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Wires

  • NEW DELHI, Feb 22- India needs to create a bad bank quickly, the finance ministry's top economic adviser said on Wednesday, supporting forthright views expressed by Viral Acharya, the new deputy governor of the Reserve Bank of India. Chief Economic Adviser Arvind Subramanian, who has proposed setting up a public asset rehabilitation agency to fix the balance...

  • SAN JOSE, Calif. _ Silver Spring Networks Inc. on Tuesday reported a fourth-quarter loss of $14 million, after reporting a profit in the same period a year earlier. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share. Silver Spring Networks shares have climbed 5.5 percent since the beginning of the...

  • ZURICH, Feb 22- Swiss engineering group ABB revealed the discovery of what it called a "sophisticated criminal scheme" in its South Korean subsidiary on Wednesday, which it expects will result in a $100 million pre-tax charge. The Swiss company said the alleged theft was limited to South Korea, where it employs around 800 people and generated sales of $525 million...

  • LONDON, Feb 22- Wall Street's record run helped emerging stocks sail to new 19- month highs on Wednesday with year-to-date gains of over 10 percent, while the rand firmed ahead of a key budget speech by the finance minister. MSCI's emerging equity index firmed half a percent, led by a 1 percent rise in Hong Kong after New York shares hit record highs and European...

  • The company, whose homes can cost more than $2 million, said orders rose about 22 percent to 1,522 homes in the first quarter ended Jan. 31. The Horsham, Pennsylvania- based company's net earnings declined 3.8 percent to $70.42 million, or 42 cents per share, in the first quarter, from a year earlier. Revenue fell to $920.73 million from $928.57 million.

  • *UK economy expands 0.7 pct in Q4, fastest growth in a year. LONDON, Feb 22- Britain's economy accelerated at the end of 2016 but growth for the whole year was weaker than previously thought and there are signs of weakness ahead, data showed, suggesting the Brexit vote will start to take its toll in 2017.. The pound fell after the figures, which no longer showed Britain as...

  • BERLIN, Feb 22- German business morale brightened unexpectedly in February as managers' assessment of their business situation reached its highest level in more than five years, supporting expectations that Europe's biggest economy got a robust start in 2017.. The figures, published by the Ifo institute on Wednesday, were another sign that growth in the euro...

  • *Bucharest stock index is highest since Jan 2008. BUDAPEST, Feb 22- Romania's Banca Transilvania stocks surged to a record high on Wednesday in continued reaction to expectations of growth, boosting the Bucharest stock index in a reflection of general optimism over Central European banks. The sector is emerging from a bad period marked with a jump in bad loans...

  • Feb 22- Toll Brothers Inc reported a 3.8 percent fall in quarterly profit, hurt by lower average selling prices for its luxury homes. The Horsham, Pennsylvania- based company's net earnings declined to $70.42 million, or 42 cents per share, in the first quarter ended Jan. 31, from $73.18 million, or 40 cents per share, a year earlier. Revenue fell to $920.73 million from...

  • HORSHAM, Pa. _ Toll Brothers Inc. on Wednesday reported fiscal first-quarter profit of $70.4 million. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share. Toll Brothers shares have increased 3 percent since the beginning of the year.

  • *Global stocks hit record highs, Europe makes slight gain. LONDON, Feb 22- Global stocks hit record highs on Wednesday, pushing gains for the year above those for all of 2016, while the dollar rose before Federal Reserve minutes that will be scoured for clues on the timing of the next U.S. interest rate rise. Relatively strong earnings seasons in Europe and the United...

  • GREENWOOD VILLAGE, Colo. _ Newmont Mining Corp. on Tuesday reported a loss of $344 million in its fourth quarter. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share. Three analysts surveyed by Zacks expected $1.81 billion.

  • MONTREAL _ 5 N Plus Inc. on Tuesday reported fourth-quarter net income of $158,000, after reporting a loss in the same period a year earlier. The Montreal- based company said it had profit of less than 1 cent on a per-share basis. For the year, the company reported that its loss narrowed to $5.9 million, or 7 cents per share.

  • SCHILLINGSFUERST, Germany, Feb 22- More than a year ago, Mayar and Nawar Ballish escaped car bomb attacks in Damascus. Now the Syrian sisters, both students in their twenties, go to school by train past neat gardens and farms in the quiet hills of Bavaria, southern Germany. Around half a million Syrians have arrived in Germany over the past two years, part of a record...

  • BAD HOMBURG, Germany _ Fresenius Medical Care AG on Wednesday reported fourth-quarter net income of $388 million. The Bad Homburg, Germany- based company said it had net income of 63 cents per share. Three analysts surveyed by Zacks expected $4.75 billion.

  • HONG KONG, Feb 22- Hong Kong handed out billions of dollars in tax cuts and poverty relief on Wednesday to reflate its economy, and projected a brighter outlook this year amid growing concerns over rising trade protectionism and higher interest rates. "The property market was much better in the December quarter and that filtered into the pick-up in private...

  • *OPEC secretary general optimistic on output cuts. LONDON, Feb 22- Global oil prices slipped on Wednesday as the U.S. dollar, in which payments for crude are made, rose but they traded broadly at multi-week highs after OPEC signalled optimism over its deal with other producers to curb output. Nevertheless, an agreement by major oil producers under the OPEC umbrella,...

  • GENEVA— Swiss robotics and engineering company ABB says it has unearthed a "sophisticated criminal scheme" involving alleged embezzlement and misappropriation of funds at its South Korean unit, saying the impact could total $100 million. The Zurich- based company says in a statement that the treasurer of the South Korean subsidiary, who went missing on Feb. 7, "is...

  • LONDON, Feb 22- British defence firm BAE Systems said Charles Woodburn, a former oil industry boss who joined the company last year as heir apparent, would become chief executive on July 1 after Ian King retires. Chairman Roger Carr said King would leave a legacy of disciplined performance, a burgeoning order book and a track record of delivering shareholder...

  • President Donald Trump's policies, providing another sign that Europe's economy is gaining pace. The Munich- based research institute surveys 7,000 businesses in Europe's biggest economy about their view of how things are right now and how the situation will develop in coming months. The recovery has been supported by large-scale monetary stimulus from...