Finance news

• Denim co True Religion turns to debt restructuring lawyers: sources

  12-10-2016 23:46
  
  (Reuters) - True Religion Apparel Inc, a U.S. denim company whose signature products have slowly fallen out of style, has hired law firm Kirkland & Ellis LLP to explore several debt restructuring...
  
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• Nortel settles fight to divvy up $7.3 bln from liquidation

  12-10-2016 23:37
  
  CHICAGO, Oct 12 (Reuters) - Former telecommunications
  equipment giant Nortel Networks reached an agreement on
  Wednesday to divvy up the $7.3 billion raised from liquidating
  the failed company,...
  
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• Illinois lays out plan to reduce risk on variable-rate bonds

  12-10-2016 23:32
  
  CHICAGO (Reuters) - Illinois expects to shield the state's coffers from a potential hit through a remarketing of $600 million of variable-rate bonds early next month, Governor Bruce Rauner's office...
  
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• Illinois warns bondholders about possible pension payment delay

  12-10-2016 23:22
  
  CHICAGO (Reuters) - Ahead of the sale of $1.35 billion of debt on Thursday, Illinois issued an ominous warning to potential bond buyers that it may not have enough money to make its fiscal 2017...
  
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• Millions of North Carolina chickens die in Hurricane Matthew floods: state

  12-10-2016 22:39 via news.yahoo.com
  
  By Tom Polansek CHICAGO (Reuters) - Flooding from Hurricane Matthew has killed up to 5 million poultry birds in North Carolina, most of them chickens, the state's top environmental official said on Wednesday, hurting a major contributor to the local economy. Donald van der Vaart, secretary of the North Carolina Department of Environmental Quality, also told Reuters that some pits that hold hog waste had been inundated with flood waters. Agriculture is the top industry in North Carolina, contribu
  
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• Wall Street stocks close slightly higher after Fed minutes

  12-10-2016 22:36 via news.yahoo.com
  
  (Reuters) - The S&P 500 and the Dow Jones industrial average indexes ended Wednesday's session with small gains as expectations for timing on a rate hike were largely unchanged after U.S. Federal Reserve minutes and investors waited on earnings reports.
  
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• US STOCKS-Wall Street stocks close slightly higher after Fed minutes

  12-10-2016 22:34 via news.yahoo.com
  
  The S&P 500 and the Dow Jones industrial average indexes ended Wednesday's session with small gains as expectations for timing on a rate hike were largely unchanged after U.S. Federal Reserve minutes and ...
  
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• U.S. prime money fund assets shrink again before new rules

  12-10-2016 22:02
  
  NEW YORK (Reuters) - Assets of U.S. prime money market funds fell further in the latest week in advance of the final phase of reform for the money fund industry, which takes effect on Friday, the...
  
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• September's Fed rate decision a 'close call': minutes

  12-10-2016 21:55 via news.yahoo.com
  
  Last month's Federal Reserve decision not to increase interest rates was a "close call" for several policymakers, supporting views that a hike could come in December, according to minutes released Wednesday. Some other members of the Federal Open Market Committee also believed it would be "appropriate" to raise rates "relatively soon," according to the minutes of the September 20-21 FOMC meeting in Washington. "Several members judged that it would be appropriate to increase the target range for
  
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• Snapchat opts for Morgan Stanley, Goldman Sachs to lead IPO: Bloomberg

  12-10-2016 21:48 via news.yahoo.com
  
  (Reuters) - Photo-sharing app Snapchat has chosen Morgan Stanley and Goldman Sachs Group Inc as lead bankers for its initial public offering, which could happen as soon as March, Bloomberg reported, citing people familiar with the matter. The banks were notified of their role early this week, according to the report. (http://bloom.bg/2dSoglp) Snapchat's parent is working on an initial public offering that could value the company at $25 billion or more, the Wall Street Journal reported last week.
  
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• Snapchat opts for Morgan Stanley, Goldman Sachs to lead IPO - Bbg

  12-10-2016 21:48 via news.yahoo.com
  
  (Reuters) - Photo-sharing app Snapchat has chosen Morgan Stanley and Goldman Sachs Group Inc as lead bankers for its initial public offering, which could happen as soon as March, Bloomberg reported, citing people familiar with the matter. The banks were notified of their role early this week, according to the report. (http://bloom.bg/2dSoglp) Snapchat's parent is working on an initial public offering that could value the company at $25 billion or more, the Wall Street Journal reported last week.
  
