Finance news

• Twenty-First Century Fox beats Wall Street expectations

  02-11-2016 22:57 via news.yahoo.com
  
  Twenty-First Century Fox Inc reported first-quarter profits on Wednesday that beat Wall Street's expectations, as the company's cable channels and box office saw a boost in revenues. Fox, which is home to Fox News Channel and FX, saw its cable division revenue rise nearly 10 percent to $3.81 billion in the first quarter, accounting for more than half of total revenue. James Murdoch, chief executive officer at Fox, told analysts on a call Wednesday that he expects Fox's strong ratings during the
  
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• Facebook warns growth will slow, shares dip

  02-11-2016 22:57 via news.yahoo.com
  
  Facebook Inc shares tumbled more than 6 percent in after-hours trading on Wednesday after the company warned that revenue growth would slow this quarter, offsetting strong earnings that handily beat Wall Street estimates. In a call with analysts, Facebook Chief Financial Officer David Wehner said ad growth would likely slow "meaningfully" due to limits on "ad load," or the number of ads that Facebook can put in front of customers without alienating them. Facebook shares were down 6.9 percent in
  
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• Kinross Gold third quarter earnings beat market expectations, cuts capex

  02-11-2016 22:34 via news.yahoo.com
  
  (Reuters) - Kinross Gold Corp reported better-than-expected third-quarter earnings on the back of a stronger gold price and slightly higher production. At the same time, its 2016 all-in sustaining costs - the gold industry's cost benchmark - were headed toward the upper half of its forecast range of $890 to $990 per ounce, it said. Kinross, which is the world's fifth-biggest gold miner, said its net earnings were $2.5 million, or zero a share, in the three months through September.
  
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• Cempra shares plummet ahead of FDA meeting on antibiotic

  02-11-2016 22:20 via news.yahoo.com
  
  Shares of drugmaker Cempra Inc. plunged Wednesday after federal regulators raised concerns about potential liver toxicity risks with its closely watched experimental antibiotic. Wall Street analysts said ...
  
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• S&P 500 ends down for seventh straight session

  02-11-2016 21:32 via news.yahoo.com
  
  The U.S. central bank held interest rates steady, but said the economy had gained steam and job gains remained solid, expressing more optimism that inflation was moving toward its 2 percent target. It was the last Fed decision before next week's presidential election between Democrat Hillary Clinton and Republican Donald Trump, a race that has rattled markets as it has appeared to grow closer in the past week.
  
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• S&P 500 falls for seventh straight session

  02-11-2016 21:08 via news.yahoo.com
  
  NEW YORK (Reuters) - The S&P 500 ended lower on Wednesday for a seventh straight session, its longest such streak in five years, as the Federal Reserve signaled it could hike interest rates in December and the uncertain U.S. election continued to cloud the market's outlook. The Dow Jones industrial average fell 76.91 points, or 0.43 percent, to 17,960.19, the S&P 500 lost 13.76 points, or 0.65 percent, to 2,097.96 and the Nasdaq Composite dropped 48.01 points, or 0.93 percent, to 5,105.5
  
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• New vehicles in U.S. more fuel efficient than ever

  02-11-2016 20:48 via news.yahoo.com
  
  By David Shepardson WASHINGTON (Reuters) - New vehicles sold in the United States last year were more fuel efficient than ever before, even as more Americans bought larger trucks and SUVs instead of cars, the U.S. Environmental Protection Agency (EPA) said on Wednesday. The EPA said the average fuel efficiency of new vehicles reached a record 24.8 miles per gallon in the 2015 model year, up 0.5 mpg from 2014, and projected that 2016 model year fleet fuel efficiency would rise to 25.6 mpg. The fu
  
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• Chipmaker Broadcom to buy network gear maker Brocade for $5.5 billion

  02-11-2016 20:46
  
  (Reuters) - Chipmaker Broadcom Ltdsaid it would buy Brocade Communications Systems Incfor $5.5 billion, pushingdeeper into the fast-growing market for network equipment used in data centers.
  
