Finance news

• DoubleLine's Gundlach: 'Rate-hike cycle has left the building'

  15-06-2016 23:37
  
  NEW YORK (Reuters) - Jeffrey Gundlach, chief executive officer at DoubleLine Capital, said on Wednesday that Federal Reserve officials are no longer trying to prepare the markets for rate hikes...
  
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• FireEye rejected multiple buyout offers this year: Bloomberg

  15-06-2016 22:59
  
  (Reuters) - FireEye Inc hired Morgan Stanley to explore a sale but has since rejected at least two takeover offers this year - including one from Symantec Corp - as they were below its expectations,...
  
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• Iran foreign minister encourages closer business ties with Germany

  15-06-2016 22:54 via news.yahoo.com
  
  Iranian Foreign Minister Mohammad Javad Zarif called on Wednesday for closer business ties with Germany after talks with his German counterpart Frank-Walter Steinmeier. "The presence of German companies and banks in Iran, and more economic cooperation will help both countries," Zarif told reporters before a dinner to break the Ramadan fast with Steinmeier. Iran will be an advanced country and a very good partner for Germany," he said.
  
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• U.S. dollar, bond yields fall after Fed statement

  15-06-2016 22:52 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - The U.S. dollar fell along with bond yields on Wednesday after the Federal Reserve left U.S. interest rates unchanged and hinted at a less aggressive outlook for rates. U.S. stocks initially added to gains following the Fed statement but ended lower amid concerns about economic growth. Worries that Britain, the world's fifth-largest economy, could quit the European Union after a June 23 referendum added to the day's volatility.
  
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• Father knows best: Valuable money advice from dad

  15-06-2016 22:40
  
  NEW YORK (Reuters) - Every Father's Day, we honor the fathers who helped and guided us. Learning to handle money wisely is sometimes the greatest gift they give us along the way.
  
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• Fed's Yellen acknowledges difficulty of escaping world's low rate grip

  15-06-2016 22:37 via news.yahoo.com
  
  By Howard Schneider WASHINGTON (Reuters) - Evidence that the U.S. neutral rate of interest remains stalled near zero spurred the Federal Reserve to slow its expected pace of rate hikes on Wednesday, as policymakers signaled their hands may be tied until a rebound in global demand or other forces raise that key measure of the economy’s underlying strength. In a news conference following the Fed's latest meeting, Chair Janet Yellen said the central bank was still coming to grips with the lik
  
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• A late decline erases gains for US stock market indexes

  15-06-2016 22:28 via news.yahoo.com
  
  NEW YORK (AP) — The stock market fell for a fifth straight day Wednesday as investors set aside the Federal Reserve's interest rate decision and remained focused on next week's vote on whether Britain will remain in the European Union.
  
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• Wall Street falls as Fed holds steady and Brexit vote looms

  15-06-2016 22:26 via news.yahoo.com
  
  Wall Street fell for a fifth straight session on Wednesday after the Federal Reserve left interest rates unchanged and investors stewed over an impending vote in Britain on whether to leave the European Union. Major U.S. stock indexes spent most of the day with gains but abruptly fell late in the session, bringing the S&P 500's loss in the past week to 2.2 percent, in large part because of fears that a fractured EU could critically damage an already feeble global economy. It was the S&P
  
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• Wall Street falls for fifth straight session

  15-06-2016 22:07 via news.yahoo.com
  
  NEW YORK (Reuters) - Wall Street fell for a fifth straight session on Wednesday after the Federal Reserve left U.S. interest rates unchanged and investors remained nervous about an impending vote in Britain on whether to leave the European Union.
  
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• Fed keeps interest rate steady as Brexit vote looms

  15-06-2016 21:58 via news.yahoo.com
  
  The Federal Reserve held its key interest rate unchanged Wednesday, in part due to concerns about the disruption Britain's looming Brexit vote could have on global markets. While voicing confidence in continued US economic growth, Fed Chair Janet Yellen said the June 23 referendum on Britain quitting the European Union was an important factor in the Fed keeping monetary policy on hold. "Clearly, this is very important decision for the United Kingdom and for Europe," she said in a news conference
  
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• Fed leaves interest rates unchanged, signals lower rate path going forward

