Finance news

• UPDATE 1-Jewelry chain Charming Charlie explores debt restructuring -sources

  23-11-2016 23:22
  
  Nov 23 (Reuters) - U.S. fashion jewelry and accessories
  budget retailer Charming Charlie LLC is seeking to hire a
  financial adviser to help find relief from its debt burden,
  according to people...
  
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• Trump effect hits Mexico's growth forecast

  23-11-2016 23:12 via news.yahoo.com
  
  The Mexican central bank slashed the country's economic growth forecast on Wednesday, citing concerns that US President-elect Donald Trump will make good on his pledge to upend regional trade. The bank issued a quarterly report that cited the market volatility and the sharp depreciation of the peso that followed Trump's victory in the November 8 election. "The panorama for the world economy has become more complicated as a result of the electoral process in the United States," the report said.
  
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• Dow, S&P close at records; U.S. yields, dollar at multi-year highs

  23-11-2016 22:57 via news.yahoo.com
  
  By Sam Forgione NEW YORK (Reuters) - The Dow Jones industrial average and S&P 500 ended at record highs for a third straight day on Wednesday, while U.S. two-year Treasury yields and the dollar hit multi-year peaks after upbeat U.S. economic data reinforced expectations for interest rate hikes. Gains in industrial stocks helped the U.S. indexes, with the S&P 500 industrial sector ending up 0.8 percent. The S&P's gains were meagre, while the Nasdaq slipped after a drop in tech heavywe
  
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• Equipment companies power Dow and S&P 500 to new records

  23-11-2016 22:56 via news.yahoo.com
  
  NEW YORK (AP) — The Dow Jones industrial average and Standard & Poor's 500 indexes again set records Wednesday in a quiet day of pre-holiday trading. Machinery and equipment makers climbed after strong results from Deere, but technology companies fell.
  
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• Peabody debt dispute fizzles as coal prices rise

  23-11-2016 22:54 via news.yahoo.com
  
  By Tracy Rucinski CHICAGO (Reuters) - U.S. coal producer Peabody Energy Corp said on Wednesday it is closer to exiting bankruptcy, with a debt dispute between creditors fizzling as a recent increase in coal prices boosts their chances for recovery. Peabody filed for Chapter 11 protection in April, after a sharp decline in coal prices left it unable to service $10 billion of debt. A creditor fight launched by some of Wall Street's most litigious investment funds, Aurelius Capital Management and E
  
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• Dow, S&P 500 set record high closes ahead of holiday

  23-11-2016 22:52 via news.yahoo.com
  
  The Dow and the S&P 500 eked out record high closes on Wednesday ahead of the Thanksgiving holiday, helped by gains in industrial stocks, though losses in technology shares limited the advance and weighed on the Nasdaq. Industrial stocks also were given a boost by a report that showed a strong jump in orders for durable goods in October due to demand for machinery and other equipment. The industrial index , up 0.8 percent on the day, has risen 7 percent since the Nov. 8 U.S. election on bets
  
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• Philippines president says opening economy to new players, tells oligarchs 'I owe you nothing'

  23-11-2016 22:21 via news.yahoo.com
  
  By Martin Petty MANILA (Reuters) - Philippines President Rodrigo Duterte vowed on Wednesday to open up the economy to new corporations to halt graft and protectionism, telling the country's oligarchs he owed them no favors and to be content with their billions.
  
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• S&P 500 dips with healthcare shares, Dow edges up ahead of holiday

  23-11-2016 21:34 via news.yahoo.com
  
  The S&P 500 inched lower on Wednesday afternoon, hurt by declines in Eli Lilly and other healthcare shares, while the Dow edged higher along with industrial stocks in light trading ahead of a U.S. holiday. The S&P 500 held at slightly lower levels after the release of minutes from the latest Federal Reserve meeting, which showed policymakers appeared confident on the eve of the U.S. election that the economy was strengthening enough to warrant interest rate increases soon.
  
