Finance news

• US stocks edge higher as investors wait for earnings

  12-10-2015 22:51 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks edged higher Monday on a quiet day for the market ahead of a busy weak for corporate earnings.
  
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• Wall St. ends up slightly as focus turns to earnings

  12-10-2015 22:37 via news.yahoo.com
  
  (Reuters) - Gains in utilities offset a retreat in energy shares on Monday, leaving U.S. stocks slightly higher as investors remained nervous about third-quarter corporate results.
  
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• Wall Street ends up slightly as focus turns to earnings

  12-10-2015 22:35 via news.yahoo.com
  
  The Dow rose for a seventh straight session, led by gains in UnitedHealth Group , which rose 2.7 percent at $122.51. This week brings results from some top U.S. banks, among other companies, and investors are eyeing a projected 4.8 percent year-over-year decline in third-quarter S&P 500 earnings, according to Thomson Reuters data. A 1.1-percent drop in the energy index was the biggest drag on the S&P 500 as oil prices retreated 5 percent.
  
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• Princeton economist wins Nobel for work on poverty

  12-10-2015 22:25 via news.yahoo.com
  
  Angus Deaton has dug into obscure data to explore a range of problems: The scope of poverty in India. How poor countries treat young girls. The link between income inequality and economic growth.
  
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• UPDATE 7-Dell to buy EMC in $67 bln record tech deal, aims for cloud market

  12-10-2015 21:41
  * EMC's board has approved merger (Adds details on debt financing, Tucci comments)
  
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• How Nobel winner's work links international aid and poverty

  12-10-2015 21:35 via news.yahoo.com
  
  Angus Deaton has dug into obscure data to explore a range of problems: The scope of poverty in India. How poor countries treat young girls. The link between income inequality and economic growth.
  
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• Wall St near flat as focus turns to earnings season

  12-10-2015 21:21 via news.yahoo.com
  
  A 1.5-percent drop in the energy index was the biggest drag on the S&P 500, with energy companies falling alongside a 5-percent retreat in oil prices. "Given how strong last week was, the fact that we haven't given much back and we're going to get into the heart of the Q3 earnings season, (suggests) the market has been relatively resilient," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. "As long as the tone of the guidance isn't totally negativ
  
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• Oil retreats; Fed keeps greenback on the defensive

  12-10-2015 21:08 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - Crude futures tumbled on Monday on profit-taking and a report of higher OPEC production, while pressure lingered on the U.S. dollar as markets priced the possibility that the Federal Reserve would not begin a tightening cycle this year. U.S. stocks were little changed with commodity-related stocks amassing the bulk of the losses on the S&P 500. Federal Reserve vice-chairman Stanley Fischer said on Sunday policymakers are still likely to raise interest r
  
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• Deaton wins economics Nobel Prize for work on consumption, poverty

  12-10-2015 21:02 via news.yahoo.com
  
  By Daniel Dickson and Anna Ringstrom STOCKHOLM (Reuters) - Economist Angus Deaton has won the 2015 economics Nobel Prize for his work on consumption, poverty and welfare that has helped governments to improve policy through tools such as household surveys and tax changes. The Royal Swedish Academy of Sciences said the British-born microeconomist's work had been a major influence on policy making, helping for example to determine how different social groups are affected by specific changes in tax
  
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• EU orders Spain to submit new budget as election nears

  12-10-2015 20:41 via news.yahoo.com
  
  The European Commission on Monday ordered Spain to submit a new draft budget with lower deficit estimates to avoid violating the bloc's tough spending rules, in a blow for the government ahead of Spanish elections. The official warning from Brussels comes ahead of Spain's December 20 general election, in which the economy is expected to be a key issue for the conservative government of Prime Minister Mariano Rajoy.
  
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• Nobel-winning economist Deaton's controversial aid ideas

  12-10-2015 20:40 via news.yahoo.com
  
  New Nobel economics laureate Angus Deaton is an optimist about economic progress but his theory that poor countries' development could be accelerated by cutting international aid has triggered controversy. In his 2013 book "The Great Escape: Health, Wealth and the Origins of Inequality", Deaton, a professor at Princeton University in the US, charts how human welfare has risen enormously over time. This approach led Deaton to become part of the "Stiglitz commission" set up by the then-French pres
  
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• Is Now The Time To Invest In BP plc, Tullow Oil plc And The Parkmead Group plc?

