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CNBC Utilities Page Latest Business News Wires - Business Headlines

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  • China officially approves three new free trade zones Tuesday, 24 Mar 2015 | 7:39 AM ET

    BEIJING, March 24- China's government approved on Tuesday the formation of three new free trade zones in the city of Tianjin, southeastern Fujian province, and southern Guangdong province, the official Xinhua news agency reported. The three new free trade zones along China's eastern coast-- mooted for several months but officially given the green light on...

  • FOREX-Euro gains against dollar on robust PMI surveys Tuesday, 24 Mar 2015 | 7:38 AM ET

    *Aussie slips briefly after weak China flash HSBC PMI. LONDON, March 24- The euro rose for the third day running against the dollar on Tuesday, bolstered by better-than-expected euro zone business surveys that pointed to a broader recovery taking place in the currency bloc. The euro was up 0.4 percent at $1.0984, having risen to $1.10 after the business surveys...

  • HONG KONG/ SHANGHAI, March 24- Agricultural Bank of China Ltd on Tuesday reported a 4 percent dip in fourth-quarter profit and a spike in bad loans as manufacturers and retailers struggled to repay debt while economic growth slowed. "This year, industry net interest margin will be on a downward trend, first quarter profit is also likely to fall," Chief Financial...

  • US STOCKS-Futures tick up ahead of data Tuesday, 24 Mar 2015 | 7:34 AM ET

    *Whiting Petroleum shares tumble after share, note offering. Shortly after the opening bell on Wall Street, Markit's preliminary gauge of factory activity this month is due. *Whiting Petroleum Corp fell 13 percent in premarket trading after North Dakota's largest oil producer announced an offering of 35 million shares and a $1.75 billion mix of notes and...

  • DUBAI, March 24- Saudi Arabia is tightening a crackdown on illegal foreign workers in the kingdom, giving the Ministry of Labour more powers including the right to distribute financial rewards to inspectors who turn up violations. The decision is one of a string of adjustments to economic regulation and the policy-making aparatus since King Salman took the...

  • March 24- Ocwen Financial Corp said it would sell an additional $25 billion of residential mortgage servicing rights to a subsidiary of Nationstar Mortgage Holdings Inc..

  • LONDON, March 24- Copper retreated from a 2-1/ 2 month high on concerns about Chinese demand after weak factory data in the top metals consumer and following a rise in inventories, but a weak dollar supported prices. "The general trend is up and this is supported by the weaker U.S. dollar, however, the weak China data this morning is putting the brakes on the upward...

  • LONDON, March 24- Someone has just rudely awoken the lead market from its months-long slumber. LME lead for three-month delivery spent 2013 and the first half of 2014 shuffling around in a range of $2,000- 2,300 per tonne. Since then it has drifted steadily downwards, culminating in last week's near five-year low of $1,676.50.

  • March 24- Private equity firm Quantum Energy Partners said it would invest up to $1 billion in a new entity to buy and develop oil and gas assets that would be managed by Linn Energy LLC.

  • *Gold hits 2-1/ 2 week high above $1,190/ oz. LONDON, March 24- Gold rose to a 2-1/ 2 week high on Tuesday, heading for its fifth session of gains on a weaker dollar and growing expectations that a U.S. interest rate increase could be pushed to September. "In the short term the dollar's drawback is favourable for a rally in gold; we seem to target $1,200 on the upside, which is a...

  • SINGAPORE, March 24- If Lee Kuan Yew represented the Singapore of yesteryear, his death this week raises the question of whether the generation of leaders in waiting will reshape the mould that transformed the city-state from a colonial backwater to a haven of prosperity. That, along with a decline in the popularity of the long-dominant People's Action Party,...

  • LONDON, March 24- Federal Reserve policymaker James Bullard said on Tuesday that zero percent interest rates were no longing appropriate in the United States, and that a rate hike in the summer would still leave policy extremely accommodative. "Zero is no longer the appropriate interest rate for the U.S. economy," Bullard said during a panel session at London City...

  • LONDON, March 24- Euro zone businesses ramped up activity this month, just as the European Central Bank starts printing money to spur growth and inflation, while a slowdown among Chinese factories has fuelled calls for more stimulus there. The ECB has only been buying for a couple of weeks and QE takes a long time to have any impact- if at all, "said Peter Dixon at...

  • WORCESTER, Mass., March 24- A hefty robot designed for search-and-rescue and a spindly four-legged rival that bounds along on hydraulic limbs will face off next month along with more than a dozen other entrants in the debut Vecna Robot Sprint Challenge outside Boston. "It's a fantastic trend; I'm all for it," said Massachusetts Institute of Technology associate...

  • RIYADH/ DUBAI, March 24- Saudi Arabian real estate shares tumbled on Tuesday after the cabinet approved a proposal to tax undeveloped land in urban areas- a policy that could shake up investment incentives in the kingdom and help to resolve a housing shortage. Some analysts have estimated 40 or even 50 percent of space inside big cities such as Riyadh, Jeddah and...

  • *China factory activity contracts- HSBC/ Markit. LONDON, March 24- Brent crude reversed early losses to trade back towards $57 a barrel on Tuesday, as a weaker dollar overshadowed signs of slowing growth in China and Saudi Arabian oil production close to an all-time high. Brent futures for May delivery were trading up 64 cents at $56.56 by 1020 GMT, while U.S. crude...

  • SHANGHAI, March 24- The cost of short-term loans for Chinese banks has moved sharply down over the past week, as direct guidance from the central bank finally showed signs of gaining traction in money markets, although the cost of longer term debt has risen slightly since early March. Despite two interest rate cuts to the benchmark one-year loan rate since...

  • LONDON, March 24- British inflation vanished last month, hitting zero for the first time on record, official figures showed on Tuesday. The annual rate of consumer price inflation dropped to zero percent, from 0.3 percent in January, the Office for National Statistics said, keeping a rate rise by the Bank of England firmly off the table for now.

  • TAIPEI/ SINGAPORE March 24- Taiwanese President Ma Ying- jeou flew to Singapore on Tuesday to pay his respects after the death of the city-state's first prime minister, Lee Kuan Yew, a diplomatically sensitive visit given China's stance that Taiwan is a renegade province. China, which maintains a close relationship with Singapore, holds that there is only "One...

  • *Q1 pretax 4.7 bln SEK vs consensus 4.4 bln. *Slow start to Q2 as March 1-21 sales rise 9 pct. STOCKHOLM, March 24- Hennes& Mauritz, the world's second-biggest fashion retailer, reported a bigger than expected rise in profits over the last three months but cautioned that the strong dollar would increasingly affect costs this year.