Finance news

• Canada's Ontario forecasts smaller deficit, helped by Hydro IPO

  26-11-2015 20:54 via news.yahoo.com
  
  The Ontario government said on Thursday it expects a smaller budget deficit in the current fiscal year than previously anticipated, helped by the initial public offering of utility Hydro One Ltd. Canada's most populous province expects to run a deficit of C$7.52 billion ($5.66 billion) in the 2015-16 fiscal year, its Liberal government said in a budget update, down from the C$8.5 billion deficit it had estimated in its April budget. Ontario, which accounts for about 40 percent of Canada's econom
  
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• Turkey summons Russian ambassador over 'physical attacks' on missions, firms

  26-11-2015 19:20 via news.yahoo.com
  
  ANKARA (Reuters) - Turkey summoned the Russian ambassador to protest "physical attacks" on its missions and companies operating in Russia, the foreign ministry said in a statement on Thursday. Turkish missions and firms have been singled out for attacks under the auspices of protests, the foreign ministry said. Moscow has threatened economic retaliation against Turkey after a Russian warplane was downed near the Syrian border this week. (Reporting by Tulay Karadeniz; Writing by David Dolan; edit
  
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• With US off, global stocks buoyed by Europe stimulus hopes

  26-11-2015 18:29 via news.yahoo.com
  
  LONDON (AP) — With Wall Street closed for the Thanksgiving holiday and tensions between Russia and Turkey fading, European stock markets were buoyed Thursday by expectations that the European Central Bank will back further stimulus for the ailing 19-country eurozone economy next week.
  
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• Russia strikes back at Turkey with economic sanctions

  26-11-2015 18:00 via news.yahoo.com
  
  MOSCOW (AP) — Russia plans to retaliate against Turkey for the downing of a warplane by imposing sanctions, cutting economic ties and scrapping major investment projects.
  
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• Any Imperial Tobacco takeover would face major hurdles

  26-11-2015 17:34
  
  LONDON (Reuters) - Britain's Imperial Tobaccohas been the object of intensifying takeover speculation, but hopes of a deal for the maker of Gauloises and Davidoff cigarettes could be snuffed out by...
  
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• Russian defense ministry says suspends cooperation with Turkish military: TASS

  26-11-2015 17:30 via news.yahoo.com
  
  MOSCOW (Reuters) - Russia's defense ministry said on Thursday it has suspended all cooperation with the Turkish military including a hotline set up to share information about Russian air strikes in Syria, TASS news agency reported. Russia has also threatened economic retaliation against Turkey and said it is still awaiting a reasonable explanation for the shooting down of its warplane on Tuesday. (Reporting by Vladimir Soldatkin; Editing by Andrew Heavens)
  
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• BRIEF-Poland's PKO says SK Bank failure to lower its Q4 net by $68 mln

  26-11-2015 16:39
  * Costs associated with the bankruptcy of small Polish
  lender SK Bank will lower PKO BP's fourth-quarter net profit by
  274 million zlotys ($68.1 million), PKO said in a statement on
  Thursday.
  
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• Russia strikes back at Turkey by cutting business ties

  26-11-2015 16:36 via news.yahoo.com
  
  MOSCOW (AP) — Russia plans to retaliate against Turkey for the downing of a warplane by imposing sanctions, cutting economic ties and scrapping major investment projects.
  
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• European shares rise to three-month high in thin trade

  26-11-2015 16:30 via news.yahoo.com
  
  MILAN/LONDON, Nov 26 (Reuters) - European shares hit fresh three-month highs on Thursday, rising in thin trade as expectations grew for aggressive European Central Bank action next week. Wall Street was closed for the U.S (Other OTC: UBGXF - news) . The euro edged towards seven-month lows against the dollar as investors bet that the ECB would ease policy again in December.
  
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• Russia seeks economic revenge against Turkey over jet

  26-11-2015 16:18 via news.yahoo.com
  
  By Humeyra Pamuk and Vladimir Soldatkin ISTANBUL/MOSCOW (Reuters) - Russia threatened economic retaliation against Turkey on Thursday and said it was still awaiting a reasonable explanation for the shooting down of its warplane, but Turkey dismissed the threats as "emotional" and "unfitting". In an escalating war of words, President Tayyip Erdogan responded to Russian accusations that Turkey has been buying oil and gas from Islamic State in Syria by accusing Syrian President Bashar al-Assad and
  
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• Bidders sound out Bang & Olufsen about takeover

  26-11-2015 15:57
  
  COPENHAGEN (Reuters) - Danish high-end stereo and TV maker Bang & Olufsensaid it had received approaches regarding a potential takeover offer, sending its shares soaring by more than 30 percent.
  
