Finance news

• Pensions hit FedEx, may weigh on fiscal 2017 results

  21-06-2016 23:42 via news.yahoo.com
  
  Package delivery company FedEx Corp on Tuesday reported a quarterly loss due to mark-to-market pension adjustments and expenses related to acquiring Dutch package delivery company TNT, and said it did not know how those two factors would affect its earnings for the coming fiscal year. FedEx, which like its main rival United Parcel Service Inc is often considered a bellwether of U.S. economic activity, completed its acquisition of TNT in May. Excluding the one-off charges, FedEx reported a quarte
  
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• Lots of unknowns keeping the Fed cautious

  21-06-2016 23:18 via news.yahoo.com
  
  WASHINGTON (AP) — Federal Reserve Chair Janet Yellen said Tuesday that the U.S. economy faces numerous uncertainties from slowing job growth to stubbornly low inflation that compel the Fed to proceed cautiously in raising interest rates.
  
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• U.S. in new talks with Venezuela amid worsening crisis

  21-06-2016 23:16 via news.yahoo.com
  By Girish Gupta and Lesley Wroughton CARACAS/WASHINGTON (Reuters) - The U.S. government sent veteran diplomat Tom Shannon to Venezuela on Tuesday to meet senior opposition and government figures amid a brutal economic crisis and political impasse in the South American OPEC nation. Socialist-run Venezuela has for years had tumultuous relations with Washington, and a similar rapprochement led by Shannon stalled last year over the jailing of opposition leader Leopoldo Lopez. Despite a harsh exchang
  
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• Wall St. ticks up on economy bets; Brexit fear ebbs

  21-06-2016 22:43 via news.yahoo.com
  
  Yellen, however, warned that the British vote on Thursday on whether to stay in the European Union, alongside a U.S. hiring slowdown, posed risks to the economic outlook. The sentiment swings back and forth and right now it is swinging toward 'remain' and that is giving support," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey. The Dow Jones industrial average rose 24.86 points, or 0.14 percent, to 17,829.73, the S&P 500 gained 5.65 points, or 0.27 p
  
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• Brexit vote keeps investors on edge

  21-06-2016 22:40 via news.yahoo.com
  
  By Edward Krudy NEW YORK (Reuters) - Stock markets edged higher on Thursday while sterling reversed gains after hitting a more than 5-1/2-month high earlier in the day as polls and surveys showed the United Kingdom's vote on leaving the EU remains on a knife-edge. Mixed trading across asset classes pointed to uneasiness in markets, investors said, and came after Monday's dramatic surge in "risk assets," driven by polls showing the chance of the United Kingdom leaving the EU appearing to lessen.
  
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• Facebook signs deals with media firms, celebrities for Live - WSJ

  21-06-2016 22:39 via news.yahoo.com
  
  (Reuters) - Facebook Inc has signed deals worth more than $50 million (34 million pounds) with media companies and celebrities to create videos for its live-streaming service, the Wall Street Journal reported. Facebook has signed nearly 140 deals, including with CNN, the New York Times, Vox Media, Tastemade, Mashable and the Huffington Post, the Journal reported on Tuesday, citing a document.
  
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• UPDATE 1-U.S. Senate prepares Puerto Rico debt debate amid Democrats' concerns

  21-06-2016 22:17
  
  WASHINGTON, June 21 (Reuters) - U.S. Senate Democratic
  leader Harry Reid said on Tuesday that amendments were necessary
  to a Puerto Rico debt bill that Senate Majority Leader Mitch
  McConnell said...
  
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• Wall Street ticks up on economy bets; Brexit fear ebbs

  21-06-2016 22:06 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks edged up on Tuesday led by gains in technology shares as Federal Reserve Chair Janet Yellen was optimistic about the economy and played down the risk of a recession, while concern over the upcoming British referendum remained subdued.
  
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• Ryanair warns of two to three-year downturn if Britain leaves the EU

  21-06-2016 22:04 via news.yahoo.com
  By Tim Hepher and Cyril Altmeyer PARIS (Reuters) - Ryanair boss Michael O'Leary warned on Tuesday of a two to three-year economic downturn if Britain votes to leave the European Union and said that Brussels has been given a "wake-up call" regardless of the result of Thursday's UK referendum. Speaking at an aviation conference in Paris, the head of the Irish budget carrier -- Europe's largest airline by passenger numbers -- said that economic and political disruption could weaken the rest of the
  
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• Wall Street banks remain top choice for new MBAs - survey

