Finance news

• Indonesia's small firms struggle, dealing economy another blow

  07-10-2015 23:45 via news.yahoo.com
  
  By Eveline Danubrata PASURUAN, Indonesia (Reuters) - Fuad Fultoni has been selling wooden furniture from Pasuruan city on the eastern side of Indonesia's Java island for 15 years: gazing out as his workers sat idly in an empty showroom, he says business has never been so bad. "People don't have the purchasing power for things like this anymore," Fultoni said, gesturing towards intricately carved tables, chairs and cabinets on display. Small and medium-sized firms (SMEs) like his account for at l
  
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• Sony proceeds with plan to sell music publishing unit: WSJ

  07-10-2015 23:43 via news.yahoo.com
  
  (Reuters) - Sony Corp is proceeding with a plan to sell its half of Sony/ATV Music Publishing, the Wall Street Journal reported, citing people familiar with the matter. Sony, which owns the unit with Michael Jackson's estate, recently triggered a clause in its contract that allows one partner to buy out the other, the Wall Street Journal reported. (http://on.wsj.com/1MfjslA) Sony/ATV Music declined to comment on the report. (Reporting by Anya George Tharakan in Bengaluru)
  
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• Progress made in fundraising for poor to fight climate change

  07-10-2015 23:36 via news.yahoo.com
  
  By Valerie Volcovici WASHINGTON (Reuters) - The world’s richest countries mobilized $61.8 billion in public and private funds in 2014 to help poor countries combat and adapt to climate change, almost two-thirds of a goal to raise $100 billion a year starting in 2020, according to a report released on Wednesday. The study by the Organisation for Economic Co-operation and Development and the Climate Policy Initiative aimed to provide the first clear snapshot of how far rich countries are fro
  
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• UPDATE 3-Ex-Dewey & LeBoeuf execs found not guilty of some counts in N.Y.

  07-10-2015 23:35
  NEW YORK, Oct 7 (Reuters) - A New York jury on Wednesday
  found three former executives of defunct law firm Dewey &
  LeBoeuf not guilty of some charges but remained deadlocked on
  others, including the...
  
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• Clinton says she does not support new Pacific trade pact

  07-10-2015 23:33 via news.yahoo.com
  
  By Amanda Becker and Jonathan Allen WASHINGTON/NEW YORK (Reuters) - U.S. Democratic presidential candidate Hillary Clinton said on Wednesday she does not support the 12-nation Trans-Pacific Partnership (TPP), rejecting a central tenet of President Barack Obama's strategic pivot to Asia. Clinton said during a campaign swing in Iowa that she is worried about currency manipulation not being part of the agreement and that "pharmaceutical companies may have gotten more benefits and patients fewer." "
  
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• S&P revises GE credit outlook to negative after Peltz buys in

  07-10-2015 23:23 via news.yahoo.com
  
  Peltz's Trian Fund Management, which unveiled its roughly 1 percent stake in GE on Monday, urged GE to explore more share buybacks including by taking on new debt. S&P said in a report that Trian was advocating share buybacks "beyond our current expectations." Trian's move comes after GE management had already made statements that suggest it could adopt a less conservative financial policy, S&P said. S&P revised its outlook on GE's credit rating to "negative" from "stable," meaning S
  
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• Portugal's Communists would back government led by Socialists

  07-10-2015 22:41 via news.yahoo.com
  
  By Sergio Goncalves and Axel Bugge LISBON (Reuters) - Portugal's Communists would support a Socialist-led government, the party's leader said on Wednesday, marking a shift that further complicates efforts by the outgoing center-right coalition to form a minority administration. Political uncertainty following last weekend's election threatens to derail a fragile economic recovery in Portugal, which endured years of austerity after being bailed out by its euro zone partners and the International
  
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• Obama praises unions, workers' rights at White House Summit

  07-10-2015 22:34 via news.yahoo.com
  
  By Megan Cassella WASHINGTON (Reuters) - President Barack Obama called for higher blue-collar wages and benefits and promoted collective bargaining on Wednesday, courting workers' unions as his advancing Pacific Rim trade deal has disenchanted many labor groups. In a speech to workers, union leaders, lawmakers and employers, Obama supported the defense of workers' rights and urged workers to band together in an increasingly technology-driven sharing economy. "I believe when people attack unions,
  
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• An up-and-down day for stock market ends with a solid gain

  07-10-2015 22:34 via news.yahoo.com
  
  NEW YORK (AP) — Stocks posted solid gains in a quiet session Wednesday, helped by advances in health-care and industrial companies.
  
