Finance news

• New Jersey Governor Christie upends old income tax deal with Pennsylvania

  02-09-2016 23:46 via news.yahoo.com
  
  By Hilary Russ NEW YORK (Reuters) - New Jersey Governor Christie said on Friday the state would begin taxing income earned by people who work in New Jersey but live in Pennsylvania, ending a long-standing arrangement with the neighboring state. Pulling out of the nearly 40-year old "reciprocity" agreement would allow New Jersey to raise more revenue starting Jan. 1. Christie, a close ally of Republican presidential nominee Donald Trump, said in a statement that he was forced to act because the D
  
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• Mexican senator to propose anti-Trump expropriation law

  02-09-2016 23:44 via news.yahoo.com
  
  By Dave Graham MEXICO CITY (Reuters) - A Mexican senator is proposing legislation to empower the government to retaliate if a U.S. administration led by Donald Trump inflicts expropriations or economic losses on his country to make it pay for a border wall. Republican presidential nominee Trump has vowed to have Mexico fund the planned wall to keep out illegal immigrants if he is elected, and threatened to fund it by blocking remittances sent home by Mexicans living in the United States. Armando
  
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• Global stocks rise on middling US jobs data

  02-09-2016 23:33 via news.yahoo.com
  
  New York (AFP) - World stock markets rose Friday as analysts said middling US jobs figures hit a sweet spot -- showing a healthy US economy but not supporting an interest rate rise soon.
  
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• Receiver appointed for Canada's Twin Butte Energy

  02-09-2016 23:26
  
  CALGARY, Alberta, Sept 2 (Reuters) - Twin Butte Energy
  , which became the latest Canadian oil and gas producer
  to file for bankruptcy this week, said on Friday an Alberta
  court had appointed FTI...
  
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• China's government flexes muscles with Uber, DreamWorks probes

  02-09-2016 23:23
  
  SHANGHAI/HONG KONG (Reuters) - The Chinese government said on Friday it was investigating two high-profile takeover proposals involving U.S. companies, the latest sign of its growing influence on...
  
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• UPDATE 2-Zinc producer's shareholders fall short in bankruptcy fight

  02-09-2016 22:49
  
  WILMINGTON, Del., Sept 2 (Reuters) - Horsehead Holding Corp
  was cleared to exit bankruptcy on Friday although a
  U.S. judge acknowledged that allegations by the zinc producer's
  shareholders that...
  
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• Wall Street still sees Fed on pace for one rate hike, in December: Reuters poll

  02-09-2016 22:43 via news.yahoo.com
  
  Wall Street's biggest banks are sticking to bets that the U.S. Federal Reserve will raise interest rates once this year, and the increase would most likely occur in December after a tepid employment report for August quashed most talk of a move as early as this month. Economists for 13 out of 14 primary dealers who responded to a Reuters poll on Friday said they expect the Fed to lift the targeted range for its benchmark short-term interest rate by a quarter-percentage point to a median level of
  
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• Wall Street advances as U.S. payrolls report falls short

  02-09-2016 22:17 via news.yahoo.com
  
  U.S. stocks advanced on Friday as a weaker-than-expected payrolls report tamped down expectations for a September rate hike from the U.S. Federal Reserve, although hawkish comments from another Fed official kept expectations for one this year intact. "People are taking a little bit of a relief that it wasn’t a 200,000-plus print, certainly in the equity market," said Sean Lynch, co-head of global equity strategy at Wells Fargo Investment Institute in Omaha. Despite the soft report, Richmon
  
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• Canada fertilizer merger faces easier approval at home than in U.S.

  02-09-2016 21:41
  
  TORONTO/WASHINGTON (Reuters) - Canada's Potash Corp of Saskatchewanand Agrium Incare more likely to win approval for a potential merger in Canada than the United States, but U.S. rejection of the...
  