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• Alzheimer's setback prompts rethink of Lilly, Biogen stock outlooks

  23-11-2016 21:30 via news.yahoo.com
  
  Lilly (Hanover: LLY.HA - news) shares tumbled 10.5 percent, and fell to their lowest point in two years during the session, after the company said its drug failed to slow loss of cognitive ability in patients with mild symptoms. Biogen shares were down 4 percent, but had reduced their initial losses by more than half from premarket trading as investors assessed the damage to the prospects of the company's drug that works in a similar way to Lilly's. The results for Lilly's solanezumab were a hig
  
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• Data shows U.S. economy strengthening on eve of Trump presidency

  23-11-2016 20:49 via news.yahoo.com
  
  New orders for U.S. manufactured capital goods rebounded in October, driven by rising demand for machinery and a range of other equipment, the latest indication of an acceleration in economic growth early in the fourth quarter. The brightening economic outlook received a further boost from other data on Wednesday showing a jump in consumer sentiment this month following the election of Donald Trump as the next president. While the number of Americans filing for unemployment benefits rose from a
  
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• Dollar jumps to highest in almost 14 years on Fed hike stance

  23-11-2016 20:48 via news.yahoo.com
  
  By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - The dollar surged to its highest since March 2003 on Wednesday, bolstered by upbeat U.S. economic reports that showed the economy on track for steady growth as they reinforced expectations of rate increases by the Federal Reserve next month and in 2017. U.S. consumer sentiment also improved this month following the election of Donald Trump as president. "We have had a slew of data today, all supportive of the low threshold needed for rate increase
  
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• Deere shares leap after earnings beat on pricing, costs

  23-11-2016 20:40 via news.yahoo.com
  
  Factors ranging from machinery pricing to lower overheads spending helped Deere report a much smaller-than-expected decline in quarterly earnings, CFO Raj Kalathur said on a conference call. "It was all kind of internal - either pricing or cost cutting," said Jefferies analyst Stephen Volkmann.
  
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• Mexico central bank cuts growth forecast after Trump win

  23-11-2016 20:31 via news.yahoo.com
  
  Mexico's central bank slashed its economic growth forecast on Wednesday following market upheaval over Donald Trump's victory in the US presidential election. Shortly after the finance ministry maintained its own outlook, the bank said it lowered its projections to a range of 1.8-2.3 percent in 2016 and 1.5-2.5 percent in 2017. The central bank had previously forecast growth of 1.7-2.5 percent this year and 2.0-3.0 percent in 2017.
  
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• Fed policymakers confident of need for rate hikes on eve of Trump win

  23-11-2016 20:06 via news.yahoo.com
  
  By Jason and Lange WASHINGTON, Nov 23 (Reuters) - Federal Reserve policymakers appeared confident on the eve of the U.S. presidential election that the economy was strengthening enough to warrant interest rate increases soon, minutes from the Fed's Nov. 1-2 meeting showed. The minutes released on Wednesday back the consensus view on Wall Street that the Fed is poised to raise rates in December. Policymakers left borrowing costs unchanged earlier this month, just days before Republican Donald Tru
  
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• Mexico cenbank cuts 2017 growth outlook, cites possible US risks

  23-11-2016 20:03
  
  MEXICO CITY, Nov 23 (Reuters) - Mexico's central bank on
  Wednesday narrowed its 2016 growth forecast, and cut its 2017
  outlook, adding it may revise estimates if new U.S. policies
  have a negative...
  
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• Investors pull most money from U.S.-based bond funds of any week in 2016-ICI

  23-11-2016 19:58
  
  By Trevor HunnicuttNEW YORK, Nov 23 (Reuters) - Investors pulled $9.7 billion
  from U.S.-based bond funds during the latest week in the
  stiffest blow of the year for those funds, Investment...
  
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• BRIEF-S&P on Massachusetts DOT's series 2016A revenue bonds rated 'AA+', other ratings affirmed

  23-11-2016 19:55
  
  * S&P- Massachusetts Department Of Transportation's series
  2016A revenue bonds rated 'AA+', other ratings affirmed
  
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• Brazil's Odebrecht executives to sign deal with prosecutors - source

  23-11-2016 19:55
  
  BRASILIA, Nov 23 (Reuters) - Executives of Brazilian
  engineering conglomerate Odebrecht will sign a plea bargain deal
  with federal prosecutors on Wednesday or Thursday, a source
  close to the...
  
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• Bracing for Brexit, UK ramps up borrowing and cuts growth forecasts

  23-11-2016 19:43 via news.yahoo.com
  
  By William Schomberg and David Milliken LONDON (Reuters) - Britain has ramped up its borrowing outlook by much more than expected after forecasters said its vote to leave the European Union would hurt the economy, giving the government only a little room to ease looming pressure on households and firms. Chancellor Philip Hammond said June's referendum result made it "more urgent than ever" to invest in tackling Britain's long-term weaknesses, such as productivity growth that is among the slowest
  
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• UPDATE 4-Bracing for Brexit, UK ramps up borrowing and cuts growth forecasts

  23-11-2016 19:37
  
  * Brexit seen costing Britain 2.4 pct points of growth(Adds reaction, detail)
  
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• LATAM CLOSE-LatAm primary sees zero deals this week

  23-11-2016 19:35
  
  * Mexico's finance ministry maintains 2016-2017 growth forecasts* EM bond trader Carlos Rijo joins Credit Suisse* Brazil's Even Construtora to issue R$200m in debentures* Odebrecht,...
  