  21-06-2016 21:53 via news.yahoo.com
  
  Wall Street banks remain the employers of choice for new business school graduates, despite competition for talent from Silicon Valley, hedge funds and private equity firms, according to a study released on Tuesday. More than a quarter of those surveyed by Wall Street training firm Training the Street said they were looking to join large banks upon receiving their MBAs, followed by 17 percent who chose consulting firms. The results come as Wall Street banks are taking more active steps to both r
  
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• Wall St. rises on low rate bets; Brexit fears ebb

  21-06-2016 21:51 via news.yahoo.com
  
  Yellen, however, warned that the British vote on Thursday on whether to stay in the European Union, alongside a U.S. hiring slowdown, posed risks to the economic outlook. The sentiment swings back and forth and right now it is swinging toward 'remain' and that is giving support," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey. The Dow Jones industrial average rose 53.18 points, or 0.3 percent, to 17,858.05, the S&P 500 gained 8.79 points, or 0.42 pe
  
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• Wall Street rises on low rate bets; Brexit fears ebb

  21-06-2016 21:50 via news.yahoo.com
  
  U.S. stocks rose on Tuesday led by gains in technology shares as Federal Reserve Chair Janet Yellen was optimistic about the economy and played down the risk of a recession, while concern over the upcoming British referendum remained subdued. Yellen, however, warned that the British vote on Thursday on whether to stay in the European Union, alongside a U.S. hiring slowdown, posed risks to the economic outlook. The sentiment swings back and forth and right now it is swinging toward 'remain' and t
  
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• Merlin and Metrovacesa agree merger to form Spain's largest property group

  21-06-2016 21:35 via news.yahoo.com
  Property companies Merlin and Metrovacesa have signed an agreement to form Spain's largest real estate group by rental assets, according to a company filing with the stock market regulator. The agreement has the backing of Metrovacesa shareholders Banco Santander , BBVA and Banco Popular which will hold a combined 31.2 percent stake in Merlin after he merger. Metrovacesa's 2.1 billion euros of assets will be split between Merlin, subsidiary Testa Residencial and a new company controlled by Metro
  
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• Brazilian banks solid after Oi bankruptcy petition -central bank

  21-06-2016 21:31
  
  SAO PAULO, June 21 (Reuters) - The bankruptcy petition of
  mobile phone carrier Oi SA, the biggest ever in Brazil, poses no
  threat to the country's financial system, central bank director
  Aldo Mendes...
  
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• Veteran U.S. diplomat to meet with Venezuela officials amid crisis

  21-06-2016 21:05 via news.yahoo.com
  Veteran U.S. diplomat Tom Shannon will meet with senior Venezuelan government and opposition officials in Caracas on Tuesday, a week after Secretary of State John Kerry announced he wanted to ease tensions between the two countries. "The main purpose is to have a series of discussions about the social, economic and political challenges in Venezuela and to try to help foster constructive, meaningful dialogue toward solutions with a variety of groups in the government and outside the government,"
  
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• U.S. Senate to debate Puerto Rico debt bill, Democrats want changes

  21-06-2016 20:56
  
  WASHINGTON, June 21 (Reuters) - U.S. Senate Democratic
  leader Harry Reid on Tuesday said amendments were necessary to a
  Puerto Rico debt bill that Senate Majority Leader Mitch
  McConnell said would be...
  
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• Fed cautious on rates due to Brexit, U.S. hiring slowdown: Yellen

  21-06-2016 20:51 via news.yahoo.com
  
  The Federal Reserve's ability to raise interest rates this year may hinge on a rebound in hiring that would convince policymakers the U.S. economy isn't faltering, Fed Chair Janet Yellen told lawmakers on Tuesday. In testimony before Congress that expressed general optimism about the economy and played down the risk of a recession, Yellen nevertheless said the Fed will be cautious about interest rate increases until it is clear the job market is holding up. Immediate risks, like the potential fa
  
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• Rosneft's Sechin says not talking to Chinese or Indian companies about privatisation

  21-06-2016 20:06 via news.yahoo.com
  
  MOSCOW (Reuters) - Igor Sechin, the head of Russia's top oil producer Rosneft, told Rossiya-24 TV on Tuesday that the company has not held any talks with either Chinese or Indian companies about the state company's privatisation. He also called for selling the 19.5 percent stake, which the government plans to divest as part of a wider privatisation, to a strategic investor rather than on the stock market. (Reporting by Vladimir Soldatkin; Editing by Susan Fenton)
  
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• U.S. hopes envoy will meet Venezuela's Maduro in Caracas

