Lagarde Says China Economy Strong Enough to Weather Stock Plunge

China’s economy should prove resilient enough to withstand the stock-market rout that has prompted unprecedented efforts by the Chinese government to stem the decline, IMF Managing Director Christine Lagarde said.

China funds cut suggested equity allocations as hopes for recovery evaporate: Reuters poll

(Reuters) - Chinese fund managers will cut the proportion of their portfolios invested in stocks over the next three months, following July's upward trend, as hopes for a quick economic recovery falter, a Reuters poll shows.

EU plans for trading rules widen global gap in bank regulations

LONDON: Banks were pleased this week by news that Europe would impose less-restrictive rules on trading than the United States, but the announcement proves that global regulations are likely to remain inconsistent despite pledges to unify them.

EU backs new joint banking supervision

LUXEMBOURG: European Union officials on Monday approved the creation of a centralized banking supervisor, even though they still squabbled over the next steps in the bloc's quest to stabilize its financial system.

Osborne backs break-up of banks that fail to reform

The UK's big banks will be broken up if they fail to follow new rules to ring-fence risky investment operations from High Street outlets, Chancellor George Osborne has announced. He has said taxpayers are angry at banks' behaviour and will never again be expected to bail them out.

Citigroup Said to Give CCA Managers 75% Fund Stake for Free

Among Vikram Pandit’s last jobs as Citigroup Inc. (C)’s chief executive officer was to decide the fate of the bank’s hedge-fund unit, which employs some of his oldest colleagues. He agreed to give them most of it for free.

Money Fund Dealmaking Resumes After Geithner Breaks Logjam

One month ago, a U.S. Securities and Exchange Commission proposal to tighten rules for the $2.6 trillion money-market mutual fund industry was declared dead.

Bank of England warns UK banks need more capital

Britain's banks do not have enough capital to withstand an escalation in the eurozone crisis, the Bank of England has warned.

Canada may need to raise rates this year: OECD

OTTAWA (Reuters) - Canada should be ready to hike interest rates later this year if the economy doesn't turn sour, but may need to slow down budget tightening if the economy does deteriorate, the Organization for Economic Cooperation and Development said on Wednesday.