All the day’s economic and financial news, including the International Monetary Fund’s latest World Economic Outlook at 2pm BST
Coming up: IMF Growth downgrades?
Hopes that Greece and its creditors could make a breakthrough have been dashed overnight, probably to no-one’s great surprise.
Talks between the two sides were adjourned early this morning, and will resume next week once the IMF’s Spring Meeting has concluded.
“The Greek government and the four institutions agreed there was progress,”
First “deadline” missed, onwards to the next one. Stop me if you’ve heard this one before #Greece https://t.co/Ltj2PlCE54
Tax avoidance by multinational corporations will be forced into the open under proposals to be unveiled by European regulators later today following the Panama Papers revelations.
The European commission will put forward legislation requiring large multinationals operating in Europe to disclose where they make profits and where they pay tax on a country by country basis.
Related: EU regulators demand greater tax transparency from multinationals
Shares in luxury goods makers are sliding across Europe this morning, following disappointing results from France’s LVMH Moët Hennessy Louis Vuitton SE.
“The U.S. market is strong and Europe remains well oriented except for France which is affected by a fall in tourism.”
Troubled UK supermarket chain Tesco has cut back one of its overseas ventures, as it looks to bolster its position back home.
London’s stock market has opened cautiously, with the FTSE 100 index dropping by 8 points in early trading.
Mining shares are up, partly helped by the weaker dollar.
Related: UK retailers’ sales hit by bad weather and early Easter
Jack Lew, the US treasury secretary, has turned the tables on the International Monetary Fund by arguing that it must do more to help the global economy recover.
…intensify scrutiny of critical issues like exchange rates, current account imbalances, and shortfalls in global aggregate demand
IMF chief Christine Lagarde has poured cold water on hopes that a global tax authority could be introduced, to combat tax evasion.
Speaking in Washington overnight, she warned that the idea of an intergovernmental UN tax body – promoted by Oxfam – faced major obstacles from governments.
“We need to be aware of the massive hurdles and obstacles along the way because taxation for the last century or so has been defined, conceptualised, designed, implemented on a purely territorial sovereign basis.
And if anything, levying taxation is considered as an attribute of sovereignty, and anything that takes away from that is going to be very strongly opposed by many countries in the world, many forces.”
“I think it’s an area where we all have to think outside the box because there are too many boxes in that tax field and thinking outside the box might be of great interest.”
Related: IMF chief talks Panama Papers fallout: time to ‘think outside box’ on global tax
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
Related: EU ‘will toughen plans to make firms disclose offshore tax bills’