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• Valeant exploring sale of eye-surgery equipment business: WSJ

  02-11-2016 20:41 via news.yahoo.com
  
  (Reuters) - Valeant Pharmaceuticals International Inc is exploring a sale of its eye-surgery equipment business, which could fetch as much as $2.5 billion, the Wall Street Journal reported. The sale process is in an early stage and Valeant may still decide not to sell the business, the Journal reported, citing people familiar with the matter.
  
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• Bank of Canada to publish payment experiment results in coming months

  02-11-2016 20:30
  
  TORONTO, Nov 2 (Reuters) - The Bank of Canada will in the
  coming months publish the results of its experiment with a
  payments system based on the technology behind the bitcoin
  virtual currency, a...
  
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• UPDATE 1-LATAM CLOSE-CGC raises US$300m through a 5NC3 bond

  02-11-2016 20:26
  
  * Argentina's CGC prints 5NC3 at a yield of 9.5%(Adds bullets, pipeline details)
  
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• Atlantic City to address N.J. concerns, resubmit fiscal recovery plan

  02-11-2016 20:26
  
  ATLANTIC CITY, N.J., Nov 2 (Reuters) - New Jersey's
  cash-strapped coastal gambling hub of Atlantic City will submit
  an updated fiscal recovery plan to the state, local officials
  said on Wednesday, in...
  
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• Nomura to pay more than $3 mln to settle U.S. mortgage securities claims

  02-11-2016 20:21
  
  Nov 2 (Reuters) - Nomura Holdings Inc will pay more
  than $3 million to settle claims that it sold faulty U.S.
  residential mortgage-backed securities to two corporate credit
  unions, the National...
  
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• Alstom-Bombardier sole bidder for $3.3 billion French train contract

  02-11-2016 20:21
  
  MADRID/PARIS (Reuters) - An Alstomand Bombardierconsortium is the only bidder for a 3 billion euro ($3.33 billion) contract to supply commuter trains after French rail operator SNCF told...
  
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• Alstom-Bombardier sole bidder for $3.3 bln French train contract

  02-11-2016 20:19
  
  MADRID/PARIS, Nov 2 (Reuters) - An Alstom and
  Bombardier consortium is the only bidder for a 3
  billion euro ($3.33 billion) contract to supply commuter trains
  after French rail operator SNCF told...
  
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• GLOBAL MARKETS-Stocks, dollar down on U.S. election worries; oil tumbles

  02-11-2016 20:16
  
  * Fed holds rates steady in last decision before U.S.
  election
  
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• LATAM CLOSE-Argentina's CGC raises US$300m through a 5NC3 bond

  02-11-2016 20:07
  
  NEW YORK, Nov 2 (IFR) - Below is a recap of issuance activity in the LatAm
  primary market on Wednesday.
  
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• Fujifilm close to deal to buy Takeda research reagent unit: Nikkei

  02-11-2016 20:05
  
  (Reuters) - Japan's Fujifilm Holdings Corpis in final talks to buy Takeda Pharmaceutical Co's70 percent stake in Wako Pure Chemical Industries for about 200 billion yen ($1.94 billion), the...
  
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• UPDATE 1-NY authorities seek $872 mln fine on UPS for cigarette shipments

  02-11-2016 20:00
  
  Nov 2 (Reuters) - New York city and state authorities urged
  a federal judge on Wednesday to impose a fine of $872 million
  against United Parcel Service for allegedly delivering untaxed
  cigarettes...
  
