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Britain's FTSE recovers slightly but remains near 3-year lows LONDON: A fall in the shares of major banks and mining stocks kept Britain's top share index near three-year lows on Tuesday, as concerns lingered over the global economy and the health of the financial sector. The blue-chip FTSE 100 index, which fell 2.7 percent on Monday, recovered slightly to rise 0.3 percent but the index remained close to its lowest level in around three years. Shares in Sainsbury rose 1.8 percent after the supermarket group posted higher sales, according to data from Kantar Worldpanel. However, a drop in heavyweight banking stocks such as Barclays and HSBC curbed the FTSE's recovery. Mining stocks also fell sharply, with Anglo American down 4.7 percent after Anglo American's Kumba division posted lower profits. Signs of a global economic slowdown have hit world stock markets since the start of 2016, and raised concerns about the stability of the European banking system. "There are worries ...

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Japan Fin Min warns against yen rise, describes moves as ‘rough’ TOKYO: Japanese Finance Minister Taro Aso said on Tuesday the yen's recent moves were "rough," issuing a verbal warning to markets against pushing up the currency too much and eroding the positive effects of premier Shinzo Abe's stimulus policies. "It's clear that recent moves have been rough. I'll keep a close watch on movements in the foreign exchange market," Aso told reporters after a cabinet meeting, when asked about the yen's gain overnight. The country's ...

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Obama seeks over one-third rise in US cyber security funding WASHINGTON: President Barack Obama's budget proposal for the 2017 fiscal year seeks $19 billion for cyber security across the US government, a surge of $5 billion over this year, according to senior administration officials. The request comes as the Obama administration has struggled to address the growing risk posed by criminals and nation states in the digital world.The initiative, to be released later on Tuesday, is more than a one-third increase from the $14 billion ...

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Turkey sees 70,000 Syrian refugees reaching border, 'won't close gates,' says PM ANKARA: Some 70,000 Syrian refugees could reach the Turkish border if the military campaign there continues at this intensity, Turkish Prime Minister Ahmet Davutolgu said on Tuesday, adding Turkey will not shut its gates to the refugees. Davutoglu made the comments in a speech to his party in parliament. Turkey, which is already sheltering 2.5 million Syrian refugees, has largely kept its gates closed in recent days as a tens of thousands seek refuge from ...

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Sterling steadies after European banking storm LONDON: Sterling inched higher against the euro and the dollar on Tuesday, a day after sinking to a 13-month low against the single currency on concerns about Europe's financial sector, a key British industry. The BRC measure of retail sales offered some support for a currency battered since December by concerns over the coming referendum on European Union membership. Sales picked up unexpectedly with a 2.6 percent rise on the year in January. A bigger ...