FAMAGUSTA, Cyprus— Cyprus' largest bank says it has sold off its business in Ukraine and a stake in a Romanian bank to help reduce risk and improve cash flow for the troubled lender. Bank of Cyprus says it has completed the sale of its loss-making operations in Ukraine to Alfa Group for 202.5 million euros— 10 percent less than the original price.» Read More
Dec 11- General Motors Co said it would end vehicle and engine manufacturing in Australia by the end of 2017, dealing a severe blow to the country's auto sector.
MUMBAI, Dec 11- When Franklin Templeton's India unit wanted to launch a mutual fund that would switch allocation among stocks, bonds, gold and money markets, the Indian regulator baulked, deeming it too risky for domestic investors, according to the company.
SINGAPORE, Dec 11- Brent drifted above $109 a barrel on Wednesday as traders focused on the narrowing of its spread to U.S. futures ahead of U.S. inventories data that is forecast to show a drop in crude stockpiles.
WASHINGTON, Dec 10- The modest $85 billion U.S. budget deal reached in Congress on Tuesday gives both Democrats and Republicans something to brag about. But airline travelers, newly hired federal employees and some military retirees would lose out in the agreement to be presented to Congress for approval in the next two weeks.
Dec 11- British bus and rail operator FirstGroup Plc has received a letter from one of its biggest shareholders, urging the company to sell its U.S. businesses in order to pay down debt, the Financial Times reported.
SHANGHAI, Dec 11- Five Chinese banks will sell 19 billion yuan of negotiable certificates of deposits on Thursday, the official Shanghai Clearing House announced on its website, ushering a new phase for the liberalisation of Chinese interest rates.
*Gree surges to 10- month high on Goldman Sachs upgrade. *Mixi untraded with glut of sell orders. Bucking the weakness, internet gaming firm Gree Inc surged 20 percent and was the most traded stock by turnover and was the biggest percentage gainer after Goldman Sachs upgraded its rating to' neutral' from' sell'.
SINGAPORE, Dec 11- London copper was buoyed near one month highs on Wednesday, stretching gains into a fourth session, underpinned by a weaker dollar against the euro and steady buying from top consumer China.
MEXICO CITY, Dec 10- Mexico's Senate on Tuesday debated a landmark energy overhaul bill at the center of President Enrique Pena Nieto's economic reform drive, after the country's two biggest political parties hammered out a draft presented over the weekend.
*Germany agrees to link national funds but only after 10 years. After a financial storm that toppled banks and dragged down states from Ireland to Spain, countries are considering a fresh blueprint outlining what to do when a bank fails, a critical second pillar of a wider reform dubbed banking union.
WASHINGTON, Dec 10- A bipartisan budget deal announced in the U.S. Congress on Tuesday, while modest in its spending cuts, would end nearly three years of partisan stand-offs between Democrats and Republicans that culminated in October with a partial government shutdown.
PARIS, Dec 11- Airbus parent EADS was poised on Wednesday to set out a two-tier strategy stressing growth in civil jetliners coupled with a forecast of flat defence and space activities throughout the decade. EADS gave a taste of the changes in July after the collapse of merger talks with Britain's BAE Systems in late 2012 prompted a strategy review.
SINGAPORE, Dec 11- Gold was trading near its three-week high on Wednesday, boosted by short-covering by funds and technical buying, and as the dollar continued to weaken against the euro.
SINGAPORE, Dec 11- U.S. oil futures traded at their highest in six weeks above $98 a barrel on Wednesday after U.S. data showed a larger-than-expected drop in crude inventories.
TOKYO, Dec 11- Japan's core machinery orders rose 0.6 percent in October, rebounding from a fall in the previous month and boding well for stronger capital expenditure-- a key element in sustaining the current economic recovery.
SYDNEY, Dec 11- Australia's Dexus Property Group and a Canadian pension fund have hiked their joint bid for Commonwealth Property Office Fund to challenge a rival offer, valuing the trust at A $3 billion.
WELLINGTON, Dec 11- New Zealand is to strengthen its food safety systems in the wake of Fonterra's contaminated dairy produce false alarm earlier this year, the government said on Wednesday. Testing later showed there had been no botulism, but several countries including China, Sri Lanka, Malaysia, and Russia put a temporary ban on some New Zealand dairy products.
WASHINGTON, Dec 10- President Barack Obama on Tuesday praised a bipartisan budget deal as a good start and urged the U.S. Congress to quickly pass a budget based on the accord. "I want to call on members of Congress from both parties to take the next step and actually pass a budget based on this agreement so I can sign it into law."
*No immediate reaction to budget deal in Washington. TOKYO, Dec 11- The dollar wobbled near a six-week low against a basket of currencies on Wednesday, hampered by a growing view that the Federal Reserve needs more positive economic data before it decides to start reducing its monetary stimulus.
Regulators decided to exempt certain funds after Wall Street complained that an earlier draft would have applied to an unnecessarily broad swath of the industry, including many commodity pools, foreign registered mutual funds, securitized loans and corporate structures such as joint ventures.