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• S&P 500 reaches three-week high as health stocks rally

  07-10-2015 22:32 via news.yahoo.com
  
  Investors' focus is turning to earnings, and Yum! Brands was the S&P's biggest loser after reporting weak sales out of China, which accounts for more than half of its revenues. Yum! Brands slumped 18.83 percent after the restaurant operator cut its full-year profit forecast, citing a slower-than-expected recovery in its key China market and the drag from a strong U.S. dollar. The S&P health index , up 1.47 percent, was the biggest gainer.
  
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• Patriot Coal withdraws Alcoa deal as bankruptcy talks continue

  07-10-2015 22:19
  WASHINGTON, Oct 7 (Reuters) - A $22 million deal between the
  Aluminum Company of America and Patriot Coal Corp has been
  abandoned as the coal company seeks to finalize its bankruptcy
  plan, which U.S....
  
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• BlackRock to boost shareholders' power after backing reform elsewhere

  07-10-2015 22:11
  
  BOSTON (Reuters) - Top asset manager BlackRock Inc said on Wednesday it plans to give shareholders new rights to nominate directors, bringing its corporate governance in line with policies it has...
  
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• Biotech rebound leads Wall Street higher

  07-10-2015 22:07 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks ended higher after a volatile session on Wednesday, led by a rebound in biotechnology companies that pushed the S&P 500 to its highest level in three weeks.
  
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• IMF: Up to $3 trillion in over-borrowing in emerging markets

  07-10-2015 21:50 via news.yahoo.com
  
  LIMA, Peru (AP) — The biggest risks to the global economy are now in emerging markets, where private companies have racked up considerable debt amid a fifth straight year of slowing growth, the International Monetary Fund said Wednesday.
  
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• Quebec signals it is open to foreign investor in Bombardier

  07-10-2015 21:28 via news.yahoo.com
  
  MONTREAL/TORONTO (Reuters) - Quebec signaled it is open to foreign investment in Bombardier Inc on Wednesday, after the Canadian plane and train manufacturer failed to sell its CSeries jet program to Airbus, potentially inviting a politically difficult deal with a Chinese investor. Asked about the possibility of foreign investment, Quebec's Economy Minister Jacques Daoust hinted that a majority stake held by overseas interests would not be unusual. "Look at the ownership of Quebec crown jewels t
  
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• Blackstone to pay about $39 million to settle SEC charges over fees

  07-10-2015 21:24
  WASHINGTON (Reuters) - Blackstone Group, the world's largest private equity firm, will pay about $39 million to settle civil charges over disclosure failures in connection with certain types of fees...
  
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• Chinese official: 'Don't worry about our economy'

  07-10-2015 21:18 via news.yahoo.com
  
  A senior Chinese central bank official sought Wednesday to downplay concerns that China's economic slowdown will further drag down the global economy. "I would say don't worry," said Yi Gang, deputy governor of the People's Bank of China, after the International Monetary Fund warned of risks in China's economic challenges. "China will still have pretty much middle-to-high growth in the near future," said Yi, speaking in Lima where the IMF-World Bank annual meetings were beginning.
  
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• U.S. venture firms raise $4.39 billion in third quarter

  07-10-2015 21:13
  SAN FRANCISCO (Reuters) - U.S. venture firms raised $4.39 billion last quarter, the smallest amount in two years, but still leaving the industry on track for one of the best fundraising years since...
  
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• Climate aid from rich nations at $62 bn in 2014: report

  07-10-2015 21:12 via news.yahoo.com
  
  Rich nations have stepped up their climate aid for poorer nations, paying $62 billion (55 billion euros) last year, approaching a $100-billion annual target for 2020, the OECD said Wednesday. Up from $52 billion in 2013, the figure represented "significant progress towards the $100-billion goal", said a report from the Organisation for Economic Co-operation and Development, an intergovernmental research body. The new numbers will provide fodder for finance ministers and central bank chiefs meeti
  
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• Merkel, Hollande plead for unity in face of EU crises

  07-10-2015 20:45 via news.yahoo.com
  
  By Alastair Macdonald STRASBOURG (Reuters) - German Chancellor Angela Merkel and French President Francois Hollande, in a rare joint address to the EU parliament, called for unity in Europe on Wednesday to tackle a series of crises that have shaken the bloc to its core. Reprising a historic appearance by predecessors Helmut Kohl and Francois Mitterrand after the fall of the Berlin Wall, they spoke in broad terms of stepping up cooperation to control migration, strengthen the economy and the euro
  
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• IMF sees recession for Latin America on commodities shock

  07-10-2015 20:28 via news.yahoo.com
  
  LIMA, Peru (AP) — Latin America's economy is expected to enter recession this year for the first time since the end of the global financial crisis as China's slowdown drives lower demand for the region's commodities, threatening to undo recent progress in reducing poverty, the International Monetary Fund said Wednesday.
  
