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Gina Rinehart, Asia’s richest woman, built her fortune by heeding her own counsel. Now she’s testing that acumen by building her own iron ore railroad in Australia’s remote north -- just as prices enter a bear market.
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The cost of insuring against default on European corporate debt fell for a seventh day amid optimism Italy will end nine weeks of political deadlock and the European Central Bank will cut interest rates this week.
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Morgan Stanley led the busiest day for bank bond issuance in Europe in almost two months as lenders took advantage of borrowing costs that remain near the lowest in five years.
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The missing billionaire chairman of Sichuan Hanlong Group, reportedly in police custody, faces the collapse of his company’s $1.19 billion takeover of Australia’s Sundance Resources Ltd. as a term-sheet deadline looms.
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Markit iTraxx Europe index falls 2 bps to 118 bps. • Markit iTraxx Crossover index falls 6 bps to 468 bps • Markit iTraxx Senior Financial index falls 4 bps to 175 bps • Markit iTraxx Sub Financial index falls 5 bps to 284 bps
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Markit iTraxx Europe index falls 1.5 bps to 120 bps. • Markit iTraxx Crossover index falls 3.5 bps to 467 bps • Markit iTraxx Senior Financial index falls 4 bps to 182 bps • Markit iTraxx Sub Financial index falls 6 bps to 295 bps
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Slovenia’s creditworthiness is deteriorating at the fastest pace in the world after Cyprus as investors speculate a banking crisis will force it to follow the island nation and become the sixth euro country to need aid.
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Britain’s residential mortgage- backed securities market, the biggest in Europe, is being choked off as cheap Bank of England cash makes issuance of the debt uneconomic.
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Sundance Resources Ltd., seeking to develop an iron ore project in Africa, said its $1.19 billion takeover by Sichuan Hanlong Group may be scrapped because the Chinese company will miss a deadline today to provide details of how it would fund the deal.
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Spain is less likely to need a sovereign bailout now than it was in October as funding costs have fallen since then, Moody’s Investors Service said.
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