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China aims to pull more currency trading to domestic markets

Bloomberg China plans to deepen its foreign-exchange markets to encourage both domestic and overseas players to trade and borrow external currencies more onshore, in the latest step towards fostering a global role for its financial system. The China Foreign Exchange Trade System (CFETS), an arm of the central bank, plans to develop swaps involving overseas currencies — such as between ...

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Top Chinese online brokers prepare for IPO showdown in US

Bloomberg Two of China’s top online brokers for trading overseas stocks are preparing to face off in the U.S. market. Tiger Brokers, backed by veteran investor Jim Rogers, is planning a $200 million US initial public offering (IPO) early next year, people with knowledge of the matter said. Futu Securities, a rival backed by tech tycoon Pony Ma’s Tencent Holdings ...

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India turns to eco-friendly firecrackers to battle smog

Bloomberg The smog is so bad in India the government is developing firecrackers that emit less pollution. Scientists at the government-run Council of Scientific and Industrial Research institute have created pyrotechnic prototypes that emit about 30 percent less particulate matter, India’s environment minister Harsh Vardhan said at a briefing in New Delhi. Costs for consumers are estimated to be as ...

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Sony’s PlayStation heads for record year

Bloomberg Sony Corp. upgraded its earnings outlook for a second straight quarter, thanks to a plethora of hit video-game titles that are boosting the PlayStation business. Operating profit for the current fiscal year through March will be 870 billion yen ($7.72 billion), up from the prior forecast of 670 billion yen, the Tokyo-based company said in a statement on Tuesday. ...

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UK targets tech giants with a digital services tax in 2020

Bloomberg Commonly seen as a tech-friendly hub, the UK is now targeting the likes of Alphabet Inc. and Facebook Inc. by introducing a digital services tax, joining the growing chorus against cash-rich tech giants. UK Chancellor of the Exchequer Philip Hammond unveiled the measure in his Autumn Budget in London. Aiming to raise 400 million pounds a year ($512 million) ...

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Novartis cuts 20 pct of drug-research projects

Bloomberg Novartis AG has dropped about a fifth of its research projects as the drugmaker narrows its focus on the most cutting-edge medicines. The pharmaceutical giant has reduced its drug programs to 340 from 430 after completing a review of its portfolio, Jay Bradner, president of the Novartis Institutes for Biomedical Research, said in an interview. Among the resea-rch projects ...

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Homes slipping beyond grasp of buyers in US

Bloomberg This is how housing markets turn. Slowly. Six years of home-price gains outpacing wage growth; bidding wars replaced by sales at the asking price; days or weeks on the market turning into months; rising mortgage rates. First-time shoppers start to get priced out, making it harder for move-up buyers to sell, and the slowdown ripples gradually up the real ...

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