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  • BEIJING/ SHANGHAI, July 27- China is facing extreme difficulties in its bid reduce overcapacity in the steel industry and will provide more funds to help handle layoffs and debts, the country's state planner said in a statement on its website on Wednesday. China has pledged to cut steel capacity by around 45 million tonnes this year, and by 140 million tonnes by...

  • LONDON, July 27- GlaxoSmithKline plans 275 million pounds of new investments at three drug manufacturing sites in Britain, signaling its confidence in the country despite last month's vote to leave the European Union.

  • *Abe says spending package to exceed Y28 trln- Jiji. TOKYO, July 27- Japanese Prime Minister Shinzo Abe said on Wednesday his government would compile a stimulus package of more than $265 billion to reflate the flagging economy, media reported, though it is unclear how much will be spent to directly boost growth. The premier's 28 trillion yen stimulus package, which...

  • LAUNCESTON, Australia, July 27- There is something of a delicious irony in China's iron ore miners complaining of dumping by foreign producers, but what it really underscores is the multitude of challenges facing the world's biggest steel industry. It's also far from clear that protecting the domestic miners from cheaper imports would actually help China's...

  • SHANGHAI, July 27- China stocks tumbled on Wednesday, led by small cap shares, on fears of tighter regulatory restrictions. China CSI300 stock index futures for August fell 2.6 percent, to 3,154.8, -38.94 points below the current value of the underlying index. "Some speculators used yesterday's political bureau statement on' curbing asset bubbles' as an excuse to...

  • HONG KONG, July 27- Shadow banking activity in China has expanded further and now accounts for nearly a third of the total banking sector assets, raising financial risks in the world's second-largest economy, rating agency Moody's Investor Service said on Wednesday. Shadow banking assets in China increased by 30 percent last year, reaching almost 54 trillion...

  • BERLIN— Daimler's mytaxi and British rival Hailo are merging to form Europe's biggest app-based cab ordering service. Mytaxi operates in Germany, Austria, Italy, Poland, Portugal, Spain and Sweden. Hailo is active in the United Kingdom, Ireland and Spain.

  • *Sri Mulyani Indrawati back in post held under last president. JAKARTA, July 27- Indonesia's president on Wednesday appointed World Bank managing director Sri Mulyani Indrawati as the country's finance minister, among a wider cabinet reshuffle aimed at increasing the effectiveness of his team. The new cabinet, which will be inaugurated later on Wednesday,...

  • TOKYO, July 27- Japanese Prime Minister Shinzo Abe said on Wednesday the government would compile an economic stimulus package sized over 28 trillion yen, Jiji news agency reported. Abe said the stimulus package would be announced next week and include 13 trillion yen of "fiscal measures," Jiji reported. Those measures are likely to include spending by national...

  • *Fuji TV says Japan stimulus package to be Y27 trln. *Dollar/yen in choppy trade on Japan- related headlines. The yen fell after Japan's Fuji TV said Prime Minister Shinzo Abe was planning to announce on Wednesday a stimulus package with a headline figure of around 27 trillion yen.

  • PARIS, July 27- Airbus Group took over 1.4 billion euros in fresh charges for its troubled A400M military airlifter and delayed A350 jetliner, but reaffirmed its targets as it posted lower quarterly earnings on Wednesday. Core operating earnings before one-off items fell 4 percent to 1.183 billion euros in the second quarter as revenues slipped 1 percent to...

  • SHANGHAI, July 27- China stocks fell sharply on Wednesday as investors took profits from recent gains and as speculators ejected from hot "concept stocks" following a regulatory crackdown. China CSI300 stock index futures for August fell 2.0 percent to 3,173.2, -44.97 points below the current value of the underlying index. "Investors believe there will no...

  • SEOUL, South Korea— LG Display Co., a supplier of Apple's iPhone screens, said Wednesday that it will invest 1.99 trillion won to produce flexible displays for smartphones, in a sign that more high-end smartphone makers may adopt flexible screens in the near future. The South Korean company said mass production of flexible displays will start in late 2018, at a...

  • BEIJING, July 27- Profits earned by China's industrial firms grew at their fastest pace in three months in June, indicating government spending is supporting the corporate sector though uneven growth and soft investment pose headwinds. Profits in June rose 5.1 percent to 616.31 billion yuan, the National Bureau of Statistics said on Wednesday, the fastest...

  • JAKARTA, July 27- Indonesia's president on Wednesday appointed World Bank managing director Sri Mulyani Indrawati as the country's new finance minister, among a wider cabinet reshuffle aimed at increasing the effectiveness of his team. Former Indonesian army general Wiranto will replace Luhut Pandjaitan as the chief security minister.

  • TOKYO— Japanese Prime Minister Shinzo Abe announced plans Wednesday for a fresh barrage of economic stimulus to help revive stalling growth. Speaking in the southern city of Fukuoka, Abe put the scale of the extra spending at more than 28 trillion yen, the Kyodo News Service and other local media reported. The proposed package is due to be approved by the Cabinet...

  • JAKARTA, Indonesia— Indonesian President Joko "Jokowi" Widodo announced a new Cabinet line-up on Wednesday that returns a reformist to the Finance Ministry and puts a former head of the military with a checkered career in charge of security. Jokowi said that Sri Mulyani Indrawati, who was finance minister from 2005-2010, is returning to the role from her...

  • *Copper prices seen at $4,890 average in 4 Q- NAB. MELBOURNE, July 27- London copper edged down on Wednesday but held above one-week lows hit in the previous session ahead of the outcome of the U.S. "My medium to longer term view on copper prices is fairly bearish but the recent increase in prices seems to be a general reflection of risk on, as people become more...

  • BEIJING, July 27- Property sales in Beijing rose 64.8 percent in 2015, boosted by more favourable housing policies, according to a real estate white paper released by the city's government. The number of newly-built commercial homes and existing stock sold in Beijing increased 26 percent and 90.7 percent respectively year-on-year in 2015, according to the...

  • HONG KONG, July 27- China's yuan firmed against the dollar on Wednesday after the central bank set a stronger midpoint for the second day, and market players bet on more gains ahead of a G20 leaders' summit in early September. The People's Bank of China set the midpoint rate at 6.6671 per dollar prior to the market open on Wednesday, firmer than the previous fix of...