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India under Pressure to Deliver on 'Modinomics' in Budget

Prime Minister Narendra Modi's government unveils its first full budget Saturday under intense pressure to bring about promised reforms to grow India's economy after winning the biggest mandate in 30 years at last year's elections.

Modi has promised to slash red tape, reform tax and overhaul land acquisition laws to try to attract foreign investment and create jobs for millions of young people. 

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HSBC: China Manufacturing Expands in February

Chinese factory activity expanded in February, snapping two consecutive months of contraction, a closely watched private survey showed Wednesday in a bright spot amid a broad slowdown in the world's second-largest economy.

British banking giant HSBC said its preliminary purchasing managers' index (PMI) reading for this month came in at a four-month high of 50.1, up from 49.7 in January.

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Russia's Ruble Slides on 'Junk' Rating Downgrade

Russia's ruble and stock market showed renewed weakness Tuesday in response to another slide in the price of oil and a downgrade to "junk" status of its sovereign debt by Moody's.

The global rating agency announced after trading in Moscow finished on Friday that it expected Russia to experience a "deep recession" this year and continued economic contraction in 2016.

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Report: Banks Probed over Precious Metals Price Rigging

The United States is probing major banks over possible manipulation of precious metals markets, the Wall Street Journal said Monday. 

The investigation centers on prices for gold, silver, platinum and palladium.

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Germany's Finances Back in Black as Growth Picks Up

Germany's public finances were back in the black in 2014, as growth in Europe's biggest economy shifted up a gear at the end of the year, official data showed Tuesday.

The combined budgets of the German government, regional states, municipal authorities and welfare system showed an overall surplus of 18 billion euros ($20.4 billion) last year, the federal statistics office Destatis calculated in a statement. 

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Greek Government Unveils Reforms Proposed to EU

Greece on Tuesday publicly unveiled a four-chapter reform list sent to the EU as part of a hard-fought deal to keep its vital loan lifeline alive, the finance ministry said.

The reforms pledge to "strengthen fiscal sustainability, guarantee financial stability and promote economic recovery," Finance Minister Yanis Varoufakis said in a letter to the country's European creditors.

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Oil Up in Asia but U.S. Crude Stays below $50 in Oversupplied Market

Oil prices rebounded in Asia Tuesday after falling sharply the day before but remained under pressure due to an oversupplied market, with U.S. crude staying below $50 a barrel.

U.S. benchmark West Texas Intermediate (WTI) for April delivery was up 11 cents to $49.56 while Brent crude for April gained 29 cents to $59.19 in late-morning trade.

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HSBC Bank Boss Defends Ad Bans as 'Just Common Sense'

HSBC's boss on Monday responded to reports that the global banking giant had suspended its advertising in two British newspapers because of negative editorial coverage, saying it was "just common sense".

"We advertise in order to sell more banking products. It makes no sense to put an advert alongside hostile editorial coverage," Stuart Gulliver, chief executive of the London-based bank, told reporters.

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Report: HSBC Chief Kept Millions in Swiss Account

HSBC chief executive Stuart Gulliver, who vowed to reform the scandal-hit bank, kept millions of dollars in a Swiss account, the Guardian newspaper reported on Sunday.

It is the latest in a stream of so-called "Swissleaks" allegations that have hit the reputation of the British banking giant and caused a political storm ahead of a general election in May.

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Minutes: Bank of Japan Members Cast Doubt on Inflation Target

Three of the nine members of the Bank of Japan's policy board have cast doubt on the feasibility of reaching its two-percent inflation target, minutes revealed Monday.

During their January gathering, at which the central bank slashed its inflation outlook, the three pointed to falling oil costs and stagnating prices.

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