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• Countdown to third Spanish election begins as Rajoy loses vote

  02-09-2016 21:40 via news.yahoo.com
  
  By Sonya Dowsett MADRID (Reuters) - Acting Prime Minister Mariano Rajoy failed in a second attempt on Friday to win parliament's backing to form a government, increasing the likelihood that Spain will have to hold another election - its third in a year. After inconclusive elections in December and June, an entrenched stand-off between the parties has left Spain without a government for eight months, posing a threat to the economic recovery and putting a freeze on spending plans. Rajoy, leader of
  
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• Wall St. pares gains after weaker-than-expected jobs data

  02-09-2016 20:48 via news.yahoo.com
  
  Wall Street pared gains in early afternoon trading on Friday as investors feared the weaker-than-expected August employment report will not be enough to dissuade the Federal Reserve from raising interest rates as soon as this month. U.S. nonfarm payrolls rose by 151,000 jobs in August after an upwardly revised 275,000 increase in July, with job cuts in manufacturing and construction, the Labor Department said. "This mixed jobs report puts the Fed in a tricky situation," said Mohamed El-Erian, ch
  
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• Wall St. modestly higher in wake of payrolls report

  02-09-2016 20:45 via news.yahoo.com
  
  Wall Street was modestly higher on Friday as investors weighed the likelihood of an interest rate hike following a weaker-than-expected payrolls report and hawkish comments from a U.S. Federal Reserve official. U.S. nonfarm payrolls rose by 151,000 jobs in August after an upwardly revised 275,000 increase in July, with job cuts in manufacturing and construction, the Labor Department said.
  
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• Brazil's Supreme Court urged to bar Rousseff from politics

  02-09-2016 20:07 via news.yahoo.com
  
  Brazil's Supreme Court has been asked to overturn a contentious Senate decision allowing former President Dilma Rousseff to remain politically active following her removal from office in an impeachment trial this week. The Senate voted on Wednesday to oust Rousseff for manipulating the federal budget to hide the real state of Brazil's ailing economy in the run-up to her re-election in 2014. In an unexpected separate vote, lawmakers spared the leftist leader from an eight-year ban on running for
  
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• U.S. economy may need much higher interest rates: Fed's Lacker

  02-09-2016 20:02 via news.yahoo.com
  
  The U.S. economy appears strong enough to warrant significantly higher interest rates, Richmond Federal Reserve Bank President Jeffrey Lacker said on Friday. Lacker, who is not a voting member of the U.S. central bank's rate-setting committee this year, said he still favors raising rates sooner than later and that the Fed's last policy meeting in July would have been a "good time" to tighten policy. Speaking to a group of economists in Richmond, Lacker argued that a range of economic analysis su
  
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• Wall Street pares gains after weaker-than-expected jobs data

  02-09-2016 19:09 via news.yahoo.com
  
  U.S. nonfarm payrolls rose by 151,000 jobs in August after an upwardly revised 275,000 increase in July, with job cuts in manufacturing and construction, the Labor Department said. "This mixed jobs report puts the Fed in a tricky situation," said Mohamed El-Erian, chief economic adviser at Allianz in Newport Beach, California. "It's not all around strong enough to assure a September interest rate hike.
  
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• Fed's Lacker says U.S. economy could need much higher rates

  02-09-2016 19:03 via news.yahoo.com
  
  The U.S. economy appears strong enough to warrant significantly higher interest rates, Richmond Federal Reserve Bank President Jeffrey Lacker said on Friday. Lacker, who is not a voting member of the U.S. central bank's rate-setting committee this year, made his comments after the U.S. government reported a hiring slowdown in August that could effectively rule out a rate hike later this month. Lacker's remarks suggested he is concerned the Fed might raise rates too slowly.
  
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• Germany's Gabriel to meet Putin soon: source

  02-09-2016 18:56 via news.yahoo.com
  
  By Gernot Heller BERLIN (Reuters) - German Vice Chancellor and Economy Minister Sigmar Gabriel will travel to Russia soon to meet President Vladimir Putin on a visit that is likely to focus on business relations between the two powers, an economy ministry source told Reuters on Friday. Gabriel will be accompanied to the meeting with Putin by a delegation of German business leaders. The agenda of the meeting will be current issues, especially German-Russian business relations, the source said.
  
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• Brazil's Oi to file bankruptcy reorganization plan on Monday -sources

  02-09-2016 18:38
  
  SAO PAULO, Sept 2 (Reuters) - Brazilian telecom provider Oi
  SA is set to file its bankruptcy reorganization plan
  with a Rio de Janeiro court on Monday, two sources familiar with
  the situation told...
  