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• IATA expects 7bn global air passengers by 2034 amid slower growth

  26-11-2015 15:47 via news.yahoo.com
  
  Air passenger numbers worldwide are likely to reach seven billion per year within the next two decades, twice what they are now, IATA said on Thursday. The International Air Transport Association said this was 400 million fewer than forecast previously because of a global economic slowdown, notably in China. IATA said it now expects air passenger numbers to grow 3.8 percent on average each year through 2034, taking the annual figure to double from the 3.5 billion expected this year.
  
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• Actis invests $62 mln in Nigerian pension manager Sigma

  26-11-2015 15:46 via news.yahoo.com
  
  Private equity firm Actis has acquired a majority stake in Nigerian fund manager Sigma Pensions for $62 million, it said on Thursday, looking to capitalise on what it sees as a growth industry in Africa. The British-based company with a focus on emerging markets has invested more than $3 billion in African businesses spread over 23 countries, more than $570 million of which is invested in the financial services sector. Sigma, founded 11 years ago, is one of 21 licensed pension fund administrator
  
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• Zimbabwe's economy seen growing at a faster 2.7 pct in 2016

  26-11-2015 15:42 via news.yahoo.com
  
  Zimbabwe expects economic expansion to quicken to 2.7 percent in 2016 on the back of modest growth from all economic sectors, while gold output is expected to hit a 21-year high, Finance Minister Patrick Chinamasa said on Thursday. Chinamasa said Zimbabwe required a higher growth rate to recover from a decade of economic decline between 1999-2008, when the economy contracted by 45 percent. Almost all the sectors are expected to register reasonable growth of between 1.3 percent and 4.5 percent,"
  
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• Zimbabwe's gold output to increase 28 pct next year: finmin

  26-11-2015 15:10 via news.yahoo.com
  
  Zimbabwe's gold output is expected to rise by 28 percent to 24 tonnes in 2016 from 18.7 tonnes this year, Finance Minister Patrick Chinamasa told parliament on Thursday. Earlier Chinamasa said in his budget speech that Zimbabwe's economy is expected to grow by 2.7 percent in 2016, compared with a projected 1.5 percent increase this year.
  
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• MIDEAST STOCKS-Corporate news boosts Egypt, Gulf mixed

  26-11-2015 15:06 via news.yahoo.com
  
  * Egypt's Pioneers surges on nine-month earnings * Global Telecom up on Pakistan deal * But Orascom Telecom Media continues plunging * Dubai's Second Market sees first listing * Abu Dhabi National Energy pulls back after Wednesday's leap By Andrew Torchia DUBAI, Nov 26 (Reuters) - Positive corporate news boosted Egypt's stock market on Thursday while Gulf bourses were mixed in modest volumes because of a lack of fresh incentives. Egypt's index rose 0.6 percent to 6,428 points, bouncing further f
  
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• Bad Saudi PR fuels riyal devaluation talk

  26-11-2015 15:06 via news.yahoo.com
  
  By Andrew Torchia DUBAI (Reuters) - Speculation that Saudi Arabia could devalue its currency may owe more to a poor public relations effort by Saudi authorities than to the economic pressures on the kingdom. Riyadh has the tools available to protect itself as low oil prices push the current account and budget balances of the world's top crude exporter deep into deficit, senior bankers in Saudi Arabia and the Gulf said. In private conversations with Reuters this week, the bankers - many of whom a
  
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• Russia may restrict TurkStream gas pipeline: economy minister

  26-11-2015 15:01 via news.yahoo.com
  
  MOSCOW (Reuters) - Russia may impose various economic restrictions on Turkey, including measures to restrict the planned TurkStream gas pipeline, Russia's Economy Minister Alexei Ulyukayev said on Thursday. Ulyukayev said the restrictions, drawn up in retaliation for the downing of a Russian warplane by Turkey, may also include limits to civil flights to and from Turkey and a halt to preparations for a Free Trade Zone. (Reporting by Darya Korsunskaya, writing by Jason Bush; editing by Vladimir S
  
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• UPDATE 2-AIB notches up AT1 debut on comeback trail

  26-11-2015 14:29
  LONDON, Nov 26 (IFR) - Allied Irish Banks easily placed
  500m of Additional Tier 1 bonds with investors on Thursday
  morning, an endorsement of its turnaround since being bailed out
  by the government...
  