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• Fed to wait for more economic progress before rate hike

  02-11-2016 19:45 via news.yahoo.com
  
  The US Federal Reserve said Wednesday the case for raising interest rates has strengthened further with improving economic conditions, but monetary policymakers decided to wait for more progress before acting. Just a few days before the bitterly-contested presidential election, the US central bank kept the benchmark interest rate at the same level where it has been since December 2015, a move universally expected by analysts. The statement noted continued improvement in the labor market and econ
  
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• UPDATE 2-Gawker settles with ex-pro wrestler Hulk Hogan for $31 mln -court doc

  02-11-2016 19:40
  
  NEW YORK, Nov 2 (Reuters) - Shuttered irreverent news
  website Gawker Media LLC has reached a $31 million cash
  settlement with Hulk Hogan, the former professional wrestler who
  won a $140 million...
  
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• Alibaba sales growth soars into the cloud

  02-11-2016 19:35 via news.yahoo.com
  
  Chinese e-commerce giant Alibaba's sales soared 55 percent in the last quarter, thanks in part to a more than doubling of revenue from cloud computing, the company said Wednesday. Alibaba's quarter earnings report also showed a rise in use despite a slowing economy in China. "Alibaba Group had a great quarter," chief executive Daniel Zhang said in a statement on the firm's second quarter, which ended in September.
  
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• Chicago school head lauds 'cost-effective' teachers contract

  02-11-2016 19:27
  
  CHICAGO, Nov 2 (Reuters) - The Chicago Public Schools (CPS)
  should be able to afford a new contract with teachers, but it
  must continue to look to the state of Illinois for more money,
  the district's...
  
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• Fed holds rates steady, sets stage for December hike

  02-11-2016 19:26 via news.yahoo.com
  
  The Federal Reserve kept interest rates unchanged on Wednesday in its last policy decision before the U.S. election, but signaled it could hike in December as the economy gathers momentum and inflation picks up. Fed policymakers also expressed more optimism that inflation was moving toward their 2 percent target. "The committee judges that the case for an increase in the federal funds rate has continued to strengthen but decided, for the time being, to wait for some further evidence of continued
  
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• Wall St. falls after Fed sets stage for Dec rate hike

  02-11-2016 19:23 via news.yahoo.com
  
  Wall Street stayed weak on Wednesday after the Federal Reserve kept interest rates unchanged but signaled it could hike in December. “The Fed is teasing investors by inserting language to suggest they need just a little bit more evidence of progress towards its objectives," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. "A few more jobs reports could do it, meaning December is the most likely scenario.” The Dow Jones ind
  
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• US average fuel economy at record high of 24.8 mpg

  02-11-2016 19:20 via news.yahoo.com
  
  U.S. vehicles are losing weight, and it's helping them use less fuel. The U.S. Environmental Protection Agency said Wednesday that the average fuel economy of 2015 model-year vehicles increased 0.5 mile ...
  
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• Wall Street Journal begins layoffs, to launch with fewer sections - memos

  02-11-2016 19:16 via news.yahoo.com
  
  News Corp's The Wall Street Journal will launch a new format for the newspaper with fewer sections on Nov. 14, and has begun laying off employees as part of an effort to cut costs, according to two memos reviewed by Reuters on Wednesday. On Wednesday, the Journal laid off staff of its Greater New York section, according to a memo sent on Wednesday from the International Association of Publishers' Employees to members of the union at the paper. The layoffs include 19 IAPE-represented employees.
  
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• Militants attack NNPC pipeline in Niger Delta: military

  02-11-2016 19:10 via news.yahoo.com
  
  By Tife Owolabi YENAGOA, Nigeria (Reuters) - Militants in Nigeria's southern Niger Delta oil hub attacked a pipeline operated by the Nigerian National Petroleum Corporation (NNPC), the military and a witness said on Wednesday. "Troops ... in Delta State, while on routine patrol heard an explosive sound caused by suspected economic saboteurs at Batan Flow Station around Ekweregbene," said military spokesman Olaolu Marcellinus Daudu. A spokesman for NNPC could not immediately be reached for commen
  
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• Vietnam police arrest anti-government blogger