  21-06-2016 19:44 via news.yahoo.com
  WASHINGTON (Reuters) - The U.S. State Department said it hoped veteran diplomat Tom Shannon will meet with Venezuelan President Nicolas Maduro during his visit to Caracas on Tuesday but no meeting had been confirmed. Shannon's visit was to discuss Venezuela's social, economic and political challenges and try to facilitate dialogue, State Department spokesman John Kirby said at a regular briefing. (Reporting by Arshad Mohammed; Writing by Doina Chiacu; Editing by David Gregorio)
  
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• S&P, Dow hold gains even as Yellen paints bleak picture

  21-06-2016 19:26 via news.yahoo.com
  
  (Reuters) - The S&P and the Dow held on to gains on Tuesday even as Federal Reserve Chair Janet Yellen warned of a slower pace of economic recovery and global risks including Britain's possible exit from the European Union.
  
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• In economic speech, Clinton previews a 'Trump recession'

  21-06-2016 19:13 via news.yahoo.com
  
  Democratic White House hopeful Hillary Clinton on Tuesday called her Republican rival Donald Trump a potential disaster for the economy, saying the "the king of debt" would cause a "Trump recession." "He made a fortune filing bankruptcies and stiffing his creditors," Clinton said of Trump. "The United States of America doesn't do business Trump's way," she added. Clinton's speech comes as the pair gears up for what is expected to be a fierce battle for the presidency ahead of the Nov. 8 election
  
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• Brexit would cause 'containable' hit to Irish GDP: Finance Minister

  21-06-2016 18:58 via news.yahoo.com
  By Padraic Halpin DUBLIN (Reuters) - A British exit from the European Union could cut cumulative Irish gross domestic product by as much as 1.6 percent by 2021, but the impact on the country would be "containable", Finance Minister Michael Noonan said on Tuesday. Ireland's economy is more vulnerable than any other in the EU should Britain decide to leave in a referendum this week, a government-commissioned report said last year, and Irish ministers have been campaigning for the 'Remain' camp.
  
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• Rioting hits South African capital after ANC names mayoral candidate

  21-06-2016 18:53 via news.yahoo.com
  
  By Dinky Mkhize PRETORIA (Reuters) - Protesters burned buses and barricaded roads in South Africa's capital on Tuesday in an escalating dispute over the ruling party's mayoral candidate for local elections in August. The vote is expected to be closely fought and will pose a major test for the African National Congress (ANC) as it looks ahead to a 2019 presidential election in the face of a strong challenge from the opposition and an economic slowdown. Disturbances erupted on Monday night as resi
  
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• BRIEF-Fitch downgrades OI S.A.'s ratings to 'D'

  21-06-2016 18:14
  
  * Fitch downgrades OI S.A.'s ratings to 'D'; Downgrades
  reflect OI's filing for a request for judicial reorganization
  with court of Rio De JaneiroSource text for Eikon:Further company coverage:...
  
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• Soaring bankruptcies pose no threat to Brazil banks, group says

  21-06-2016 18:13
  
  SAO PAULO, June 21 (Reuters) - Brazilian banks are prepared
  to withstand a surge in the number of bankruptcy protection
  filings, as their level of outstanding loan-loss provisions top
  minimum...
  
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• Quarter of PE firms plan oil buyouts by end of year -survey

  21-06-2016 18:13
  
  HOUSTON, June 21 (Reuters) - A quarter of private equity
  firms plan acquisitions in the oil and gas industry by the end
  of the year, sensing an opportunity after low crude prices
  eroded the sector's...
  
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• UPDATE 1-Fiat Chrysler to phase out air bag inflators subject to recall by 2019

  21-06-2016 18:12
  
  WASHINGTON, June 21 (Reuters) - Fiat Chrysler Automobiles
  said on Tuesday it will halt the use of a Takata air bag
  inflator that will be subject to a future recall and will notify
  buyers of its 2016...
  
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• UPDATE 2-China's Tencent buys 'Clash of Clans' maker Supercell for $8.6 bln

  21-06-2016 18:06
  
  BEIJING/HELSINKI/TOKYO, June 21 (Reuters) - China's biggest
  gaming group Tencent Holdings Ltd is to buy a majority
  stake in 'Clash of Clans' mobile game maker Supercell from
  SoftBank Group Corp in a...
  
