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TOP STORIES
Shares fall sharply with oil prices, yen in demand
LONDON - Shares fall sharply as oil prices drop after Saudi Arabia effectively rules out output cuts by major producers, lifting investor appetite for low-risk assets such as the Japanese yen and gold. (GLOBAL-MARKETS/ (WRAPUP 5), updated throughout the day, 620 words)
+ See also:
- USA-STOCKS/ (UPDATE 2), updated throughout the day, 430 words
U.S. new home sales tumbled; services sector weakened
WASHINGTON - Sales of new U.S. single-family homes tumbled in January from a 10-month high as sales in the West region plunged, but the overall housing market recovery remained intact. (USA-ECONOMY/ (WRAPUP 1), moved, by Lucia Mutikani, 490 words)
Sterling falls past $1.39 as Brexit risks intensify
LONDON - Sterling sinks to a seven-year low as companies and investors rush to insure themselves against the chances of a British exit from the European Union that HSBC says could knock a fifth off the value of pound. (BRITAIN-STERLING/ (UPDATE 2, CORRECTED), moved, by Anirban Nag and Patrick Graham, 505 words)
+ See also:
- BRITAIN-EU/PHARMACEUTICALS, moved, by Ben Hirschler, 310 words
UK lawmakers dismiss Google (O:GOOGL) tax deal as too small
LONDON - A panel of British lawmakers criticize a back-tax deal between Google and UK tax authorities, calling it "disproportionately small" and branding the company's explanation of its tax planning as disingenuous. (GOOGLE-BRITAIN/TAXATION (UPDATE 3), moved, by Tom Bergin, 630 words)
+ See also:
- GOOGLE-FRANCE/TAXATION, moved, 190 words
U.S. Labor Dept., SEC clashed over retirement advice rule -report
Staffers at the Securities and Exchange Commission and the Labor Department clash over a plan to curb potential conflicts of interest among brokers who give retirement advice, Senate Republicans say in a report. (USA-BROKERS/FIDUCIARY, by Suzanne Barlyn and Sarah N. Lynch, 510 words)
OIL
LONDON - Brent crude falls below $33 a barrel after Saudi Arabia rules out production cuts and an industry report says that U.S. crude stockpiles had reached record levels. (GLOBAL-OIL/ (UPDATE 7), updated throughout the day, 360 words)
BP (L:BP) sees end in sight for oil glut, but impact will linger
BRUSSELS - Strong demand should start to cut into an oil glut around the end of this year, even as new Iranian supplies enter the market and doubts persist over whether major oil producers will reduce output, BP's chief economist says. (OIL-BP/ (INTERVIEW), moved, by Barbara Lewis, 420 words)
+ See also:
- OIL-OPEC/ATTIYAH (INTERVIEW), moved, by Rania El Gamal and William Maclean, 480 words
- IRAQ-OIL/OPEC (UPDATE 1), moved, 370 words
ECONOMY
Fed's Lacker says there still a case for further rate hikes
WASHINGTON - Richmond Federal Reserve President Jeffrey Lacker says there is still a case for raising interest rates, a sign the central bank's internal debate over rate increases remains a live one. (USA-FED/LACKER (UPDATE 1), moving shortly, 300 words)
Moody's becomes third rating agency to cut Brazil debt to junk
BRASILIA - Moody's Investors Services becomes the third major rating agency to downgrade Brazil's debt to junk, cutting its rating by two notches to Ba2, as the former emerging market star sinks deeper into the worst recession in decades. (BRAZIL-ECONOMY/MOODY`S (UPDATE 2), moving shortly, 560 words)
COMPANIES
Solid support for Apple (O:AAPL) in iPhone encryption fight - Reuters/Ipsos
BOSTON - Nearly half of Americans support Apple Inc's decision to oppose a federal court order demanding that it unlock a smartphone used by San Bernardino shooter Rizwan Farook, according to a national online Reuters/Ipsos poll. (APPLE-ENCRYPTION/POLL (POLL, GRAPHIC), moved, by Jim Finkle, 860 words)
Lowe's 4th-qtr, full-year sales forecast tops estimates
Lowe's Cos Inc, the world's No. 2 home improvement chain by market share, reports a bigger-than-expected increase in quarterly sales and forecasts 2016 sales above estimates as it benefits from a steady improvement in the U.S. housing market. (LOWE'S-RESULTS/ (UPDATE 2), moved, 300 words)
Target's focus on high-margin goods boosts 4th-qtr comparable sales
Target Corp's quarterly comparable sales beat analysts' estimates, helped by higher traffic and strong demand for goods in its higher-margin signature categories, which include apparel, products for children, and health and wellness items. (TARGET-RESULTS/ (UPDATE 1), moved, by Sruthi Ramakrishnan, 400 words)
Off-price retailer TJX's sales beat on strong holiday demand
TJX Cos Inc, the owner of T.J. Maxx and Marshalls off-price retail chains, reports higher-than-expected quarterly sales as it attracted more bargain-hungry shoppers in the holiday season. (TJX COMPANIES-RESULTS/ (UPDATE 2), moved, 270 words)
RBC profit misses market estimates; energy impact in focus
TORONTO - Royal Bank of Canada reports a lower-than-expected quarterly profit, hurt by weakness in its insurance and capital markets businesses, but it raises its quarterly dividend. (RBC-RESULTS/ (UPDATE 2), moving shortly, by John Tilak, 380 words)
SpaceX set to launch satellite, then try to land rocket on ocean platform
CAPE CANAVERAL - A SpaceX Falcon 9 rocket is being readied for launch from Florida on a mission to thrust a European satellite toward orbit and then attempt a return touchdown on an ocean platform. (SPACE-SPACEX/ (PICTURE, TV), moved, by Irene Klotz, 390 words)
New York asks SEC to force climate vote onto Exxon proxy
HOUSTON - New York state's comptroller and four other Exxon Mobil (N:XOM) shareholders asks the U.S. Securities and Exchange Commission to force the oil producer to include a climate change resolution in its annual shareholder proxy, according to a filing seen by Reuters. (EXXON MOBIL-SHAREHOLDERS/ (EXCLUSIVE), moved, by Ernest Scheyder, 660 words)
ALSO IN THE NEWS
UBS, others reach $100 million muni bond rigging settlements
NEW YORK, Feb 24 (Reuters) - UBS AG, Natixis SA and four other banks and brokerages agree to pay just over $100 million to settle investor claims that they conspired to rig prices for municipal securities. (BANKS-BIDRIGGING/SETTLEMENTS, moved, by Jonathan Stempel, 330 words)