Bloomberg China’s plan to reform its consumption tax system will likely entail a hike in rates on luxury goods and products that use high energy or generate significant pollution, according to analysts at China International Capital Corp (CICC). The changes will be focused in areas aligned with China’s goals of reaching carbon neutrality and “common prosperity,” CICC analysts led by ...

Bloomberg President Joe Biden said he is disappointed that Russia and China declined to make stronger commitments to combat climate change or to send their leaders to key global meetings to address the crisis. Biden, asked about failure of G-20 nations to issue a stronger commitment on global warming, expressed regret at what the two nations have pledged. “The disappointment ...

Bloomberg Senior diplomats from the US and China agreed to maintain regular communications to control tensions even as they spar on Taiwan and a range of other issues. During a meeting with US Secretary of State Antony Blinken in Rome on Sunday, Chinese Foreign Minister Wang Yi called for regular exchanges between them “to manage and control differences between the ...

Bloomberg The Taliban’s spiritual leader Haibatullah Akhundzada made his first public appearance since 2016 at a famous Islamic seminary over the weekend, praising the militant group for sweeping to power as the US withdrew from Afghanistan. Akhundzada hasn’t been seen in public since he became the supreme leader of the Taliban about five years ago. After the Taliban took control ...

Bloomberg Bank of England (BOE) policy makers are heading into their meeting this week knowing that failure to deliver a once-unthinkable interest-rate hike would now raise serious questions over their credibility with markets. Investors are almost fully pricing in a 15-basis point increase in the benchmark lending rate on November 4, while economists increasingly share that view, even as they ...

Bloomberg Westpac Banking Corp shares dropped more than 5% in Sydney trading after delivering a smaller share buyback than many had expected and amid concern margins remain under pressure. The lender unveiled a record share buyback of up to A$3.5 billion ($2.6 billion), while cash earnings of A$5.35 billion fell short of analyst expectations of A$5.42 billion in the year ...

Bloomberg European lenders are boosting shareholder payouts a month after pandemic-related restrictions expired, with more than $5 billion in buybacks. Spain’s Banco Bilbao Vizcaya Argentaria SA said it obtained regulatory approval to repurchase 3.5 billion euros ($4.1 billion) of shares. BNP Paribas SA will start repurchasing 900 million euros of stock next month. In total, the biggest banks in the ...

Bloomberg Nomura Holdings Inc shares fall after earnings plunged and Japan’s largest brokerage took a $341 million provision for an ongoing legal case. The stock declined 7.1% in Tokyo on Monday. The firm said it’s set aside 39 billion yen for the transaction in the US that dates back to before the global financial crisis, after reporting a 95% slide ...

Bloomberg UK high street banks start raising mortgage costs ahead of the Bank of England’s interest-rate decision next week amid signs of resurgent inflation. Barclays Plc is increasing a 2-year fixed rate by 0.35 percentage point, which follows similar moves by lenders including HSBC Holdings Plc, NatWest Plc and Lloyds Banking Group Plc. The increase in borrowing costs threatens a ...

Bloomberg NatWest Group Plc beat profit forecasts in the third quarter, yet shares in the British lender fell as analysts highlighted a squeeze on loan margins and the bumpy transformation of its markets unit. The UK’s biggest corporate lender said operating profit before tax rises to $1.5 billion, almost double analyst estimates compiled by Bloomberg. While demand for home loans ...