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  • *Oil market reforms will squeeze China's state oil giants. SINGAPORE, Sept 2- China may launch a global crude oil futures contract as early as October to compete with the existing London Brent and the U.S. The long-awaited crude contract would better reflect China's growing importance in setting crude prices, as well as boost the use of the yuan in which it will be...

  • BEIJING, Sept 2- PetroChina will obey a ruling from the country's environmental watchdog ordering the state energy giant to halt construction of part of a new large refinery in southwestern China, a company official said on Wednesday. PetroChina, the country's top oil and gas producer and second-largest refiner, has been fined for violating environmental...

  • SHANGHAI, Sept 2- China stocks clawed back sharp early losses on Wednesday amid speculation that the government is putting fresh pressure on brokerages to support the market. Nine Chinese brokerages have pledged additional funds worth over 30 billion yuan to buy shares, the China Securities Journal said on Wednesday. A number of Chinese brokerages, including...

  • SHANGHAI, Sept 2- China's yuan weakened slightly on Wednesday as dollar demand ahead of public holidays the following two days offset a stronger official midpoint and state-bank dollar sales on behalf of the central bank, traders said. "Many people bought dollars today as banks need foreign exchange to prepare for possible demand from their customers during...

  • *Tree cover losses rise in Brazil and Indonesia- study. Brazil and Indonesia, which contain some of the world's biggest tropical forests, both saw a small rise in tree cover loss last year, while losses accelerated in some previously overlooked regions, according to data compiled by the U.S.-based World Resources Institute think-tank. "This analysis identifies...

  • ANCHORAGE, Alaska— The president of Shell Oil Co. said Tuesday exploratory drilling off Alaska's northwest coast is going well despite stormy weather last week that caused the company to halt operations for a few days. And in an interview with The Associated Press Marvin Odum said he expects further protests against the company's plans for Arctic drilling...

  • MELBOURNE, Sept 2- London copper steadied on Wednesday in the face of sour sentiment towards base metals after world factory activity slowed in August and the International Monetary Fund cut its outlook for global growth. Copper hit its weakest in six years at $4,855 a tonne at the beginning of last week. China's giant manufacturing industry contracted and...

  • JAKARTA, Sept 2- Recent volatility in global financial markets shows how rapidly risks can spill over from one economy to the next, the managing director of the International Monetary Fund said in Jakarta on Wednesday. "What has been demonstrated in the last few weeks is how much Asia is at the core of the global economy, and how much disruption in one market in Asia...

  • *Gadkari tackles $57 billion infrastructure backlog. NAGPUR, India, Sept 2- The man Prime Minister Narendra Modi has tasked with launching a China-style infrastructure boom calls himself a "bulldozer" and promises to add two percentage points to India's economic growth in two years. Modi chose the 58- year-old former president of his Hindu nationalist...

  • TOKYO, Sept 2- The dollar bounced to cut steep losses versus the yen on Wednesday as Tokyo shares rebounded after sharp losses, dulling demand for the safe-haven Japanese currency for the time being. The dollar was up 0.7 percent at 120.175 yen, hoisted up from a low of 119.225 as Tokyo's Nikkei gained 0.8 percent following the previous day's 3.8 percent tumble.

  • SINGAPORE, Sept 2- Oil prices fell around 2 percent in early Asian trade on Wednesday, as a stronger than expected build in U.S. crude oil stocks and weaker U.S. manufacturing data fuelled a rout in prices that started in the previous session. This rollercoaster volatility could continue especially if there are similar wild swings in the equity markets, said Ric...

  • SYDNEY, Sept 2- Australia experienced the slowest economic growth in two years over the second quarter due in part to a sharp fall in export volumes, official data showed on Wednesday, knocking the Australian dollar to its lowest in over six years. The Australian Bureau of Statistics said gross domestic product expanded by 0.2 percent in the second quarter, down...

  • *Gold's drop comes after four-day advance. MANILA, Sept 2- Gold edged lower on Wednesday with appetite for the metal soured by a firmer dollar despite weaker Asian equities, and failure to breach a key resistance and a looming U.S. rate hike suggest more downside risk. Gold has failed to convincingly breach the $1,145 resistance even in the face of a 3 percent slide...

  • *Weak U.S, China, euro zone PMI numbers hit jittery markets. HONG KONG, Sept 2- Asian shares fell for a third straight day on Wednesday as weak manufacturing reports from China, the United States and Europe fueled worries about slowing global growth, while the safe-haven Japanese yen firmed as investors unwound carry trades. While signs of an emerging market...

  • JAKARTA, Sept 2- Recent volatility in global financial markets shows how rapidly risks can spill over from one economy to the next, the managing director of the International Monetary Fund said in Jakarta on Wednesday. "What has been demonstrated in the last few weeks is how much Asia is at the core of the global economy, and how much disruption in one market in Asia...

  • YOKOHAMA, Japan, Sept 2- The yuan's recent depreciation moves it closer towards its real market value, the head of the Asian Development Bank said, dismissing fears that China may export deflation to its Asian neighbors by flooding goods made cheaper by a weak currency. ADB President Takehiko Nakao also said that while China's economy may no longer expand at a 10-...

  • SINGAPORE, Sept 2- U.S. soybeans gained ground on Wednesday after losing 1.5 percent in the last session, but concerns about slowing economic growth in China, the world's largest soy importer, capped gains. The Chicago Board of Trade most-active soybeans contract had risen 0.4 percent to $8.77-1/ 2 a bushel by 0245 GMT, while corn gained 0.3 percent to $3.70-1/ 4 a...

  • NEW YORK, Sept 1- U.S. index provider MSCI said recent violent market gyrations in China, and a barrage of interventions by the authorities to stop the rout, will not be a factor in deciding whether to include China- listed shares in its emerging markets index. In June, just before the sell-off began, MSCI announced it would hold off adding China- listed' A shares' to its...

  • MELBOURNE, Sept 2- Ok Tedi Mining Ltd's Papua New Guinea copper mine is likely to stay shuttered until the first quarter of 2016 as an intensifying El Nino worsens a drought that has cut off river transport links to the project, an executive said. The current El Nino weather phenomenon is expected to strengthen before the end of the year, potentially making it one of...

  • SAN JUAN, Sept 1- Puerto Rico's public utility PREPA and a key bondholder group have reached the framework of a debt restructuring deal that would include a repayment reduction, or a so-called haircut, of up to 15 percent for bondholders, three people close to the talks said. PREPA, buckling under $9 billion in total debt, has been trying to negotiate a restructuring...