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  • ROME, Oct 16- European Union sanctions against Russia are damaging Italian companies, Prime Minister Giuseppe Conte said on Tuesday, adding that his government wanted to deepen its ties with Moscow. His comments come a day after Deputy Prime Minister Matteo Salvini had defined the EU sanctions a "social, cultural and economic absurdity". Conte told parliament...

  • TOKYO, Oct 16- The U.S. government had not spoken to Japan about including provisions in free trade agreements to deter currency manipulation, Japanese Finance Minister Taro Aso said on Tuesday, although the two sides are likely to enter talks sometime next year. Treasury Secretary Steven Mnuchin said on Saturday that Washington wants to include such...

  • LONDON, Oct 16- The pound rose towards $1.32 on Tuesday as investors prepared for a European Union summit where diplomats will try to pave the way for an agreement on Brexit. With only six months before Britain leaves the EU, major obstacles remain to securing an agreement, including how to keep an open border between the British province of Northern Ireland and...

  • LONDON, Oct 16- The pound rose towards $1.32 on Tuesday as investors prepared for a European Union summit where diplomats will try to pave the way for an agreement on Brexit. With only six months before Britain leaves the EU, major obstacles remain to securing an agreement, including how to keep an open border between the British province of Northern Ireland and...

  • LONDON, Oct 16- British engineering company Meggitt raised its estimate for 2018 organic revenue growth to 7 to 8 percent from earlier guidance of 4 to 6 percent, boosted by higher demand for its wheels, brakes and other aerospace parts. Shares in Meggitt climbed 5 percent to 519 pence at 0754 GMT on Tuesday, making the company the top gainer on Britain's mid-cap...

  • DUBAI, Oct 16- Saudi Arabia's stock market fell early on Tuesday amid concern that international outrage over the disappearance of dissident journalist Jamal Khashoggi will hurt foreign investment. Saudi Arabia's biggest bank, National Commercial Bank, plunged 4.7 percent. Secretary of State Mike Pompeo arrived in Riyadh on Tuesday to discuss the affair.

  • The company, which makes trucks, construction equipment and buses, said the largest volume of potentially affected engines had been sold in North America and Europe, its two largest markets, and that costs to fix the problem "could be material." The issue could become an added headache for Volvo, which has been working hard to protect profitability after a surge in...

  • *Shanghai stocks close weaker, blue-chip CSI300 index down. Gains in Shanghai stocks led by Guirenniao Co Ltd and losses by Shanghai Hongda Mining Co Ltd. **China's factory-gate inflation cooled for a third straight month in September amid ebbing domestic demand, pointing to more pressure on the world's second-biggest economy as it remains locked in an...

  • CAIRO, Oct 16- Egypt has agreed a new $3 billion financing deal with the World Bank, its investment ministry said in a statement on Tuesday. Egypt secured a loan of similar size in 2016 from the Fund. The government said it would help secure economic growth.

  • FRANKFURT, Oct 16- Germany's carmakers only have a 50 percent chance of surviving as leading players in the auto industry unless they transform to meet new regulations and adapt their supply chains, Volkswagen Chief Executive Herbert Diess said on Tuesday. "From today's point of view the chances are perhaps 50-50 that the German auto industry will still belong...

  • *Iran exports avg 1.33 mln bpd of crude in first two weeks of Oct. *Trump sends Pompeo to Saudi Arabia over missing Saudi journalist. "Uncertainties will remain until Nov. 4 when it would be clear whether the United States would want to cut Iran oil exports to zero or grant waivers," said Vincent Hwang, commodity analyst at NH Investment& Securities in Seoul.

  • Oct 16- Copper slid 1.5 percent on Tuesday with the market facing its biggest one-day loss in more than a week, as an escalating trade war between the United States and the world's top industrial metals consumer China weighed. INFLATION: China's factory-gate inflation cooled for a third straight month in September amid ebbing domestic demand, pointing to more...

  • LONDON, Oct 16- British housing minister James Brokenshire said on Tuesday his government colleagues needed to rally behind Prime Minister Theresa May's Brexit plan ahead of a meeting of her top ministerial team to discuss her proposals for a deal. "The message is we need to support the prime minister in making further progress this week... and therefore move to...

  • *Retail faces double whammy of tax hike and weak China demand. TOKYO, Oct 16- Japan's Nikkei rebounded on Tuesday supported by short covering in index heavyweights, but retailers fell on worries about domestic personal consumption and slowing demand from China. Now the Nikkei's valuation is very cheap trading around 12 times its projected earnings, "said Takuya...

  • JOHANNESBURG, Oct 16- South Africa's rand inched lower early on Tuesday due to profit-taking as the dollar regained some ground after sliding on poor retail sales data. The rally was sparked by the decision by Moody's to delay its review on South Africa's sovereign debt, already seen as a low risk event by investors, and was helped by the greenback's recent...

  • Oct 16- Amazon.com Inc is likely to buy an at least 7 percent to 8 percent stake in India's Future Retail Ltd through an investment arm, CNBC-TV 18 reported, citing sources. The potential deal will be next in a series of acquisitions by Amazon.com Inc in one of the fastest-growing markets in the face of competition from Walmart Inc's Flipkart.

  • LONDON, Oct 16- British engineering company Meggitt raised its estimate for 2018 organic revenue growth to 7 to 8 percent from earlier guidance of 4 to 6 percent, boosted by higher demand for its wheels, brakes, fuel tanks and other airplane parts. But the company stuck to its forecast for operating margins, saying they would be at the lower end of the range of 17.7...

  • NEW DELHI, Oct 16- India's Mangalore Refinery and Petrochemicals Ltd expects India to get a waiver from U.S. sanctions on Iranian oil exports this month, a company official said on Tuesday. The United States plans to impose new sanctions targeting Iran's oil sector on Nov. 4 to try to stop the country's involvement in conflicts in Syria and Iraq and bring Tehran to...

  • FRANKFURT, Oct 16- Germany's carmakers only have a 50 percent chance of surviving as leading players in the auto industry unless they transform to meet new regulations and adapt their supply chains, Volkswagen Chief Executive Herbert Diess said on Tuesday. The need to produce batteries and electric cars, rather than combustion engines, and the emergence of new...

  • BEIJING, Oct 16- Off-balance-sheet borrowings by Chinese local governments could be as high as 40 trillion yuan and amount to "a debt iceberg with titanic credit risks," S&P Global Ratings said in a report on Tuesday. China has said it would take steps to measure, assess and curb local government debt. As of the end of last year, China's outstanding government debt on...