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• Britain's sterling gives up gains but stocks edge higher

  21-06-2016 18:05 via news.yahoo.com
  
  By Edward Krudy NEW YORK (Reuters) - Global stock markets edged higher on Thursday while sterling reversed gains after hitting a more than 5 1/2-month high earlier in the day as polls and surveys showed the United Kingdom's vote on leaving the EU on a knife-edge. Mixed trading across asset classes pointed to uneasiness in markets, investors said, and came after Monday's dramatic surge in "risk assets," driven by polls showing the chance of the United Kingdom leaving the EU appearing to lessen. O
  
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• BRIEF-MiMedx Group reaches settlement with Medline Industries and Liventa Bioscience for certain claims

  21-06-2016 18:02
  
  * MiMedx reaches settlement with Medline Industries and
  Liventa Bioscience for certain claims
  
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• UPDATE 1-Egypt budget deficit widens to 9.8 percent of GDP in first 10 months of 2015-16

  21-06-2016 18:01
  
  CAIRO, June 21 (Reuters) - Rising public sector wages and
  welfare costs caused Egypt's budget deficit to widen to 9.8
  percent of gross domestic product in the first 10 months of the
  financial year,...
  
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• Fed chief Yellen testifies before Senate committee

  21-06-2016 17:59
  
  WASHINGTON, June 21 (Reuters) - For highlights of Federal
  Reserve Chair Janet Yellen's question-and-answer session on
  Tuesday before the U.S. Senate Banking Committee, where she
  delivered the central...
  
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• HIGHLIGHTS-Fed Chair Yellen's Q&A testimony before Senate committee

  21-06-2016 17:57
  
  WASHINGTON, June 21 (Reuters) - The following are highlights
  of Federal Reserve Chair Janet Yellen's question-and-answer
  session on Tuesday before the U.S. Senate Banking Committee,
  where she...
  
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• Yellen warns of 'significant repercussions' from Brexit vote

  21-06-2016 17:55 via news.yahoo.com
  
  Federal Reserve Chair Janet Yellen warned Tuesday that a British vote to break with the European Union could rile markets and have an impact on economic growth. Yellen counted the risks from the Brexit vote as one reason why the Fed will continue to move very cautiously on raising interest rates and tightening US monetary policy.
  
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• BRIEF-FCA US eliminates use of non-desiccated ammonium-nitrate Takata air-bag inflators

  21-06-2016 17:54
  
  * FCA US eliminates use of non-desiccated ammonium-nitrate
  Takata air-bag inflators
  
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• GLOBAL MARKETS-Britain's sterling gives up gains but stocks edge higher

  21-06-2016 17:53
  
  * Sterling retreats from 5 1/2-month high vs dollar, up vs
  yen
  
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• BRIEF-S&P downgrades Oi SA to 'D' from 'CCC-'

  21-06-2016 17:48
  
  * S&P downgrades Oi SA to 'D' from 'CCC-' following
  announcement of judicial reorganization filing
  
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• ECB says 'prepared' for any Brexit outcome

  21-06-2016 17:15 via news.yahoo.com
  
  European Central Bank chief Mario Draghi said Tuesday the ECB is prepared for all eventualities regarding the British EU referendum later this week, but the economic impact of the vote is difficult to predict. "It's very difficult to foresee the impact and the various dimensions in which the UK vote would impact on the markets and on economies of eurozone," Draghi told the EU Committee for Economic and Monetary Affairs in a regular hearing in Brussels, just two days before Britons go to the poll
  
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• Yellen says uncertainties justify cautious approach

  21-06-2016 17:14 via news.yahoo.com
  
  WASHINGTON (AP) — Federal Reserve Chair Janet Yellen said Tuesday that the U.S. economy faces a number of uncertainties that require the Fed to proceed cautiously in raising interest rates.
  
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• Spaniards' apathy to repeat election casts uncertainty over outcome

  21-06-2016 17:09 via news.yahoo.com
  
  Jimenez said the parties' bickering and their reluctance to compromise had stifled the enthusiasm she and her fellow students felt in December when she voted for anti-austerity party Podemos, whose leader Pablo Iglesias once taught in the university's graffiti-covered lecture halls.     "I voted looking for change but we have achieved absolutely nothing and for that reason I will abstain," she said. The enthusiasm, or lack of it, from voters like Jimenez will affect the way Spanis
  
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• Wall Street pares gains after Yellen cautions about economy

  21-06-2016 17:07 via news.yahoo.com
  
  Wall Street gave up some gains on Tuesday after Federal Reserve Chair Janet Yellen said the central bank would be cautious in raising interest rates given risks such as Britain's membership in the European Union and a slowdown in the U.S. labor market. "The pace of improvement in the labor market appears to have slowed more recently, suggesting that our cautious approach ... remains appropriate," Yellen said. The central bank left interest rates unchanged and cut the economy's growth forecast la
  
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• Nigeria stocks near 8-mth high on investor interest after FX float

