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  • WASHINGTON, Jan 14- A plunge in energy prices helped many Americans spend more freely in November and December, but it also weighed on those with livelihoods tied to the oil industry, the Federal Reserve said on Wednesday. Compiled by the Federal Reserve Bank of San Francisco, the report showed some consumers were getting a boost from lower gasoline prices, which...

  • *World Bank lowers global growth forecasts for 2015, 2016. Late on Tuesday, the World Bank lowered its 2015 and 2016 world economic growth forecasts, reinforcing worries about sluggish demand growth in the oversupplied energy markets. Brent fell 24 cents to $46.38 a barrel by 1:24 p.m. EST, after reaching a high of $47.14.

  • Jan 14- Shipper Navigator Holdings Ltd expects continued demand for petrochemical gases in the fourth quarter to make up for a fall in liquefied petroleum gas shipments caused by the slump in oil prices, a senior executive told Reuters. But the 60 percent drop in global crude prices since June has squeezed opportunities for traders to profit from moving LPG...

  • Senate Commerce Chairman John Thune, a South Dakota Republican, and House Energy and Commerce Chairman Fred Upton, a Michigan Republican, said they have come up with a working proposal and, working with lawmakers from both parties, planned to begin the process of publicly discussing and formally drafting legislation this week. The FCC has been weighing for...

  • *World Bank cuts global growth forecasts. NEW YORK, Jan 14- U.S. stocks fell on Wednesday, on track for a fourth day of losses, as a World Bank forecast sparked concerns about weak economies and December U.S. retail sales missed expectations. Copper touched its lowest since July 2009 and was last down 6.2 percent at $5,497 a tonne after the World Bank cut its growth...

  • DETROIT, Jan 14- General Motors Co Chief Executive Officer Mary Barra said on Wednesday the largest U.S. automaker would increase its profit this year, as she counted on investors to give her a second chance after her first year behind the wheel was marred by a costly recall scandal. While GM gave no specific figures, it said it expects pretax earnings and profit...

  • NEW YORK, Jan 14- Few mutual fund managers pulled out of oil stocks before the price of crude began plummeting in the fall of 2014, according to Morningstar data. "We're not being too cavalier: some leveraged companies are going to die, and we're trying to pick our spots carefully," said Jayme Wiggins, lead portfolio manager of the $542 million Intrepid Small Cap fund.

  • *World Bank cuts growth forecasts, deflation fears grow. NEW YORK, Jan 14- Securities around the world fell on Wednesday after the World Bank cut its economic growth forecasts for 2015 and 2016, with stocks lower across regions and copper suffering its biggest one-day drop in more than three years. Adding to the cautious tone in the United States, JPMorgan Chase& Co...

  • LONDON, Jan 14- Cuts in copper mine output are raising doubts about the extent of a widely expected global surplus that has driven down prices, and the reduced production could support a market rebound. "The market is not going to be as over-supplied as we had originally thought after several announcements on cutbacks," said Vivienne Lloyd, base metals analyst at...

  • WASHINGTON, Jan 14- Lawmakers in the U.S. House of Representatives on Wednesday approved a bill scaling back the 2010 Wall Street financial reforms, an early victory that could embolden Republicans to continue chipping away at the oversight law. In a mostly party-line vote of 271 to 154, lawmakers voted to send the measure to the U.S. Senate.

  • FBI agents on Wednesday raided the offices of Med-Care Diabetic& Medical Supplies Inc, a Florida medical device company whose executive vice president helped inspire the movie "The Wolf of Wall Street," according to two witnesses. Dozens of agents from the FBI, Florida fraud department, and local police closed entrances to the building that houses Med-Care, and...

  • SAN FRANCISCO, Jan 14- Silicon Valley- based genetic testing company 23 andMe is looking for new growth of its direct-to-consumer DNA tests abroad, building on recent expansions into Canada and the UK. Neither Canada or the UK required premarket approval for distributing its tests, the company said. Since the FDA decision, the company has continued to sell...

  • BERLIN, Jan 14- Conflicting views between EU and German courts on whether the European Central Bank's 2012 bond-buying program broke EU law might mean Germany leaving the euro zone, the eurosceptic Alternative for Germany party said on Wednesday. AfD leader Bernd Lucke said that if the ECJ followed the adviser's opinion- which is usually what happens- it would...

  • CHICAGO, Jan 14- Strong online buying, an improved job market and falling gas prices boosted 2014 U.S. holiday sales to their highest rate of growth since 2011, according to data released Wednesday by an industry group. The National Retail Federation, which had forecast retail sales to rise 4.1 percent this holiday season, estimated total sales rose 4 percent to...

  • Threat of debt writedowns hovers over Ukraine Wednesday, 14 Jan 2015 | 12:46 PM ET

    LONDON/ KIEV, Jan 14- The collapse in Ukraine's hard currency reserves to just enough to cover five weeks of imports is threatening big government debt writedowns, rather than mere maturity extensions, being needed to put the country on its feet. A year of revolution and war has crippled Ukraine's economy, pushing the hryvnia currency to record lows.

  • MOSCOW, Jan 14- Russia's central bank replaced its head of monetary policy on Wednesday, the first reshuffle since the bank failed to halt the rouble's sharp decline late last year. A long-time central bank technocrat, Dmitry Tulin, will replace Ksenia Yudayeva who has been the focus for criticism over the defense of the rouble, which fell more than 40 percent last...

  • WASHINGTON, Jan 14- The U.S. Supreme Court on Wednesday ruled that officials in a suburb of Atlanta did not do enough to explain to a unit of telecommunications company T-Mobile USA Inc why the town denied an application to build a new cellphone tower. The town notified T-Mobile South LLC of the decision by sending a letter that did not explain the reason for the...

  • YOUR MONEY-How to play the interest rate game in 2015 Wednesday, 14 Jan 2015 | 12:30 PM ET

    NEW YORK, Jan 14- Most experts expect U.S. interest rates to rise in 2015, but no one knows when and by how much. Rates for consumer loans, which include mortgages and automobiles, are bouncing around 3.75 percent, a quarter percentage point above historic lows reached in May 2013. Greg McBride, chief financial analyst for Bankrate.com, expects a series of rate hikes...

  • The SEC's rules come more than four years after they were first required by the 2010 Dodd-Frank Wall Street reform law. The Dodd-Frank law split up the responsibility for policing the swaps market between the SEC and the Commodity Futures Trading Commission, with the CFTC winning the lion's share. SEC officials said the new rules are similar to the CFTC's.

  • RUSSIAN CENTRAL BANK NAMES DMITRY TULIN NEW HEAD OF MONETARY POLICY, REPLACING KSENIA YUDAYEVA- STATEMENT.