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• Brexit to spark UK slowdown, blow hole in public purse

  23-11-2016 19:34 via news.yahoo.com
  
  Brexit will spark an economic slowdown and ravage public finances, forcing a multi-billion-pound spike in state borrowing over the next five years, a gloomy mini-budget revealed Wednesday. Britain is predicted to borrow an extra £122 billion ($152 billion, 143 billion euros) in the period to 2021, according to official forecasts from the Office for Budget Responsibility. About half of that budget black hole -- or £58.7 billion -- is a direct consequence of Britain's decision to leave
  
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• Elton John denies he will play at Trump inauguration

  23-11-2016 19:33 via news.yahoo.com
  
  (Reuters) - Britain's Sir Elton John will not perform at the inauguration of Donald Trump in Washington as U.S. president, the singer-songwriter's spokeswoman said on Wednesday. Anthony Scaramucci, an economic adviser to Trump's campaign, said John would be performing in a BBC radio interview during which Scaramucci also said the Republican president-elect had a pro-gay rights stance. "Elton John is going to be doing our concert on the Mall for the inauguration," Scaramucci added in the intervie
  
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• Here’s the Problem With Trump’s Plan to Bring Offshore Cash Back to the US

  23-11-2016 19:24 via news.yahoo.com
  
  To the surprise of many analysts, the stock market’s reaction to the election of Donald Trump has been overwhelmingly positive, with the Dow Jones Industrial Average and the S&P 500 surging to all-time highs.
  
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• U.S. factory, consumer sentiment data brighten economic outlook

  23-11-2016 19:20 via news.yahoo.com
  
  New orders for U.S. manufactured capital goods rebounded in October, driven by rising demand for machinery and a range of other equipment, the latest indication of an acceleration in economic growth early in the fourth quarter. The brightening economic outlook received a further boost from other data on Wednesday showing a jump in consumer sentiment this month following the election of Donald Trump as the next president. While the number of Americans filing for unemployment benefits rose from a
  
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• Mobile masts giant Arqiva telegraphs £5bn sale plan

  23-11-2016 19:10 via news.yahoo.com
  
  Britain's biggest independent operator of telecommunications towers has begun secret preparations for a £5bn sale that would mean ditching a long-awaited London stock market listing. Sky News has learnt that Arqiva, which is owned by a consortium of financial investors, is close to hiring bankers to advise on discussions with potential buyers. The company has more than 8000 sites across the UK‎, with its mobile masts used by customers including EE, O2 and Vodafone.
  
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• BRIEF-Plains All American Pipeline files for stock shelf of up to 143.9 mln units - SEC filing

  23-11-2016 19:06
  
  * Plains All American Pipeline LP files for stock shelf of
  up to 143.9 million units - SEC filingSource text (http://bit.ly/2fG0yrA)
  Further company coverage:
  
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• UPDATE 1-Iceland cbank says capital controls could be gone next year

  23-11-2016 18:57
  
  * Says FX reserves growing, banking sector strong(Adds further cbank comment, background)
  
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• Post-Brexit immigration fall to push up UK public borrowing - official forecast

  23-11-2016 18:56
  
  LONDON, Nov 23 (Reuters) - The British government will have
  to borrow an extra 16 billion pounds ($20 billion) over the next
  five years to make up for the impact of lower immigration
  following the...
  
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• BRIEF-Peabody Energy says bankruptcy court approved stipulation filed by co - SEC filing

  23-11-2016 18:55
  
  * On Nov. 23, bankruptcy court approved stipulation filed by
  co relating to amendment to co's superpriority secured DIP
  credit agreement
  
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• Philippines president vows to free economy 'from clutches' of oligarchs

  23-11-2016 18:25 via news.yahoo.com
  
  By Martin Petty MANILA (Reuters) - Philippine President Rodrigo Duterte said on Wednesday he was taking steps to open up the economy to new players and foreign investors, including in power, energy and telecoms, to share its wealth and limit graft and protectionism. The outspoken former mayor has shown no qualms about confronting oligarchs and conglomerates who dominate the Philippines economy, which is growing at one of the world's fastest rates, buoyed by consumption and remittances. "The only
  
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• EU regulator conditionally approves Abbott's purchase of St Jude

  23-11-2016 18:24
  
  BRUSSELS (Reuters) - The European Commission on Wednesday said it has given its conditional approval to U.S. medical device maker Abbott Laboratories'bid for peer St Jude Medical Inc .
  
