U.S. TIPS breakeven rates add gains after June payrolls data

NEW YORK, July 5 (Reuters) – The U.S. bond market’s gauges of investors’ inflation outlook added to earlier gains on Friday as domestic employers hired more workers than forecast in June, although wage growth fell a bit short of expectations.

At 9:15 p.m. EDT (1315 GMT), the yield spread between 10-year Treasury Inflation Protected Securities, or TIPS, and 10-year Treasury notes was 1.669%, up 1.5 basis points from Wednesday, according to Tradeweb data.

U.S. financial markets were closed on Thursday for the Fourth of July holiday. (Reporting by Richard Leong; editing by Jonathan Oatis)

Sitharaman discards briefcase, carries ‘bahi-khata’

In a departure from the past, India’s first full-time woman Finance Minister Nirmala Sitharaman carried the Union Budget documents in a red bag, reminiscence of the traditional ‘bahi-khata’.

• BUDGET 2019

Earlier, finance ministers in different governments used to carry a briefcase to present budget, which was considered as a tradition of colonial past.

Sitharaman is presenting the full Budget for 2019-20. She is carrying the Budget documents in a red silk bag with national emblem.

During the Atal Bihari Vajpayee government, the then finance minister Yashwant Sinha broke the one colonial tradition of budget presentation at 5 pm.

Since then all governments have been presenting the budget at 11 am.

Bahi-Khata is referred to books of account maintained by traditional Indian businessmen.

Commenting on the shift from a briefcase to bahi-khata, Chief Economic Advisor Krishnamurthy Subramanian said the government is following “Indian tradition”.

“It is in Indian tradition. It symbolises our departure from slavery of Western thought. It is not a Budget, but a Bahi-Khata (ledger).”

Ford’s Q2 China sales fall 22%

Ford Motor Co. F, +0.79% said Friday that second-quarter vehicle sales in China fell 21.7% from the same period a year ago, led by a 28% drop in sales of Ford-branded vehicles. "The company has taken aggressive actions to reduce dealer inventory, increase showroom traffic, stabilize transaction prices and improve dealer profitability," the auto maker said in a statement. Among the initiatives implemented during the quarter were building a new leadership team with "in-depth Chinese market experience," improving cooperation with joint venture partners and providing "all-round" support for dealers. Ford’s stock, which was unchanged in premarket trading, has rallied 33% year to date, while the Dow Jones Industrial Average DJIA, +0.67% has gained 16%.

Sudan military council, opposition reach power-sharing agreement

Sudan military council, opposition reach a power-sharing agreement

Sudan’s ruling military faction and a coalition of opposition and protest groups have reached an agreement to share power.

A mediator from the African Union says a council will be set up, with rotating leadership between the military and civilians.

The council will operate for three years leading up to elections.

Al Jazeera’s’ Alexi O’Brien explains.

FM promises to cut red tape further to build ‘New India’

Government’s last mile delivery stood out, she said, and promised that programmes will be accelerated and red tape will be reduced.

Illustration: Uttam Ghosh/Rediff.com

Finance Minister Nirmala Sitharaman Friday said the NDA government had set the ball rolling for a ‘New India’ in its first term and programmes will be accelerated and red tape reduced going forward.

The recent elections were charged with brimming hope for a bright and stable India, she said while presenting the first Budget of the Modi government in its second term.

Earlier in the day, the Union Cabinet headed by Prime Minister Narendra Modi approved the Budget for 2019-20.

The Modi government in its first term stood out as a performing government, Sitharaman said, adding “voters stamped their approval on a performing government in general elections”.

She further said the NDA government in its first term set the ball rolling for a ‘New India’ with strident commitment to fiscal consolidation.

“Our last mile delivery stood out”, she said, and promised that programmes will be accelerated and red tape will be reduced.

The finance minister also said the amount spent on food security doubled during 2014-19 from the previous five years. Moreover, the number of patents tripled during 2018-19.

• Union Budget 2019

CANADA STOCKS-TSX opens lower on falling gold price

July 5 (Reuters) – Canada’s main stock index opened lower on Friday, as falling gold price dragged down materials stocks and a strong rebound in U.S. job growth in June drove investors to pare bets of an aggressive interest rate cut by the Federal Reserve.

At 9:35 a.m. ET (13:35 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 83.23 points, or 0.5%, at 16,505.62. (Reporting by Sruthi Shankar in Bengaluru)

Deutsche Bank is planning to streamline services into a separate 'corporate bank' as part of its massive overhaul

• Deutsche Bank is planning to create a separate “corporate bank” unit that will seek to streamline services currently spread throughout the bank.
• The measure is one element of a sweeping, multi-billion dollar overhaul that Deutsche is planning to unveil in the coming days.

Deutsche Bank is planning to create a separate “corporate bank” unit that will seek to streamline services currently spread throughout the bank, two people familiar with the matter said on Friday.

The measure is one element of a sweeping, multi-billion dollar overhaul that Deutsche is planning to unveil in the coming days.

Deutsche Bank declined to comment on the plans for such a division.

Currently, a single corporate customer may have accounts with the private and commercial bank, the transaction bank and the investment bank.

The effort would seek to reduce overlap and the new division would have a seat on the board, the people said, confirming news first reported by the Sueddeutsche newspaper.

The corporate bank would include the transaction bank, which has been a segment of the investment bank, they said. The transaction bank provides everyday banking services important for the finances of corporations, such as international payments.

The investment bank is expected to bear the brunt of the cuts in the overhaul package.

The bank’s supervisory board is expected to meet on Sunday to discuss the restructuring, which could see as many as 20,000 job cuts, sources have said.