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  • *Unipec's oil stored on huge tanker close to Singapore. NEW DELHI/ SINGAPORE, May 22- Chinese trader Unipec has sold 2 million barrels of crude held for months on one of the world's largest tankers, industry sources said, as rising oil prices prompt commodity firms to offload cargoes from floating storage. The crude will be delivered from the TI Europe, an Ultra Large...

  • SINGAPORE/ NEW DELHI, May 22- China-backed Asia Infrastructure Investment Bank on Friday set an ambitious target to become operational by the end of the year after a three-day meeting of prospective founding member nations in Singapore. Delegates told Reuters that China would likely take a 25-30 percent stake in the bank, and India was likely to be the...

  • Richemont shares fell 3.4 percent after reporting an 8 percent fall in April sales at constant exchange rates as well as a lower net profit and said trading continued to remain difficult in its big markets of Hong Kong and Macau. European Central Bank President Mario Draghi and Bank of England Governor Mark Carney, along with other central bankers, will be...

  • SHANGHAI, May 22- China stocks jumped to fresh seven-year highs on Friday, with a four-day winning streak bringing the weekly gain to the biggest since December as investors raised bets that a month-long consolidation period is ending. The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 2.3 percent, to 4,951.33, while the Shanghai...

  • TOKYO, May 22- The Bank of Japan maintained its massive stimulus programme and offered a slightly more upbeat view of the world's third-largest economy on Friday, citing a modest rebound in consumption and exports. That added to some signs of hope from Wednesday's data that showed Japan's economy expanded at the fastest pace in a year in January-March due to...

  • House lawmaker issues subpoena to Fed over leak Friday, 22 May 2015 | 3:08 AM ET
    Representative Jeb Hensarling, a Republican from Texas and chairman of the House Financial Services Committee

    The chairman of a U.S. congressional committee subpoenaed Fed documents and communications related to a 2012 leak of information.

  • BERLIN, May 22- Domestic demand was the main driver of German growth in the first quarter but foreign trade, which has propelled Europe's largest economy for much of the past decade, was a drag, data showed on Friday. That was weaker than in neighboring France, where the economy expanded by 0.6 percent on the quarter, and also disappointed compared with the euro zone...

  • SINGAPORE, May 22- The China-backed Asia Infrastructure Investment Bank said on Friday it expected to be operational by the end of this year, after a three-day meeting of prospective member nations in Singapore. AIIB said the meeting finalised the Articles of Agreement, which are expected to be ready for signing by the end of June. China will likely take a 25-30...

  • NEW DELHI, May 22- India should have a tax on company profits that is more consistently applied than it is now and should bring down its effective rate to global levels, Finance Minister Arun Jaitley said on Friday. "We must... remove discretion, phase out exemptions and bring the effective rate down to global levels," Jaitley told a news conference called to mark the...

  • TOKYO, May 22- Japan's Nikkei share average edged up on Friday in thin trade, extending its gains into a sixth day as optimism for the recovering economy supported the mood after the Bank of Japan's two-day policy meeting. The market capitalisation of the Tokyo Stock Exchange's main board hit a record high at the close. It rose to 591.30 trillion yen, surpassing the...

  • BERLIN, May 22- Domestic demand was the main driver of German growth in the first quarter but foreign trade, which has traditionally propelled Europe's largest economy, was a drag, data from Germany's statistics office showed on Friday. Seasonally-adjusted data confirmed an earlier flash estimate showing that German gross domestic product rose by 0.3...

  • It's also the prize being sought by Charles Li, the chief executive of Hong Kong Exchanges and Clearing, which bought the venerable London Metal Exchange. This is particularly attractive for global investors not big enough to justify the costs and risks involved in establishing a legal entity in China in order to be allowed to trade there.

  • May 21- Uber Technologies Inc is seeking a $1 billion credit line from banks, the Wall Street Journal reported, citing people familiar with the matter. The cab-hailing company is in talks with a number of large banks for the loan, asking them how much they would commit and at what terms, the Journal reported, citing the people. San Francisco- based Uber, which has grown...

  • *Coming up: Baker Hughes weekly U.S. rig data. SINGAPORE, May 22- Oil prices edged down on Friday after rising more than 2 percent in the previous session, buoyed by lower U.S. crude inventories and geopolitical tension in the Middle East. West Texas Intermediate for July delivery was at $60.61 a barrel by 0452 GMT, down 11 cents on the day but poised to post gains for the...

  • NEW YORK, May 22- As the United States raced over the past five years toward becoming a global petroleum powerhouse, the world's biggest oil exporter Saudi Arabia quietly seized a market milestone from America: the largest source of peak summer demand. From June through August, when temperatures in Riyadh routinely rise above 100 degrees Fahrenheit, Saudi...

  • CHICAGO and NEW YORK, May 22- As a virulent avian influenza outbreak continues to spread across the Midwestern United States, some egg-dependent companies are contemplating drastic steps: importing eggs from overseas or looking to egg alternatives. "Canada is short on eggs and has been buying heavily from the U.S. for the last several years," said Rick Brown, a...

  • NEW YORK, May 22- If you can't beat them, buy them. That's the theory underlying a move by a growing number of mutual fund managers at companies including T. Rowe Price and Eaton Vance to slip shares of indexed exchange traded funds into their actively managed fund portfolios. Putting money into ETFs rather than having it sit in cash is a "cheap and efficient way to gain...

  • WASHINGTON, May 22- There were no fancy economic models or forecasts when former Florida Governor Jeb Bush first tossed out the idea that 4 percent annual growth should be the overarching goal for the U.S. economy. But what started as a casual suggestion during a 2010 conference call with advisers to the George W. Bush Institute, a public policy center in Dallas, has...

  • *UBS sees money flow to Hong Kong in 2-3 quarters. SHANGHAI, May 22- China stocks jumped to fresh seven-year highs on Friday morning, and looked set for their biggest weekly gain in two months, as investors raised bets that a month-long consolidation period is ending. The Hong Kong market paced gains.

  • May 22- China will likely take a 25-30 percent stake in the Asian Infrastructure Investment Bank and India is likely to be the second-largest shareholder, delegates attending a meeting of the bank's founding members said on Friday. China's share in the $100 billion lender will be less than 30 percent, an Asian delegate attending the meeting in Singapore told...