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• Global shares remain lower, dollar up after Fed minutes

  12-10-2016 21:36 via news.yahoo.com
  
  By Herbert Lash NEW YORK (Reuters) - Global equity markets remained slightly lower and the dollar a bit higher on Wednesday after minutes from a meeting of Federal Reserve policymakers last month indicated raising U.S. interest rates was warranted if the economy continued to strengthen.
  
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• Wall Street holds steady after Fed minutes

  12-10-2016 20:57 via news.yahoo.com
  
  At 2:47 p.m. ET, the Dow Jones industrial average was up 30.92 points, or 0.17 percent, to 18,159.58, the S&P 500 had gained 4.36 points, or 0.2 percent, to 2,141.09 and the Nasdaq Composite had dropped 1.29 points, or 0.02 percent, to 5,245.49. Overall, S&P 500 earnings are currently expected to fall 0.7 percent in the third quarter, marking the fifth quarter of negative earnings in a row, according to Thomson Reuters data. Eight of the eleven major S&P 500 indexes were higher, led
  
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• Putin says Rosneft buy of Bashneft gives impetus to privatization

  12-10-2016 20:48 via news.yahoo.com
  
  By Oksana Kobzeva and Darya Korsunskaya MOSCOW (Reuters) - The Russian government's sale of a controlling stake in mid-sized oil firm Bashneft to the country's largest oil producer Rosneft should give momentum to Russia's privatization drive, President Vladimir Putin said on Wednesday. The Economy Ministry said that the government had completed the sale of the Bashneft stake to Kremlin-owned Rosneft for 329.69 billion roubles ($5.30 billion). Rosneft bought a 50.08 percent stake in Bashneft, Rus
  
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• Recession-hit Latin America to grow 1.5% in 2017: UN

  12-10-2016 20:38 via news.yahoo.com
  
  Latin America faces a larger-than-expected recession this year but will return to growth of 1.5 percent in 2017 thanks to higher prices for its commodity exports, a UN panel forecast Wednesday. Hit by deep recessions in heavyweights Brazil, Argentina and Venezuela, Latin America's economies will shrink 0.9 percent this year, said the Economic Commission for Latin America and the Caribbean (ECLAC), revising downward its forecast by 0.1 percentage point from its last report in July. Latin America'
  
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• BRIEF-ITT Educational Services says unable to file form 10-Q

  12-10-2016 20:34
  
  * Unable to file form 10-Q for quarter ended Sept 30 by
  filing deadline and will not file 10-Q within 5-day extension
  
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• Fed policymakers closer to rate hike, but inflation doubts remain: minutes

  12-10-2016 20:18 via news.yahoo.com
  
  Several voting Federal Reserve policymakers judged a rate hike would be warranted "relatively soon" if the U.S. economy continued to strengthen, according to the minutes of the Fed's September policy meeting released on Wednesday. The minutes of the Sept. 20-21 meeting, at which the U.S. central bank held rates steady, also showed the depth of the divide at the Fed over timing. "Several members judged that it would be appropriate to increase the target range for the federal funds rate relatively
  
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• Air France-KLM CEO targets high costs, lack of trust with new project

  12-10-2016 19:33
  
  BERLIN (Reuters) - Three months after taking over at Air France-KLM SA , Jean-Marc Janaillac says the loss-making airline has big problems, including high costs, an unwieldy corporate structure and a...
  
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• Russia's Rosneft buys Bashneft stake for $5.2 bn in state sell-off

  12-10-2016 19:27 via news.yahoo.com
  
  Russia's biggest oil company Rosneft on Wednesday bought the majority stake in Bashneft from the state for some $5.2 billion in the latest part of the Kremlin's drive to raise much-needed cash. The sale of the 50.07 percent stake in Russia's sixth-largest producer ends months of wrangling that has seen state-controlled Rosneft -- headed by Igor Sechin, a powerful ally of President Vladimir Putin -- face down opposition from some in the government. "The entire sum -- 329.69 billion rubles -- will
  
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• Russia's Rosneft buys Bashneft majority stake from state for $5.2bn: ministry

  12-10-2016 19:10 via news.yahoo.com
  
  Russia's biggest oil company Rosneft on Wednesday bought the majority stake in Bashneft from the Russian state for $5.2 billion, the economy ministry said in a statement. "The entire sum -- 329.69 billion rubles -- will go to the Russian budget," minister Alexei Ulyukayev said in the statement, after the sell-off of the 50.07% stake as part of Moscow's drive to raise cash. Bashneft, an oil producer based in the central city of Ufa, was privatised in the early 2000s.
  