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• Zambia's Lungu says won't take over struggling mines

  26-11-2015 13:49 via news.yahoo.com
  
  Zambia does not plan to take over mines that have shed jobs after a sharp fall in global copper prices, President Edgar Lungu said on Thursday, backtracking from a warning earlier this month that the state would take over such mines. Lungu said the economy would grow at a slower pace than previously estimated due to the struggling mining industry and electricity shortages, but that government would implement austerity measures to cope with the decline. "The government can run the mines but we ha
  
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• Zambia will not take over struggling mines: President Lungu

  26-11-2015 13:27 via news.yahoo.com
  
  Zambia does not plan to take over the struggling mines that have shed jobs after a sharp fall in global copper prices and power shortages, President Edgar Lungu said on Thursday. "The government can run the mines but we have no intention to take over the mines," Lungu said, adding that government tried its best to keep the job losses to a minimum and that the troubles in the sector would lower economic growth.
  
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• Russia looks to cut economic ties with Turkey

  26-11-2015 13:26 via news.yahoo.com
  
  MOSCOW (AP) — Russia said Thursday it would be looking to cut economic ties with Turkey and scrap investment projects in a matter of days in the aftermath of the Turkish downing of a Russian warplane.
  
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• Turkey expected to open new EU accession chapter next month - minister

  26-11-2015 13:24 via news.yahoo.com
  
  By Tulay Karadeniz ANKARA (Reuters) - Turkey's EU minister said on Thursday the latest chapter in his country's long-stalled EU membership bid would be opened in mid-December, following a summit this weekend at which Europe aims to finalize a deal with Turkey on migration. The European Union is seeking Turkey's help in handling its worst migrant crisis since World War Two, which has seen hundreds of thousands of people from the Middle East and Africa traveling to Europe, many through Turkey. Spe
  
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• Remember the 71 bodies in truck when demonizing migrants: Austrian police

  26-11-2015 13:11 via news.yahoo.com
  
  An Austrian investigator on Thursday urged politicians and others who dismiss refugees as criminals or economic migrants to remember the 71 dead people abandoned in a meat truck on an Austrian motorway. Speaking on Thursday of the symbolic power of the case, Hans Peter Doskozil took aim at those seeking to demonize migrants who risk their lives to flee war and destruction. "One must always keep in mind how these people feel and what pressure they are exposed to when one casually suspects them of
  
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• European stocks extend rebound

  26-11-2015 12:50 via news.yahoo.com
  
  Hong Kong (AFP) - European stock markets rose solidly for a second day running Thursday, in the wake of gains across Asia.
  
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• Economic risk for Malaysia's banking sector revised to stable: S&P's

  26-11-2015 12:44 via news.yahoo.com
  
  KUALA LUMPUR: Standard & Poor's Ratings revised its economic risk trend for Malaysia's banking sector to stable from negative, saying the industry risk trend remains stable. It also revised the outlook for AmBank, RHB Bank and RHB Investment Bank to stable from negative. "Our stable outlooks on Malaysian banks factor in our expectation that these banks will maintain their satisfactory financial profiles even as the domestic economy slows," the rating agency said.
  
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• Runway protesters cause traffic chaos at London's Heathrow airport

  26-11-2015 12:29 via news.yahoo.com
  
  Activists opposed to the expansion of London's Heathrow Airport blocked an approach tunnel on Thursday by chaining themselves to a parked vehicle, bringing traffic chaos to Europe's busiest airport. Police said they had arrested five people and removed three vehicles from the tunnel, used by cars and taxis to access three of Heathrow's five terminals. Heathrow could be given the go-ahead to build a new runway by Prime Minister David Cameron before the end of the year, in a move which the airport
  
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• South Africa's Q4 business confidence at lowest in five years as economy struggles

  26-11-2015 11:09 via news.yahoo.com
  
  South Africa's business confidence retreated further in the fourth quarter of the year, reaching its lowest in five years as activity in the retail, new vehicle trade and manufacturing sectors slowed, a survey showed on Thursday. The Rand Merchant Bank (RMB) index, which is compiled by the Bureau for Economic Research, shed two points to 36, bringing its total losses over the past year to 15 points. The latest index suggested that real GDP growth in Africa's most industrialised but ailing econom
  
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• Philippine growth misses forecast as risks loom

  26-11-2015 10:55 via news.yahoo.com
  
  The Philippine economy grew slower than expected in the third quarter, as risks from a leadership change next year and the El Nino dry spell loomed, the government said Thursday. The slowdown comes after years of sustained growth in the Philippines, formerly known as the "Sick Man" of Asia because of its poor economic performance. Gross domestic product (GDP) expanded by 6.0 percent in the July to September period, faster than 5.8 in the previous quarter but below the 6.3-percent median expectat
  
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• Alibaba in talks with Hong Kong's SCMP Group for media assets: source

  26-11-2015 10:54
  
  SHANGHAI/HONG KONG (Reuters) - Chinese e-commerce titan Alibaba Group Holding Ltdhas approached the publisher of Hong Kong's South China Morning Post newspaper to discuss buying its media assets, a...
  
