secretary of State Michael Pompeo told reporters Thursday in Washington, noting that Iran had previously threatened to curtail oil transport in the Strait of Hormuz.

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.

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.

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.

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.

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.

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.

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.