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• U.S. suspends search for survivors of missing cargo ship: media

  07-10-2015 20:12 via news.yahoo.com
  
  WASHINGTON (Reuters) - The U.S. Coast Guard is suspending its search for survivors of missing cargo ship El Faro, several media outlets reported on Wednesday. The Wall Street Journal and CNN, citing family members of the ship's crew, said the search will end on Wednesday night. (Reporting by Susan Heavey; Editing by Sandra Maler)
  
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• Wall St. slips as oil rally fades, earnings worries mount

  07-10-2015 20:08 via news.yahoo.com
  
  Crude oil prices seesawed after government data showing a large U.S. crude inventory build surprised traders the morning after an industry group had reported a draw. U.S. stocks opened up strongly, turned negative for a while as oil prices slipped before eking out a small gain in afternoon trading. "There is no real conviction in either direction in the market," said Joseph Benanti, managing director, sales and trading of Rosenblatt Securities in New York.
  
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• Yum's China missteps amplify calls for spinoff, other change

  07-10-2015 20:01 via news.yahoo.com
  
  Yum Brands Inc's disappointing results from restaurants in China including KFC and Pizza Hut add new pressure on Chief Executive Greg Creed to make swift changes to the business that is its main driver of sales and profit, analysts said Wednesday. Shares in Yum sank as much as 19.3 percent on Wednesday, after the company shocked investors by cutting its forecasts due to weakness in China. While China's economy is cooling, Yum management also blamed internal missteps at its upscale Pizza Hut Casu
  
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• Rich countries two-thirds of way to $100 billion climate finance goal: report

  07-10-2015 19:32 via news.yahoo.com
  
  By Valerie Volcovici WASHINGTON (Reuters) - The world’s richest countries spurred $61.8 billion in public and private funds in 2014 to help poor countries combat and adapt to climate change, nearly two-thirds of a key international goal to raise $100 billion a year starting in 2020, according to a report released on Wednesday. The study by the Organization for Economic Co-operation and Development and the Climate Policy Initiative aimed to provide the first clear snapshot of how far rich c
  
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• Citadel's Kenneth Griffin settles divorce case

  07-10-2015 19:04
  
  BOSTON (Reuters) - Billionaire investor Kenneth Griffin, who oversees $26 billion at hedge fund Citadel LLC, has reached a divorce settlement with his former hedge fund manager wife, Anne Dias...
  
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• U.S.-based stock, bond fund outflows biggest in five weeks: ICI

  07-10-2015 19:00
  NEW YORK (Reuters) - Investors in U.S.-based mutual funds pulled $8.4 billion out of bond funds and $6.3 billion out of stock funds in the week ended Sept. 30 on worries over global growth, marking...
  
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• Jurors in N.Y. acquit ex-Dewey & LeBoeuf execs of some criminal counts

  07-10-2015 18:44
  NEW YORK, Oct 7 (Reuters) - A New York jury acquitted three
  former executives of defunct law firm Dewey & LeBoeuf of some
  charges but remained deadlocked on others, including the most
  serious charge...
  
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• European stocks edge up in fourth straight session

  07-10-2015 18:40 via news.yahoo.com
  
  Europe's main stock markets climbed Wednesday, extending its winning streak to a fourth straight session, as shares of the world's major brewers rise on a takeover battle for some of beer's biggest brands. The world's biggest brewer Anheuser-Busch InBev raised Wednesday its offer for British rival SABMiller to 68 billion pounds (92 billion euros, $103 billion), or 42.15 pounds per share, only to be told it was still too low to achieve one of the largest ever corporate takeovers. The deal sought
  
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• FTC may delay decision on Staples-Office Depot deal: WSJ

  07-10-2015 18:33 via news.yahoo.com
  
  (Reuters) - The U.S. Federal Trade Commission is likely to delay a decision on whether to allow Staples Inc's $6.3 billion takeover of rival Office Depot Inc, the Wall Street Journal reported, citing people familiar with the matter.
  