  12-10-2015 20:14 via news.yahoo.com
  
  Stock market turmoil could have uncovered value in BP plc (LON: BP), Tullow Oil plc (LON: TLW) and The Parkmead Group (LON: PMG)
  
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• Fed keeps US dollar on the defensive, stocks steady

  12-10-2015 19:52 via news.yahoo.com
  
  By Rodrigo Campos NEW YORK (Reuters) - The U.S. dollar fell on Monday and gold continued to rise as markets priced the possibility that the Federal Reserve would not begin a tightening cycle this year, while U.S. stocks opened little changed. Speaking at the annual autumn meeting of the IMF and World Bank in Lima, Peru on Sunday, Federal Reserve vice-chairman, Stanley Fischer, said policymakers are still likely to raise interest rates this year but that is “an expectation, not a commitment
  
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• Wall St flat in muted trading ahead of bank earnings

  12-10-2015 19:16 via news.yahoo.com
  
  U.S. stocks were little changed in muted trading on Monday as investors paused before a busy week of quarterly results from U.S. banks and several Dow 30 companies. Six of the 10 major S&P sectors were in the black.
  
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• Nigeria's Buhari sends second batch of cabinet nominees to parliament

  12-10-2015 18:47 via news.yahoo.com
  
  Nigerian President Muhammadu Buhari has submitted a second list of candidates for his cabinet to the upper house of parliament for approval, Senate President Bukola Saraki said on his Twitter feed on Monday. Buhari submitted a first list with 21 names to the Senate earlier this month. Buhari, a former military ruler, has been criticized for failing to appoint a cabinet since taking office on May 29, while Africa's biggest oil-dependent economy has been hit by a plunge in crude prices.
  
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• US stocks edge higher after a big week; Eli Lilly slumps

  12-10-2015 18:40 via news.yahoo.com
  
  NEW YORK (AP) — U.S. stocks were edging higher Monday as traders look ahead to the start of corporate earnings season. The stock market is coming off its best week of the year. Drugmaker Eli Lilly dropped after announcing that it had stopped the development of a drug to treat cardiovascular disease. EMC climbed after agreeing to be acquired by Dell.
  
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• FTSE retreats after strong gains, led lower by miners and engine makers

  12-10-2015 18:27
  * Rolls-Royce falls on probe by EU competition regulators (Updates prices at close)
  
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• UPDATE 3-Eli Lilly halts study of heart drug, stock tumbles

  12-10-2015 18:09
  Oct 12 (Reuters) - Eli Lilly and Co has stopped a late-stage trial of its closely watched cholesterol treatment after it proved ineffective, sending its stock down more than 9 percent and casting...
  
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• Angus Deaton wins Nobel economics prize for work on poverty

  12-10-2015 17:47 via news.yahoo.com
  
  STOCKHOLM (AP) — Angus Deaton of Princeton University won the Nobel prize in economics Monday for improving understanding of poverty and how people in poor countries respond to changes in economic policy.
  
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• Ferrari needs more than racy market debut to stay ahead

  12-10-2015 17:38 via news.yahoo.com
  
  By Agnieszka Flak MILAN (Reuters) - Ferrari is being launched as a luxury stock for its Wall Street debut but may struggle to justify such a valuation in the long run given its profit margins and the investment needed to put its prancing horse logo on other products. Fiat Chrysler Automobiles (FCA) is offering a 10 percent stake in Ferrari at $48-$52 a share, a price that would give the maker of famous sports cars such as the Testarossa a market capitalisation of up to $9.8 billion. Including ne
  
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• EU urges Russia to stop bombing in Syria, split on Assad role

  12-10-2015 17:38 via news.yahoo.com
  
  By Robin Emmott LUXEMBOURG (Reuters) - The European Union urged Russia on Monday to halt its aerial bombing campaign in Syria but the bloc's 28 member states failed to agree among themselves on whether President Bashar al-Assad should have any role in ending the crisis. Seeking a common front in their criticism of Russia's dramatic military intervention in Syria, EU foreign ministers warned that air strikes designed to support Assad could also deepen the 4-1/2-year civil war that has killed 250,
  
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• Boxing clever: used shipping containers fill gap in South African retail

