Singapore launches $717 million fund to help intellectual property firms

SINGAPORE  - Singapore on Wednesday launched a S$1 billion ($717.31 million) fund to invest in companies with strong intellectual property profiles as part of a government push to establish the city-state as a global IP centre.

The Makara Innovation Fund (MIF), a partnership between the Intellectual Property Office of Singapore and local private equity firm Makar

Donald Trump tax plan will sharply slash corporate tax rates

WASHINGTON  - U.S. President Donald Trump is proposing to slash the corporate income tax rate and offer multinational businesses a steep tax break on overseas profits brought into the United States, officials said late on Tuesday.

With financial markets eagerly anticipating a White House tax plan, Trump will also call for a sharp cut in the top rate on pass-throu

Rupee continues gaining spree; rises 21 paise against dollar

The Indian rupee extended rally against the greenback on Tuesday amid persistent selling of dollar by banks and exporters, while sustained fund inflows by foreign portfolio investors also boosted rupee movement.

The home currency was also supported by weak dollar overseas and firmness in equity market. At the Interbank Foreign Exchange Market, the local currency was up by 21 per cent

Asian currencies rise as French vote relief boosts risk sentiment

Most emerging Asian currencies rose against the U.S. dollar on Tuesday as continued relief from the outcome of the first phase of French elections supported appetite for assets such as stocks and developing market foreign exchange.

In Asia, ringgit and rupiah moved higher after they reopened following market holidays. The ringgit was the region's top gainer, hitting a five-month p

Euro volatility collapses as Le Pen fears evaporate

LONDON (Reuters) - Market measures of expected volatility of the euro sank on Monday, pointing to a collapse in bets on a market shock from the second round of French presidential elections in two weeks' time.

One-month volatility euro-dollar implied volatility - an options market measure of expected swings in the currency over the next month - fell to its lowest in almost three w

Rupee surges 13 paise to 64.50 against greenback

The Indian Rupee were trading higher against the greenback on Monday amid fresh selling of dollar by banks and exporters, while sustained fund inflows by foreign portfolio investors also boosted rupee movement.

The home currency was also supported by weak dollar and firmness in equity market. At the Interbank Foreign Exchange Market, the local currency was up by 13 per cent to trade a

Turkish economic weakness exposed in post-referendum data

ISTANBUL - Turkish unemployment hit a seven-year peak in early 2017 while the budget deficit rose, data showed on Monday, underlining the economic challenges facing the country a day after its social divisions were laid bare in a referendum.

Turks narrowly voted on Sunday in favour of constitutional changes granting sweeping powers to President Tayyip Erdogan. He has

Asia FX rises as dollar loses lustre; Philippine peso pares gains

By Aparajita Saxena

Asian currencies rose on Monday as falls in the U.S. stock market and Treasury yields kept the U.S. dollar range-bound, and made regional currencies relatively more attractive bets.

Downside to the U.S. dollar and government bond yields came from President Donald Trump's verbal intervention on Thursday, when he told the Wall Street Journal the dollar

Stocks bounce as earnings in focus; dollar steadies on Mnuchin

By Caroline Valetkevitch

NEW YORK - U.S. stocks rose after three straight sessions of losses as investors shifted their focus to earnings and the greenback steadied after Treasury Secretary Steven Mnuchin said dollar strength is good over long periods of time.

Mnuchin, in comments to the Financial Times, also said U.S. President Donald Trump's recent remarks that the dol

China's shadow banking rebounds in March, household loans surge despite curbs

By Elias Glenn

BEIJING  - China's banks unexpectedly extended less credit in March than in the previous month as the government tries to contain the risks from an explosive build-up in debt and an overheating housing market.

But aggregate financing, which includes bank loans as well as off-balance sheet lending, surged in March and was a record in t

Japan`s frugal households offer no respite for BOJ, retailers

By Leika Kihara and Kaori Kaneko

TOKYO - Naruhito Nogami, a 37-year-old systems engineer in Tokyo, drives to discount stores on weekends to bulk buy cheap groceries, even though he earns enough to make ends meet and the prospects for Japan's economic recovery are brighter.

"I do have money, but I'm frugal anyway. Everyone is like that. That'

China March fiscal spending surges over 25 percent on-year, revenue growth slows

BEIJING  - China's fiscal spending surged 25.4 percent in March from a year earlier, accelerating from the first two months of the year as the central and local governments pump money into infrastructure projects to support economic growth.