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• Miners help FTSE to edge higher, BHP slips

  26-11-2015 10:52 via news.yahoo.com
  
  By Atul Prakash LONDON (Reuters) - Britain's top share index edged higher in early trade on Thursday, with a rally in basic resources stocks on the back of stronger metals prices supporting the broader stock market. Prices of other industrial metals such as copper and aluminium were also strong. Shares in Anglo American , Glencore , Fresnillo and Antofagasta rose 1.8 to 4.0 percent, helping the blue-chip FTSE 100 index to gain 0.2 percent to 6,350.80 points by 0915 GMT.
  
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• Euro on shaky ground as ECB easing talk mounts, stocks up

  26-11-2015 10:46 via news.yahoo.com
  
  The euro slipped back towards seven-month lows, bond yields fell and European shares gained on Thursday as talk of aggressive stimulus from the European Central Bank next week grows. The euro remained under pressure a day after euro zone central bank officials told Reuters that they are considering options such as staggered charges on banks hoarding cash and buying more debt ahead of next week's ECB meeting. "Ultimately, I think the ECB will be aggressive and that divergence in policy with the U
  
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• AIB to price 500m PNC5 AT1 bond at 7.375% yield

  26-11-2015 10:30
  LONDON, Nov 26 (IFR) - Allied Irish Banks will price its
  500m perpetual non call five-year Additional Tier 1 bond at a
  yield of 7.375%, following guidance of 7.50% area, according to
  a lead.
  
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• Europe open: Stocks edge higher in quiet trade as basic resources advance

  26-11-2015 10:16 via news.yahoo.com
  
  (ShareCast News) - European stocks edged higher at the start of what is likely to be a fairly quiet day's trade, with Wall Street closed for the Thanksgiving holiday, as basic resources lent support.
  
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• Turkey and Russia do not have 'luxury' of unfriendly ties: Turkish minister

  26-11-2015 10:06 via news.yahoo.com
  
  ANKARA (Reuters) - Turkey and Russia do not have the luxury of unfriendly relations, Turkey's EU minister said on Thursday, two days after Turkish jets shot down a Russian plane along the Syria border. Speaking in Ankara, Volkan Bozkir said he expected ties with Moscow to be maintained following the incident, which elicited a furious response from President Vladimir Putin. Bozkir also said that progress was expected on Turkey's stalled bid to join the EU, with chapter 17 of the accession process
  
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• U.N. says Chinese-style rural reforms can cut African migration

  26-11-2015 09:06 via news.yahoo.com
  
  By Tom Miles GENEVA (Reuters) - The world's poorest countries can stem migration by emulating China's rural reforms, and should ditch any get-rich-quick ideas about exposing their farmers to the glare of the global market, the U.N. economic agency UNCTAD said on Wednesday. Taffere Tesfachew, head of the Least Developed Countries division at UNCTAD, said China's rural reforms had twinned privatisation with promoting the emergence of non-farm enterprises in rural areas. "Migrants coming out of Afr
  
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• China energy firms up but Shanghai, Hong Kong buck Asia rally

  26-11-2015 08:59 via news.yahoo.com
  
  Chinese energy firms advanced on Thursday following the latest moves to reform the country's bloated state-owned enterprises, but the gains were unable to help Hong Kong and Shanghai keep up with an Asia-wide market rally. Another broadly upbeat batch of data on the US economy provided some support on regional trading floors, while tensions over Turkey's shooting down of a Russian fighter jet also eased slightly. PetroChina, the biggest energy producer, said it would sell its stake in a pipeline
  
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• Zambia's 2016 economic growth seen below 4 pct: World Bank

  26-11-2015 08:50 via news.yahoo.com
  
  Zambia's economic growth will fall below 4 percent in 2016 due to a combination of domestic and international pressures but expansion in Africa's second-largest copper producer will pick up in subsequent years, the World Bank said on Thursday. "We expect growth to fall below 4 percent in 2016 and an improvement in growth in 2017 and 2018," World Bank senior economist Gregory Smith said at a media briefing.
  