  15-06-2016 21:53 via news.yahoo.com
  By Jason Lange and Howard Schneider WASHINGTON (Reuters) - The Federal Reserve kept U.S. interest rates unchanged on Wednesday and signaled it still planned two hikes this year, although a slowing economic growth path for 2016 and 2017 prompted a downgrade in where the U.S. central bank thought rates would peak. Six of the Fed's 17 individual forecasts from governors and regional Fed presidents projected just one hike this year, compared with one such outlook when the forecasts were last issued
  
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• China's Didi Chuxing raises $7 billion in new funding: source

  15-06-2016 21:45 via news.yahoo.com
  
  (Reuters) - Chinese car-hailing app Didi Chuxing Technology Co has raised $7 billion in its latest fund raising effort, a source familiar with the matter said. The funding round values the company at more than $25 billion, the Wall Street Journal reported earlier on Wednesday, citing people familiar with the matter.(http://on.wsj.com/28Ed9Sz) In addition, Didi secured a $2.5 billion debt package from China Merchants Bank Co, the Journal said. Didi closed a $4.5 billion fundraising round that inc
  
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• Tencent nears deal to buy majority stake in Supercell-source

  15-06-2016 21:26 via news.yahoo.com
  (Corrects paragraph 1 to say deal will value Supercell at more than $9 billion, not that the stake purchase is for more than $9 billion) June 15 (Reuters) - Tencent Holdings Ltd, China's biggest social network and online entertainment firm, is nearing a deal to buy a majority stake in Supercell Oy, which will value the mobile game maker at more than $9 billion, a source familiar with the matter said. Tencent plans to buy the stake in Supercell, the Finnish company behind the mobile game 'Clash o
  
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• Bank rules not hindering U.S. economy: FDIC chief

  15-06-2016 21:00 via news.yahoo.com
  
  Banking rules meant to protect the U.S. financial system from collapse are not harming the economy or damaging financial markets, the chairman of the Federal Deposit Insurance Corp said on Wednesday, contrary to the views of industry groups. U.S. regulations requiring banks to toughen underwriting standards and pull back from some risky lending in the wake of the 2008 financial crisis have not harmed the economy, said FDIC Chairman Martin Gruenberg. Bank loans are growing faster than gross domes
  
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• BRIEF-S&P downgrades Key Energy Services to 'CC' on restructuring support agreement

  15-06-2016 20:54
  
  * Key Energy Services Inc. downgraded to 'CC' on
  restructuring support agreement; outlook remains negative
  
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• UPDATE 3-Aveva says tie-up talks with Schneider Electric end

  15-06-2016 20:44
  
  * Aveva shares slump as much as 20.1 pct(Adds source on reason talks ended, more analyst reaction)
  
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• Dollar extends losses, stocks add to gains after Fed

  15-06-2016 20:31 via news.yahoo.com
  
  By Caroline Valetkevitch NEW YORK (Reuters) - Global stock markets briefly added to gains while the U.S. dollar extended losses on Wednesday after the Federal Reserve decided to leave interest rates unchanged. Fed Chair Janet Yellen was due to hold a press conference at 2:30 p.m. EDT (1830 GMT). Expectations that the Fed would leave rates unchanged rose recently following weak May jobs data and concern over economic repercussions if Britain decides to leave the European Union.
  
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• Slumping autos weigh on U.S. manufacturing output; inflation tame

  15-06-2016 20:25 via news.yahoo.com
  
  U.S. manufacturing output unexpectedly fell in May as motor vehicles and parts production recorded its biggest drop in nearly 2-1/2 years, suggesting sustained weakness in the sector even as the overall economy appears to be gaining momentum. Against the back drop of weak manufacturing, benign inflation and a recent sharp slowdown in employment gains, the Federal Reserve on Wednesday left interest rates unchanged. The U.S. central bank, however, signaled it still planned two rate hikes this year
  
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• Actress Anne Hathaway named as goodwill ambassador to promote women's rights

  15-06-2016 20:19 via news.yahoo.com
  
  Oscar-winning actress Anne Hathaway has been appointed a Goodwill Ambassador for UN Women, a role which will focus on addressing the unequal burden shouldered by women caring for children in the home, the U.N. organization said on Wednesday. Women around the world face a so-called motherhood penalty, meaning when they have children, they lose pay and opportunity in the workplace, according to UN Women, which promotes gender equality and economic empowerment. The U.N. body seeks to make raising c
  
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• Brazil plans 20-year public spending limit

  15-06-2016 20:18 via news.yahoo.com
  
  Brasília (AFP) - Brazil's interim government on Wednesday announced plans to limit public spending increases for the next 20 years to strengthen the public finances of Latin America's biggest economy. "There is no way we in Brazil can continue spending much more than society can pay," Finance Minister Henrique Meirelles told a news conference. It wants to introduce the plan from next year to close the recession-hit country's public deficit.
  