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• Wall Street rises ahead of Fed minutes

  12-10-2016 19:04 via news.yahoo.com
  
  The S&P 500 and the Dow Jones industrial average inched up on Wednesday as financial stocks rose ahead of the release of the minutes of Federal Reserve's September policy meeting. The Nasdaq was kept in check by a drop in Cisco and Microsoft shares. The S&P 500 financial index rose 0.56 percent, helped by gains in Wells Fargo and other banks.
  
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• Tesla to provide plans for combined company before SolarCity merger vote

  12-10-2016 18:59
  
  (Reuters) - Tesla Motors Incsaid on Wednesday it will provide strategic and product plans for a combined company of the electric automaker and SolarCity Corpahead of a Nov. 17 merger vote by...
  
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• U.S. job openings hit eight-month low, labor market still strong

  12-10-2016 18:40 via news.yahoo.com
  
  U.S. job openings fell to an eight-month low in August and hiring was little changed, suggesting some easing in labor market conditions amid an aging economic recovery. "These data can be volatile and the openings rate is still fairly high, so it is too early to tell whether this is a signal or just the noise of volatile monthly data," said John Ryding, chief economist at RDQ Economics in New York. The JOLTS report is one of the job market metrics on Federal Reserve Chair Janet Yellen's so-calle
  
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• Venezuela's Supreme Court lets Maduro bypass Congress in budget process

  12-10-2016 18:24 via news.yahoo.com
  
  Venezuela's Supreme Court on Wednesday allowed President Nicolas Maduro to put forth the country's 2017 budget without going through the opposition-led National Assembly, breaking a constitutional obligation. The opposition is vying to unseat Maduro as Venezuela wrestles with a deep economic crisis that has food running short and inflation in triple digits. In the latest institutional struggle, the Supreme Court said in a statement that the president would be able to present the budget to the co
  
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• EU anti-globalization politician says told to leave Canada

  12-10-2016 18:04 via news.yahoo.com
  
  European Parliament member and anti-globalization activist Jose Bove has been told to leave Canada by Wednesday, preventing him from speaking at an event opposing a planned EU-Canada free trade deal, according to Bove and local organizers. The Council of Canadians, a social justice non-profit, said that Bove had been denied entry to Canada ahead of a public forum the group had organized in Montreal on the Canadian-EU Comprehensive Economic and Trade Agreement (CETA). Bove tweeted on Tuesday even
  
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• Louis Dreyfus sees no need for share listing as JV plans progress

  12-10-2016 17:58 via news.yahoo.com
  
  By Gus Trompiz PARIS (Reuters) - Louis Dreyfus Company [AKIRAU.UL] does not need to turn to the stock market in the near term as it moves ahead with plans to find partners to bolster certain activities, starting with its fertiliser business, its CEO said on Wednesday. Louis Dreyfus, like its commodity trading peers, has been grappling with ample supplies, lower prices and slower economic growth, and the group confirmed earlier this year that it would consider partnerships for some activities. It
  
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• Britain's FTSE 100 and FTSE 250 equity indexes lose ground

  12-10-2016 17:56
  
  * FTSE 100 down around 6 pct in 2016 in dollar terms(Adds detail, updates prices at close)
  
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• S&P, Dow pare losses; tech stocks drag down Nasdaq

  12-10-2016 17:32 via news.yahoo.com
  
  The S&P 500 financial index rose 0.56 percent, boosted by gains in Berkshire Hathaway and Wells Fargo . Overall S&P 500 earnings are currently expected to fall 0.7 percent in the third quarter, marking the fifth quarter of negative earnings in a row, according to Thomson Reuters data. At 10:57 a.m. ET (1457 GMT), the Dow Jones Industrial Average was down 12.53 points, or 0.07 percent, at 18,116.13.
  
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• Russia says completes Bashneft sale to Rosneft for $5.3 billion

  12-10-2016 17:23 via news.yahoo.com
  
  The Russian government has completed the sale of a controlling stake in mid-sized oil producer Bashneft to the Kremlin-owned Rosneft for 329.69 billion roubles ($5.30 billion), the economy ministry said on Wednesday. The sale is a part of a government privatization drive aimed at narrowing the state budget deficit. The ministry, citing the minister, Alexei Ulyukayev, said Rosneft's bid was higher than a valuation of between 297 billion roubles and 315 billion roubles, while the unidentified seco
  
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• Putin praises 'stabilization' of Russian economy

  12-10-2016 16:58 via news.yahoo.com
  
  MOSCOW (AP) — Russian President Vladimir Putin praised the "stabilization" of the Russian economy Wednesday but said more can be done to promote growth.
  
