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China stock shakeout creates most divided market in 15 years

  Bloomberg All Chinese stock indexes are not equal. As Beijing intensifies a campaign to clean up markets and reduce leverage, state-owned enterprises that dominate old growth industries, such as banks and commodity producers, have been among the worst hit, while new-economy shares remain in favor among overseas investors. That’s led to a yawning gap between the nation’s two main ...

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Saudi gets boost from Jarir’s strong Q1 results

  DUBAI / Reuters Shares of companies that beat quarterly earnings estimates outperformed on Tuesday with electronics and bookstore retailer Jarir helping lift the mood on the Saudi Arabian exchange. Markets across the region rose modestly in thin trade. Shares of Jarir surged 6 percent to 141.0 riyals in the heaviest volumes in two weeks after it reported a 26.5 ...

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India’s record jet fuel exports set to fall as air travel soars

  SINGAPORE/NEW DELHI / Reuters India’s record jet fuel exports may fall this year as an expanding middle class and cheaper air travel boost local consumption, refinery executives and analysts said, potentially raising ailing profit margins for the fuel. Prime Minister Narendra Modi last month launched the first flight under the Regional Connectivity Scheme that is designed to spur air ...

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GMEP launches online auctions, unveils construction, earthmoving equipment sale

  Dubai / Emirates Business In a bid to offer Mideast customers direct access to commercial equipment on sale by contractors from world over; Grays Mideast Plant (GMEP) announced the launch of its full end-to-end online auctions on www.graysmideastplant.com. The strategic announcement included both the launch of its unparalleled website for online auctions as well its first construction and earthmoving ...

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Commerzbank beats estimates as earnings from trading surge

  Bloomberg Commerzbank AG benefited from a rise in income from trading securities six months after it rolled out a strategy to scale back the business. The Frankfurt-based lender posted net income of 217 million euros ($237 million) in the first quarter, compared with 169 million euros a year earlier. That beat the 74 million-euro average of four estimates compiled ...

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DIB wins Global Islamic Business Award

  Dubai / Emirates Business Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has been awarded the Global Islamic Business Award in the first ever edition in the region. The award was presented by His Highness Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai to Dr Adnan Chilwan, Group Chief Executive Officer, Dubai ...

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Wells Fargo explores sale of insurance brokerage unit

  Bloomberg Wells Fargo & Co. is weighing a sale of its insurance brokerage business, which could fetch about $2 billion, people familiar with the matter said. The San Francisco-based lender has begun reaching out to private equity firms to gauge interest in Wells Fargo Insurance Services USA Inc., said the people, who asked not to be identified because the ...

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UBS chief sees ECB announcing a taper around September

  Bloomberg UBS Group AG Chairman Axel Weber said he expects the European Central Bank to move toward tapering its quantitative easing program around September. The comments by the former Bundesbank president come as ECB President Mario Draghi is under pressure to map out a path toward the end of the central bank’s massive stimulus. As the euro-area economy has ...

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Credit Suisse to slash 35 Asia equities jobs

  Bloomberg Credit Suisse Group AG is cutting as many as 35 positions at its equities business in Asia after the unit’s revenue slumped, a person with knowledge of the matter said. The firm is mainly culling trading, sales, prime brokerage and research positions in the region, according to the person, who asked not to be identified discussing private information. ...

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