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• Wall Street keeps gains after Fed leaves rates unchanged

  15-06-2016 20:15 via news.yahoo.com
  
  (Reuters) - Wall Street maintained gains on Wednesday after the Federal Reserve left its key interest rate unchanged, as expected, but signaled it still plans two rate increases this year.
  
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• Wall Street holds on to gains ahead of Fed statement

  15-06-2016 20:10 via news.yahoo.com
  
  Wall Street held its gains steady in early afternoon trading, minutes before the Federal Reserve releases its policy statement that is expected to leave interest rates unchanged. The Federal Open Market Committee (FOMC) will release its statement with new economic forecasts at 2:00 p.m. ET (1800 GMT). Fed Chair Janet Yellen is scheduled to hold a press conference at 2:30 p.m. ET.
  
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• BlackRock sees wave of M&A in asset management industry: CEO

  15-06-2016 20:06
  
  NEW YORK (Reuters) - The asset management sector "needs consolidation" and has the potential for "quite a bit" of merger and acquisition activity, BlackRock IncChief Executive Officer Laurence Fink...
  
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• Nigeria to stop defending naira

  15-06-2016 19:52 via news.yahoo.com
  
  Nigeria signalled Wednesday it will ease currency controls, opening the door to a plunge in the value of the naira, after the restrictions were blamed for stifling the economy. Central Bank of Nigeria (CBN) governor Godwin Emefiele said in a televised speech from Abuja that the currency market will be "purely market driven" when the move comes into effect June 20. "We now believe that the time is right" to reintroduce the "flexible interbank exchange rate market", he said.
  
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• U.S. judge gives Caesars temporary reprieve from lawsuits

  15-06-2016 19:31 via news.yahoo.com
  
  A U.S. judge on Wednesday temporarily halted lawsuits seeking $11.4 billion in damages from Caesars Entertainment Corp on Wednesday, urging the parties in the bankruptcy of its operating unit to settle before an injunction expires in August. The bankruptcy of the operating unit, Caesars Entertainment Operating Corp (CEOC), in January 2015 has pitted some of the most aggressive investors on Wall Street against each other. Several hedge funds that own bonds are suing the Caesars parent in New York
  
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• UPDATE 2-U.S. judge gives Caesars temporary reprieve from lawsuits

  15-06-2016 19:26
  
  CHICAGO, June 15 (Reuters) - A U.S. judge on Wednesday
  temporarily halted lawsuits seeking $11.4 billion in damages
  from Caesars Entertainment Corp on Wednesday, urging the
  parties in the bankruptcy...
  
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• China's Didi Chuxing raises $7 billion in new funding: WSJ

  15-06-2016 19:25 via news.yahoo.com
  
  (Reuters) - Chinese car-hailing app Didi Chuxing Technology Co has raised $7 billion in its latest fund raising effort, the Wall Street Journal reported, citing people familiar with the matter. Didi closed a $4.5 billion fundraising round that attracted $1 billion from Apple and $600 million from China Life Insurance Co Ltd , according to the WSJ report on Wednesday. The funding round valued the company at more than $25 billion, WSJ reported. (http://on.wsj.com/28Ed9Sz) In addition, Didi secured
  
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• Foreign investment in LatAm hits five-year low: study

  15-06-2016 19:22 via news.yahoo.com
  
  Foreign investment in Latin America hit a five-year low in 2015 as economies in the mineral-rich region slowed down, a UN body said on Wednesday. Foreign direct investment in the region fell by nine percent to $179 billion, said the UN Economic Commission for Latin America and the Caribbean. "This outcome is due to lower investment in sectors linked to natural resources, mainly mining and hydrocarbons, and to the deceleration of economic growth, above all in Brazil," the commission said in a sta
  
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• UPDATE 4-Steinhoff buys Poundland stake ahead of possible takeover bid