  12-10-2015 17:37 via news.yahoo.com
  
  By Mfuneko Toyana JOHANNESBURG (Reuters) - A short drive west of Johannesburg on the edge of a fading bohemian high street stands 27 Boxes, a mosaic-coloured retail centre built entirely of old shipping containers. Opened in August, it consists of twenty-seven iron containers stacked Lego-like into three floors of stores ranging from a green grocer, al fresco coffee houses and a Philadelphia-style grill house, to a toddler-wear boutique and bicycle rental shop. Retail expansion in South Africa,
  
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• Factbox - Ferrari gears up for Wall Street debut

  12-10-2015 17:35 via news.yahoo.com
  
  (Reuters) - Fiat Chrysler Automobiles (FCA) is selling 10 percent of luxury carmaker Ferrari later this month. Here are some facts on the initial public offering. * FCA will sell up to 10 percent of Ferrari at $48-$52 a share, assigning the luxury sportscar maker a market capitalisation of up to $9.8 billion.
  
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• Stocks flat, Fed keeps dollar on the defensive

  12-10-2015 17:20 via news.yahoo.com
  
  The U.S. dollar fell on Monday and gold continued to rise as markets priced the possibility that the Federal Reserve would not begin a tightening cycle this year, while U.S. stocks opened little changed. With uncertainty about the path the Fed will take at the two meetings left this year and whether the global economy is getting traction, traders will turn their attention towards earnings this week as focus shifts to fundamentals.
  
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• UPDATE 2-Ferrari needs more than racy market debut to stay ahead

  12-10-2015 17:00
  * Brand strength helps valuation but growth concerns remain (Adds details, analyst, rewrites throughout)
  
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• Wall St flat as investors await bank earnings

  12-10-2015 16:05 via news.yahoo.com
  
  U.S. stocks were little changed on Monday as investors braced for a busy week of quarterly results from major U.S. banks and several Dow 30 companies. Health stocks were down after Eli Lilly said it was scrapping an experimental heart drug and taking a related charge in the fourth quarter. Lilly fell as much as 8.9 percent to $78.47, putting the stock on track for its biggest single-day day decline in seven years.
  
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• Google, others help messaging startup Symphony raise $100 million

  12-10-2015 16:03 via news.yahoo.com
  
  (Reuters) - Symphony Communication Services, a messaging startup backed by Wall Street banks, said it had raised more than $100 million in a new round of funding from investors including Google, UBS Group AG and European venture capital firm Lakestar. Symphony's chat service allows financial firms, corporate customers and individuals to put all of their digital communications on one centralized platform. The Wall Street Journal, citing sources familiar with the matter, reported last week that th
  
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• UK-born Angus Deaton wins economics Nobel Prize for work on consumption, poverty

  12-10-2015 15:54 via news.yahoo.com
  
  By Daniel Dickson and Anna Ringstrom STOCKHOLM (Reuters) - British-born economist Angus Deaton has won the 2015 economics Nobel Prize for his work on consumption, poverty and welfare that has helped governments to improve policy through tools such as household surveys and tax changes. The Royal Swedish Academy of Sciences said the microeconomist's work had been a major influence on policy making, helping for example to determine how different social groups are affected by specific changes in tax
  
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• Fed's Lockhart says 'lot more' economic data available in December

  12-10-2015 15:31 via news.yahoo.com
  
  There could be sufficient economic data for the Federal Reserve to consider a rate hike at their meeting later in October but there will be a lot more data on hand in time for the December meeting, Atlanta Federal Reserve Bank President Dennis Lockhart said on Monday. "I think October is a live meeting, clearly there is the potential that the data coming in, in advance of the October meeting will be sufficient … we have a lot more in December," he said following a speech to a university a
  
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• Stock futures little changed ahead of bank earnings week

  12-10-2015 15:16 via news.yahoo.com
  
  (Reuters) - Wall Street was set to open little changed on Monday as investors braced for quarterly results from major U.S. banks and several Dow 30 companies this week.
  