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• Global stocks rise as US jobs cools rate talk

  02-09-2016 18:16 via news.yahoo.com
  
  World stock markets rose Friday as analysts said weaker-than-expected US jobs figures indicated a Federal Reserve interest rate hike is still on the cards but probably not this month. Europe's main markets soared and US shares were also up after the highly anticipated US jobs creation data revealed the labour market slowed in August. "We doubt that the US Employment Report for August was strong enough to trigger an interest rate hike at this month's FOMC (the Fed's Federal Open Market Committee)
  
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• BRIEF-Circle Oil says IFC to further extend suspension of repayments

  02-09-2016 17:55
  
  * International finance corporation says to further extend
  suspension of repayments due under its reserve based lending
  facility until 30 september 2016
  
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• Britain's FTSE hits 2-week high after U.S. jobs data

  02-09-2016 17:46
  
  LONDON, Sept 2 (Reuters) - Britain's top share index climbed
  to a two-week high on Friday after data showing a greater than
  expected slowdown in U.S. employment growth last month lowered
  the chances...
  
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• Judge approves Horsehead Holding bankruptcy exit

  02-09-2016 17:42
  
  WILMINGTON, Del, Sept 2 (Reuters) - Horsehead Holding Corp's
  plan to exit bankruptcy was approved on Friday after a judge
  rejected allegations by the zinc producer's shareholders that
  their...
  
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• US job creation slower but points to steady growth

  02-09-2016 17:39 via news.yahoo.com
  
  The US labor market slowed precipitously in August but continued a six-year streak of monthly job creation, according to figures released Friday by the Labor Department. The economy added 151,000 new positions for the month, a sharp drop from July's revised total of 275,000 new non-farm positions and also well below analyst expectations. Leading up to Friday's disclosure, markets had been intently awaiting the new numbers as a signal of looming interest rate hikes by the Federal Reserve.
  
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• Wall Street higher as jobs data reins in September rate hike bets

  02-09-2016 17:34 via news.yahoo.com
  
  The Labor Department's monthly jobs report showed nonfarm payrolls rose by 151,000 last month, while the unemployment rate remained unchanged at 4.9 percent. Economists polled by Reuters had forecast addition of 180,000 jobs last month. "This mixed jobs report puts the Fed in a tricky situation," said Mohamed El-Erian, chief economic adviser at Allianz in Newport Beach, California.
  
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• Yum to sell stake in China business ahead of spinoff

  02-09-2016 17:32
  
  (Reuters) - KFC and Pizza Hut owner Yum Brands Incsaid Chinese investment firm Primavera Capital and an affiliate of Alibaba Group Holding Ltdwill buy a stake in Yum China for $460 million as Yum...
  
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• Global stocks rise as US jobs dampens rate talk

  02-09-2016 16:55 via news.yahoo.com
  
  World stock markets rose Friday as traders said weaker-than-expected US jobs figures indicated a Federal Reserve interest rate hike is still on the cards but probably not this month. Wall Street shares opened higher and Europe's main markets were also up after the highly anticipated US jobs creation data for August fell short of expectations. "The August employment report showed solid employment gains, a stable unemployment rate, but weaker details, notably a decline in the average work week and
  
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• First jobs: Coming to America

  02-09-2016 16:30
  
  NEW YORK (Reuters) - If there is one subject at the forefront of the 2016 U.S. election, it is immigration.
  
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• Ireland to join Apple in fight against EU tax ruling

  02-09-2016 16:01 via news.yahoo.com
  
  By Padraic Halpin and Conor Humphries DUBLIN (Reuters) - Ireland's cabinet agreed on Friday to join Apple in appealing against a multi-billion-euro back tax demand that the European Commission has slapped on the iPhone maker, despite misgivings among independents who back the fragile coalition. The Commission's ruling this week that the U.S. tech giant must pay up to 13 billion euros ($14.5 billion) to Dublin has angered Washington, which accuses the EU of trying to grab tax revenue that should
  
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• Weak global economy, strong dollar weighing on U.S. factories: U.S. labor secretary

  02-09-2016 15:58 via news.yahoo.com
  
  U.S. Labor Secretary Thomas Perez said on Friday the U.S. economy was enjoying solid job and wage growth, but that a weak global expansion and strong U.S. dollar were hurting the factory sector. "When you have the global economy not recovering the way our economy is and when you have that strong dollar, when you're making things to sell to other countries they are now more expensive and the demand for those products ... is not what it needs to be," Perez told CNBC.
  
