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Greek prime minister Alexis Tsipras got the reforms through with the help of pro-European opposition parties.

Bremmer’s outlook on the IMF’s ability to support the deal is related to the International Monetary Fund report last week that said Greece would need debt restructuring, something the current bailout isn’t explicitly contemplating.

The five big Wall Street banks – excluding Wells Fargo, which does not have a large investment banking business – reported total net earnings of $US24.1 billion in the quarter, up $US6.7 billion from the same quarter past year.

United States investment bank Morgan Stanley has reported a better-than-expected second-quarter profit thanks to a strong performance by its wealth management division.

Revenue from investment banking, which includes advising on takeovers and underwriting equity and bond issues, fell 1 per cent to $US1.61 billion.

GE is selling about $200 billion of assets as it reduces the size of the finance business and refocuses on manufacturing units making heavy-duty products such as gas turbines, jet engines and medical scanners.

Federal Reserve Chair Janet Yellen said that the decision is designed to implement accountability among the largest banks themselves – to “bear the costs that their failure would impose on others”, she said. “They must either hold substantially more...

Although unlikely to have a big effect on sales, the smart watch is still the biggest new product category since the release of the first Iphone in 2006.

According to the White House, U.S. President Barack Obama plans to nominate Kathryn Dominguez to the Federal Reserve Board of Governors.

Meanwhile, Schlumberger Limited. (NYSE:SLB), which is the biggest oilfield services company in the world, saw its revenue decline by 25% YoY to $9.01 billion.

Lockheed Martin has been working on a deal to pay United Technologies more than $8 billion for the aerospace division.

ATHENS, Greece (AP) — Prime Minister Alexis Tsipras is widely expected to reshuffle his Cabinet, following a rebellion within his party over a parliament vote to approve painful austerity measures demanded for new bailout talks to start. A large number of Syriza lawmakers are...

German Chancellor Angela Merkel ruled out “a classic haircut” – a markdown of Greece’s debts.

Earlier this month, UK Chancellor of the Exchequer George Osborne proposed introduction of a new national living wage at a rate of £7.20 per hour as part of the budget this year.

Ikea is to become the first retailer in the United Kingdom to pay more than the new National Living Wage introduced by the Chancellor George Osborne. This will compel all employers to pay staff £7.20 an hour from next April, rising to more than £9 by 2020.