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OPEC agrees modest oil output curbs in first deal since 2008

ALGIERS OPEC agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group's leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices. | Video

Banks & monetary policy

Recent Business News

Fed, BOJ add shine to risk-parity strategy

NEW YORK The Federal Reserve and Bank of Japan's actions last week have given a second wind to an alternative investment strategy that relies on cheap money and low market volatility to produce outsized returns.

1:04am EDT

Novo Nordisk to ax 1,000 jobs in cost-cutting drive

COPENHAGEN The world's largest insulin maker, Novo Nordisk, is cutting 1,000 jobs as a part of a plan to reduce costs as it faces a challenging environment in 2017, especially in the large U.S. market, the company said on Thursday.

3:43am EDT

Seoul court denies arrest warrant for Lotte Group chairman; corruption probe continues

SEOUL A South Korean court rejected a request by prosecutors for a warrant to arrest Lotte Group Chairman Shin Dong-bin in the latest twist in a wide-ranging corruption probe that has convulsed the country's fifth-largest family-run conglomerate.

12:28am EDT

UBS CEO says clients remained risk averse in third-quarter

ZURICH UBS Chief Executive Sergio Ermotti said on Thursday political uncertainty and concerns over global growth meant clients remained cautious about the market in the third quarter.

4:05am EDT

Peugeot targets 150,000 vehicle sales in Iran in second half

PARIS PSA Peugeot Citroen said it plans to sell more than 150,000 Peugeot vehicles in Iran in the second half of this year as the French carmaker seeks to reclaim the leading position it once enjoyed in the country.

4:19am EDT

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