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• Wall Street rises as jobs data reins in September rate hike bets

  02-09-2016 15:56 via news.yahoo.com
  
  Wall Street opened higher on Friday after data showed U.S. employment growth slowed more than expected in August, which could rule out an interest rate increase this month. The Labor Department's monthly jobs report showed nonfarm payrolls rose by 151,000 last month, while the unemployment rate remained unchanged at 4.9 percent. Rate hike probabilities for September and December had risen after last Friday's remarks by Fed Chair Janet Yellen that the case for raising rates had strengthened in re
  
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• Britain's FTSE advances after U.S. jobs data, miners rally

  02-09-2016 15:54
  
  LONDON, Sept 2 (Reuters) - Britain's top share index rose
  further in afternoon trading on Friday after data showing a
  greater than expected slowdown in U.S. employment growth last
  month lowered the...
  
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• US creates weaker-than-expected 151,000 jobs in August

  02-09-2016 15:39 via news.yahoo.com
  
  US job creation slowed in August, adding 151,000 new positions for the month, according to data released Friday by the Labor Department. While the economy continued to create jobs, the total represented a precipitous drop from July's revised total of 275,000 and was also well below analyst expectations. The unemployment rate remained steady at 4.9 percent for the third month in a row, with the number of long-term unemployed unchanged at 2 million people.
  
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• Wall Street rises as jobs report reins in rate bets

  02-09-2016 15:35 via news.yahoo.com
  
  (Reuters) - Wall Street was higher at the open on Friday after data showed U.S. employment growth slowed more than expected in August, which could rule out an interest rate increase this month.
  
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• Wall Street set to open higher after monthly jobs report

  02-09-2016 15:02 via news.yahoo.com
  
  The Labor Department's monthly jobs report showed nonfarm payrolls rose by 151,000 last month, while the unemployment rate remained unchanged at 4.9 percent. Rate hike probabilities for September and December had risen after last Friday's remarks by Fed Chair Janet Yellen that the case for raising rates had strengthened in recent months. "I don't think this is the kind of report that the Fed wanted to see ahead of a hike in September, the contours are just too squishy.
  
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• Stocks rise as US jobs report puts Fed rate hike in question

  02-09-2016 14:48 via news.yahoo.com
  
  LONDON (AP) — Stock rose and the dollar fell on Friday after a key report showed the U.S. economy added slightly fewer jobs than expected in August, making it potentially less likely that the Federal Reserve will raise interest rates already this month.
  
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• UPDATE 2-Segro bucks Brexit property blues with warehouse fund-raising

  02-09-2016 14:45
  
  * Segro shares fall 2.7 pct to 443 pence at 1221 GMT(Updates with results of placing, company comment, shares)
  
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• Russia aiming for over $11 billion from Rosneft stake sale

  02-09-2016 14:40 via news.yahoo.com
  
  By Denis Pinchuk and Dmitry Zhdannikov VLADIVOSTOK, Russia (Reuters) - Russia hopes to fetch more than $11 billion for a minority stake in the Kremlin's flagship oil producer Rosneft before the end of the year to plug budget holes caused by low crude prices, an industry source told Reuters on Friday. The sale will be complicated by sanctions imposed on Moscow over its actions in Ukraine and by many investors' wariness of putting money into Russia as well as volatile commodity markets. On Friday,
  
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• U.S. trade deficit narrows as exports hit 10-month high

  02-09-2016 14:38 via news.yahoo.com
  
  WASHINGTON (Reuters) - The U.S. trade deficit fell more than expected in July as exports rose to their highest level in 10 months, offering further evidence that economic growth picked up early in the third quarter.
  
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• Russian minister says $11 billion Rosneft stake valuation close to reality

  02-09-2016 14:19 via news.yahoo.com
  
  MOSCOW (Reuters) - Russian Economy Minister Alexei Ulyukayev said on Friday that a valuation of around $11 billion for the stake in Russian oil producer Rosneft that the government plans to privatize was close to reality, RIA news agency reported.
  
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• European stocks, dollar rise before US jobs

  02-09-2016 13:55 via news.yahoo.com
  
  European and Asian stock markets mostly rose Friday and the dollar firmed before key US jobs data set to determine whether the Fed hikes interest rates before the end of the year. Around 1100 GMT, London's benchmark FTSE 100 index jumped 1.0 percent as the pound eased back against the dollar following Thursday's rally. There was also a sense of unease after the International Monetary Fund on Thursday said it planned to downgrade its US economic forecasts in October, warning generally of a global
  
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• Hong Kong's OOCL halts loading cargoes from Hanjin Shipping

  02-09-2016 13:30
  
  HONG KONG, Sept 2 (Reuters) - Hong Kong's Orient Overseas
  Container Line (OOCL) said it has stopped loading cargoes and
  containers from South Korea's Hanjin Shipping Co Ltd
  , which has filed for...
  