  15-06-2016 19:19
  
  * Approach disclosed on eve of Poundland results(Adds Steinhoff confirmation of share acquisition)
  
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• Naspers leads as South African stocks snap losses, rand steadies

  15-06-2016 19:18 via news.yahoo.com
  
  South African stocks snapped a five-day losing streak on Wednesday, partly due to investors chasing bargains, with Naspers among the top gainers after the media and e-commerce firm flagged higher earnings. The rand recouped some of the previous day's heavy losses against the dollar, although traders did not anticipate any substantial gains in coming sessions, with recent data pointing to lethargic output in Africa's most developed economy. "There is also a little bit of bargain hunting creeping
  
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• UPDATE 4-Tycoon Green to fix BHS pensions after admitting mistakes

  15-06-2016 19:10
  
  * BHS's demise left 11,000 jobs at risk, pension deficit(Adds detail)
  
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• UPDATE 1-Zodiac Aerospace shares spike on fresh Safran bid report

  15-06-2016 18:54
  
  PARIS, June 15 (Reuters) - France's Zodiac Aerospace
  was engulfed in fresh takeover speculation on
  Wednesday after a French publication said aircraft engine maker
  Safran was preparing a bid, though...
  
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• Shell says Philippines unit preparing for stock market listing

  15-06-2016 18:40 via news.yahoo.com
  Oil major Royal Dutch Shell said on Wednesday its subsidiary in the Philippines, Pilipinas Shell Petroleum Corporation , is in the process of preparing an initial public offering of its shares. PSPC has ...
  
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• Exclusive: In your sugary shake, Mars may not be lovin’ it

  15-06-2016 18:39
  
  NEW YORK/LOS ANGELES - Mars Inc, the one-time maker of king-sized chocolate bars, is considering taking its M&Ms out of sugary dessert treats, including McDonald's McFlurry.
  
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• World stocks rebound as Fed meets

  15-06-2016 17:58 via news.yahoo.com
  
  World stock markets rebounded Wednesday, after heavy losses in recent sessions caused largely by the prospect of Britain voting to leave the European Union, as attention turned to the Fed. While the Federal Reserve looks set to postpone hiking US interest rates, the meeting will offer a fresh assessment of whether the US economy remains solid. "Markets have taken a bit of a Brexit breather", said analyst Jasper Lawler at CMC Markets, with a poll tipping Britain to vote on June 23 to stay in the
  
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• Miners help FTSE to rebound after four days of losses

  15-06-2016 17:58
  
  LONDON, June 15 (Reuters) - Britain's top share index
  rebounded on Wednesday as a rally in metals prices following a
  weaker dollar boosted basic resources stocks, although
  housebuilders came under...
  
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• More than 41 million people in Southern Africa face food insecurity: trade bloc

  15-06-2016 17:56 via news.yahoo.com
  An estimated 41 million people are food insecure with 21 million people requiring immediate assistance in Southern Africa, a regional economic bloc said on Wednesday, after a drought ravaged the region. The Southern African Development Community director for food, agriculture and natural resources, Margaret Nyirenda, said in a statement that a new report also showed that nearly 2.7 million children are suffering from severe acute malnutrition. Southern Africa has been hard hit over the past year
  
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• Slumping autos weigh on manufacturing output; inflation tame

  15-06-2016 17:52 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. manufacturing output unexpectedly fell in May as the production of motor vehicles and parts recorded its biggest drop in nearly 2-1/2 years, suggesting sustained weakness in the sector even as the overall economy appears to be gaining momentum. Weak manufacturing and benign inflation, together with a sharp slowdown in job gains last month, will likely encourage the Federal Reserve to leave interest rates unchanged at the end of a two-day policy meeti
  
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• Wall Street treads higher as focus shifts to Fed

  15-06-2016 17:33 via news.yahoo.com
  
  Fed Chair Janet Yellen is scheduled to hold a press conference at 2:30 p.m. ET. "The Fed is trying to walk a fine line here," said Art Hogan, chief market strategist at Wunderlich Securities in New York. The Fed does not want the market to discount a rate hike this year, he said.
  
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• As Brexit vote looms, Fed expected to reject rate hike

  15-06-2016 17:11 via news.yahoo.com
  
  Growing economic uncertainties including the looming British vote on quitting the European Union should prevent the Federal Reserve from hiking interest rates Wednesday. Analysts say the Fed's two-day policy meeting should wrap up with the central bankers opting to wait and see what happens when Britain votes in a referendum on Brexit next week.
  
