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A Fed pivot, born of volatility, missteps, and new economic reality

WASHINGTON (Reuters) – The Federal Reserve’s promise in January to be “patient” about further interest rate hikes, putting a three-year-old process of policy tightening on hold, calmed markets after weeks of turmoil that wiped out trillions of dollars of household wealth. But interviews with more than half a dozen policymakers …

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British fraud office abandons Rolls-Royce, GSK investigations

LONDON (Reuters) – The UK’s Serious Fraud Office (SFO) has abandoned two of its largest and longest investigations, into alleged bribery at aero engine maker Rolls-Royce and drugs maker GlaxoSmithKline, in a move described by one lawyer as “extraordinary”. A sign is displayed in an unmarked Serious Fraud Office vehicle …

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AutoNation misses profit, revenue estimates; names new CEO

Vehicles for sale are pictured on the lot at AutoNation Toyota dealership in Cerritos, California December 9, 2015. REUTERS/Mario Anzuoni (Reuters) – AutoNation Inc reported lower-than-expected quarterly profit and revenue on Friday, as the largest U.S. auto retailer sold fewer new vehicles, and the company named a new chief executive …

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Oil prices firm on trade hopes, but record U.S. output drags

SINGAPORE (Reuters) – Oil prices were firm on Friday, supported by OPEC’s ongoing supply cuts and hopes that Washington and Beijing may soon end their trade dispute. FILE PHOTO: A Canadian Natural Resources pump jack pumps oil out of the ground near Dorothy, Alberta, Canada, June 30, 2009. REUTERS/Todd Korol/File …

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Why elections are good news for your retirement

NEW DELHI: The Central Board of Trustees of the Employees’ Provident Fund Organisation (EPFO) has recommended increasing the interest rate on Employees’ Provident Fund for 2018-19 to 8.65% from 8.55% in the preceding year. The move has to be approved by the finance ministry. What’s with elections? The hike comes …

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Kraft Heinz sees 'step backwards' in 2019, gets SEC subpoena

(Reuters) – Kraft Heinz Co reported disappointing quarterly results, including a $15 billion charge related to the value of its marquee Kraft and Oscar Mayer trade marks, and said it had received a subpoena from the U.S. Securities and Exchange Commission about its accounting practices. FILE PHOTO – Bottles of …

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