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• Quebec: most important thing is Bombardier head office stays in Montreal

  07-10-2015 18:12 via news.yahoo.com
  
  (Reuters) - Quebec Economy Minister Jacques Daoust, asked about news that talks between Bombardier Inc and Airbus had broken off, said that the most important issue for him is that the company's head office remains in Montreal. "Look at the ownership of Quebec crown jewels that are listed on the stock exchange," he told reporters in Quebec City. "You are going to realize that they are not majority-held by Quebecers." Daoust said Quebec stood ready to help Bombardier but that the company had not
  
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• Stock indexes turn lower on earnings outlook; oil dips

  07-10-2015 18:04 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - Wall Street and other stock indexes gave up earlier gains on Wednesday as concern grew about the outlook for U.S. earnings and oil prices reversed direction after an early surge. U.S. stocks turned lower in late morning trading, led by declines in tech shares. Oil prices initially extended recent gains as data showed the market was beginning to tighten, but prices turned lower in late U.S. morning trading.
  
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• China faces 'unprecedented' economic policy challenge: IMF

  07-10-2015 17:05 via news.yahoo.com
  
  China confronts a monumental and risk-fraught task as it moves toward a more market- and consumption-based economic model, the International Monetary Fund said Wednesday. As the most important emerging-market economy, China's rebalancing and deleveraging will "require great care," the Fund said in its new review of global financial risks. "The Chinese authorities face an unprecedented policy challenge in carrying out their objectives to make the transition to a new growth model and a more market
  
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• Yum China's Pizza Hut restaurants hard hit by economic slowdown

  07-10-2015 16:57 via news.yahoo.com
  
  Yum Brands Inc's all-important China division took a hit this summer as businesses there pulled back on parties and events at its upscale Pizza Hut Casual Dining chain amid volatility in financial markets and cooling economic growth. Yum shares tumbled as much as 19 percent on Wednesday, a day after the company shocked investors by cutting its growth forecasts on weakness in China, its top driver for profit and revenue. The disappointing results increases pressure on Yum at a time when hedge fun
  
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• Markets may be near turning point, global economy the worry - Reuters poll

  07-10-2015 16:31 via news.yahoo.com
  
  By Ross Finley and Rahul Karunakar LONDON/BENGALURU (Reuters) - Currencies, stocks and bonds appear to be at a turning point, according to the latest Reuters polls from around the world, with the size and nature of forecast changes suggesting worries are building about the health of the global economy. The latest sharp revisions to currency, stock market and government bond views coincide with another global growth downgrade from the International Monetary Fund, and reports that some of the worl
  
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• Burkina Faso coup cost economy more than $50 mln -govt

  07-10-2015 16:21 via news.yahoo.com
  
  A failed military coup in Burkina Faso last month cost its flagging economy more than $50 million in lost revenue, the finance minister said on Wednesday. Sanon said the coup would trim economic growth by 0.3 pct this year, leaving expected growth at 4-4.5 percent.
  
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• MIDEAST STOCKS-Gulf surges on strong oil, bank earnings; Egypt up

  07-10-2015 15:40 via news.yahoo.com
  
  * Petrochemicals, oil-related shares across region climb * Saudi trading volume rises sharply * Q3 earnings boost Alinma Bank, Banque Saudi Fransi * Dubai index rises above technical resistance * Qalaa Holdings surges in Egypt By Andrew Torchia DUBAI, Oct 7 (Reuters) - Major Middle East stock markets rose on Wednesday as a leap in oil prices boosted petrochemical and energy-related shares across the region. Egypt ended a three-day losing streak as emerging markets gained globally. Brent crude ju
  
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• Top three home annoyances and what to do about them

  07-10-2015 15:02
  NEW YORK (Reuters) - When it comes to what makes homeowners stew, lack of closet space tops the list.
  
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• AirAsia's potential management-led buyout faces headwinds

  07-10-2015 13:52 via news.yahoo.com
  
  By Yantoultra Ngui and Anshuman Daga KUALA LUMPUR/SINGAPORE (Reuters) - AirAsia founder Tony Fernandes may find it tough to take the budget airline private due to large funding needs as potential partners worry about a floundering Malaysian economy and a weak regional aviation market. Reuters exclusively reported on Tuesday that AirAsia's founders were talking to banks to secure financing for a management-led buyout, which could be launched this year. Fernandes and his business partner Kamarudin
  
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• SABMiller Zimbabwe unit lager sales up in Q2, to cut prices

  07-10-2015 13:35 via news.yahoo.com
  
  HARARE (Reuters) - SABMiller's Zimbabwean partner Delta Corp said lager sales rose 5 percent in the second quarter after its cheaper brands offset weak premium beer sales. Delta, Zimbabwe's largest listed company, said sales of the cheaper sorghum beer fell 12 percent during the quarter to September, another sign of waning consumer spending amid an economic slowdown. Soft drinks sales declined 14 percent due to competition from cheaper imports, while revenue was down 6 percent, Delta said in a t
  
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• GRAPHIC-UK seen posting worst-in-class earnings drop in 2015

  07-10-2015 13:33 via news.yahoo.com
  
  Top UK blue-chips are forecast to post a bruising 12.9 percent drop in earnings for 2015, according to analyst forecasts compiled by Thomson Reuters (Dusseldorf: TOC.DU - news) , much worse than the 12 percent increase expected in the euro zone and the more modest gains forecast for top U.S (Other OTC: UBGXF - news) . The recent slump in commodity prices amid an emerging markets slowdown is set to take a near 50 percent bite out of profits for both industries, according to Thomson Reuters data.
  
