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Britain must stay in European customs union-business group CBI

LONDON, Jan 21 (Reuters) – Britain must stay in a comprehensive customs union with the European Union in order to preserve trade in its biggest markets after Brexit, the business lobby group CBI said on Sunday. Prime Minister Theresa May ruled out remaining a member of the European single market and the European Customs Union […]

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MIDEAST STOCKS-Most of region falls, Saudi retreats further from technical barrier

* Saudi’s Almarai falls; Q4 profit come at low end of estimates * Most Dubai real estate developers fall * Abu Dhabi’s ADNOC Distribution up after Goldman recommendation * Qatar National Bank pulls down Doha * Egypt’s Orascom Development rises on share split plan By Andrew Torchia DUBAI, Jan 21 (Reuters) – Most Middle Eastern […]

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British PM May says will stop companies abusing pension schemes

LONDON, Jan 21 (Reuters) – British Prime Minister Theresa May said she would clamp down on bosses who try to “line their own pockets” while not protecting workers’ pensions, after the collapse of outsourcer Carillion with a 900-million-pound hole in its pension scheme. Writing in Sunday’s Observer newspaper, the Prime Minister said private companies could […]

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UPDATE 1-Fourth person dies after Prague hotel fire

(Adds fourth victim) PRAGUE, Jan 21 (Reuters) – A fourth person has died from injuries sustained in a fire on Saturday at a hotel in central Prague, a hospital spokesman said. The fire broke out on Saturday evening at the Eurostars David Hotel, situated on a narrow street a block away from the Vltava River. […]

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Germany faces risks, higher costs without focus on green finance: report

BERLIN (Reuters) – Germany faces growing risks and high costs if it does not revamp its financial system to focus more on climate change and sustainability, according to a new report by the World Wildlife Fund and finance groups including Deutsche Boerse (DB1Gn.DE). The study faulted German conservatives and Social Democrats, who are considering renewing […]

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Egypt targets 8-10 flotations of state firms over 18 months: finance minister

CAIRO (Reuters) – Egypt is looking to offer shares in eight to 10 state companies on the stock exchange over the next 18 months, Finance Minister Amr El-Garhy told Reuters on Sunday, as part of a drive to attract foreign investors. The flotations will be the first batch in a program to float stakes in […]

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China’s Dalian Wanda Group says 2017 revenue down 10.8 percent on asset sales

HONG KONG (Reuters) – Chinese conglomerate Dalian Wanda Group’s revenue fell by 10.8 percent in 2017, the second consecutive year it declined, as the debt-laden group sold off property assets and faced increasing scrutiny from regulators and lenders. The property-to-entertainment group, owned by tycoon Wang Jianlin, reported 227.4 billion yuan ($35.54 billion) in revenue for […]

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SoFi in talks with top Twitter exec about CEO position: WSJ

(Reuters) – Social Finance Inc (SoFi) is in discussions with Anthony Noto, a top Twitter Inc (TWTR.N) executive, to become the online lender’s chief executive, the Wall Street Journal reported on Saturday, citing sources. Noto, Twitter’s chief operating officer, has been offered the CEO position at SoFi, the report said, and was expected to make […]

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Two dead, several hurt in Prague hotel fire

PRAGUE (Reuters) – Two people died and nine were injured in a fire at a hotel in the center of Prague on Saturday night, fire and rescue officials said. The fire occurred at Eurostars David Hotel, a block away from the Vltava River and near the Czech capital’s National Theatre. Of those hurt, five people […]

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At least two dead, dozens hurt in Prague hotel fire

PRAGUE (Reuters) – At least two people died and dozens more were hurt in a fire at a hotel in the center of Prague on Saturday, a rescue services official said on Czech Television. The Czech Fire Rescue Service said the fire occurred at Eurostars David Hotel, blocks away from the Vltava River and near […]

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ADM pursues big ag merger with grain trader Bunge: source

