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GE expects rebound after tough ‘reset’ year in 2019; shares climb

(Reuters) – General Electric Co promised on Thursday that its earnings would improve in 2020 and beyond after a difficult, “reset” year in 2019, sending shares higher in midday trading. FILE PHOTO: The logo of U.S. conglomerate General Electric is pictured at the company’s site of its energy branch in Belfort, France, February 5, 2019. […]

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Spurned students sue U.S. colleges in admissions scandal

(Reuters) – The U.S. college admissions scandal that erupted this week has spawned lawsuits accusing rich, well-connected parents and prestigious schools of conspiring to admit those parents’ children at the expense of the less affluent. A person walks by the Trojan Shrine at University of Southern California in Los Angeles, California, U.S., March 13, 2019. […]

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China should learn from Japan’s lost decade: former official

(This March 12 story has been refiled to correct last year of Zhou’s governorship in 6th paragraph) FILE PHOTO: Zhou Xiaochuan, President of China Society for Finance and Banking and former governor of the People’s Bank of China (PBOC) attends an interview with Reuters in Geneva, Switzerland, September 19, 2018. REUTERS/Denis Balibouse By Tom Arnold […]

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EU officials see money-laundering risks from high share of foreign deposits

BRUSSELS (Reuters) – A high share of foreign deposits could be an indicator of money-laundering risks and should be reduced in states that fail to properly monitor them, European Union officials said, as the block grapples with a series of financial scandals at its banks. So-called non-resident deposits were very high in countries like Latvia, […]

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Russian businessmen call for release of detained U.S. investor

MOSCOW (Reuters) – Several prominent Russian businessmen on Thursday called for detained U.S. investor Michael Calvey to be released from a pre-trial detention facility on bail, saying his treatment at the hands of the authorities over fraud charges looked too harsh. Founder of the Baring Vostok private equity group Michael Calvey, who was detained on […]

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Four Nordic banks have their fines for credit ratings revoked

FILE PHOTO: The Nordea bank logo is seen at the bank’s headquarters in Stockholm, Sweden, May 7, 2017. REUTERS/Ints Kalnins/File Photo HELSINKI (Reuters) – Nordea on Thursday welcomed a ruling that it and three other banks did not act negligently in issuing unapproved credit ratings and the resulting decision by the European Securities and Markets […]

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UPDATE 1-South Africa’s Standard Bank to cut around 1,200 jobs, close 91 branches

(Adds more details) JOHANNESBURG, March 14 (Reuters) – South African lender Standard Bank will cut around 1,200 jobs and close 91 branches as part of efforts to digitise its retail and business bank, it said on Thursday. South Africa’s lenders, like others around the world, have been shuttering branches and trimming their headcount in an […]

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Volvo Cars to pay $310 million dividend, second under China’s Geely

STOCKHOLM (Reuters) – Volvo Cars will pay a dividend of 2.9 billion Swedish crowns ($311 million) after record sales in 2018, the company said on Thursday, with almost all of it slated to boost the coffers of its debt-laden Chinese parent Geely. FILE PHOTO: The new Volvo Polestar 2 is displayed at the 89th Geneva […]

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Russia’s top banks plot temporary sanctions workaround: sources

MOSCOW (Reuters) – Leading Russian banks are working on plans to help each other retain at least short-term access to the global financial system in the event that they are hit by fresh U.S. sanctions, sources familiar with the matter told Reuters. FILE PHOTO: The logo of Sberbank on top of a building in central […]

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Russian stake sales continue with TCS founder’s $150 million deal

MOSCOW (Reuters) – The founder of Russian lender TCS Group sold $150 million of its global depository receipts (GDRs) on Thursday, the second time in as many days that a Russian billionaire has cashed in on an investment ahead of possible new Western sanctions against Moscow. FILE PHOTO: Oleg Tinkov, Chairman of Tinkoff Credit Systems, […]

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GE expects tough ‘reset’ year in 2019, then a rebound; shares climb