  02-11-2016 18:24 via news.yahoo.com
  
  Vietnamese police on Wednesday detained a prominent blogger for distributing anti-state information, the latest in a crackdown on critics of the country's Communist rulers. Ho Van Hai, 52, was arrested in Ho Chi Minh City and accused of "spreading information and documents on the internet that are against the government of the Social Republic of Vietnam", according to a statement by Ho Chi Minh City police on their website. Despite sweeping reforms to its economy and increasing openness toward s
  
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• Why Investors Have Given Up on Beating This Market

  02-11-2016 18:15 via news.yahoo.com
  
  There's just no other way to say it: Investors have lost that lovin' feelin' for the stock market. Yes, the Nasdaq 100 pushed to a record high last Monday thanks to a surge in widely owned and widely recognized stocks like Alphabet (GOOGL) and Amazon (AMZN), but both the Nasdaq and the broader market have slumped since then. New research from the Federal Reserve shows there have been net cash outflows from U.S. domestic equity funds every month between March 2015 and August 2016.
  
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• Global markets shudder on prospect of Trump presidency

  02-11-2016 17:57 via news.yahoo.com
  
  London (AFP) - Stock markets spiralled downwards Wednesday around the globe as investors fretted over growing fears of a Donald Trump presidency.
  
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• German minister reassured over access to Chinese car market

  02-11-2016 17:57 via news.yahoo.com
  
  By Gernot Heller BEIJING (Reuters) - Germany has received assurances that its car makers will not be discriminated against in China, its economy minister said in Beijing on Wednesday, a positive signal in a visit conducted amid strains in trade ties. In talks with Chinese Industry Minister Miao Wei, Sigmar Gabriel discussed China's plans to set quotas for electric cars from 2018. Some German firms have expressed fears that the quotas would restrict their market share and pose an extra hurdle for
  
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• 370 Economists Pen Letter Denouncing Trump's Economic Policies

  02-11-2016 17:40 via news.yahoo.com
  
  Saying that Donald Trump "has misled the electorate" and is "a dangerous, destructive choice for the country," a group of 370 economists have penned an open letter denouncing the Republican nominee and encouraging voters to choose another candidate. The signatories, Nobel prize winners among them, did not endorse Hillary Clinton in the letter, but some were also involved in a separate open letter released earlier in the week that did make their endorsement explicit. With one week until the elect
  
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• Time Warner beats expectations, raises outlook

  02-11-2016 17:39 via news.yahoo.com
  
  Time Warner Inc, which has agreed to be acquired by telecom company AT&T Inc, on Wednesday raised its full-year outlook and reported quarterly profit topping Wall Street expectations, powered by higher box office and cable network revenues. Despite the strong results, shares of Time Warner, which owns HBO, CNN, Cartoon Network and the Warner Bros film studio, slipped 0.8 percent to $87.54 in New York Stock exchange trading. "The fundamentals are great, but right now the underlying value driv
  
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• Wall Street Journal to launch with fewer sections Nov. 14 - memo

  02-11-2016 17:26 via news.yahoo.com
  
  News Corp's The Wall Street Journal will launch a new format for the newspaper with fewer sections on Nov. 14, Gerald Baker, the editor-in-chief, told employees in a memo on Wednesday. As part of the cost cutting, the newspaper announced last month that it was offering all of its news employees the option to take a buyout. A spokeswoman for Dow Jones & Co, the News Corp unit that oversees The Wall Street Journal, declined to comment on how many employees requested buyouts.
  