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• BRIEF-DF Deutsche Forfait: retransfer of bonds in context of non-cash capital increase

  12-10-2015 14:41
  * Retransfer of bonds in the context of the non-cash capital
  increase
  
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• Britain's pro-EU campaign opens with warning: Don't turn your back on world

  12-10-2015 14:25 via news.yahoo.com
  
  By Guy Faulconbridge and Elizabeth Piper LONDON (Reuters) - British pro-Europeans on Monday launched their campaign to keep their country inside the European Union, cautioning that turning away from the world's biggest economic bloc would hurt jobs and torpedo London's global financial clout. "Leaving Europe is a leap in the dark and I don't believe that is a risk that is worth us taking," said Stuart Rose, a former boss of Marks & Spencer who chairs the new "Britain Stronger in Europe" camp
  
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• Economists still expect rate hike before end of 2015

  12-10-2015 14:16 via news.yahoo.com
  
  NEW YORK (AP) — A survey of business economists finds that a majority still expect the Federal Reserve to raise interest rates before the end of the year, with the broader economy expected to grow at a slightly faster pace in 2015 than previously forecast.
  
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• Europe shares pause; dollar dips on U.S. rate outlook

  12-10-2015 14:15 via news.yahoo.com
  
  By Nigel Stephenson LONDON (Reuters) - European shares paused on Monday after their strong start to the fourth quarter while the dollar dipped towards three-week lows, with investors unconvinced the U.S. Federal Reserve would raise interest rates this year. Investors are looking to China's trade figures on Tuesday to reappraise the extent of the slowdown in the world's second-largest economy. Despite a strong start to the fourth quarter for world stocks, investors remain concerned about the thre
  
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• Global stocks mixed; Wall Street awaits corporate earnings

  12-10-2015 13:51 via news.yahoo.com
  
  FRANKFURT, Germany (AP) — European stocks were mixed Monday after gains overnight in Asia. U.S. markets were poised for only a modest rise after last week's gains as investors await more corporate earnings reports.
  
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• South Africa sees only muted export gains from weaker rand as China weighs

  12-10-2015 13:47 via news.yahoo.com
  
  By Stella Mapenzauswa JOHANNESBURG (Reuters) - South Africa's exporters have failed to take full advantage of the rand currency's nearly 15 percent drop this year, hamstrung by electricity constraints, labour tensions and an over-reliance on commodity trade with China. The export sector has emerged as a key driver of growth in Africa's most advanced economy as domestic demand wanes, with real net exports making the largest contribution to GDP in the second quarter at 6.1 percentage points. The m
  
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• British-born economist Angus Deaton wins 2015 Nobel Prize for Economics

  12-10-2015 13:38 via news.yahoo.com
  
  British-born economist Angus Deaton won the 2015 economics Nobel Prize for "his analysis of consumption, poverty and welfare", the Royal Swedish Academy of Sciences said on Monday. The academy said that Deaton's work had been a major influence on policy making, helping for example to determine which social groups are affected by an increase of value-added tax on food. "To design economic policy that promotes welfare and reduces poverty, we must first understand individual consumption choices," t
  
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• Stock futures little changed ahead of busy earnings week

  12-10-2015 13:15 via news.yahoo.com
  
  (Reuters) - U.S. stock index futures were little changed on Monday, ahead of a busy week of quarterly corporate results.
  
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• Sensex drops; Infosys falls most in 5 weeks after earnings

  12-10-2015 12:45 via news.yahoo.com
  
  MUMBAI (Reuters) - India's stock markets fell around 0.6 percent on Monday, retreating from nearly two-month highs after Infosys Ltd reduced its full-year U.S. dollar revenue growth guidance, raising concerns about the outlook for the software services sector. Infosys retreated from a record high hit earlier in the day and closed 3.81 percent lower, posting its biggest single-day percentage fall since Aug. 24, a day when global markets reeled after steep falls in China's shares. ...
  
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• Indian PM's party in tight race as voting opens in northern state

  12-10-2015 12:00 via news.yahoo.com
  
  By Manoj Chaurasia PATNA, India (Reuters) - Voting began on Monday in India's northern state of Bihar, where Prime Minister Narendra Modi faces a major electoral test whose outcome is crucial to his efforts to consolidate power and speed economic recovery. About 67 million people are registered to vote in India's third most-populous state over the next month in an election spread over five phases that will test the appeal of Modi's policies aimed at industrialization and creating jobs.Women dres
  
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• Fiat Chrysler kick-starts sale of Ferrari stake

  12-10-2015 11:01 via news.yahoo.com
  
  MILAN (AP) — Fiat Chrysler Automobiles NV has begun the process of selling a near 10-percent stake in luxury sports car brand Ferrari to Wall Street investors.
  