CHICAGO/CALGARY, Alberta (Reuters) – Top U.S. grain merchant Archer Daniels Midland Co (ADM.N) has proposed a takeover of Bunge Ltd (BG.N), according to a person familiar with the approach, which could set up a bidding war with Swiss-based rival Glencore Plc (GLEN.L). Large grain traders that make money by buying, selling, storing and shipping crops […]

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Philippine troops fight first clash with militants since Marawi battle, six wounded

MANILA (Reuters) – Philippine troops clashed briefly with pro-Islamic State militants in the volatile south on Saturday, the army said, in their first engagement since the government retook Marawi city in the country’s biggest battle since World War Two. Army spokesman Major Ronald Suscano said six soldiers were wounded in the encounter. The clash erupted […]

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Schaeffler CEO says splitting company would be unwise -paper

FRANKFURT, Jan 20 (Reuters) – German car parts maker Schaeffler sees no merit in splitting the company, contrasting with peers such as Continental, Delphi or Autoliv, which have spun off units or are considering doing so. “In my eyes, it would be unwise if the units (of Schaeffler) would go their separate ways,” Chief Executive […]

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China’s Dalian Wanda Group says 2017 revenue down 10.8 percent

HONG KONG (Reuters) – Chinese conglomerate Dalian Wanda Group said on Saturday its revenue dropped for a second consecutive year, by 10.8 percent in 2017, as the group sold off property assets and faced increasing scrutiny from regulators and lenders. The property-to-entertainment group, owned by tycoon Wang Jianlin, reported 227.4 billion yuan ($35.54 billion) in […]

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Possible Buffett heir Abel has small Berkshire stake, likely to grow

(Reuters) – Greg Abel, considered by many investors the top contender to succeed Warren Buffett as Berkshire Hathaway Inc’s (BRKa.N) chief executive officer, on Friday reported owning about $2.1 million of the conglomerate’s stock. Abel, who along with Ajit Jain was named a Berkshire vice chairman and director last week, disclosed his stake a day […]

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CORRECTED-UPDATE 4-ADM pursues big ag merger with grain trader Bunge -WSJ

(In 1st sentence, corrects to say Glencore is Swiss-based, not London-based) By Tom Polansek and Rod Nickel CHICAGO/CALGARY, Alberta, Jan 19 (Reuters) – Top U.S. grains merchant Archer Daniels Midland Co has proposed a takeover of Bunge Ltd, the Wall Street Journal reported on Friday, a move that could set up a battle for Bunge […]

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Rent-A-Center, Vintage Capital sign standstill deal amid buyout talks

(Reuters) – Buyout firm Vintage Capital Management LLC has agreed not to raise its stake in its acquisition target Rent-A-Center Inc (RCII.O) or seek to gain control of its board as they talk about a potential deal, the furniture retailer said on Friday. Vintage Capital made a new, but lowered $693 million offer to buy […]

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ADM pursues big ag merger with grain trader Bunge: WSJ

CHICAGO/CALGARY, Alberta (Reuters) – Top U.S. grains merchant Archer Daniels Midland Co (ADM.N) has proposed a takeover of Bunge Ltd (BG.N), the Wall Street Journal reported on Friday, a move that could set up a battle for Bunge with London-based rival Glencore Plc (GLEN.L). Large grain traders which make money by buying, selling, storing, shipping […]

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Canadian cannabis firm Aurora in talks to buy both CanniMed and Newstrike: sources

TORONTO (Reuters) – Canadian marijuana producer Aurora Cannabis Inc (ACB.TO) is in talks with rivals CanniMed Therapeutics Inc (CMED.TO) and Newstrike Resources Ltd (HIP.V) to buy both businesses in a friendly deal that would create the nation’s top weed company, people familiar with the matter told Reuters on Friday. The deal signals an easing of […]

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Markets brush off U.S. government shutdowns

NEW YORK (Reuters) – U.S. government shutdowns, which hurt federal workers who go on furlough and taxpayers in need of federal services, have not caused major disruptions to financial markets in the past. Investors expect nothing different from the shutdown that could begin on Saturday. “It’s more a political event than an economic one,” said […]