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Oil rises on Iran tensions, U.S. inventory decline

LONDON (Reuters) – Oil rose more than $1 on Thursday amid Middle East tensions and a big fall in U.S. crude stocks, but prices faced downward pressure from weak manufacturing data in Western nations indicating slowing economic growth that could reduce fuel demand. FILE PHOTO: An oil pump is seen at sunset…

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ECB prepares some sub-zero relief for wilting Europe

LONDON (Reuters) – The euro and bond yields wilted in a sweltering Europe on Thursday as the European Central Bank signaled it was ready for even deeper sub-zero interest rates and to restart its mass bond buying program. FILE PHOTO: The German share price index DAX graph is pictured at the stock…

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Tesla shares sink as Musk changes tune on profit

(Reuters) – Shares of Tesla Inc (TSLA.O) sank 11 percent on Thursday, on course to knock more than $5 billion off the electric carmaker’s market value, a day after it disappointed Wall Street by softening its language on turning a profit this year. FILE PHOTO: Tesla super chargers are shown in Mojave,…

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Tree Stumps Are Dead, Right? This One Was Alive

In a rain forest near Auckland, New Zealand, a leafless kauri tree stump rises a few feet off the ground. These trees can become giants: The country’s biggest, Tāne Mahuta, or the “Lord of the Forest,” has grown 168 feet high, with a 115-foot canopy. But this stump is just a stump,…

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E.C.B. Says It’s Ready to Restart Economic Stimulus Measures

FRANKFURT — The European Central Bank set the stage on Thursday for a renewed attempt to improve the sagging eurozone economy, saying it was considering reviving a program designed to pump money into the financial system. “The Governing Council is determined to act” if inflation remains stubbornly below the official target of…

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Nissan warns of profit plunge, set to unveil 10,000 job cuts

YOKOHAMA (Reuters) – Nissan Motor Co Ltd (7201.T) warned on Wednesday that first-quarter profit tumbled around 90% percent, a day before it is expected to announce more than 10,000 job cuts as the crisis deepens at Japan’s second-largest automaker. The dismal earnings, due to be formally announced on Thursday, mark one of…

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PSA-Opel savings drive new profit record, defying slump

PARIS (Reuters) – French carmaker PSA Group (PEUP.PA) delivered a sharp increase in first-half profit, defying a global industry downturn as new models and cost savings from the integration of Opel-Vauxhall more than made up for weaker emerging market sales. Standing out against profit warnings from peers such as Daimler (DAIGn.DE), PSA…

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Daimler vows to cut costs after one-offs bring loss

FRANKFURT (Reuters) – Luxury carmaker Daimler (DAIGn.DE) said it would intensify cost cuts after legal risks for diesel-related issues and the cost of replacing Takata airbags triggered a 1.56 billion euros ($1.74 billion) loss before interest and taxes in the second quarter. The company reduced its sales outlook for Mercedes-Benz cars and…

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Deutsche Bank stumbles to big loss on road to reinvention

FRANKFURT (Reuters) – Deutsche Bank (DBKGn.DE) reported a bigger than forecast quarterly loss of 3.15 billion euros ($3.5 billion), underlining the challenges faced by Chief Executive Christian Sewing as he attempts to turn around the struggling business. Germany’s largest bank had already flagged it would lose around 2.8 billion euros in the…

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