Finance news

• Bulgaria’s Socialists, preparing for general election, promise to boost economy

  05-02-2017 21:54 via news.yahoo.com
  
  The Bulgarian Socialist Party (BSP) pledged to speed up economic growth and fight corruption when it presented its program on Sunday for the early parliamentary election in March. Socialist ally Rumen Radev, a Russia-friendly newcomer to politics, won the presidential election by a wide margin in November, prompting center-right Prime Minister Boiko Borisov to step down. The resignation triggered a snap parliamentary poll set for March 26 - the third in three years - that analysts say may again
  
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• MIDEAST STOCKS-Saudi, Kuwait retreat; UAE bourses strong

  05-02-2017 14:17 via news.yahoo.com
  
  * Atheeb Telecom, Nama Chemicals take hit in Saudi * Political tensions encourage profit-taking in Kuwait * Dubai's Shuaa Capital rises before annual earnings * Industries Qatar slides on Q4 earnings miss, dividend cut * Egypt's Global Telecom breaks above range DUBAI, Feb 5 (Reuters) - Saudi Arabia's stock market fell in a broad-based decline on Sunday and political tensions helped to pull down Kuwait, while United Arab Emirates bourses rose. The Saudi index closed 0.7 percent lower with declin
  
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• U.S. refiners face weakening demand at pump for first time in 5 years

  05-02-2017 13:04 via news.yahoo.com
  
  U.S. refiners are facing the prospects of weakening gasoline demand for the first time in five years, stoking fears that earnings this year may be even worse than the dismal performances seen in 2016. The sign of weakening U.S. gasoline demand comes as U.S. refiners are in the midst of reporting their worst year of earnings since the U.S. shale boom started in 2011. The oil boom turned to bust in 2014, and U.S. independent refiners reaped the profits as plunging pump prices and a growing economy
  
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• Philippine ministers say mine closure order will cost jobs

  05-02-2017 12:33 via news.yahoo.com
  
  The Philippine environment minister's move to close some two dozen mines sparked concern Sunday among two of her colleagues, who said it could hit the economy and employment. The mining industry -- accused of illegal tree felling and polluting rivers -- has also questioned the order of Environment Secretary Gina Lopez. "I don't think (Lopez) did it arbitrarily but anything like this would need a response like more scientific and data-driven studies," said Socioeconomic Planning Secretary Ernesto
  
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• BUZZ-Industries Qatar sinks on Q4 earnings miss, dividend cut

  05-02-2017 07:42 via news.yahoo.com
  
  Feb 5 (Reuters) - ** Shares in petrochemicals, metals and fertiliser producer Industries Qatar sink 3.5 percent to 111.50 riyals ** Company posted 63 percent drop in fourth-quarter net profit to 230 million riyals ($63.2 million); average forecast of three analysts polled by Reuters was for 902.7 million riyals. It gave no reason for sharp drop ** Board recommended cash dividend for 2016 of 4 riyals per share, less than proposed dividend of 5 riyals in 2015 ** Stock has technical support on 100-
  
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• BUZZ-Dubai's Shuaa surges before earnings, news conference

  05-02-2017 07:33 via news.yahoo.com
  
  Feb 5 (Reuters) - ** Shares in Dubai investment bank Shuaa Capital jump 3.1 percent to 1.65 dirhams ** Company said board will meet Feb. 13 to approve annual earnings, will hold news conference afterwards ** Investors expect company to detail its strategy after Abu Dhabi Financial Group bought 48.36 percent stake in it last November ** Shuaa could form central part of ADFG's financial industry strategy for Gulf; in December, Shuaa bought 14 percent of Bahrain's Khaleeji Commercial Bank for 9.6 m
  
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• Greece hopes migrant burden will turn into boon

  05-02-2017 05:29 via news.yahoo.com
  
  Two decades ago, an influx of half a million migrants boosted Greece's economy. Today, the government and some experts hope a new wave of migrants will do the same. Some 60,000 refugees, including many young Syrians, Afghans and Pakistanis, have been stuck in Greece for the past year, languishing in camps after the doors to Europe were shut.
  
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• Wall St. Week Ahead: Dollar's sudden weakness could help U.S. profit picture

  05-02-2017 03:36 via news.yahoo.com
  
  Stock investors could have at least one less worry in the next earnings period: the suddenly limp U.S. dollar. The greenback, whose strong rally after the Nov. 8 U.S. election hit profits at many U.S. multinationals in the fourth quarter, has had a sharp reversal since the start of the year. Fourth-quarter results, even with the dollar's drag, are mostly beating Wall Street's expectations and helping provide a buffer to some of the uncertainties facing investors, including the new U.S. president
  
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• China vows strong punishments for illegal financing activities

  05-02-2017 03:27 via news.yahoo.com
  
  China will severely punish people involved in illegal financing activities, especially targeting underground banks and the stock market, after a series of scandals, state news agency Xinhua said on Sunday, citing the state prosecutor. "Conscientiously follow the demands of the central government, put the prevention of financial risk in an even more important position," Xinhua said. "Severely punish the illegal collection of public deposits, fraudulent fund-raising and other economic crimes invol
  
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