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• U.S. vehicle fuel efficiency hits record high: EPA

  02-11-2016 17:25 via news.yahoo.com
  
  By David Shepardson WASHINGTON (Reuters) - The fuel efficiency of new U.S. vehicles hit a record high in 2015 even as more Americans bought larger trucks and SUVs instead of cars, the U.S. Environmental Protection Agency (EPA) said on Wednesday. The EPA said the average fuel efficiency of new vehicles reached a record 24.8 miles per gallon in the 2015 model year, up 0.5 mpg from 2014, and projected that 2016 model year fleet fuel efficiency would rise to 25.6 mpg. The fuel economy of U.S. vehicl
  
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• Allergan CEO takes blame for big miss on quarterly earnings

  02-11-2016 17:07 via news.yahoo.com
  
  Allergan shares fell 4 percent in late-morning trading amid slight gains for the drug sector. CEO Brent Saunders, who has snapped up a number of smaller drugmakers since Allergan's planned $160 billion merger with Pfizer Inc collapsed in April, said the company overlooked sales trends for some of its older products, including Asacol for ulcerative colitis and Alzheimer's dementia treatment Namenda. "The miss wasn't in our promoted products," Saunders said, but instead "in some products we don't
  
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• Wall Street dips on election jitters, weak oil

  02-11-2016 16:59 via news.yahoo.com
  
  U.S. stocks fell on Wednesday, with the S&P 500 headed for seventh day of losses as a tightening race for the White House rattled investors and a fall in oil also weighed on sentiment. Investors are rethinking their long-held bets of a Nov. 8 victory for Democrat Hillary Clinton amid signs that her Republican rival Donald Trump could be closing the gap. While Clinton held a 5 percentage point lead over Trump, according to a Reuters/Ipsos opinion poll released on Monday, some other polls show
  
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• Stocks, dollar down on U.S. election worries; oil tumbles

  02-11-2016 16:24 via news.yahoo.com
  
  By Saqib Iqbal Ahmed NEW YORK (Reuters) - Global equity prices and the dollar slid for the second straight day on Wednesday, while safe-haven assets such as gold rallied as investors were rattled by signs the U.S. presidential race was tightening just days before the vote. Uncertainty about the outcome of the election pushed U.S. Treasury yields to their lowest in a week, while crude oil extended losses after U.S. government data showed a much bigger-than-expected build in inventories. Investors
  
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• Rosneft may sign deal to sell stake in Verkhnechonskneftegaz to Beijing Enterprises: agencies

  02-11-2016 16:16
  
  MOSCOW (Reuters) - Russia's Rosneft might sign an agreement next week to sell a 20 percent stake in Verkhnechonskneftegaz, a subsidiary of Rosneft, to Beijing Enterprises Group Company Limited ,...
  
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• 'Suicide Squad' powers Time Warner's profit, revenue beat

  02-11-2016 16:14 via news.yahoo.com
  
  (Reuters) - Time Warner Inc, which has agreed to be acquired by telecommunications company AT&T Inc, on Wednesday reported results that topped Wall Street expectations, helped by the success of its superhero movie "Suicide Squad." Dallas-based AT&T said last month it would buy Time Warner for $85.4 billion in a bold move to acquire content to stream over its network. Shares of Time Warner, which owns HBO, CNN, Cartoon Network and the Warner Bros film studio, edged down 36 cents to $87.89
  
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• Tanzania sees economy expanding at 7.5 pct in 2017 - Finance Ministry

  02-11-2016 16:09 via news.yahoo.com
  
  DAR ES SALAAM (Reuters) - Tanzania expects economic growth to accelerate to 7.5 percent in 2017 from an estimated 7.2 percent this year and plans to hike spending in 2017/18 fiscal year by 11.5 percent, a Finance Ministry document seen by Reuters on Wednesday showed. (Reporting by Fumbuka Ng’wanakilala; Editing by Elias Biryabarema and Alison Williams)
  
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• South Africa's deputy president says time to rebuild confidence in country

  02-11-2016 15:24 via news.yahoo.com
  
  CAPE TOWN (Reuters) - The dropping of fraud charges against South Africa's finance minister Pravin Gordhan this week provides a chance to rebuild confidence in Africa's most industrialized economy, Deputy President Cyril Ramaphosa told parliament on Wednesday. Gordhan, popular in financial markets, was due in court this week on charges he fraudulently approved early retirement for a deputy tax commissioner but prosecutors dropped the case because new evidence suggested he had not acted unlawfull
  