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• Nigeria central bank floats embattled naira currency

  15-06-2016 16:59 via news.yahoo.com
  ABUJA, Nigeria (AP) — Nigeria will float its embattled naira currency, the Central Bank governor announced Wednesday after months of pressure to control a spiraling crisis in Africa's biggest economy.
  
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• MIDEAST STOCKS-Saudi drops after MSCI disappointment; Egypt sinks

  15-06-2016 16:19 via news.yahoo.com
  * MSCI decides not to consider Saudi for emerging market status * Inclusion in index now unlikely before mid-2018 or 2019 * Rest of Gulf swayed by weak oil, global bourses * Dubai's Deyaar bucks trend, rises in heavy trade * Orascom Telecom regulatory debacle still weighs on Egypt By Andrew Torchia DUBAI, June 15 (Reuters) - Saudi Arabia's stock market led falls in the Gulf on Wednesday after MSCI decided not to consider the country for emerging market status, while Egypt fell sharply as blue ch
  
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• US industrial output fell in May; auto production plummeted

  15-06-2016 16:16 via news.yahoo.com
  
  WASHINGTON (AP) — Falling auto production fueled a broader decline in U.S. industrial output in May, a potentially worrying sign that manufacturers face economic challenges.
  
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• Snam working on 4 billion euro refinancing as part of Italgas spinoff: sources

  15-06-2016 16:16
  
  MILAN/LONDON (Reuters) - Italy's Snam , one of Europe's biggest gas pipeline operators, is looking to lift about 4 billion euros ($4.5 billion) off its balance sheet as part of plans to spin off its...
  
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• BRIEF-Philip Green says criticism of him "wholly unbalanced and unfair"

  15-06-2016 16:09
  
  * Philip Green says criticism of him "wholly unbalanced and
  unfair"
  
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• Wall Street opens higher as focus shifts to Fed

  15-06-2016 16:08 via news.yahoo.com
  
  Wall Street opened higher for the first time in five days on Wednesday as lower chances of an interest rate hike offered solace to investors amid jitters of Britain's possible exit from the European Union. The Federal Open Market Committee (FOMC) will release a policy statement at 2:00 p.m. ET (1800 GMT). Fed Chair Janet Yellen is scheduled to hold a press conference at 2:30 p.m. ET.
  
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• Nigeria's launches market-driven interbank trading system: cenbank governor

  15-06-2016 15:33 via news.yahoo.com
  
  ABUJA (Reuters) - Nigeria's central bank will launch a foreign exchange interbank trading window on Monday to boost the supply of hard currency in Africa's biggest economy, its governor said on Wednesday. The window's exchange rate will be purely market-driven, Godwin Emefiele told reporters. The new system would help with economic growth and restore investor confidence. Precise guidelines will be published later on Wednesday, he said, adding that the new window would have eight to ten primary t
  
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• U.S. industrial output falls 0.4 percent in May, manufacturing slips

  15-06-2016 15:17 via news.yahoo.com
  
  U.S. industrial production fell more than expected in May on a decline in utilities output and auto manufacturing, the Federal Reserve said on Wednesday, a sign that the economy may be losing some steam in the second quarter. Industrial output declined 0.4 percent last month after a downwardly revised 0.6 percent increase in April. Economists polled by Reuters had forecast industrial production slipping 0.2 percent last month.
  
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• Wall Street set to open higher as focus shifts to Fed

  15-06-2016 14:55 via news.yahoo.com
  
  The Federal Open Market Committee (FOMC) will release its policy statement at 2:00 p.m. ET after a two-day meeting. Fed Chair Janet Yellen is scheduled to hold a press conference at 2:30 p.m. ET. Traders see a less than 40 percent chance of an interest rate increase until December, according to CME Group's FedWatch tool, but will focus on the course of future hikes.
  
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• China's Bohai Steel says has paid interest on bonds due 2017

  15-06-2016 14:42
  
  HONG KONG, June 15 (Reuters) - China's Bohai Steel Group
  said it had paid the coupon on its yuan-denominated bonds, which
  was due on Wednesday, and gave assurance that it had sufficient
  funds to pay...
  
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