  21-06-2016 16:49 via news.yahoo.com
  
  LAGOS (Reuters) - Nigerian stocks ended near an 8-month high on Tuesday as investors renewed interest in shares after the central bank floated the naira to lift currency curbs viewed as harming investment and helping cause the economy to contract. The main share index rose 2.27 percent to 29,422 points, a level last seen on October 2015. Investors snapped up shares across banks, and consumer goods, hoping that a "freely" traded interbank forex market will help foreign buyers return to stocks aft
  
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• France's Peugeot-Citroen in 400 mn euro Iran comeback

  21-06-2016 16:38 via news.yahoo.com
  
  France's Peugeot-Citroen (PSA) announced its return to Iran on Tuesday, signing a 400-million-euro joint venture with its old partner Iran Khodro in Tehran. PSA is the first Western carmaker to announce a return to Iran since many economic sanctions were lifted in January when a landmark nuclear deal with world powers took effect. "Today is the comeback of PSA to Iran.
  
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• Wall St makes small gains at the open; Yellen awaited

  21-06-2016 16:32 via news.yahoo.com
  
  Wall Street opened slightly higher on Tuesday, minutes before Federal Reserve Chair Janet Yellen was scheduled to speak before the Senate Banking Committee on the monetary policy. Yellen will also attend a meeting at 4:30 p.m. ET with other Fed officials. "The markets like it when Janet Yellen speaks and in this case it looks like the weak May jobs number really spooked her.
  
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• Fed's Yellen: US economy faces 'considerable uncertainty'

  21-06-2016 16:18 via news.yahoo.com
  
  Federal Reserve Chair Janet Yellen said Tuesday that the US economy faces "considerable uncertainty" from slower domestic activity and from a possible British vote to break with the European Union. Pointing to recent slower hiring and investment domestically, and to the risk that a pro-Brexit vote will send shock waves through global markets, Yellen signaled that the Fed has become less optimistic about US growth over the short term and will proceed with great caution on plans to raise interest
  
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• Highlights: Fed's Yellen's prepared testimony to Senate panel

  21-06-2016 16:14 via news.yahoo.com
  (Reuters) - The following are highlights of Federal Reserve Chair Janet Yellen's semiannual testimony on the U.S. economy and monetary policy as prepared for delivery on Tuesday to the Senate Banking Committee.
  
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• Fed cautious on rates due to Brexit, hiring slowdown: Yellen

  21-06-2016 16:14 via news.yahoo.com
  
  Global risks and a U.S. hiring slowdown warrant a cautious approach to raising interest rates as the Federal Reserve looks for confirmation that the country's economic recovery remains on track, Fed Chair Janet Yellen said on Tuesday. In prepared testimony before the Senate Banking Committee, Yellen outlined how the central bank was thrown off course within weeks of raising rates last December by a slowdown in domestic growth and international events, including concerns over China's economy and
  
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• MIDEAST STOCKS-Gulf mostly firm; Egypt regains some ground

  21-06-2016 16:06 via news.yahoo.com
  * Abu Dhabi's NBAD retreats, snapping two days of big gains * But UNB, ADCB jump on speculation about another merger * Saudi loses steam as Brent oil slips back below $50 * Kuwait's Americana extends rise towards acquisition price * Black market currency moves worry Egypt By Celine Aswad DUBAI, June 21 (Reuters) - Most Gulf bourses firmed on Tuesday as fresh merger speculation moved stocks in Abu Dhabi, though Saudi Arabia's stock market lost steam as oil prices fell back. Egypt's bourse partial
  
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• Mahanagar Gas Ltd's up to $154 million IPO fully covered on first day

  21-06-2016 16:04 via news.yahoo.com
  
  India's Mahanagar Gas Ltd's up to $154 million initial public offering was fully subscribed on Tuesday, signaling strong investor appetite in an overall optimistic stock market. Royal Dutch Shell's BG Asia unit and Indian state-run Gail - which owned about 45 percent each of Mahanagar Gas before the IPO - are selling 12.5 percent of their holdings each and will receive all the proceeds from the IPO. On Monday, Mahanagar Gas sold 7.35 million shares at the upper limit of the price band at 421 rup
  
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• 'In' regains ground as EU referendum gets down to wire

  21-06-2016 16:00 via news.yahoo.com
  
  By Elisabeth O'Leary EDINBURGH (Reuters) - Two opinion polls on Monday suggested support for Britain staying in the European Union had recovered some ground following the murder of a pro-EU MP, but a third poll found support for a "Brexit" ahead by a whisker. Britons vote on Thursday to decide whether to quit the bloc they joined in 1973, a choice with far-reaching economic and political consequences for Britain and the whole of Europe. Earlier on Monday, as expectations grew that Britain would
  
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