Growth in government spending quickened from 17.4 percent seen in January and February combined, the finance ministry sa

Global sovereign fund assets stall at $6.59 trillion - Preqin

LONDON  - Sovereign wealth fund (SWF) assets all but stalled at $6.59 trillion in the year to March 2017 due to a combination of weak markets, low oil prices and shifts in government policy, a report from research provider Preqin showed.

Total assets under management have levelled off in the last two years, with growth of just 3 percent in 2015 and 1 percent in 2

Euro zone investor morale shrugs off French election fears

BERLIN  - Investor sentiment in the euro zone improved more than expected in April to remain at the highest level in almost 10 years on Monday, shrugging off risks linked to a closely watched presidential election in France.

The Frankfurt-based Sentix research group's euro zone index rose to 23.9 points, its highest level since August 2007. That exceeded the

Rupee declines to 64.68 against greenback

The Indian rupee fell sharply against its US counterpart on Monday amid fund outflows by foreign funds and importers due to strong demand for the American currency. Adding to it, weakness in global equity market also weighed on home currency movement. At the Interbank Foreign Exchange Market, the local currency was trading down by 27 paise to 64.68 per dollar from a previous close of 64.41 per

Asian currencies shaken by geopolitics, Philippine peso bucks trend

By Rushil Dutta

All Asian currencies besides the Philippine peso were weaker on Monday as heightened geopolitical tension weighed on investor sentiment, turning their focus towards safe assets.

The Korean won, down 0.67 percent, fell for a fifth straight session and was the biggest loser in the region.

The won, which has weakened on growing concerns over North Kore

Chinese yuan weakens

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 93 basis points to 6.9042 against the US dollar Monday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by two per cent from the central parity rate each trading day, Xinhua reported.

The central parity rate of

Japan February current account surplus 2.8 trillion yen, beats forecast

By Minami Funakoshi

TOKYO  - Japan's current account surplus stood at 2.81 trillion yen ($25.26 billion) in February, finance ministry data showed on Monday, the biggest surplus since March 2016.

The result, the 32nd straight month of current account surpluses, compares with economists' median forecast for a surplus of 2.62 trillion yen in a Reu

China FX reserves stay above $3 trillion after small March rise

BEIJING - China's foreign exchange reserves stayed above $3 trillion in March, during which a pause in the dollar's rally aided Beijing's efforts to contain capital outflows.

Reserves rose $3.96 billion during March - less than the $5 billion predicted in a Reuters poll - to total $3.009 trillion, compared with $3.005 trillion at the end of February.<

Global stocks off lows, oil rallies after U.S. missile strike on Syria

By Vikram Subhedar

LONDON - Oil prices held near one-month highs on Friday after the United States attacked a Syrian air base but stocks and the dollar recovered early falls when a U.S. official played down the risks of an escalation.

The U.S. dollar recouped all of its losses against a basket of major currencies and was last trading little changed. S&P

Euro to fall to near 15-year low if Le Pen wins French election: Reuters poll

By Rahul Karunakar

BENGALURU  - The euro is likely to fall about 5 percent to near 15-year lows and close to parity against the dollar in the immediate aftermath should Marine Le Pen win the French presidency in May, according to foreign exchange strategists polled by Reuters.

After falling more than 3 percent in 2016, the euro is up about 2 percent thi

Yen gains, rouble tumbles after U.S. missile strike

By Jemima Kelly

LONDON  - The safe-haven yen climbed and the Russian rouble tumbled on Friday, after the United States launched cruise missiles at an airbase in Syria, raising tensions with Russia.

After U.S. President Donald Trump said he had ordered the strike, which hit a base from which the United States said Syria had launched a chemical weapons at

Sterling set for first fall in four weeks, eyes on output data

By John Geddie

LONDON - Sterling was set for its first week of falls in four on Friday as investors awaited data crucial to Britain's growth outlook as it begins the process of leaving the European Union.

In the first full week of trading since UK Prime Minister Theresa May formally began Britain's divorce from the EU, the pound has slipped 0.7 perce

Japan should push back on any U.S. attack on yen policy - Abe adviser

By Kaori Kaneko and Sumio Ito

TOKYO  - Japan should push back against any U.S. suggestion that it is suppressing the yen's value for trade advantage, an adviser to Prime Minister Shinzo Abe said, in a bid to preempt criticism of Japan's currency policy.

Koichi Hamada, Cabinet adviser and emeritus professor of economics at Yale University, told R