Corporate debt recently passed the $1 trillion mark in a continuing sign of global financial displacement.Marketsread more
"Federal debt, which is already high by historical standards, is on an unsustainable course," CBO director Phillip Swagel said in the report.Politicsread more
Target CEO Brian Cornell still thinks the U.S. consumer is strong and spending. Target's latest quarterly results showed the big-box retailer is benefiting from that.Retailread more
Stocks rose on Wednesday as strong quarterly results from retailers such as Target and Lowe's lifted investor sentiment.US Marketsread more
President Trump insists the economy is healthy and says the only thing holding U.S. growth back is the Federal Reserve.Marketsread more
Trading volumes this week are well below their recent averages and that means this comeback may be suspect.Marketsread more
The rule could defy a 2015 Flores Settlement Agreement court order that says families cannot be held in detention for more than 20 days.Politicsread more
Bank of America CEO Brian Moynihan is not worried about an economic slowdown, saying the U.S. consumer is still in a strong place.Banksread more
In a second-round of tweets aimed at the U.S. central bank, the president asked, "WHERE IS THE FEDERAL RESERVE?"Marketsread more
J.P. Morgan Chase customers will no longer be able to pay with their phones in stores beginning next year.Marketsread more
(Adds comments from French official on EU candidate decision)
WASHINGTON, July 26 (Reuters) - The International Monetary Fund said on Friday its executive board adopted an "open, merit-based and transparent" process to select a new leader to replace Christine Lagarde, with the aim of choosing a candidate by Oct. 4.
The IMF's board in a statement made no mention of specific potential candidates, but said its next leader could come from any of its member countries and should have a "distinguished record" in senior-level economic policymaking.
The successful candidate also will have the management and diplomatic skills needed to run a large global organization, the board said.
Lagarde will replace European Central Bank Chairman Mario Draghi in November. On Thursday he ruled himself out as a candidate to lead the IMF.
In Brussels, a French official said European Union governments were working to choose a single candidate from a field that has grown to five with the addition of World Bank Chief Executive Officer Kristalina Georgieva, a Bulgarian national and former EU senior official.
The others under discussion are Jeroen Dijsselbloem, the Dutch former head of euro zone finance ministers; Nadia Calvino, the Spanish economy minister; Mario Centeno, the Portuguese chairman of euro zone finance ministers; Olli Rehn, the Finnish central bank governor, the official said.
Since its founding at the end of World War Two, the IMF has been led by a European, and analysts say the tradition is likely to continue this time around, given apparent U.S. support for a European candidate
The European selection debate is being coordinated by France, whose finance minister Bruno Le Maire had said he was aiming for a decision on a European candidate by the end of July.
Bank of England Governor Mark Carney, a Canadian with Irish and British passports, had appeared to be out of the running at a G7 finance meeting last week in France..
The board said that similar to other recent leadership selection rounds, it aims to reach a decision by consensus, and nominations may be made by any fund governors or executive director. The nomination period runs from July 29 to Sept. 6.
The IMF board said if more than three candidates were nominated, it would narrow the field to three shortlisted candidates based on their relative support on the board and will make their names public.
In describing qualifications for the next IMF leader, the board said: "(S)he will have a proven understanding of the Fund and the policy challenges facing the Funds diverse global membership. (S)he will have a firm commitment to, and an appreciation of, multilateral cooperation and will have a demonstrated capacity to be objective and impartial. (S)he will also be an effective communicator."
Choosing a candidate by Oct. 4 would allow the fund to present its new leader at the IMF and World Bank 2019 annual meetings, scheduled for Oct. 14-20 in Washington. (Reporting by David Lawder; Editing by Richard Chang and Susan Thomas)