Early Tuesday in the US, global stocks are mostly lower. The S&P 500 is indicated -0.6%, and oil futures are indicated down 3%. Here are the top global business stories for today, August 11, 2015.
Surprise… China Devalues The Yuan. China took action Tuesday that resulted in the biggest one-day drop in the value of its currency in a decade, with the apparent goal of reinvigorating a slowing economy. The decision shook global markets, may have starteda new Asian currency war and could delay a Fed Reserve rate hike.
Greece, Lenders Clinch Bailout Deal. Greece and its international lenders reached a multi-billion euro bailout agreement on Tuesday after talking through the night, officials said, potentially saving the country from financial ruin.
US Productivity Rebounds. US nonfarm productivity rebounded in the second quarter, but a weak underlying trend suggested inflation could pick up more quickly than economists have anticipated. Productivity increased at a 1.3% annual rate in the April-June period, expectations were +1.6%.
5 Arrested In Tnsider Trading Hacking Scheme: FBI. Five people were arrested and are in U.S. custody, charged in an insider trading scheme that generated more than $30 million in illegal profits, an FBI spokeswoman said on Tuesday.
Global M&A Soars To Record Highs. Global mergers and acquisitions are on pace this year to hit the highest level on record, thanks to a buying spree from companies on the hunt for growth.
Australia’s Climate Change Goals Revealed. Cutting Australia’s carbon emissions by at least 26% by 2030 is a responsible move that does not sacrifice the economy for the environment, Prime Minister Tony Abbott says.
Japan Reopens Nuclear Power Industry. Japan has restarted its first nuclear reactorunder new safety rules following the 2011 Fukushima disaster. All Japan’s nuclear plants were gradually shut down after a series of meltdowns at the Fukushima plant sparked by the tsunami and earthquake.
Trump’s Run Is “Entertaining” Hillary. “It’s all entertainment. I think he’s having the time of his life, being up on that stage, saying whatever he wants to say,” the Democratic presidential frontrunner said.