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  Bloomberg JSW Steel Ltd.’s first-quarter profit surged to the highest on record, beating analysts’ estimates, after increased capacity at India’s second-largest producer of the alloy boosted volumes to an all-time high and costs fell. The shares advanced to the highest yet in Mumbai. Group net income was 11.1 billion rupees ($165 million) in the quarter ended June 30 from ...

  Bloomberg China’s banking regulator is proposing tighter rules for the nation’s $3.5 trillion market for wealth-management products, a person with knowledge of the matter said, as the government moves to rein in shadow-financing risks. The China Banking Regulatory Commission has drafted regulations designed to protect mass-market investors, limit the involvement of smaller banks and ensure that lenders have adequate ...

  London / AFP Britain will enter EU exit talks in a strong position, finance minister Philip Hammond declared Wednesday, after data revealed economic growth unexpectedly accelerated in the run-up to the Brexit referendum. Gross domestic product (GDP) grew 0.6 percent in the second quarter, the Office for National Statistics (ONS) said in a first estimate for April-June, which included ...

  Bloomberg U.S. index futures climbed as Apple Inc. led technology shares higher and investors awaited the Federal Reserve’s update for clues on the timing of interest-rates increases. Apple rose 5.8 percent in early New York trading after posting a smaller-than-expected revenue decline as its cheaper iPhone model gained more traction. Suppliers Qorvo Inc. and Skyworks Solutions Inc. gained in ...

  Brussels / AFP The European Commission on Wednesday backed away from slapping fines on Spain and Portugal for running high deficits, in what would have been a landmark move by the EU to impose tough budget rules. Under bloc regulations, the EU executive could have imposed fines of up to 0.2 percent of national gross domestic product (GDP) against ...

  Frankfurt / AFP European banks are lending more to consumers and businesses but not enough to boost economic growth, analysts said on Wednesday based on new figures from the European Central Bank. Loans from eurozone banks to households and companies grew 1.1 percent in June, the same pace as in April and May, the European Central Bank said on ...

  Bloomberg GlaxoSmithKline Plc, the U.K.’s biggest drugmaker, reported second-quarter earnings that beat analysts’ estimates and raised its forecast for the year as sales of new products doubled. Profit excluding certain costs surged 42 percent to 24.5 pence from a year earlier, the London-based company said in a statement on Wednesday. That topped the 21-pence average of analyst estimates compiled ...

  Nicosia / AFP ExxonMobil, ENI and Total are among eight energy giants bidding to drill for undersea oil and gas off the southern coast of Cyprus, officials said Wednesday. Companies from Europe, the US, Qatar and Israel are bidding for three new drilling licenses, Cypriot Energy Minister George Lakkotrypis told reporters. “The government is especially satisfied with the quality ...

  Frankfurt / AFP Germany’s chemicals giants showed sharply differing results on Wednesday, with Bayer enjoying strong growth on pharmaceuticals while oil blackened BASF’s outlook. Chemicals and pharmaceuticals powerhouse Bayer upped its growth forecasts for the year after a strong second quarter saw profits surge by 19 percent. While revenues fell 1.4 percent to 11.8 billion euros ($13 billion), profits ...

  Dubai / Emirates Business The finalists for the 2016 Gulf Capital SME Awards organised by MEED have been announced. As many as 47 companies will now go on to compete to win in 13 categories. In its fifth year, the Gulf Capital SME Awards recognises success, growth and innovation in business. Judges were searching for customer focus, outstanding leaders ...