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  • RIO DE JANEIRO, Jan 14- Brazilian police early on Wednesday arrested another former executive at state-run oil company Petroleo Brasileiro SA after prosecutors accused him of continued involvement in corruption and money laundering. Nestor Cervero, former international director of the company known as Petrobras, was detained at Rio de Janeiro's...

  • DOHA, Jan 14- State-owned Qatar Petroleum and Shell have decided not to proceed with their joint Al Karaana petrochemical project in the Gulf state, a joint statement from the two firms said on Wednesday. Qatar Petroleum and Shell agreed on the project in December 2011; they were to build a petrochemical complex in the Ras Laffan Industrial City, with the Qatari...

  • LONDON, Jan 14- Currency investors have begun to protect themselves against the risks to sterling posed by the most uncertain British election for decades, having learnt a tough lesson in the run-up to Scotland's independence referendum. Sterling fell sharply and volatility soared in the days preceding September's vote as investors belatedly woke up to the...

  • Russia's financial crisis may bury Putin's Eurasian dream Wednesday, 14 Jan 2015 | 6:37 AM ET

    From Belarus on the European Union's fringe to Kazakhstan on the border with China, some of those once firmly in Moscow's grip are now questioning whether Russia has what it takes to lead. While some, such as Belarus, have been forced by the economic blowback from Russia to devalue their currencies, others, such as Azerbaijan, are spending millions of dollars to...

  • *FTSEurofirst 300 down 0.6 pct after World Bank move. LONDON, Jan 14- European shares fell on Wednesday, mirroring a slump in copper and oil prices after the World Bank cut its global growth forecast for this year. The World Bank on Tuesday lowered its global growth forecast for both 2015 and 2016 due to disappointing economic prospects in the euro zone, Japan and...

  • LONDON, Jan 14- Copper prices slid to their lowest in 5-1/ 2 years on Wednesday, triggered by a wave of stop-loss selling following a downward revision to global growth by the World Bank and big falls in oil prices. LME copper prices had fallen to their lowest since July 2009 at $5,353.25 a tonne in intraday trade. "The market was very worried about slowing growth...

  • MOSCOW, Jan 14- Russia's finance minister called on Wednesday for a cut in planned spending to weather an economic crisis, warning of a more than $45 billion drop in revenues this year if the average oil price is $50 a barrel. Adding to the gloom, Economy Minister Alexei Ulyukayev said there was a "pretty high" chance Russia's credit rating would be downgraded to junk...

  • LONDON, Jan 14- California's oil industry is being hit harder than any other state by falling prices because of the comparatively poor quality of its crude and its aging fields. The California rig count is the lowest since October 2009, when producers were struggling with low prices in the aftermath of the global financial crisis and deep recession that began a...

  • ZURICH, Jan 14- Swiss mobile telecoms company Sunrise plans to raise around 1.35 billion Swiss francs in a stock market debut, potentially Switzerland's biggest flotation since 2006.. Switzerland's No.2 telecoms operator behind Swisscom said on Wednesday the move-- the latest planned capital raising in a lively start to 2015 for European equity markets--...

  • *Financial markets slide as World Bank cuts forecasts. *Gold gives up some gains as commodities tumble. LONDON, Jan 14- Gold edged down from the previous day's 12- week high on Wednesday as a rout in other commodities pressured the metal and Asian buying slackened, though volatility in the wider markets lent support as investors sought a haven from risk.

  • Burberry hit by falling sales in Hong Kong Wednesday, 14 Jan 2015 | 5:31 AM ET
    Burberry store at London's Heathrow Airport

    British luxury brand Burberry warned on Wednesday that a fall in sales in the key market of Hong Kong could impact its full-year margin.

  • MOSCOW, Jan 14- Russia may adjust its budget rule- the level of government spending linked to oil prices- to reflect falling oil prices, Prime Minister Dmitry Medvedev told a forum on Wednesday. Global oil prices touched their lowest in nearly six years, trading at around $46 per barrel or less than half the level needed to balance the 2015 Russian budget.

  • *AstraZeneca sees $3.5 bln sales, analysts' numbers lower. *AstraZeneca shares up 1.5 percent. LONDON, Jan 14- AstraZeneca's blood-thinning drug Brilinta cut the risk of death or heart attack in patients with a history of previous attacks, according to a major clinical trial that will boost hopes for the closely watched product.

  • BRUSSELS, Jan 14- Euro zone factory output rose slightly more than expected in November despite stagnant production in Germany as Italy, the bloc's third largest economy, proved more resilient at the start of the Christmas shopping season. The fragility of the recovery was evident in the monthly and annual November production data, with Germany, Europe's...

  • LONDON, Jan 14- The euro fell below its 1999 launch rate against the dollar for the first time in over nine years on Wednesday after an adviser to Europe's highest court said an ECB bond-buying programme was legal under certain conditions. The advocate general of the European Court of Justice, Pedro Cruz Villalon, advised judges to approve the European Central...

  • LUXEMBOURG, Jan 14- A European Central Bank bond-buying plan floated in 2012 would not break EU law subject to certain conditions, a top adviser to the European Union's highest court said on Wednesday. Pedro Cruz Villalon, advocate general at the court, said while the ECB was entitled to buy bonds and that the scheme outlined was "necessary" and "proportionate," it...

  • *World Bank lowers global growth forecasts for 2015, 2016. LONDON, Jan 14- Oil prices fell 1 percent on Wednesday after the World Bank cut its economic growth forecast, helping extend a rout that saw prices touch a nearly six-year low the previous session. "The global economy is running on a single engine... the American one," World Bank chief economist Kaushik Basu said.

  • MEDVEDEV SAYS "WE DON'T WANT UKRAINE TO DEFAULT," BUT IT SHOULD PAY ITS DEBT.

  • MOSCOW, Jan 14- The Russian rouble weakened on Wednesday, tracking lower oil prices, but was lifted by a Finance Ministry plan to convert $7.6 billion in forex reserves. The rouble had been down 1.6 percent against the dollar on opening, but trimmed its losses after Finance Minister Anton Siluanov said the ministry planned to convert part of its Reserve Fund into...

  • MEDVEDEV SAYS UKRAINE "VIOLATED" CONDITIONS FOR $3 BLN LOAN, RUSSIA HAS RIGHT TO DEMAND EARLY REPAYMENT.