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Maersk Profit Sinks in Tough Market

Danish oil and shipping conglomerate A.P. Moller-Maersk on Friday reported a plunge in profits in the second quarter in the face of tough market conditions, but beat expectations as it continued to cut costs.

Net profit in the period plummeted to $101 million (90.5 million euros) from $1.07 billion as revenue fell 16 percent to $8.86 billion.

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German Inflation Increases Slightly in July

Inflation in the German economy, Europe's largest, picked up slightly in July, final official data confirmed on Friday.

Germany's national inflation yardstick, the consumer price index, grew by 0.4 percent, the federal statistics office Destatis said.

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IMF Says Reached Initial Deal with Egypt for $12 bn Loan

The International Monetary Fund has reached an initial agreement with Egypt for $12 billion in funding over three years, the fund said on Thursday.

The Egyptian government hopes the deal will provide a lifeline amid a dollar shortage, dwindling foreign reserves and an economy battered by years of unrest.

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Gold Demand Jumps amid Global Turmoil

Demand for gold soared in the second quarter as investors sheltered from global turmoil including Brexit, the World Gold Council said Thursday.

Total gold demand stood at 1,050 tonnes in April-June period, an increase of 15 percent compared with the second quarter of 2015.

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Oil Continues Decline on Supply Glut

Oil prices fell for a third day in Asia trade Thursday after figures showing high US crude stockpiles and increased Saudi production.  

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France Reports 'Alarming' Output Drop

French industrial production dropped for a second straight month in June, statistics bureau Insee said Wednesday, alarming analysts who had been looking for a modest increase.

Output fell 0.8 percent in June, after dropping 0.5 percent in May, with oil refining posting the largest single decline after strikes in France's oil industry.

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Eurostar Trains across English Channel Face 7-Day Strike

Workers on Eurostar trains that operate across the English Channel are planning seven days of strikes over two weekends in August — a peak summer tourist time.

The Rail, Maritime and Transport union says its members will stop work for four days starting Friday, Aug. 12. A second stoppage is planned for three days starting Aug. 27, which is the start of a bank holiday long weekend for the British.

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Central Banks Can't Just Dial up Growth

Central bankers can't just "dial up growth" to stimulate economies, outgoing Reserve Bank of Australia governor Glenn Stevens said Wednesday, expressing serious reservations about the world's reliance on monetary policy.

Central banks, particularly in developed nations, enacted unprecedented monetary easing policies after the global economic crisis to kickstart growth -- including pumping huge amounts of liquidity into markets, cutting interest rates to ultra-low levels and buying up assets.

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Oil Down in Asia on Oversupply Woes

Oil prices extended losses in Asia on Wednesday after industry data showed a rise in US crude stockpiles, supporting oversupply concerns.

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China Warns UK Ties at 'Crucial Juncture' over Nuclear Plant

China's ambassador to Britain urged London on Tuesday to approve a Beijing-funded nuclear power plant as soon as possible, warning that relations between the two countries were at a critical point.

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