Michael Smith News
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Gold and silver futures resumed slumps on speculation that the Federal Reserve may scale back U.S. debt purchases, curbing demand for the precious metals as a store of value.
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The conditional approval of a natural gas export terminal in Texas doesn’t necessarily open the floodgates for overseas sales as the U.S. weighs how best to use its growing energy resources.
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Cotton futures fell, heading for the third decline in four sessions, on mounting concern that global supplies will be more than sufficient to meet demand. Orange juice fell for the first time in a week.
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Gasoline slid to a one-week low as Phillips 66 restarted units after a power failure at its Sweeny refinery in Texas, easing concern that U.S. Gulf Coast supplies will be reduced.
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Gasoline may drop below $2.70 a gallon after failing to break above the 200-day moving average last week, according to a technical analysis by T&K Futures & Options Inc.
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Gold futures posted the biggest gain in almost two weeks as demand for bars and jewelry increased in India and China, the world’s largest consumers of the metal.
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Australia & New Zealand Banking Group Ltd. climbed the most in four years to a record in Sydney trading after posting a 10 percent increase in first-half cash profit and raising dividends.
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After spending more money on acquisitions across Asia than any domestic rival, Australia & New Zealand Banking Group Ltd. would do better for its shareholders by unraveling some of that wager.
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Gold futures rose the most since June following purchases by central banks and signs of increasing investor demand on the heels of last week’s biggest plunge in three decades. Silver posted the biggest gain in 15 months.
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More than half of the students implicated in a Harvard University cheating scandal that involved about 125 undergraduates were told to withdraw for as long as a year.
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