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• U.S. job openings fall to eight-month low in August

  12-10-2016 16:57 via news.yahoo.com
  
  U.S. job openings fell to an eight-month low in August and hiring was little changed, suggesting some easing in labor market conditions in part as the economic recovery ages. In its monthly Job Openings and Labor Turnover Survey (JOLTS) report on Wednesday the Labor Department said job openings, a measure of labor demand, declined 388,000 to a seasonally adjusted 5.4 million after surging to a record high in July.
  
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• Hyundai Motor reaches tentative wage deal with South Korean union

  12-10-2016 16:35 via news.yahoo.com
  
  Hyundai Motor reached a tentative wage pact with its South Korean labor union on Wednesday after the worst strikes in the automaker's history disrupted output at its domestic production base. The agreement is subject to a vote by almost 50,000 union members on Thursday, who rejected an earlier deal in August because of it was less generous than the previous year's package. "The company and the union have formed a common ground that we should prevent further catastrophe as a prolonged strike has
  
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• Stanley Black & Decker to buy Newell's tool business

  12-10-2016 16:24
  
  (Reuters) - Power tool maker Stanley Black & Decker Incsaid it would buy Newell Brands Inc'stool business for $1.95 billion, adding brands such as Irwin and Lenox to its lineup.
  
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• Wall Street lower as tech, energy stocks drag

  12-10-2016 16:10 via news.yahoo.com
  
  (Reuters) - U.S. stocks edged lower on Wednesday due to losses in energy and technology shares.
  
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• Fed's George warns on cybersecurity; no comment on economy

  12-10-2016 15:41 via news.yahoo.com
  
  (Reuters) - Cybersecurity threats are growing quickly for the payment networks of the U.S. financial system, Kansas City Federal Reserve President Esther George said in remarks that did not address the outlook for the U.S. economy. Speaking on Wednesday at a conference in Chicago on the payments system, George warned that the growing threats were undermining public confidence in the system. Cybercriminals have hacked into major U.S. banks and even stole $81 million from an account at the New Yor
  
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• China Southern Airlines to buy 12 Boeing jets worth about $3 billion

  12-10-2016 15:37 via news.yahoo.com
  
  China Southern Airlines , the country's largest carrier by fleet size, has signed an agreement with Boeing to buy a dozen B787-9 jets worth $3.3 billion in the latest sign of booming Chinese demand for air travel. "The acquisition will strengthen the construction of Guangzhou hub, thus maximizing the operational efficiency and enhancing the competitiveness of the group," China Southern said in a filing to the Hong Kong stock exchange. China is the world's fastest-growing aviation market, having
  
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• Wall Street opens flat ahead of Fed minutes

  12-10-2016 15:35 via news.yahoo.com
  
  (Reuters) - U.S. stocks opened little changed on Wednesday as investors eyed the finer details of the Federal Reserve's September policy meeting for clues on the timing of the next interest rate hike. The Dow Jones industrial average was down 8.84 points, or 0.05 percent, at 18,119.82, the S&P 500 was up 0.56 points, or 0.03 percent, at 2,137.29 and the Nasdaq composite was up 1.02 points, or 0.02 percent, at 5,247.80. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D'Silv
  
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• Fed can be 'gentle' in hiking rates, Dudley says

  12-10-2016 15:31 via news.yahoo.com
  
  The Federal Reserve can be "gentle" in removing monetary stimulus since U.S. inflation remains low and the economic expansion could last five or more years, one of the most influential Fed policymakers said on Wednesday. "We're at a point where the economic expansion has plenty of room to run," said New York Fed President William Dudley, echoing Fed Chair Janet Yellen's message last month after the central bank decided to leave interest rates unchanged at near a record low of 0.25-0.5 percent. "
  
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• Vivendi says rules out hostile bid for Ubisoft

  12-10-2016 15:17
  
  PARIS (Reuters) - French media giant Vivendion Wednesday ruled out making a hostile bid for video games maker Ubisoft .
  
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• Russia's Putin says hard to hold dialogue with U.S. administration

  12-10-2016 14:51 via news.yahoo.com
  
  It is hard to hold a dialogue with the current U.S. administration because it prefers diktat to dialogue, Russian President Vladimir Putin said on Wednesday. Saying that Russia was worried about the worsening of its relations with the United States, Putin said Washington had financed Ukraine's radical opposition and assisted a coup d'etat there. Russia was then forced to protect ethnic Russians living in Ukraine, he told an economic forum.
  
