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CNBC Utilities Page Latest Business News Wires - Business Headlines

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  • SHANGHAI, March 12- China stocks rose on Thursday, fueled by a surge in banking shares as investors expect lenders and the economy to benefit from Beijing's plans to let local governments swap out expensive debt, easing their massive debt burdens. The market also rose on hopes that China will step up monetary easing to aid the slowing economy.

  • SINGAPORE, March 12- Brent crude climbed towards $58 a barrel on Thursday for the second straight session as speculators covered their positions ahead of the April contract's expiry, while a strengthening dollar and a build in U.S. crude stocks capped prices. Geopolitical tensions in the Middle East and North Africa were also supporting crude futures.

  • Moscow- based cybersecurity firm Kaspersky Lab has become a leading authority on American computer espionage campaigns, but sources within the company say it has hesitated at least twice before exposing hacking activities attributed to mother Russia. Meanwhile, U.S. cybersecurity firms CrowdStrike Inc and FireEye Inc have won fame by uncovering...

  • March 12- The California Public Employees' Retirement System expects to pay 8 percent less to investment firms next year, Bloomberg reported on Wednesday. Calpers, the largest pension fund in the United States, expects to pay fees of $930.7 million to investment firms in the fiscal year beginning July 1, down from over $1 billion this year, Bloomberg said.

  • *Gold prices hold near 3- month lows. SINGAPORE, March 12- Gold languished near a three-month low on Thursday as the metal tumbled for a ninth straight session, hammered by a strong dollar and increasing expectations of a near-term interest rate rise in the United States. Spot gold slipped 0.2 percent to $1,151.85 an ounce since Dec. 1.

  • SHANGHAI, March 12- China's yuan was little changed against the dollar on Thursday for a second day as large state-owned banks sold dollars, a move traders said may signal that Beijing wants to keep the currency stable for now as fears grow of a global currency war. The People's Bank of China set the midpoint rate at 6.1617 per dollar prior to market open as the...

  • March 11- A federal appeals court upheld a district judge's decision to drop manslaughter charges against two former BP Plc well site managers over their roles in the 2010 Gulf of Mexico oil drilling disaster that killed 11 people. Robert Kaluza and Donald Vidrine were the two highest-ranking supervisors on board the Deepwater Horizon rig when disaster...

  • By Shinichi Saoshiro and Ian Chua. TOKYO/ SYDNEY, March 12- The euro slumped to a new 12- year low on Thursday, reeling from an unrelenting onslaught after the European Central Bank started its quantitative easing campaign, highlighting the monetary policy divergence between the euro zone and the U.S. The euro fell as far as $1.0505, the lowest since March 2003.

  • Doral Financial files for Chapter 11 bankruptcy Wednesday, 11 Mar 2015 | 11:46 PM ET

    March 11- Doral Financial Corp filed for voluntary Chapter 11 bankruptcy protection on Wednesday, saying it intends to wind down its businesses, liquidate its assets, and seek approval for a liquidation plan. Doral Financial Corp, which has retail banking operations in Puerto Rico and the United States, listed assets of $50 million to $100 million and...

  • *China bank shares surge after rumours of bond buys by govt. SHANGHAI, March 12- China stocks rose on Thursday, led by a surge in banking shares on expectations that lenders and the economy will benefit from Beijing's plans to allow local governments to swap out expensive debt, easing their massive debt burdens. Some market watchers compare the move to U.S-style...

  • Nikkei rises on futures-related buying Wednesday, 11 Mar 2015 | 10:35 PM ET

    TOKYO, March 12- Japan's Nikkei share average rose on Thursday as investors chased the market higher before the futures settlement. Index-heavy stocks led the gains, with Fanuc Corp rising 2.6 percent and SoftBank Corp gaining 1.5 percent. "Foreign derivatives investors are seen chasing the market higher," said Norihiro Fujito, senior investment strategist at...

  • UPDATE 2-Indian firms could get boost from Google, Alibaba Wednesday, 11 Mar 2015 | 10:32 PM ET

    MUMBAI, March 11- Two Indian firms could get a boost from tech majors in what might turn out to be the first direct investment in the country by Google Inc and Alibaba. Chinese e-commerce giant Alibaba is in talks with Indian online marketplace Snapdeal over a potential cash investment, a person familiar with the negotiations said. Alibaba is "looking, but there's...

  • GLOBAL MARKETS-Asian shares rise as South Korea cuts rates Wednesday, 11 Mar 2015 | 10:29 PM ET

    TOKYO, March 12- A surprise interest rate cut by South Korea's central bank on Thursday helped lift an index of Asian stocks away from the previous session's seven-week lows, while the prospect of higher U.S. interest rates buoyed the dollar. "We think the two key drivers behind today's decision are a weaker economic outlook and deflation pressures," said Ronald...

  • March 11- United Technologies Corp will explore spinning off its Sikorsky helicopter unit, in the first major move by the company's new chief executive officer to overhaul the U.S. conglomerate's portfolio of businesses. Sikorsky's fit with United Tech, which had $65 billion in overall sales last year, has been long debated on Wall Street.

  • March 11- Exxon Mobil Corp said its fire brigade had quickly extinguished a blaze Wednesday evening at its 155,000- barrel-a-day Torrance, California refinery, the site of a Feb. 18 fire. The company said there were no injuries in the second blaze. The local fire department also arrived at the plant to offer assistance, Exxon said in a statement.

  • TOKYO, March 12- Confidence at big Japanese manufacturers worsened in January-March and is seen turning negative in the second quarter as a slumping yen ramped up the costs of raw material imports, a survey showed, complicating Tokyo's stimulus-driven campaign to revive the economy. The quarterly poll by the Ministry of Finance and the Cabinet Office...

  • PANAMA CITY, March 11- Panama's banking regulator said on Wednesday it had seized the local unit of Banca Privada D' Andorra, as the lender's Andorra- based headquarters is being investigated by the United States government for possible money laundering. On Tuesday, the U. S Department of the Treasury named BPA as an institution of primary money laundering...

  • Exxon says fire at Torrance, Calif., refinery contained Wednesday, 11 Mar 2015 | 9:43 PM ET

    March 11- Exxon Mobil Corp said its fire brigade had contained a blaze Thursday evening at its 155,000- barrel-a-day Torrance, California refinery, the site of a Feb. 18 fire. The company said there were no injuries in the second blast and that it was quickly extinguished by the refinery's fire brigade. The local fire department also arrived at the scene to offer...

  • MELBOURNE, March 12- London copper was hovering close to two-week lows on Wednesday, as expectations of an impending U.S. rate rise that boosted the dollar were balanced by supply concerns against the backdrop of a slow pick up in Chinese demand. *Three-month copper on the London Metal Exchange was little changed at $5,727 a tonne by 0115 GMT, after small losses in...

  • SEOUL, March 12- South Korea's central bank cut interest rates for the first time in five months on Thursday in a surprise move, joining the ranks of other economies which have recently taken advantage of lower inflation to ease monetary policy to spur sluggish growth. The Bank of Korea's monetary policy committee cut its base rate by 25 basis points to a record...