June 12, 2014 / 1:05 PM / 3 years ago

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TOP STORIES

Oil at three-month high on Iraq anxiety, stocks steady

LONDON - Oil prices hit a three-month peak on worries escalating violence in Iraq may disrupt supply while European shares stabilise near 6-1/2-year highs with gains capped by global growth concerns. (MARKETS-GLOBAL/ (WRAPUP 5), moved, by Emelia Sithole-Matarise, 685 words)

+ See also:

- MARKETS-OIL/ (UPDATE 5), moved, by Lin Noueihed, 675 words

Top BNP exec to go amid sanctions-busting investigation

PARIS - BNP Paribas’ 64-year old chief operating officer is to retire on September 30 and will step down from his duties on June 30 at his own request, the French bank says as it wrestles with U.S. authorities over a potential $10 billion fine. (BNPPARIBAS-USA/ (UPDATE 3), moved, by Andrew Callus and Maya Nikolaeva, 745 words)

+ See also:

- SOCIETEGENERALE-SUKUK/ (UPDATE 1), moved, 350 words

UK plans to make currency-rigging a crime, rejects EU rules

LONDON - British finance minister George Osborne will reject European Union plans to outlaw currency market manipulation and instead set out his own proposals to make rigging exchange rates a criminal offence. (FX-INVESTIGATION/OSBORNE (UPDATE 2), moved, by David Milliken, 930 words)

Spain seeks to ease debt repayment crunch with bond swap

LONDON - Spain takes steps to ease hefty bond repayments coming due next year by switching expensive debt issued at the height of the euro zone crisis for a new 10-year bond. (MARKETS-BONDS/SPAIN, moved, by John Geddie and Sarka Halas, 600 words)

INVESTMENT

What if the caution of the ‘super rich’ ebbs?

LONDON - Canny caution or bumbling oversight, the world’s richest people have retained huge stockpiles of zero-yielding cash throughout the recent surge in financial asset prices. Their persistence may have, counter-intuitively, prolonged the buoyancy of those very assets in the process - helping to inflate the outsize wealth of the super-rich further. (INVESTMENT-PLUTONOMY/ (ANALYSIS), moved, by Mike Dolan, 900 words)

Stock trading’s race for speed has run its course

LONDON - The financial industry’s multi-billion-dollar technological race for stock-market supremacy is petering out. After years of boosting profits with super-fast and super-efficient trading algorithms, deemed better and cheaper than human alternatives, banks and brokers are now facing persistent cost pressures, sceptical clients and more regulation that have effectively put a cap on the rewards from more spending on technology. (BANKS-TECHNOLOGY/TRADING, moved, by Lionel Laurent, 850 words)

Japan investors turn to REITs as inflation play

TOKYO - Yield-hungry investors have been betting that Japanese real estate investment trusts will pay off as asset prices rise and interest rates remain stable, with the instruments growing in popularity among both retail and institutional investors. (JAPAN-REITS/, moved, by Lisa Twaronite and Ayai Tomisawa, 700 words)

Foreign investors wait to see who will lead Indonesia

JAKARTA/TAIPEI - Billions of dollars in foreign investment hinge on next month’s Indonesian presidential election, with at least one major company holding back after a former special forces general made a surprisingly strong entry into the fray. (INDONESIA-ELECTION/INVESTMENT, moved, by Eveline Danubrata and Faith Hung, 1,100 words)

SPECIAL REPORT

Foreign interns pay the price for Japan’s labour shortage

HAKUSAN, Japan/HAIMEN, China - Foreign trainees, most of them from China, have become a source of exploited labour in Japan, a country that is both aging and shrinking but closed to immigration. That is especially for the family-run factories in the apparel industry, some of whom have supplied Japan’s leading department stories and international fashion icon, Burberry. (JAPAN-LABOUR/ (SPECIAL REPORT, PICTURE, GRAPHIC), moved, by Alexandra Harney and Antoni Slodkowski, 3,150 words)

ECONOMY

U.S. jobless claims rise marginally, jobs recovery intact

WASHINGTON - The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, but not enough to change views the labour market is strengthening. (USA-ECONOMY (WRAPUP 1), expect by 1400 GMT/10 AM ET, 600 words)

ECB sees no deflation, will act swiftly if needed

FRANKFURT - The European Central Bank reiterates in its monthly bulletin its determination to act swiftly with further policy action if needed, adding that it saw no imminent risk of deflation in the euro zone. (ECB/BULLETIN, moved, 300 words)

OPEC sees oil market balanced for rest of 2014

LONDON - Oil markets should be balanced during the second half of this year with extra production sufficient to meet growing demand, OPEC says, suggesting oil prices may be fairly stable despite worries over lost supply. (OPEC/OIL, moved, 300 words)

UK house prices rise more than expected but growth to ease

LONDON - British house prices rise faster than expected in May but are likely to increase less over the next year as tighter lending conditions and concerns about the sector weigh on demand, a survey shows. (BRITAIN-PROPERTY/RICS, moved, 460 words)

China sees rapidly rising FX reserves creating difficulties

BEIJING - China’s rapid accumulation of foreign-currency reserves creates difficulties for steering economic policy, officials with the nation’s foreign exchange regulator say. (CHINA-ECONOMY/RESERVES (UPDATE 2), moved, by Kevin Yao and Aileen Wang, 645 words)

Swiss seen keeping franc/euro cap until 2016 or later

ZURICH - The Swiss National Bank (SNB) is expected to keep the franc’s cap against the euro until 2016 or later, 11 out of 19 economists in a Reuters poll say. (SNB-RATES/POLL (POLL), moved, by Alice Baghdjian, 600 words)

COMPANIES

Siemens, Mitsubishi hatch Alstom plan

TOKYO - Hitachi Ltd says it hopes to join Mitsubishi Heavy Industries and Siemens in their joint bid for Alstom’s energy assets, which Japan’s Nikkei newspaper says will be worth 1 trillion yen ($9.80 billion). (ALSTOM-SIEMENS/HITACHI (UPDATE 1), moved, 245 words)

Intel loses court challenge against $1.4 bln EU fine

LUXEMBOURG - U.S. chipmaker Intel loses its challenge against a record 1.06 billion euro ($1.44 billion) European Union fine handed down five years ago, as Europe’s second highest court said regulators did not act too harshly. (INTEL-COURT/EU (UPDATE 2), moved, by Foo Yun Chee, 500 words)

UBS falls on $8 billion estimate in FX fine research report

ZURICH/LONDON - UBS shares fell on Thursday following a research report which said the Swiss bank could have to pay $8 billion in fines and settlements relating to alleged collusion and price-manipulation in the global currency market. (BANKS-FX FINES/, moved, by Jamie McGeever and Katharina Bart, 445 words)

Merck, Pfizer, HSBC could be winners from shareholder case

NEW YORK - Within the next two weeks, the U.S. Supreme Court is expected to rule in a major case that could make it much harder for shareholders to band together against public companies in securities fraud class actions. (USA-COURT/HALLIBURTON (ANALYSIS), moved, by Andrew Longstreth, 1,115 words)

S.African union leader to miners: “Tell us which way to go”

JOHANNESBURG - South African AMCU union leader Joseph Mathunjwa takes a wage offer from the world’s top three platinum producers to striking miners but gives no clear recommendation on how to respond. (SAFRICA-STRIKE/, moved, 100 words)

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