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• South Korea fines Volkswagen, orders recall over emissions cheating

  26-11-2015 07:35 via news.yahoo.com
  
  South Korea on Thursday became the first country outside the United States to punish Volkswagen AG on the basis of its own emissions tests, slapping the German automaker with a record fine and ordering a recall of 125,522 vehicles. The environment ministry said it ordered Volkswagen Korea to submit a recall plan by Jan. 6, 2016, after its own testing showed Europe's biggest auto manufacturer manipulated devices that record diesel emissions in vehicles with older engines. It also fined Volkswagen
  
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• Asian shares edge up, euro under pressure as ECB looms

  26-11-2015 04:48 via news.yahoo.com
  
  By Lisa Twaronite and Nichola Saminather TOKYO/SINGAPORE (Reuters) - Asian shares advanced on Thursday, while the euro remained under pressure on growing bets that the European Central Bank will roll out more stimulus soon even as the U.S. Federal Reserve looks set to raise interest rates. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 percent, after Wall Street put in a nearly flat performance ahead of the U.S. Thanksgiving holiday. Japan's Nikkei added 0.6 percent.
  
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• Hong Kong leads the way as Asia stocks rally

  26-11-2015 04:38 via news.yahoo.com
  
  Chinese energy firms rallied in Hong Kong on Thursday following the latest moves to reform the country's bloated state-owned enterprises, leading an Asian stock market advance. Another broadly upbeat batch of data on the US economy also provided some support on regional trading floors, while tensions over Turkey's shooting down of a Russian fighter jet also eased slightly. The moves come as China looks to overhaul its bloated SOEs in a drive to make them more efficient as President Xi Jinping lo
  
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• Argentine president-elect taps ex-central banker as finance minister

  26-11-2015 03:07 via news.yahoo.com
  
  By Richard Lough and Sarah Marsh BUENOS AIRES (Reuters) - Argentine President-elect Mauricio Macri named former JP Morgan executive and ex-central bank chief Alfonso Prat-Gay his finance minister on Wednesday in a sign that he will move quickly to restore the bank's autonomy and free up the economy. Macri, who won Argentina's presidential election on Sunday, named several former businessmen who are deeply critical of outgoing President Cristina Fernandez's interventionist policies to key Cabinet
  
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• With U.S.-Cuba detente, a battle over trademarks looms

  26-11-2015 02:01 via news.yahoo.com
  
  By Jaime Hamre CAMAGUEY, Cuba (Reuters) - When Julio Manzini decided two years ago to name his small restaurant McDonald's after the famous fast-food chain , he had no idea it could cause any trouble. "I don't even know what McDonald's tastes like, I just thought the name was striking, like Shakira or something," he said at the lunch counter of what used to be "Cafeteria La McDonald's Camagueyana" in the Cuban city of Camaguey, about 300 miles (500 km) east of Havana.This month, Manzini stripped
  
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• Private sector loans growing fast in eurozone: ECB

  26-11-2015 01:56 via news.yahoo.com
  
  The volume of loans to the private sector in the euro area expanded in October, with a bigger bounce recorded than the previous month, ECB data showed on Thursday, suggesting a massive stimulus programme may be working. The data are for the European Central Bank a key indicator of economic health, as borrowing is a main source for corporate investment which in turn should boost the eurozone's currently weak economy. During October, loans accorded rose 1.0 percent from a year ago, compared with a
  
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• Big banks accused of interest rate-swap fixing in U.S. class action suit

  26-11-2015 01:48 via news.yahoo.com
  
  By Mike Kentz NEW YORK, Nov 25 - A class action lawsuit, filed Wednesday, accuses 10 of Wall Street's biggest banks and two trading platforms of conspiring to limit competition in the $320 trillion market ...
  
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• Mud from Brazil dam burst is toxic, UN says

  26-11-2015 01:08 via news.yahoo.com
  
  Mud from a dam that burst at an iron ore mine in Brazil earlier this month, killing 12 people and polluting an important river, is toxic, the United Nations' human rights agency said on Wednesday. Citing "new evidence," the UN's Office of the High Commissioner for Human Rights said in a statement the residue "contained high levels of toxic heavy metals and other toxic chemicals." The agency did not identify the studies that were the basis for the evidence or say who conducted them. The owners of
  
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• Swedish IPO buoys Jefferies’ European business

  26-11-2015 01:00
  
  US firm clinches its largest global co-ordinator role on a continental listing to date
  
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• SEC says Goldman compliance employee stole M&A secrets

  26-11-2015 01:00
  
  Former staffer Yue Han accused of trading on information from investment bankers’ emails ahead of deals
  
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• Russell sale fails to stem pension departures

  26-11-2015 01:00
  
  Asset and fiduciary manager suffers another exit from pension solutions group
  
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• In Pictures: FN100 Women Dinner

  26-11-2015 01:00
  Financial News on the night of November 25 hosted an annual dinner to honour the FN100 Most Influential Women in Europe's financial markets. The event was held at Two Temple Place in the City of London
  
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