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• European Commission gives conditional backing to Hapag-Lloyd, UASC merger

  23-11-2016 18:22
  
  BRUSSELS (Reuters) - The European Commission on Wednesday said it has given its conditional approval to a merger between German container shipping line Hapag-Lloydand the United Arab Shipping...
  
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• Dow hits record; U.S. yields, dollar at multi-year highs

  23-11-2016 17:46 via news.yahoo.com
  
  By Sam Forgione NEW YORK (Reuters) - The U.S. Dow Jones industrial average hit a record high for a third straight day on Wednesday, while U.S. two-year Treasury yields and the dollar hit multi-year peaks after upbeat U.S. economic data reinforced expectations of interest rate increases. The Dow's peak of 19,066.25 marked its third straight record intraday high, while the benchmark S&P 500 and Nasdaq slipped after touching record intraday and closing highs over the past two days. Expectations
  
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• Industrials lift Dow to record, techs drag S&P and Nasdaq

  23-11-2016 17:40 via news.yahoo.com
  
  The S&P 500 industrial sector rose 0.52 percent to a record high, helped by a report that showed a strong jump in orders for durable goods in October due to demand for machinery and other equipment. The industrial sector had risen 6.7 percent since the U.S. election on bets that President-elect Donald Trump's policies such as higher spending on infrastructure would benefit the industry. The S&P and the Nasdaq were dragged down by a more than 1 percent decline in index heavyweights Micros
  
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• Exclusive: Microsoft set to win EU approval for LinkedIn buy - sources

  23-11-2016 17:31
  
  BRUSSELS (Reuters) - Microsoftis set to gain EU approval for its $26 billion buy of professional social network LinkedInwith tweaks to concessions aimed at addressing competition concerns, three...
  
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• Mortgage rates keep rising after Trump's election win

  23-11-2016 17:17 via news.yahoo.com
  
  Long-term U.S. mortgage rates continued to surge this week in the aftermath of Donald Trump's election win. Mortgage giant Freddie Mac said Wednesday that the average rate on a 30-year fixed rate loan ...
  
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• Bracing for Brexit, UK to ramp up borrowing, cuts growth forecasts

  23-11-2016 17:12 via news.yahoo.com
  
  Britain ramped up its borrowing forecasts by much more than expected and said the vote to leave the European Union would weigh heavily on the economy, giving the government little room to ease the Brexit pressure on households and companies. Finance minister Philip Hammond said on Wednesday that Brexit made it "more urgent than ever" to invest in tackling Britain's long-term weaknesses, including one of the worst productivity growth rates among rich economies. "Our task now is to prepare our eco
  
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• Less money and a slowing economy: UK plans for Brexit years

  23-11-2016 17:08 via news.yahoo.com
  
  LONDON (AP) — Britain will have less money, more debt and a slower economy in coming years as it grapples with uncertainty over leaving the European Union, the Treasury chief said Wednesday in his first budget update since the 'Brexit' vote.
  
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• FTSE hit by commodity reversal

  23-11-2016 17:02 via news.yahoo.com
  
  By Alistair Smout LONDON (Reuters) - Britain's top share index fell on Wednesday, hit by a reversal in mining and energy stocks as Wall Street snapped its recent runs of record highs and a rally in commodities ended. The session was choppy, with individual sectors swinging as finance minister Philip Hammond outlined his policies in what was the biggest economic update since Britain voted in June to leave the European Union. The FTSE 100 index was down 0.4 percent by 1511 GMT, with miners, the to
  
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• Healthcare stocks drag Wall Street lower

  23-11-2016 17:01 via news.yahoo.com
  
  U.S. stocks dipped on Wednesday as a drop in the healthcare sector took the shine off a post-election rally that had powered Wall Street to record levels. Healthcare stocks, which had a sharp run higher following the election, fell 1.4 percent, dragged down by Eli Lilly after the company said it would stop developing its Alzheimer's drug following a trail failure. Biogen dropped 6.2 percent, while Axovant fell 5.2 percent.
  
