G7 nations to agree joint fight against cyber attacks - draft

Courtesy:Dan Hillsdon FOX Business

Mnuchin meets with Padoan May 11.

Finance ministers from the G7 club of rich countries committed to greater coordination in facing the rising threat of worldwide cyberattacks in a joint statement Saturday.

The lack of consensus was reflected in the blandness of the meeting's closing statement, which avoided a precise trade agreement.

"We reaffirm our fiscal and monetary policies have been and will remain oriented towards meeting our respective domestic policy objectives, using domestic instruments and we will not target exchange rates for competitive purposes", it said, underlining the importance of refraining from competitive devaluations.

As with his previous outings in Germany and Washington, Mnuchin is fronting up an economic agenda that leaves some in the global community baffled and frustrated. That follows two G-20 gatherings where Mnuchin refused to sign up to a well-established explicit shunning of protectionism, and pressed for trade to be "fair" and "reciprocal".

But he said the continued uncertainty about the direction of U.S. policy represented a risk, echoing comments made on Friday by Japanese Finance Minister Taro Aso. "We don't want to be protectionist but we reserve our right to be protectionist to the extent that we believe trade is not free and fair". -Canada trade relationship is to both economies.

More news: 'No, no. Next question': Trump rejects collusion & Comey's claims

Mnuchin's presence was overshadowed by a political firestorm in Washington after Trump fired Federal Bureau of Investigation chief James Comey, whose agency was investigating links between the president's 2016 election campaign and the Russian government. Under the administration of Donald Trump, the United States are feeling disadvantaged in global trade, not least due to other major currencies being undervalued compared to the dollar and unfavourable trade deals that the USA had signed up to in the past 25 years.

Leaving controversial talks on trade until a G-7 leaders' summit scheduled for later this month, officials instead pushed U.S. Treasury Secretary Steven Mnuchin for details on President Donald Trump's tax package, unveiled late last month.

Trump has proposed slashing the US corporate income tax rate and offer multinational businesses a steep tax break on overseas profits brought back to the U.S. The Organization for Economic Cooperation and Development, a group representing many advanced economies, has urged the U.S.to lower its corporate tax rate.

Even with the apparent thaw in relations, the USA still stands apart from the rest of G-7 on trade, climate change and other issues.

Today's meeting in the southern Italian town Bari is paving the way for a meeting between the G-7 leaders in Taormina, Sicily in May 26-27.

"We need a strong United States, the United States needs the global economy and global economics on a sustainable way where the United States is still the most important political and economic partner and the best alliance for Europe", Wolfgang Schaeuble, the German Finance Minister, said.

Related News:

  • Snap shares whacked after earnings miss forecast

    Snap shares whacked after earnings miss forecast

    However, other analysts were less pessimistic, noting the potential for future growth despite the missed targets. But in the rest of the world, Snap only added a million daily users, reaching 40 million daily active users.

    U.S. Bombs Pro-Regime Forces in Syria

    That strike was in response to a sarin gas attack against civilians USA officials say was carried out by forces loyal to Assad . Per the AP, local opposition groups say the attack destroyed several vehicles and caused multiple casualties.
    Everything We Know About Young Sheldon So Far

    Everything We Know About Young Sheldon So Far

    Sheldon stopped saying this catchphrase on The Big Bang Theory years ago, but maybe it'll come back for a full circle moment. They brought in a ringer to direct the pilot - Iron Man's Jon Favreau, who also gets an executive producer credit.
  • French presidential election: Challenges are just beginning for Emmanuel Macron

    French presidential election: Challenges are just beginning for Emmanuel Macron

    Macron has said he was aiming to secure an absolute majority in the lower chamber through the June 11 and 18 elections. Macron's movement is banking that voters, having elected him, won't want to see his presidency hobbled so quickly.
    Duterte OKs nat'l smoking ban

    Duterte OKs nat'l smoking ban

    The order had been reported in some media as a blanket ban on smoking in public places. "It's an order to the Executive branch". President Duterte finally signed yesterday Executive Order 26 (EO 26) for the implementation of the nationwide smoking ban.
    OPEC Pullback Seen Continuing as US Shale Oil Rebounds Sharply, Says IEA

    OPEC Pullback Seen Continuing as US Shale Oil Rebounds Sharply, Says IEA

    Opec and its partners will meet on May 25 in Vienna to decide whether to prolong their supply cuts past June. USA crude imports rose 577 Mbbl/d last week, while exports rose 400 Mbbl/d.
  • Trump calls naming special counsel 'greatest witch hunt' in

    Trump calls naming special counsel 'greatest witch hunt' in

    Flynn, Trump's fired national security adviser, is a key figure in the Trump-Russia investigation. "Russia's fine", Trump said. Following Rosenstein's testimony, a number of Senators came out to take about what happened in the closed-door meeting.
    Soundgarden's Chris Cornell dies after Detroit show

    Soundgarden's Chris Cornell dies after Detroit show

    The news was somewhat expected, considering that Moynihan's CBS comedy pilot, Me, Myself & I, was picked up to series in the fall. But all gigs eventually come to an end and as many SNL cast members do eventually, Moynihan has chose to leave the show.

