Finance news

• France 'convinced Greece will live up to economic reform promises'

  10-01-2016 22:52 via news.yahoo.com
  
  Greece found an ally in France's finance minister on Sunday as Athens seeks support from its European creditors for its efforts at economic reforms that are crucial to opening talks on easing its debt burden. Speaking after meeting in Paris with his Greek counterpart, who is on a tour of euro zone capitals, French Finance Minister Michel Sapin said he was won over and that France was in favor of moving on to tackling the debt issue quickly. Speaking at the joint news conference after meeting wit
  
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• Wall Street faces profit recession as earnings season begins

  10-01-2016 20:06 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - Wall Street's fourth-quarter earnings season that gets under way next week could confirm something many investors may not want to hear: the U.S. economy may be doing well but corporate profits are in a recession. An earnings recession - two quarters of declining profits - would be led by the usual suspects, energy and materials companies. Consumer discretionary companies, which led S&P 500 gains in 2015 and have had the second-highest average pro
  
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• France's Louis Vuitton sues counterfeit online sellers in China

  10-01-2016 16:15 via news.yahoo.com
  
  French luxury goods firm Louis Vuitton is seeking damages from three people convicted of offering counterfeit versions of its clothing, shoes and handbags on Alibaba Group Holding Ltd's popular Taobao shopping website, a Beijing court said. A district court in Beijing accepted the lawsuit filed by Louis Vuitton, owned by LVMH, the world's biggest luxury group, last Monday, according to a statement on the court's website. The company is taking the three defendants, two of them surnamed Liang and
  
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• EXCLUSIVE-Saudi Aramco would sell downstream ops, not upstream -sources

  10-01-2016 16:13 via news.yahoo.com
  
  * Some managers told shares in downstream JVs may be sold * Upstream sale not being actively considered - sources * Foreign joint venture partners not yet informed * Reorganising Aramco could delay a sale many months * Stock market in poor shape to absorb big share sale By Reem Shamseddine, Celine Aswad and Rania El Gamal KHOBAR, Saudi Arabia/DUBAI, Jan 10 (Reuters) - Saudi Arabia is considering selling shares in refining ventures with foreign oil firms but would not offer a stake in the crude o
  
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• How the oil collapse stole Russia's Christmas

  10-01-2016 15:14 via news.yahoo.com
  
  LONDON/MOSCOW (Reuters) - A plunge in the oil price to 12-year lows during Russia's New Year and Orthodox Christmas break means the country returns to work on Monday with its economic recovery and once-mighty savings war chest on the line. Crude's collapse from $100 a barrel since mid-2014 has already pummeled Russia, which relies on energy for about half its budget revenues and 40 percent of its exports. The latest slide compounds the problems facing President Vladimir Putin ahead of elections
  
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• MIDEAST STOCKS-Small-caps pull down Saudi, Egypt slides

  10-01-2016 14:31 via news.yahoo.com
  
  * Saudi petchems hold up well after slide on budget * But margin calls hit speculative shares hard * Almarai tumbles after forecasting higher costs * Egypt sinks as it reopens after holiday * Qatar underperforms UAE bourses By Andrew Torchia DUBAI, Jan 10 (Reuters) - A sell-off of small-cap speculative stocks pulled Saudi Arabia's stock market down on Sunday, while Egypt dropped in response to weak global equities and concern about risks to the Chinese economy. Most Gulf markets were subdued. Th
  
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• EU starts on tricky path towards relaxing China trade defense

  10-01-2016 12:17 via news.yahoo.com
  
  The European Union will take the first step on Wednesday towards refashioning its trade ties with Beijing, torn over how to lower its defenses to avert Chinese retaliation while protecting key industries against a damaging flood of cheap imports. Commissioners from the bloc's 28 members will debate for the first time the politically sensitive issue of granting China "market economy status" from December, which Beijing says is its right 15 years after it joined the World Trade Organisation. The c
  
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• MIDEAST STOCKS-Petrochemicals regain some strength in Saudi; Egypt tumbles

  10-01-2016 09:26 via news.yahoo.com
  
  A return of some strength to beaten-down petrochemical stocks helped support Saudi Arabia's stock market early on Sunday, while Egypt fell sharply because of a shaky outlook for the Chinese economy and global markets. Top petrochemical producer Saudi Basic Industries was flat while Saudi Kayan rose 0.8 percent. Egypt's market was closed on Thursday as other regional markets fell sharply.
  
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• Decline in Egyptian business activity slows in in December-PMI

  10-01-2016 08:54 via news.yahoo.com
  
  Business activity in Egypt shrank for the third month in a row in December, a survey showed, though at a slower pace than the previous month as the contraction in output, new orders and employment eased. Egypt has been struggling to revive its economy since a popular uprising in 2011 drove both investors and tourists away, depriving the country of foreign currency it needs for importing raw materials. In a survey, the Emirates NBD Egypt Purchasing Managers Index (PMI) for the non-oil private sec
  
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