06282016Tue
Last update: Tue, 28 Jun 2016 04pm

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Oil price resumes downturn as Brexit weighs LONDON: Deep uncertainty following Britain's vote to quit the EU pushed the oil price lower on Monday, but bargain-hunting investors offered some support to the market.Oil prices had slumped more than five percent on Friday following the British referendum.They slid again as trading opened in Asia on Monday, but then staged a rebound later as some investors felt the initial negative reaction may have been overdone."Clearly many market participants view current oil prices as an attractive entry level after their five percent decline on Friday," analysts at Commerzbank said."Fundamentally, the oil price is well-supported," they said.But the rebound was short-lived as attention turned to a rising dollar against both the pound and the euro, and expectations that a stronger greenback will weigh on demand from customers with weaker currencies."The strength of the dollar and the weakness in the euro and the pound are putting some pressure," on the oil price, ...

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Brexit hammers US bank shares again NEW YORK: US banking stocks suffered more bruising losses Monday as global markets continued to assess the surprise British move to exit the European Union.Near 1515 GMT, the KBW Nasdaq Bank Index slumped 4.6 percent, adding to even deeper losses Friday.The numbers were ugly for all the biggest US banks, with JPMorgan Chase falling 4.1 percent, Bank of America 5.5 percent, Citigroup 4.0 percent, Goldman Sachs 1.8 percent and Morgan Stanley 4.3 percent.These five banks ...

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Iran oil chief shakes up oil firm in bid to strike pre-election deals DUBAI/LONDON: Oil minister Bijan Zanganeh has handed the running of Iran's national oil company to a trusted ally in a push to agree long-awaited deals with global oil majors, which could be derailed by next year's presidential polls. Iran has pledged to open up its lucrative oil reserves, the world's fourth largest, although hardline rivals of reformist President Hassan Rouhani have opposed the new contracts, saying Iranian natural resource reserves cannot be owned by foreigners. ...

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Egypt begins talks with IMF over $5bn loan, minister says CAIRO: Egypt's central bank has begun negotiations with the International Monetary Fund over a $5 billion loan, a minister from Egypt's economic group of ministers told Reuters on Monday. The negotiations, which started last week, are headed by the central bank, the minister said. He gave no details on what kind of loan Egypt is seeking. "Egypt started negotiations through the central bank last week with the IMF for a loan of $5 billion," the ...

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Brexit vote hits pound and markets, political crisis deepens LONDON: Britain's vote to leave the European Union sent new shockwaves through financial markets on Monday, despite efforts by the country's leaders to end the deep political and economic uncertainty unleashed by the decision. Finance minister George Osborne said the British economy was strong enough to cope with the volatility caused by Thursday's referendum, the biggest blow since World War Two to the European goal of forging greater unity. But the pound later sank to ...