    Jefferies Group LLC Reaffirms "Buy" Rating for Discover Financial Services (DFS)

    On average, equities research analysts predict that Discover Financial Services will post $6.02 EPS for the current fiscal year. Orrstown Financial Services Inc. boosted its position in shares of Discover Financial Services by 64.2% in the first quarter.
  • What Do Analysts Suggest For Microsoft Corporation (MSFT)

    Symphony Asset Management Limited Com invested 0.16% in Biogen Inc (NASDAQ:BIIB). 214,827 were reported by Massachusetts Comm Ma. Daruma Capital Management Llc increased Fortune Brands Home & Sec In (FBHS) stake by 22.96% reported in 2016Q4 SEC filing.
    Mourinho: United 'don't want to play' Premier League games

    Mourinho: United 'don't want to play' Premier League games

    You can't let players go two weeks without a game before a cup final like that. I don't know what is important for them. "I'm serious.
    Grown-ups brawl at high school graduation in Tennessee

    Grown-ups brawl at high school graduation in Tennessee

    In an exclusive interview with WMC Action News 5 , she said she never started the brawl at Arlington's graduation. The 2017 senior class earned more than $30,600,000 in college scholarship money, Mason also proudly noted.


Most liked

Trump says appointment of special counsel 'hurts our country terribly'
Trump fired FBI Director James Comey last week, prompting some to call for an independent prosecutor to lead the investigation. For the record, the White House has denied the president asked Comey or anyone else "to end any investigation".

Plane veers off runway, killing pilot and co-pilot
An airport official says a cargo plane contracted by UPS has gone off the runway and over a hillside at a West Virginia airport. The initial witness mark on the runway is about 340 feet from the runway threshold, according to English.

U.S. airstrikes in Syria 'completely unacceptable', Russian Federation says
Coalition warplanes targeted a convoy of Syrian government forces and Iranian-backed militia close to the Iraq border on Thursday. The United States has also been conducting air strikes in Syria, but without the authorization of the country's government.

Prince's Six Siblings Become Heirs to His Estate
Prince died in April 2016 at his home inside Paisley Park in Chanhassen, Minnesota, of an accidental overdose of Fentanyl. And until the appeals are resolved, Eide said the siblings won't be able to collect anything without his approval.

USA launches NAFTA renegotiation countdown
NAFTA was negotiated between the U.S., Canada and Mexico 25 years ago, and needs to be updated, Lighthizer said in the letter . Cheap subsidized sugar from Mexico is one area of contention for sugar producers in Louisiana.

Broker Changes For Coca Cola Femsa SAB De CV (NYSE:KOF)
After $0.43 actual EPS reported by The Coca-Cola Co for the previous quarter, Wall Street now forecasts 32.56% EPS growth. The stock has a 50 day moving average price of GBX 2,131.86 and a 200-day moving average price of GBX 1,881.69.

Washington Prime Group Inc. (WPG)
In terms of Buy, Sell or Hold recommendations, Washington Prime Group Inc Cmn (NYSE:WPG) has analysts' mean recommendation of 3. The Company's primary business is the ownership, development and management of retail real estate within the United States.

President Trump plans to 'scale back' Sean Spicer's role after overseas tour
This kind of confusion has been seen repeatedly, although it's not clear who is to blame. David Frum, a former speechwriter for George W.

Jon Bon Jovi gives lessons in life to students at graduation ceremony
Bon Jovi had to scrap two shows at nearby Madison Square Garden in NY last month (Apr17) in order to recover from bronchitis. Never assume or judge a book by its cover; /the truth is, there are many surprises awaiting you on your journey.

Short Interest in Horizon Pharma PLC (HZNP) Decreases By 7.5%
Horizon Pharma plc (HZNP) has been given an average price target of $16.8 from analysts, according to data collected by Finviz. Stock exchanged hands with the total volume of 4.19 Million shares, as contrast to its average volume of 2.78 Million shares.

Four-goal Kane helps Spurs punish Leicester
I think I told you many times that we will keep the players we want to keep and maybe sell the players that we want to sell". Ndidi formed a defensive midfield partnership with Ghana's Daniel Amartey but they were overrun by a rampant Spurs side.

Video Shows Turkish President Recep Tayyip Erdogan Watching Attack on Washington Protesters
Secretary of State Rex Tillerson and the White House, and that he had done "tremendous work" so far to coordinate the coalition. On Wednesday, McCain condemned Turkish authorities, stating that there is " no excuse " for their " thuggish " behavior.

US Senate panel still negotiating with Flynn over documents: congressional aides
An earlier report said that Flynn's lawyers said that he planned to ignore a Senate panel's subpoena. Typically, certifications against sitting executive branch officials have been made to the U.S.

Flynn Has Not Responded to Subpoena: Senate Intel Chair
Flynn resigned as President Donald Trump's national security adviser on February 13, 2017. A lawyer for Flynn did not immediately respond to a request for comment.

Residents of Pyongyang, Seoul comment on test of new missile
While Trump has said he'd be "honored" to talk Kim under favorable conditions, Haley seemed to rule out the possibility. The North is under United Nations sanctions for its nuclear and missile programmes, which have triggered global alarm.