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• Britain's FTSE hit by commodity reversal

  23-11-2016 17:00 via news.yahoo.com
  
  Britain's top share index fell on Wednesday, hit by a reversal in mining and energy stocks as Wall Street snapped its recent runs of record highs and a rally in commodities ended. The session was choppy, with individual sectors swinging as finance minister Philip Hammond outlined his policies in what was the biggest economic update since Britain voted in June to leave the European Union.
  
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• U.S. factory, confidence data brighten economic outlook

  23-11-2016 16:37 via news.yahoo.com
  
  New orders for U.S. manufactured capital goods rebounded in October, driven by rising demand for machinery and a range of other equipment, the latest indication of an acceleration in economic growth early in the fourth quarter. The brightening economic outlook received a further boost from other data on Wednesday showing a jump in consumer sentiment this month in the wake of the election of Donald Trump as the next president. While the number of people filing for unemployment benefits rose from
  
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• U.S. consumer sentiment at six-month high after U.S. election: UMich

  23-11-2016 16:36 via news.yahoo.com
  
  (Reuters) - U.S. consumer sentiment brightened noticeably in the aftermath of the presidential election as Americans expressed greater confidence in the outlook for their personal finances and prospects for economic growth, a survey said on Wednesday. The University of Michigan Surveys of Consumers said its consumer sentiment index rose to a final reading of 93.8 for November, up from both the preliminary reading of 91.6 earlier in the month and October's final reading of 87.2. Analysts polled b
  
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• Nigerian lawmakers say 2017 draft budget has unrealistic assumptions

  23-11-2016 16:29 via news.yahoo.com
  
  By Camillus Eboh ABUJA (Reuters) - A draft budget framework for 2017 submitted to parliament by Nigerian President Muhammadu Buhari is based on unrealistic assumptions about oil production and the currency exchange rate, lawmakers said on Wednesday. The budget plans, which include spending a record 6.866 trillion naira ($22.57 billion) to pull Africa's biggest economy out of recession, assume oil production of 2.2 million barrels a day and an exchange rate of 290 naira to the U.S. dollar. The fr
  
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• Hammond sets target for cyclically-adjusted budget deficit

  23-11-2016 16:25 via news.yahoo.com
  
  Chancellor Philip Hammond said on Wednesday the government would aim to cut the country's budget deficit, adjusted for swings in the economy, to below 2 percent of gross domestic product by the end of the current parliament in 2020. Public sector net debt should also be falling as a percentage of economic output by the end of the current parliament while welfare spending must also remain inside a cap set by the government, Hammond said as he set the government's new fiscal rules.
  
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• Kenya cuts 2017 growth outlook on slowing credit growth

  23-11-2016 16:15 via news.yahoo.com
  
  Kenya's economy is likely to expand by just over 6 percent next year, down from an initial forecast of 6.5 percent, mainly because of slowing private-sector credit growth, a senior Treasury official said on Wednesday. Private-sector credit grew just 7.1 percent in July from 17.8 percent in December of last year, the central bank said in September. The contraction in July was before a cap on commercial lending rates imposed by the government in September, a move that is expected to further shrink
  
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• Deere earnings beat estimates but outlook downbeat

  23-11-2016 16:15 via news.yahoo.com
  
  Deere & Co reported a much smaller-than-expected decline in quarterly earnings on Wednesday after it cut costs and raised prices to compensate for sluggish demand for its agricultural and construction equipment, and its shares jumped more than 10 percent. The outlook "tells you that the global farm recession will continue," Argus Research analyst Bill Selesky said. Net income attributable to Deere fell to $285.3 million, or 90 cents per share, in the fourth quarter ended on Oct. 31 from $351
  
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• Key announcements in UK Autumn Statement on budget

  23-11-2016 16:10 via news.yahoo.com
  
  British finance minister Philip Hammond delivered his first detailed statement to parliament on budget policy since taking office in July following Britain's vote to leave the European Union. For the main story on the Autumn Statement, please click on Here are some of the main announcements: GROWTH FORECASTS CUT Hammond announced the independent Office for Budget Responsibility (OBR) had cut its official forecasts for economic growth for the next two years. The OBR said gross domestic product wo
  
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• China sets patent filing record: UN

  23-11-2016 16:01 via news.yahoo.com
  
  China has become the first country to file more than a million patent applications in a year, leading a global innovation surge that has defied sluggish economic growth, the UN said Wednesday. "The figures for China are quite extraordinary," said Francis Gurry, head of the United Nations World Intellectual Property Organization (WIPO) while launching the body's annual report. China registered 1.1 million patents in 2015, more than the top three runners-up combined, WIPO said, referring to the Un
  
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