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• Mauritius hopes to drum up investment with offices in Europe, Asia

  12-10-2015 10:34 via news.yahoo.com
  
  By Edmund Blair PORT LOUIS (Reuters) - Mauritius wants to boost slower investment flows and its economy by opening offices in Europe and Asia in the next six months to promote itself as a regional hub for finance, manufacturing and other businesses, its investment board said. It wants to draw in more Asian investment and boost traditional European links. Foreign direct investment into Mauritius reached 14.1 billion rupees ($400 million) in 2014 but has slipped so far in 2015, reaching 4.76 billi
  
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• Botswana plans economic stimulus after diamond price drop

  12-10-2015 10:32 via news.yahoo.com
  
  GABORONE (Reuters) - Botswana will use a portion of its $8.7 billion in foreign exchange reserves to stimulate the economy after a drop in diamond prices hit growth, the government said on Monday. “The package targets tourism development, agricultural production, construction of buildings and roads as well as manufacturing," a government statement said, without giving details on how much would be spent. Diamond exports contribute 30 percent to the GDP of the southern African nation. ...
  
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• Oil rises after Kuwait sees higher prices ahead

  12-10-2015 10:27 via news.yahoo.com
  
  Oil prices rose on Monday after Kuwait's oil minister said economic growth and the removal of high-cost producers would help tighten global fuel balances. Kuwait Oil Minister Ali al-Omair told Reuters the Organization of the Petroleum Exporting Countries would stick to its output policy, which has focused on building market share at the expense of higher cost non-OPEC producers. The comments followed data from oil services company Baker Hughes Inc that showed the number of U.S. rigs drilling for
  
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• Europe, Asia shares rally, dollar dips on U.S. rate outlook

  12-10-2015 10:18 via news.yahoo.com
  
  Shares got off to a strong start to the week in Europe and Asia on Monday while the dollar dipped towards three-week lows, with investors unconvinced the U.S. Federal Reserve would raise interest rates later this year. Chinese data may be the highlight of the week, with investors looking to trade figures on Tuesday to gauge the extent of the slowdown in the world's second-largest economy. Despite a strong start to the fourth quarter for global stocks, investors remain concerned about the threat
  
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• China stocks rally in Asia, dollar retreats on Fed rate bets

  12-10-2015 09:35 via news.yahoo.com
  
  Shanghai led a broad Asian equities rally Monday on hopes for fresh Chinese economic stimulus, while the dollar suffered more losses on expectations the Federal Reserve will delay an interest rate hike until next year. The greenback had edged up at the start of the day -- clawing back some of last week's losses -- after the vice chairman of the Fed raised the prospect that borrowing costs could still go up in 2015 despite a global slowdown. Global markets went into meltdown in August after China
  
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• Oil prices rise on lower U.S. rig count although China still worries

  12-10-2015 09:33 via news.yahoo.com
  
  By Henning Gloystein SINGAPORE (Reuters) - Oil prices rose on Monday as the number of U.S. rigs fell for a sixth week, while investors waited for Chinese trade data to be published later this week for clues whether the world's second biggest economy and oil consumer was slowing down further. U.S. West Texas Intermediate (WTI) crude futures were trading at $50.03 per barrel at 0700 GMT, up 40 cents from their last settlement. U.S. drillers removed nine oil rigs in the week ended Oct. 9, bringing
  
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• Saudi's Capital Market Authority lifts suspension on Mobily shares

  12-10-2015 07:22 via news.yahoo.com
  
  Saudi Arabia's Capital Market Authority (CMA) lifted a one-day suspension on trading of Mobily's shares, the stock market regulator said in a statement on Monday. Mobily, part-owned by Abu Dhabi-listed Etisalat, announced later on Sunday that the CMA had rejected demands by some shareholders for compensation over the steep drop in the firm's stock price.
  
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• Asian stocks higher after Wall Street gains

  12-10-2015 05:45 via news.yahoo.com
  
  BEIJING (AP) — Asian stock markets were mostly higher Monday following Wall Street's gains as investors looked ahead to this week's Chinese trade data.
  
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• Fed should not raise interest rates just yet: China Finmin

  12-10-2015 03:19 via news.yahoo.com
  
  Now is not the right time for the United States to raise interest rates, given the global economic situation, China's Finance Minister Lou Jiwei said in an interview published in the China Business News on Monday. Speaking on the sidelines of the annual meeting of the World Bank and International Monetary Fund in Lima, Lou said developed economies were to blame for the global economic malaise because their slow recoveries were not creating enough demand.
  
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