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Overnight, Wall Street shares closed higher as investors banked on a Federal Reserve interest rate cut to grease the economy and shrugged off record high oil prices that could fuel inflation. The Fed’s two-day meeting kicks off later Tuesday and it is widely expected to cut its target funds rate by at least 25 basis points to 4. Dubai Drydocks World offers to buy Labroy Marine for $2. Wing Tai doubles Q1 profit to S$61. read more

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BEIJING (XFN-ASIA) – China A-shares finished the day sharply higher, owing largely to a strong rebound in the morning from recent weakness, but the momentum tapered off in the afternoon session amidst thin trade, dealers said. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. The content on this site, including news, quotes, data and other information, is provided by AFX News and its third party content providers for your personal information only, and neither AFX News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Sitemap Help Contact Us Investment Newsletters Forbes Conferences Forbes Magazines Forbes Autos Ad Information Forbes. read more

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Analysts say the stock market has soared as a result of a corruption crackdown launched early in 2007 by an interim government appointed after polls were cancelled in January following months of deadly protests. Because of the crackdown, businesses have become reluctant to take loans, leaving the banks awash with money that they have been putting into the stock market, analysts say. The rising value of the stock market comes as record economic growth has been slowed by what business groups call a “climate of fear” caused by the anti-graft drive. The central bank said last month that the economy would miss a seven percent growth target for the financial year ending June 2007. The Securities Exchange Commission (SEC) of Bangladesh has warned investors to be cautious and tightened credit meant for investment in the stock market. The government, led by former central bank governor Fakhruddin Ahmed, has said new polls are not expected until the end of 2008 to leave time to revise the voter list and to pursue the anti-graft crackdown. read more

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Microsoft shares soared to the highest since July 2001 after Windows Vista and the ”Halo 3'' video game helped the world's largest software maker report higher-than-expected sales. Apple gained after profit increased more than analysts estimated, propelled by record Macintosh computer sales and rising demand for iPods and iPhones. Computer-related companies in the Standard & Poor's 500 Index increased profit by 11 percent last quarter, according to a Bloomberg analysis of reported results. Trading in futures contracts implies 92 percent odds that Fed policy makers will reduce their benchmark lending rate by 0. Annual sales increased to $24 billion, exceeding $20 billion for the first time in Apple's 31- year history. read more

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But it eventually pulled back because the sales increase was due to a downward revision decline in August to the lowest level in more than a decade. He noted that home prices are still falling, as are sales of existing homes, which make up the majority of the housing market. Many seem to believe the Federal Reserve will cut rates several times over the next six months and that the expected reductions will keep the economy humming, said Paul Nolte, director of investments at Hinsdale Associates. The cell phone maker's earnings expectations for the fourth quarter were higher than forecasts, and shares rose 74 cents, or 4 percent, to $19. EMC said third-quarter profit rose 77 percent largely due to growing sales of data storage software and hardware. read more

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Today’s earnings reports helped alleviate concern that the worst housing slowdown in 16 years would cause profits to drop for the first time since 2002. The 170 members of the S&P 500 that have reported third-quarter results posted an average earnings gain of 4 percent, according to Bloomberg data, topping a 0. Still, as AP notes, although some investors are momentarily looking past the economic elephant in the room â” the housing slump â” not everyone is sanguine about what might lie ahead. Third quarter results released by a raft of large US groups showed that the weaker dollar and global economic growth are helping parts of corporate America to cushion the blow of the housing downturn and liquidity squeeze. read more

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TORONTO – The volatile Canadian dollar leapt back up Tuesday, soaring almost two cents US at one point during the morning in a quick reversal of the 1. By midday, the loonie was up 1. The loonie had fallen Monday on investor worries about credit deterioration and a slowing U. Two Dow components – American Express, one of the largest credit card companies and chemicals maker DuPont – posted better-than-expected profit gains as well. read more

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Select bank and capital goods stocks have moved up sharply on strong buying enquiries. Union Bank of India, Yes Bank, Kotak Bank, Bank of India, Corporation Bank, Dena Bank, IDBI and Indian Bank have also posted handsome gains. Vijaya Bank, UCO Bank and Central Bank of India have recorded modest gains. Mahindra & Mahindra, Maruti Udyog, Ranbaxy Laboratories and HDFC Bank have also gained smart ground. GE Shipping, Bharat Earth Movers, Chennai Petroleum Corporation, MphasiS BFL, Hindustan Construction Company, Matrix Laboratories, Moser Baer, Kesoram Industries and IVRCL Infrastructure have also posted impressive gains. read more

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