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• IMF says sees Rwanda's economy expanding at 6.2 percent in 2017

  02-11-2016 15:22 via news.yahoo.com
  
  KIGALI (Reuters) - The IMF said on Wednesday Rwanda's economy was forecast to grow at 6.2 percent in 2017, slightly up from this year's projection of 6 percent and that the rate would accelerate to 6.6 percent in 2018. (Reporting by Clement Uwiringiyimana; Editing by Elias Biryabarema and Alison Williams)
  
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• Exclusive: Female Viagra contender Palatin Technologies explores potential sale - source

  02-11-2016 15:10
  
  (Reuters) - Palatin Technologies Inc , which is looking to take the throne from Addyi as the primary drug treatment for low sex drive in women, has hired an investment bank to explore a sale or...
  
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• Wall Street falls as election uncertainty rattles investors

  02-11-2016 15:02 via news.yahoo.com
  
  U.S. stocks opened lower on Wednesday, with the S&P 500 falling for the seventh straight day as a tightening race for the White House prompted investors to seek safe-haven assets such as gold. Investors are rethinking their long-held bets of a Nov. 8 victory for Democrat Hillary Clinton amid signs that her Republican rival Donald Trump could be closing the gap. While Clinton held a 5 percentage point lead over Trump, according to a Reuters/Ipsos opinion poll released on Monday, some other po
  
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• Telenor shifts Myanmar focus to data services as 'hyper growth' era ends

  02-11-2016 14:53 via news.yahoo.com
  
  By Yimou Lee and Antoni Slodkowski YANGON (Reuters) - Norwegian telecoms company Telenor will focus on improving data services in Myanmar, the head of the local business said on Wednesday, as an era of rapid subscriber growth following the opening up of the economy has ended. The liberalization of Myanmar's telecoms sector has been a rare example of successful reform since the military ceded power in 2011, with Telenor quickly establishing itself as the No. 2 in the market with 18 million subscr
  
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• Wall St. falls as election uncertainty rattles investors

  02-11-2016 14:51 via news.yahoo.com
  
  Investors are rethinking their long-held bets of a Nov. 8 victory for Democrat Hillary Clinton amid signs that her Republican rival Donald Trump could be closing the gap. While Clinton held a 5 percentage point lead over Trump, according to a Reuters/Ipsos opinion poll released on Monday, some other polls showed her Republican rival ahead by 1-2 percentage points. Wall Street closed lower on Tuesday, with the S&P 500 ending the day at the lowest level since July 7.
  
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• Wall Street opens lower on election uncertainty

  02-11-2016 14:42 via news.yahoo.com
  
  REUTERS - U.S. stocks opened lower on Wednesday, with the S&P 500 falling for the seventh straight day as a tightening race for the White House prompted investors to seek safe-haven assets such as gold. The Dow Jones industrial average fell 51.81 points, or 0.29 percent, to 17,985.29, the S&P 500 lost 5.01 points, or 0.24 percent, to 2,106.71 and the Nasdaq composite dropped 9.34 points, or 0.18 percent, to 5,144.24. (Reporting by Tanya Agrawal; Editing by Anil D'Silva)
  
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• $270 Million in Wall Street Money Is Sloshing Through This Election

  02-11-2016 14:30 via news.yahoo.com
  
  In an election year that began with Wall Street getting pounded like a heavy bag in a Brooklyn gym and wrapped up with both the House and Senate mercilessly pummeling one of the too-big-to-fail banks, the financial industry has been very, very good to politicians. Big Banks, hedge funds, private equity shops and other securities and investment firms have made more than $273 million in donations to federal candidates during the 2015-16 election cycle, according to Americans for Financial Reform.
  
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