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Faith in central banks' healing powers faltering: BIS

LONDON Financial markets’ shaky start to the year shows they are losing faith in the “healing powers” of central banks, the Bank for International Settlements (BIS) said on Sunday while voicing concerns over sub-zero interest rates and emerging economies. The Swiss-based organization, which fosters cooperation between central banks in the pursuit of monetary and financial stability, said that recent worries ...

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British retailers invite rival brands to fill their empty spaces

LONDON As online deliveries surge and shop sales fall, Britain’s retailers are looking to refit their once bustling superstores with new attractions such as rivals’ fashion brands to fill empty spaces and keep shoppers coming through the door. In a shift in strategy aimed at making the space profitable and avoiding store closures, retailers such as Tesco (TSCO.L) have also ...

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VW brand boss sees U.S. emission deal within months: paper

BERLIN Volkswagen’s (VOWG_p.DE) brand chief Herbert Diess said it will take months rather than weeks to reach an agreement with U.S. regulators on an emissions fix for 600,000 diesel cars, a newspaper reported on Saturday. U.S. District Judge Charles Breyer last month turned up the heat on Volkswagen (VW) by setting a March 24 deadline to the carmaker to state ...

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Stocks almost erase 2016 losses as bulls charge

NEW YORK The bulls have gained the upper hand in the U.S. stock market in recent weeks and strategists are cautiously optimistic the rebound will continue. A lot is riding on whether economic data can continue to hold up, since upbeat reports in recent weeks have eased fears the United States may be headed for a recession. Friday’s jobs report ...

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China says cuts in overcapacity won't cause massive layoffs

China’s plans to reduce industrial overcapacity are unlikely to result in large-scale layoffs, the country’s top economic planner said on Sunday. Xu Shaoshi, head of the National Development and Reform Commission (NDRC), told reporters at a briefing that economic growth will create more jobs and help offset the impact of capacity cuts. China aims to keep its economy growing by ...

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Global uncertainty, instability pose risk to China's economic growth: NDRC

BEIJING The global economy remains uncertain and unstable, posing a risk to China’s economic growth, the country’s top economic planner said on Sunday. Xu Shaoshi, head of the National Development and Reform Commission (NDRC), told reporters at a briefing that “global economic uncertainty and instability still remains,” and noted that he sees an increasing risk in fiscal and financial areas. ...

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China aims to maintain growth pace, fend off unemployment in five-year plan

BEIJING China faces a tough battle to keep its economy growing by at least 6.5 percent over the next five years while creating more jobs and restructuring inefficient industries, Premier Li Keqiang said as he opened China’s annual parliament on Saturday. Growth of 6.5 percent would mark a ripping pace for most countries but would be the slowest in China ...

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VW chairman, CEO knew of defeat devices early: Bild

BERLIN Volkswagen AG’s (VOWG_p.DE) current chairman and chief executive were alerted by the carmaker’s former CEO to the use of illicit emissions-control software in the United States two weeks before the carmaker disclosed the scale of its manipulations, Bild am Sonntag reported, without citing the source of the information. Martin Winterkorn, who resigned within a week of Volkswagen’s (VW) biggest-ever ...

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Chesapeake's McClendon honored in Oklahoma waterfront ceremony

OKLAHOMA CITY Friends, family and employees of Aubrey McClendon gathered at dawn on Saturday at Oklahoma City’s riverfront to pay their respects to the U.S. energy entrepreneur who died this week in a car crash, a day after being indicted on bid-rigging charges. Several hundred people came together in Oklahoma City’s Boathouse District, a recreation area along the river that ...

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U.S. Commerce Department to place restrictions on China's ZTE

LONDON The U.S. Commerce Department is set to place export restrictions on Chinese telecoms equipment maker ZTE Corp (000063.SZ) for allegedly violating U.S. export controls on Iran, according to documents seen by Reuters. The restrictions will make it difficult for the company to acquire U.S. products by requiring ZTE’s suppliers to apply for an export license before shipping any American-made ...

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