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Last update: Sun, 29 May 2016 03am

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C$ weakens with oil as investors await Fed Chair Yellen TORONTO: The Canadian dollar weakened against its broadly firmer US counterpart on Friday as oil fell and investors braced for possible clues on the timing of US interest rate hikes from Federal Reserve Chair Janet Yellen.Oil futures dropped below $49, moving further from a seven-month high hit a day earlier, with analysts predicting range-bound markets for the next few months as supply outages slowly help to clear a glut of crude.The US dollar strengthened against a basket of major currencies. Gains were only briefly trimmed after US first-quarter growth was revised up slightly less than expected to 0.8 percent annualized.Yellen is due to speak at an event hosted by Harvard University at 1:15 p.m. EDT (1715 GMT). Her speech will come after a number of Fed policymakers this week struck hawkish tones on the trajectory of interest rates.At 9:38 a.m. EDT (1338 GMT), the Canadian dollar traded at C$1.3056 to ...

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Sterling slips but closes off a strong week as Brexit fears ebb LONDON: Sterling fell on Friday as traders cashed in on a recent rise in the currency built on the growing belief that Britons will vote to remain in the European Union at next month's referendum, thereby avoiding market volatility that would damage the pound. A series of polls this week has pointed to the "Remain" camp opening up a lead over those favouring Brexit, lifting the pound to a three and a half-month high against ...

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Moody's lowers outlook for South African banks to negative JOHANNESBURG: Ratings agency Moody's on Friday lowered its outlook for the South African banking system to negative from stable, citing deteriorating operating conditions over the next 18 months, sending shares across the sector lower. Africa's most advanced economy is expected to grow less than 1 percent this year, hobbled by low commodity prices, drought and political ructions that have unnerved investors.As of 1338 GMT shares in Barclays Africa were down 2.2 percent, Standard Bank had ...

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EU Commission clears UniCredit, Santander fund management deal MILAN: The European Commission has approved a long-delayed deal between UniCredit and Santander to merge their fund managment businesses, it said on Friday, adding the tie-up did not raise competition concerns. The deal still needs to be cleared by a number of regulatory authorities, including the European Central Bank, the Bank of Spain and the Bank of Italy. UniCredit and Santander announced an agreement in April last year to combine Pioneer with Santander Asset Management, ...

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EU executive targets harmonising marketing, fees in 8 trln euro funds sector LONDON: Action to lift barriers on cross-border sales of investment funds in the European Union should focus on tackling the extra fees and marketing rules that national regulators impose, the European Commission says in a document seen by Reuters. The EU is creating a "capital markets union" to channel more money from savings into the economy, such as by making it easier to tap the bloc's 8 trillion euro ($9 trln) mutual funds sector. While ...