(Reuters) – General Electric Co said on Thursday that 2019 would be a difficult, “reset” year, but promised a better performance in terms of earnings from 2020 and beyond, sending shares higher. FILE PHOTO: The logo of U.S. conglomerate General Electric is pictured at the company’s site of its energy branch in Belfort, France, February […]

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CEE MARKETS-Leu jumps from six-week lows, bond yields rise at auctions

* Leu gains; central bank may have intervened * Romanian government may alter new taxes * Hungary, Romania sell bonds at increased yields * Forint hits 10-month high, British Brexit vote watched (Adds government bond auctions in Bucharest and Budapest) By Sandor Peto and Luiza Ilie BUDAPEST/BUCHAREST, March 14 (Reuters) – The leu rebounded on […]

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Dollar edges up; sterling falls ahead of vote to delay Brexit

NEW YORK (Reuters) – The U.S. dollar gained on Thursday for the first time in a week as the pound stalled at lower levels ahead of a vote to extend Britain’s March 29 deadline for exiting the European Union. FILE PHOTO: A trader shows U.S. dollar notes at a currency exchange booth in Peshawar, Pakistan […]

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U.S. new home sales fall more than expected in January

WASHINGTON (Reuters) – Sales of new U.S. single-family homes fell more than expected in January, suggesting the housing market weakness persisted early in the first quarter, despite a moderation in mortgage rates. FILE PHOTO: A real estate sign advertising a new home for sale is pictured in Vienna, Virginia, U.S. October 20, 2014. REUTERS/Larry Downing/File […]

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U.S. college admissions scandal sparks $500 billion lawsuit

(Reuters) – The U.S. college admissions scandal that erupted this week has triggered private litigation accusing rich, well-connected parents of buying spots for their children at prestigious schools, and keeping children of less wealthy parents out. A person walks by the Trojan Shrine at University of Southern California in Los Angeles, California, U.S., March 13, […]

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Pound rally falters as doubts creep in before parliament’s Brexit delay vote

LONDON (Reuters) – Sterling retreated on Thursday from nine-month highs as traders braced for the week’s third parliamentary Brexit vote, this time on whether to extend Britain’s March 29 deadline for exiting the European Union. British Pound Sterling banknotes are seen in a counter machine at the Money Service Austria company’s headquarters in Vienna, Austria, […]

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World Bank, AfDB commit $47 billion to African climate finance

French President Emmanuel Macron sits among delegates at the United Nations Environment Assembly (UNEA) in Gigiri within Nairobi, Kenya March 14, 2019. REUTERS/Thomas Mukoya NAIROBI (Reuters) – The World Bank and the African Development Bank will together commit more than $47 billion by 2025 to help African countries tackle the effects of climate change, the […]

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Euro pricing likely to delay LME’s Europe steel contract to 2020

* Traders vocal about needing a euro-priced LME steel contract * Dollar-denominated steel contract creates currency risk By Pratima Desai and Maytaal Angel LONDON, March 14 (Reuters) – Plans by the London Metal Exchange to launch a European steel contract are likely to be delayed until next year because the industry wants it to be […]

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Russian businessmen tell Putin they’re concerned by pressure on business

Russian President Vladimir Putin attends a session of the Week of Russian Business, an event organised by the Russian Union of Industrialists and Entrepreneurs (RSPP), in Moscow, Russia March 14, 2019. REUTERS/Maxim Shemetov MOSCOW (Reuters) – A group of leading Russian businessmen expressed concerns to President Vladimir Putin about pressure on business in Russia when […]

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CORRECTED-UPDATE 2-Cash call sends finance firm Just Group’s shares tumbling

(Corrects sixth paragraph to say capital breakeven point has been pushed to 2022, not would have to be pushed beyond 2022) * To raise money via share sale, debt raise * Stock falls as much as 19 pct * Capital break even point delayed * To restate dividend in FY 2019 By Noor Zainab Hussain […]