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• Europe should up ante in EU-US trade talks: commissioner

  02-09-2016 13:27 via news.yahoo.com
  
  European Economic Affairs Commissioner Pierre Moscovici called Friday for negotiators to up the ante in stalled talks with Washington on an ambitious EU-US trade deal. "European trade ministers (should) support the Commission and ask it to be strong and ambitious with our American partners," he said. The talks -- conducted in secret between the EU executive body and US negotiators -- have become bogged down as suspicions abound in Europe that the deal would undercut the 28-nation bloc's standard
  
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• Stock futures little changed ahead of key jobs data

  02-09-2016 13:15 via news.yahoo.com
  
  * The Labor Department's monthly jobs report is likely to show that the economy added about 180,000 jobs in August. The unemployment rate is expected to have fallen one-tenth of a percent to 4.8 percent. * "Anything above 200,000 will put the Federal Reserve into a bit of a corner," said Ana Thaker, Market Economist at PhillipCapital UK.
  
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• Uniper warns of Brexit risks, could hit earnings

  02-09-2016 13:09 via news.yahoo.com
  
  Uniper, the power generation and energy trading unit to be spun off from E.ON later this month, has warned of a serious blow to business should Britain leave the European Union, in what are the group's strongest comments on the matter so far. "The withdrawal of the United Kingdom from the EU could affect the Uniper Group in a number of different ways and could have a material adverse effect on the Uniper Group's United Kingdom and overall business, prospects, financial condition and results of o
  
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• UPDATE 2-Britain's strike-prone Southern rail risks further public ire as parent company's profits surge

  02-09-2016 13:07
  
  * Shares jump as much as 9 pct on results(Recasts, adds detail on CEO declining bonus)
  
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• Russia's Rosneft stake valued at over $11 billion for privatization: source

  02-09-2016 12:48 via news.yahoo.com
  
  LONDON/MOSCOW (Reuters) - Russia could fetch over $11 billion in privatizing oil firm Rosneft but needs to guarantee stable tax regime ahead and during the sale, an industry source said citing documents submitted to the Russian government. The documents were submitted this week by Rosneftegas, which owns control in Rosneft on behalf of the government. Italian bank Intesa is advising Rosneftegas on the sale. The Kremlin plans to keep 50 percent plus one share after privatization. Russian economy
  
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• Kremlin: breakthroughs unlikely at Russia-Japan talks

  02-09-2016 12:48 via news.yahoo.com
  
  By Vladimir Soldatkin and Kiyoshi Takenaka VLADIVOSTOK, Russia (Reuters) - Russia's President Vladimir Putin began talks on Friday with Japanese Prime Minister Shinzo Abe, but the Kremlin said the meeting was unlikely to produce a breakthrough in a territorial row that has bedevilled bilateral ties for eight decades. Abe and Putin were meeting on the sidelines of the Vladivostok Economic Forum, an annual event designed to showcase investment opportunities in Russia for Asian investors, especiall
  
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• Workers strike across India to protest economic reforms

  02-09-2016 12:46 via news.yahoo.com
  
  NEW DELHI (AP) — Workers across India are on strike to protest economic reforms including a rise in the minimum wage for unskilled laborers.
  
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• Spain's Rajoy faces second doomed confidence vote

  02-09-2016 12:46 via news.yahoo.com
  
  Spain's acting Prime Minister Mariano Rajoy will on Friday make his second attempt this week to win the confidence of parliament to form a government, though the conservative leader's likely failure will start the countdown toward another election. After inconclusive national elections in December and then in June, a stand-off between rival parties is edging Spain closer to another ballot at a time when the eight-month political deadlock is already threatening an economic recovery. Rajoy, leader
  
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• UK construction downturn eases, adding to signs economy holding up

  02-09-2016 12:29 via news.yahoo.com
  
  By Andy Bruce LONDON (Reuters) - Britain's construction industry largely recovered in August from a downturn that started just before June's vote to leave the European Union, according to a survey on Friday that added to signs the economy is stabilising. The construction survey follows a surprisingly upbeat manufacturing PMI on Thursday, which could prompt the Bank of England to rethink the need to cut interest rates again this year. "The near-stabilisation in construction activity in August ...
  
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