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• Moonves needs five years free rein if CBS merged with Viacom -Gabelli

  12-10-2016 14:16
  
  (Reuters) - CBS Corp Chief Executive Leslie Moonves should get five years without interference from Sumner Redstone's family if the media company is merged with Viacom Inc, investor Mario Gabelli...
  
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• South Africa's credit rating in jeopardy over Gordhan prosecution

  12-10-2016 13:46 via news.yahoo.com
  
  By Stella Mapenzauswa JOHANNESBURG (Reuters) - South African prosecutors could not have announced plans to charge Finance Minister Pravin Gordhan for fraud at a worse time: two weeks before he is due to outline plans to kick-start the economy and avert possible credit rating cuts to "junk". The rand plunged nearly 4 percent on Tuesday on news Gordhan had been summoned to court on Nov. 2 and fell to fresh month lows against the dollar on Wednesday. BNP Paribas Securities economist Jeffrey Schultz
  
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• Villagers in India's Himalayan landscape grapple with tourism boom

  12-10-2016 13:40 via news.yahoo.com
  
  By Cathal McNaughton LEH, India (Reuters) - Villagers nestled high in the Indian Himalayas are grappling with lifestyle changes in the world's fastest-growing major economy that are eroding their age-old Buddhist culture but opening up new opportunities. People have long wrested a living from herding goats and tending wheat fields ringed by 6,000-m (19,685-ft) snow-capped peaks, while Buddhist monasteries dotting the landscape are a reminder of the region's ties to its eastern neighbor, Tibet. T
  
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• Falcon Bank faces Swiss criminal probe in 1MDB case

  12-10-2016 13:21
  
  ZURICH (Reuters) - Swiss federal prosecutors have opened criminal proceedings against Zurich-based Falcon Private Bank for allegedly failing to prevent suspected money laundering linked to 1MDB, the...
  
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• China auto sales growth accelerates to fastest in 3 yrs: group

  12-10-2016 13:16 via news.yahoo.com
  
  Auto sales in China, the world's biggest car market and crucial to worldwide manufacturers, grew at their fastest rate in three years in September, data from an industry group showed Wednesday. Sales reached 2.56 million units last month, up 26.1 percent year-on-year, the China Association of Automobile Manufacturers (CAAM) said. Auto sales growth has accelerated for the last five months in China as the economy shows signs of stabilising.
  
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• BRIEF-Perisai Petroleum Teknologi responds to Bursa Malaysia query on solvency

  12-10-2016 13:04
  
  * co will not be able to meet payment of principal and
  interest of notes when same is demanded.As such, co is
  insolvent
  
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• UPDATE 3-Ericsson crisis deepens as profits plunge 94 pct

  12-10-2016 12:55
  
  * Shares tumble more than 15 percent, hit 8-year low(Adds more CEO, analyst comments, background, updates shares)
  
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• China rebuffs South Korea over sinking of coast guard vessel

  12-10-2016 12:14 via news.yahoo.com
  
  China said on Wednesday South Korea's coast guard should not have been operating in part of the sea where one of Seoul's patrol boats sank last week during an operation to crack down on a group of Chinese fishing boats. South Korean coast guard vessels regularly chase Chinese boats for fishing illegally off its coast, at times resulting in violent confrontations. The disputes are an irritant in relations between China and U.S. ally South Korea, even as their economic relations grow close and the
  
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• S.Africa's fiscal gaps in danger of widening due to low growth: Treasury

  12-10-2016 12:11 via news.yahoo.com
  
  South Africa's low economic growth, rising debt and depleted revenues will hurt the Treasury's ability to close the country's large fiscal deficits, a senior official said on Wednesday. Director General of the National Treasury, Lungisa Fuzile, warned in a document presented to a parliamentary committee that the country would have to do more with less and introduce a range of cost cutting measures to make up for the poor economic growth, expected at 0.4 percent in 2016 by the central bank. "In t
  
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• Germany's top court hears challenge to EU-Canada trade deal

  12-10-2016 12:11 via news.yahoo.com
  
  Germany's Constitutional Court on Wednesday began hearing a legal challenge to a planned EU-Canada free trade deal that could paralyze the accord. Three German activist groups handed in 125,000 signatures to the court in August in opposition to the Comprehensive Economic and Trade Agreement (CETA), which they fear will undermine workers' rights and worsen standards for consumers. Campact, foodwatch and More Democracy argue CETA breaches Germany's constitution because parts of it can come into fo
  
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