Obama: U.K. should delay decision on EU exit
The U.K. should wait to see whether European Union financial reforms take hold before making a decision about whether to leave the bloc, President Barack Obama said Monday, backing the position taken by U.K. Prime Minister David Cameron. Two British Cabinet members suggested recently that they would vote to exit the European Union. Reuters (5/13)
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Detroit's finances are bleaker than reported, emergency manager says
Kevyn D. Orr, the emergency manager appointed to repair Detroit's finances, has released a report depicting the city as mired in debt. The report details long-term debt obligations of $15 billion, unsustainable cash flow and severely low credit ratings. The New York Times (5/12)
Spain, Portugal call for banking union
The prime ministers of Spain and Portugal are calling for the completion of a banking union, insisting that a union would help resolve the banking crisis by restoring investor confidence and providing credit. However, German Finance Minister Wolfgang Schaeuble proposes sticking with the idea of a coordinated network of national resolution authorities. Reuters (5/13)
EU finance ministers divided over plans for banking union
Finance ministers in the eurozone agree that a banking union is needed to stabilize the region's finances, but there is less consensus about what that union should look like. Some want to strengthen regulatory frameworks, while others see a union as a way for nations to pool risk. The Wall Street Journal/MoneyBeat blog (5/13)
Next Pakistani PM looks to strengthen economy
Nawaz Sharif, Pakistan's next prime minister, plans to hire private-sector managers to run state-owned enterprises in efforts to revive the country's economy. Financial Times (5/13)
China reinforces monetary policy and economic reforms
Despite recent weak economic data, policymakers in China have reinforced the nation's cautious monetary policy. In April, China's total social financing was 1.75 trillion renminbi, above the median estimate of 1.5 trillion renminbi, and M2 growth was 16.1%, above the 2013 overall growth target of 13%. The New York Times/DealBook blog (5/13)
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Strong retail sales a positive sign for the economy
U.S. retail sales unexpectedly edged up 0.1% in April after a 0.5% drop in March, leading forecasters to increase their second-quarter growth estimates. Economists had expected a decrease of 0.3%. Reuters (5/13)
Data expected to send mixed message about global economy
Data coming out this week about the global economy will be inconsistent, economists say. The U.S. is expected to show a slowdown, and Chinese economic prospects remain stagnant. Preliminary reports are expected to show that the eurozone's gross domestic product fell 0.1% in the first three months of the year. Japan's economy is expected show positive signs, in part because of the government's efforts to end two decades of deflation. Reuters (5/12)
Small-business owners have mixed feelings on the economy
Small-business owners seemed more optimistic about the economy last month, although some expressed worries about slow growth. The National Federation of Independent Business' Index of Small Business Optimism increased 2.6 points to 92.1 after dropping in March. Los Angeles Times (5/14)
Investment banks see lower returns from forex divisions
The combined revenues of the 10 largest banks with foreign exchange divisions decreased 3% in the first quarter, according to Coalition, a financial services analytics company. Financial Times (5/14)
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That which is always within our reach is always the last thing we take; and the chances are, that what we can do every day, we never do at all."
-- L.E. Landon, British writer and poet
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