Category: Asia
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China extends tax cut for small-engine vehicles by a year
China extended a tax cut on small-engine vehicles by one year on Thursday, a move industry executives said would help keep demand for automobiles stable and prevent sharp short-term fluctuations in the world’s biggest auto market. China’s Ministry of Finance said on its official website the tax rate on small-engine vehicles, currently at 5 percent,…
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Oil prices firm as Abu Dhabi cuts exports amid soaring Asian demand
Oil prices were stable on Tuesday, supported by strong demand in Asia and a supply cut by Abu Dhabi as part of production curbs organized by OPEC and other exporters. But traders said the market was being pressured by investors closing financial positions that profited from strong gains the day before. International Brent LCOc1 and…
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Asian shares, dollar wobble as investors brace for Fed outcome
Asian shares and the dollar were on tenterhooks on Tuesday as the Federal Reserve prepared to review rates later in the day, with financial markets focused on how the Fed steers monetary policy in the wake of Republican Donald Trump’s surprise election win last month. Crude oil prices pulled back after their surge to 18-month…
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Exclusive: Brazil prosecutor investigates funds’ investment in Trump Hotel Rio
A Brazilian prosecutor has opened a criminal investigation into investments made by two state pension funds in a luxury Rio de Janeiro hotel that is part of the Trump franchise, according to a court filing reviewed by Reuters on Tuesday. The 130 million reais ($40 million) investment by the two small funds in the hotel’s…
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Oil prices rise from one-month lows after OPEC approves strategy
Oil prices rose from one-month lows in Asian trading on Tuesday after OPEC agreed on a long-term strategy that was seen as an indication the cartel was reaching a consensus on managing production. But further gains are likely to be limited as the market was weighed down by further indications of record output from the…
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Samsung Electronics to invest more than $1 billion in U.S. chip production
Samsung Electronics Co Ltd (005930.KS) said on Tuesday it planned to invest more than $1 billion by the end of June 2017 to boost production of system chips at its Austin, Texas, facilities in the United States to meet growing demand. The South Korean firm, the world’s second-largest chipmaker behind Intel Corp (INTC.O), said in…
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Asia stocks slide on Wall Street losses, oil drops as glut worries return
Asian shares on Wednesday followed in the footsteps of Wall Street, which pulled back overnight on disappointing earnings, while the dollar strengthened and oil prices extended this week’s losses. European markets were set for a similarly weak start, with financial spreadbetters expecting Britain’s FTSE 100 and France’s CAC 40 to open down about 0.4 percent,…
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Japan shares hit six-month top, U.S. dollar in demand
Japanese shares hit a six-month top on Tuesday as the dollar advanced on the yen, while risk sentiment got a lift after factory surveys in the United States and Europe boasted the best readings of the year so far. There were also tentative hopes rising prices for steel and some industrial commodities – zinc surged…
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Oil prices drop as Iraq says doesn’t want to join OPEC cut
Oil prices fell early on Monday as Iraq said it wanted to be exempt from any deal by producer cartel OPEC to cut production to prop up the market, and as U.S. drillers stepped up work. Brent crude futures LCOc1 were trading at $51.59 per barrel at 0133 GMT, down 19 cents, or 0.4 percent,…
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Millions of Indian debit cards ‘compromised’ in security breach
A number of major Indian banks are taking safety measures amid fears that the security of more than 3.2 million debit cards have been compromised. Some of the affected banks have been asking their customers to change security codes. They are also blocking and replacing debit cards. The breach is thought to have been caused…