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Oil firms as OPEC floats extended output cut; markets still bloated

A gas station attendant pumps fuel into a customer's car at PetroChina's petrol station in Beijing, China, March 21, 2016. REUTERS/Kim Kyung-Hoon

Oil prices edged up on Friday, lifted by a report that producer club OPEC could extend an output cut aimed at reining in a global fuel supply overhang. Brent crude futures were trading at $55.77 per barrel at 0750 GMT (2:50 a.m. ET), up 12 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures, were up 7 ...

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‘Trump trades’ on boost to economic growth come back with a bang

People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015.  REUTERS/Suzanne Plunkett/File photo

World stocks and bond yields rose on Monday, lifted by a re-emergence of so-called “Trump trades” as investors bet that the U.S. president’s tax reform plans will boost economic growth and corporate profits. Following on from Friday’s record high closes on Wall Street, Asian stocks rallied to 1-1/2-year peaks and European stocks rose for the fifth consecutive session on Monday, ...

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Eni CEO Claudio Descalzi charged with international corruption

Eni CEO Claudio Descalzi

Italian prosecutors have reportedly charged Eni and its CEO Claudio Descalzi with international corruption over the controversial acquisition of an offshore block in Nigeria in 2011. Apart from Descalzi, the charge reportedly extends to the former CEO Paolo Scaroni and nine other people involved in the $1.3 bilion deal. Scaroni served as the Chief Executive Officer of Eni from June ...

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U.S. government agency sued over sale of ‘certified’ used cars

FILE PHOTO - Cars are seen in a parking lot in Palm Springs, California April 13, 2015. Picture taken April 13, 2015.  REUTERS/Lucy Nicholson/File Photo

The Center for Auto Safety and five other groups filed a lawsuit against the Federal Trade Commission (FTC) on Monday for allowing used cars to be advertised as “certified” or safe despite being the target of an outstanding safety recall. The FTC reached an agreement in January 2016 with General Motors Co (GM.N) and two dealership companies, Jim Koons Management ...

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Apple: iPhone 7 helps US giant return to growth

Apple reported its highest ever quarterly revenue, as the iPhone 7 helped it return to a growth in sales in the final three months of 2016. In its first full quarter since the iPhone 7’s release, Apple reported net sales of $78.4bn (£62.3bn), up 3% on the same period a year ago. Chief executive Tim Cook said Apple had sold ...

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Trump: Pharmaceutical executives told to cut drug prices

trumppharmareuters

US President Donald Trump has called on pharmaceutical bosses to cut “astronomical” drug prices. During a White House meeting with senior pharmaceutical executives he told the firms to manufacture more of their drugs in the US. However, he also vowed to help the firms by speeding the approval of new medicines and by cutting taxes. His pledges helped to send ...

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U.S. consumer spending, housing data bolster economic outlook

FILE PHOTO -  A family shops at the Wal-Mart Supercenter in Springdale, Arkansas June 4, 2015.    REUTERS/Rick Wilking/File Photo

U.S. consumer spending accelerated in December as households bought motor vehicles and cold weather boosted demand for utilities amid a rise in wages, pointing to sustained domestic demand that could spur economic growth in early 2017. There are also signs that inflation firmed last month. The growth outlook was further bolstered by other data on Monday showing a jump in ...

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How Toyota, Target, Best Buy are fighting back against Republican border tax push

FILE PHOTO - The Toyota logo is seen at the company's display during the North American International Auto Show in Detroit, Michigan, U.S., January 10, 2017.  REUTERS/Mark Blinch/File Photo

Days before a group of Republican lawmakers were due to discuss their party’s controversial proposal to tax all imports, Toyota Motor Corp (7203.T) sent an urgent message to its U.S. dealers – tell the politicians the tax would seriously hurt car buyers. Some of Toyota’s 1,500 dealers heeded the call and contacted members of the House of Representatives’ tax-writing Ways ...

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Fed likely to keep rates steady as it awaits Trump economic plan

A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque/File Photo

The U.S. Federal Reserve is expected to keep interest rates unchanged on Wednesday in its first policy decision since President Donald Trump took office, as the central bank awaits greater clarity on his economic policies. Trump has promised a large infrastructure spending program, tax cuts, a rollback of regulations and a renegotiation of trade deals but has offered few details ...

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U.S. consumer spending, housing data bolster economic outlook

FILE PHOTO -  A family shops at the Wal-Mart Supercenter in Springdale, Arkansas June 4, 2015.    REUTERS/Rick Wilking/File Photo

U.S. consumer spending accelerated in December as households bought motor vehicles and cold weather boosted demand for utilities amid a rise in wages, pointing to sustained domestic demand that could spur economic growth in early 2017. There are also signs that inflation firmed last month. The growth outlook was further bolstered by other data on Monday showing a jump in ...

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