G7 makes ‘substantial progress’ on trade talks: French source – Reuters

TAORMINA, Italy The Group of Seven nations have made progress in negotiations on trade, notably on the issue of multilateralism, a French presidential source said on Saturday, suggesting there has been some softening in the United States' protectionist stance.

The leaders have been wrangling on the wording of a final communique since Friday with international trade and climate change the main stumbling blocks.

"The discussions on trade are making substantial progress, notably on the issue of multilateralism," a French presidential source said.

Since taking office, U.S. President Donald Trump, has derided some of the same international partnerships, including the World Trade Organisation, raising the prospect that the Republican's "America First" agenda might well mean an America more willing to act alone.

A senior White House official on Friday said Trump had told the leaders of Germany, France, Italy, Japan, Canada and Britain that the United States would treat other countries in the same way it was treated.

(Reporting by John Irish; Editing by Crispian Balmer)

BEIJING Profits earned by Chinese industrial firms rose 14.0 percent in April from a year earlier, official data showed on Saturday, slowing from March's pace and adding to concerns that the world's second-largest economy may be losing steam.

BEIJING China is determined to open its market and is positive about promoting talks on a China-EU investment agreement, a senior Chinese official said on Saturday ahead of Premier Li Keqiang's visit to Brussels for a summit with the European Union.

NEW YORK U.S. Securities and Exchange Commission chief Jay Clayton is expected to name Steven Peikin, a partner from his former law firm, to help lead enforcement at the agency, a person familiar with the matter told Reuters.

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G7 makes 'substantial progress' on trade talks: French source - Reuters