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• Kurds protest in north Iraq as discontent grows with government

  07-10-2015 12:28 via news.yahoo.com
  
  By Isabel Coles ERBIL, Iraq (Reuters) - Kurds protested and went on strike in northern Iraq on Wednesday in a show of growing discontent that threatens to further undermine stability at a time when their region is at war with Islamic State. Teachers, hospital workers and other public sector employees have taken to the streets for nearly a week demanding their wages from the Kurdistan Regional Government (KRG), which is three months in arrears. The demonstrations are the most sustained unrest in
  
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• Concern as German industrial output stutters

  07-10-2015 12:11 via news.yahoo.com
  
  Berlin (AFP) - German industrial output unexpectedly slumped in August, the economy ministry said Wednesday, as Europe's top export power feels the pinch of slowing growth in China and other emerging markets.
  
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• Global shares higher despite lower IMF growth forecast

  07-10-2015 11:06 via news.yahoo.com
  
  TOKYO (AP) — Global stock markets rose Wednesday, taking in stride the IMF's lower global growth forecast, as oil prices extended a rebound.
  
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• Rising oil powers broader market rally

  07-10-2015 11:05 via news.yahoo.com
  
  By Lionel Laurent LONDON (Reuters) - A recovery in oil prices spread to stock markets and emerging market currencies on Wednesday, with the prospect of more support from the world's central banks offsetting more disappointing economic data. After a dismal summer, which saw the worst quarter for global equities since 2011, traders say fund managers are ready to pile back in, hoping the recent market reversal was a hiccup rather than the end of a six-year bull market. Mining and energy shares were
  
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• Diageo sells stakes in two brewers to Heineken for $780.5 million

  07-10-2015 10:58
  
  (Reuters) - Diageo Plc , the world's largest spirits company, said it had sold its stakes in Jamaican brewer Desnoes & Geddes Ltdand GAPL Pte Ltd, the majority owner of Malaysia's Guinness Anchor...
  
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• Bank of Japan holds fire on boosting stimulus

  07-10-2015 10:49 via news.yahoo.com
  
  The Bank of Japan held fire Wednesday on expanding its already huge stimulus programme, despite mounting pressure on policymakers from sluggish growth and stagnant prices. The decision follows disappointing data that has raised questions about the effectiveness of Prime Minister Shinzo Abe's drive to kickstart the economy, which contracted in the second quarter of the year. It also comes a day after the International Monetary Fund lowered its growth forecast for this year and next, calling on au
  
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• Zimbabwe urges big mines to cut power use by 25 pct to ease shortages

  07-10-2015 10:41 via news.yahoo.com
  
  Zimbabwe will ask large mining companies, including units of the world's top two platinum producers, to cut power consumption by up to 25 percent, part of measures to ease crippling shortages, the energy minister said. The Southern African country, where six in 10 people have no access to electricity, is experiencing some of its worst power cuts, some lasting up to 24 hours, worsened by the routine maintenance at its two largest power plants. Electricity shortages have been blamed for keeping aw
  
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• Rebounding from Ebola, Liberia gets clearance to join WTO

  07-10-2015 10:37 via news.yahoo.com
  
  By Tom Miles GENEVA (Reuters) - Liberia agreed terms to join the World Trade Organization with the body's existing 161 members on Tuesday, clearing the final negotiating hurdle in time for ministers to rubber-stamp the deal at a meeting in December, the WTO said. Liberia has been ravaged by the Ebola epidemic over the past 18 months, spurring the effort by the WTO and Liberia's Trade Minister Axel Addy to clinch a deal that should help build confidence in its weak economy and reduce poverty. "My
  
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• AB InBev makes $104 billion bid for rival brewer SABMiller

  07-10-2015 09:58
  
  BRUSSELS (Reuters) - Anheuser-Busch InBev , the world's largest brewer, launched an improved offer for SABMilleron Wednesday, offering just over 68 billion pounds ($104 billion) for its largest...
  
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