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Wires

  • VIENNA, May 24- OPEC and non- OPEC ministers meet for informal consultations in Vienna on Wednesday in a last-ditch bid to agree the duration of oil output cuts as they seek to clear a global stocks overhang that has pulled down the price of crude. The top oil producer in OPEC, Saudi Arabia, favours extending the output curbs by nine months rather than the initially...

  • *New CEO to take the helm from July 1. OSLO, May 24- Oslo- listed rig firm Seadrill named a new chief executive from within its own ranks on Wednesday and said its talks to restructure $14 billion of debt and liabilities had reached an advanced stage. Anton Dibowitz, current chief commercial officer, will take the top job from July 1, succeeding Per Wullf who will remain a...

  • KIEV, May 24- Ukraine needs more time to submit proposals for coal and gas projects to China in order to secure funding worth up to $3.65 billion as Kiev is unlikely to meet a June deadline, Deputy Prime Minister Stepan Kubiv told Reuters. Ukraine needs the money to revamp its energy infrastructure at a time when its economy is emerging from a deep recession and is...

  • May 24- Hong Kong stocks rose for a fourth day on Wednesday to a fresh 22- month high, shrugging off Moody's downgrade of China's soveriegn credit rating. Mainland Chinese stocks fell on the news, but investors in Hong Kong were more sanguine. Brokerage CICC estimated that mainland money flows into Hong Kong stocks would average 200- 400 billion yuan over the next...

  • *OPEC, other producers in Vienna for biannual meeting May 25. *High inventories and rising U.S. output undermining OPEC limits. LONDON, May 24- Oil prices rose on Wednesday, supported by growing confidence that OPEC and other big producers would agree to keep output restricted for the rest of 2017 and into the first quarter of next year.

  • *Germany set to auction 10- year bonds. LONDON, May 24- Euro zone government bond yields nudged higher on Wednesday as the improving consumer sentiment in Germany was viewed as the latest evidence that a brightening economy may encourage the central bank to wind back ultra-easy monetary policy. Analysts said that a sale of 10- year bonds from Germany was also...

  • LONDON, May 24- World stocks inched lower on Wednesday after China's sovereign credit rating was downgraded and as investors eyed a pause in Wall Street's four-day winning streak, the longest in over three months. The dollar and bond yields were steady, with investors growing gradually more confident that the Federal Reserve will raise U.S. interest rates next...

  • LONDON, May 24- Britain's pound recovered a foothold on Wednesday after this week's fall from 8- month highs, with traders eyeing U.S. In a light week for data, a more detailed breakdown of UK GDP numbers for the first quarter is due on Thursday. Sterling was 0.1 pecent higher at $1.2972 and 86.18 pence per euro in morning trade in London.

  • Fed to release minutes of May 2-3 meeting at 2 pm ET later in the session. *Spot gold seen testing support at $1,245 per ounce: technicals. "My expectations are that the pace of interest rate hikes will be kept steady and stable regardless of the short-term fluctuations in the U.S. economic data," said Mark To, head of research at Hong Kong's Wing Fung Financial Group.

  • VIENNA— OPEC oil ministers meeting this week appear damned if they don't extend production cuts— and only slightly less damned if they do. Even after last year's cuts, oil prices have risen less than the Organization of the Petroleum Exporting Countries hoped for. Benchmark crude that flirted with the $30 mark now fetches over $50 barrel, but that is...

  • LONDON, May 24- European shares, stuck just below 21- month highs for more than a week, fought for direction in early deals on Wednesday as weakness in mining and autos sectors were offset by strength in oil producers. Britain's FTSE 100 rose 0.1 percent while Germany's DAX fell 0.3 percent as firms going ex-dividend weighed. Miners were another weak spot in Europe...

  • OSLO, May 24- Oslo- listed rig firm Seadrill announced a new chief executive on Wednesday and said its talks to restructure $14 billion of debt and liabilities had reached an advanced stage. A veteran company insider, current chief commercial officer Anton Dibowitz, will take the helm from July 1, succeeding Per Wullf who will remain a board director, the company...

  • Like-for-like sales in the UK and Ireland also rose 2 percent in the final quarter, driven by a strong electricals performance, Dixons said, although its phone business was impacted by the deferred release of the Samsung S8 smartphone which was pushed back five weeks. Chief Executive Officer Sebastian James said the company had not seen any changes in consumer...

  • BEIJING— Chinese authorities have punished dozens of companies involved in live online broadcasting and shut down numerous hosting platforms for showing content that was pornographic, related to gambling or involved content considered superstitious and harmful to minors. Almost half of China's 730 million internet users use live video streaming sites...

  • BEIJING, May 24- China's state planner said on Wednesday its debt risks are generally controllable as measures to lower corporate leverage have achieved initial results and systemic risks from debt are relatively low.

  • WASHINGTON— President Donald Trump's first full budget calls for deep cuts to popular health insurance programs that are part of the social safety net. It also doesn't address Medicare's long term financial problems, but it targets the much smaller Children's Health Insurance Program, or CHIP. And Trump's Medicaid cuts appear even bigger than those in the...

  • KUALA LUMPUR, May 24- Chinese automaker Zhejiang Geely Holding Group on Wednesday said it would buy a 49.9 percent stake in Malaysia's national carmaker Proton from conglomerate DRB-HICOM, marking another major Chinese auto investment in Southeast Asia. Geely, parent company of Hong Kong- based Geely Automobile Holdings Ltd and Sweden's Volvo Car Group,...

  • SHANGHAI, May 24- China's main stock indexes recouped earlier losses to end roughly flat on Wednesday, as strong gains in small-caps partially offset Moody's downgrading of China's debt ratings. Moody's Investors Service downgraded China's long-term local and foreign currency issuer ratings on Wednesday, citing expectations that the country's...

  • WASHINGTON— President Donald Trump's first budget proposal, snubbed by some Republican allies, is just the latest example of an administration that seems at times clueless or indifferent toward Congress. Two weeks ago, Trump fired FBI Director James Comey with little to no heads-up to GOP leaders, some of whom were left struggling to explain, much less defend,...

  • MOSCOW, May 24- Sberbank, Russia's largest bank, made 166.6 billion roubles of net profit in the first quarter, the bank said on Wednesday, posting the best quarterly result that was slightly better than analysts had forecast. Sberbank has outperformed rivals during Russia's economic crisis, posting solid profits in the past year. Analysts polled by Reuters had...