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Bundesbank: Germany Brings Home More Gold

The German central bank, or Bundesbank, said Wednesday that it brought home last year more of its gold reserves from overseas storage.

"The Bundesbank successfully continued its transfers of gold last year," the central bank said in a statement.

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New IMF Tranche Takes Cyprus Bailout to One Billion Euros

The International Monetary Fund on Wednesday approved the disbursement of 126.3 million euros ($137.4 million) to Cyprus after the eurozone member passed its ninth and penultimate review of its bailout programme.

"Completion of the review would make about 126.3 million euros available to disbursement, which brings total disbursements under the program to about one billion euros," said the IMF.

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Dollar Slips ahead of Fed's First 2016 Meeting

The dollar slipped against the yen and most emerging currencies Wednesday as markets focus on the Federal Reserve's first meeting of the year.

The U.S. central bank is not expected to announce any change in monetary policy after the meeting ends later Wednesday, following its historic interest rate raise in December.

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World Bank: Slowing Emerging Markets Hampering Oil Recovery

The World Bank warned Tuesday that slowing emerging-market economies were hampering an oil recovery, and prices could sink further in a blow to a "fragile" global economy.

Crude oil in 2016 is projected to come in at $37 a barrel, down from its October estimate of $51, the World Bank said in a new quarterly report.

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U.S. Broadens Allowable Exports to Cuba

The United States is expanding authorized  exports to Cuba in the latest incremental steps to ease a Cold War-era trade ban on the communist-ruled island, the U.S. Treasury said Tuesday.

The rule changes, which go into effect Wednesday, will allow more U.S. exports related to disaster preparedness, education, agricultural production, food processing, public transportation and artistic endeavors.

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Saudi Aramco CEO Sees Year-End Oil Price Recovery

Global crude prices should recover near the end of this year, the president of the world's biggest oil exporter, Saudi Aramco, said on Tuesday.

"Our prediction is that we will see some adjustment but it will happen toward the end of this year," Amin al-Nasser, president and chief executive officer of the state-owned company, told a business forum in the Saudi capital.

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Kuwait, Iraq Say OPEC Will Not Cut Output Alone

The Kuwaiti and Iraqi oil ministers said Tuesday that OPEC will not cut production unless producers outside the cartel do the same, despite the plunge in crude prices.

"OPEC cannot cut its production unless there is a similar reduction by producers outside OPEC," Kuwait's acting oil minister, Anas al-Saleh, told reporters on the sidelines of an oil conference.

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Iran's Return to the Fold Sparks Business Bonanza for Europe

Iranian President Hassan Rouhani will Tuesday attend an Iran-Italy business forum before meeting Pope Francis, as the Islamic Republic rebuilds ties with the West and seals multi-billion dollar deals as sanctions against it are lifted.

Italian officials said contracts signed in Rome late Monday would be worth up to 17 billion euros ($18.4 billion), topped by a five-billion-euro deal for pipeline company Saipem, whose shares surged 18.5 percent in Milan on Monday.

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Crude Back Below $30 as Prices Extend Losses

Crude fell back below $30 a barrel in Asia Tuesday as worries about the global supply glut returned to the fore, following a two-day rebound.

After plunging to 12-year lows, prices soared late last week on hopes that plans for further economic stimulus measures in the eurozone and Japan would perk up demand.

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Electronics Giant Philips Posts 2015 Profit Up 55%

Dutch electronics giant Philips Tuesday unveiled solid net profits for last year, up 55 percent on 2014 driven by increased sales in its healthcare and lifestyle business.

Total net profit attributable to shareholders was 645 million euros ($700 million), with sales up to 24.2 billion euros amid rising orders in North America and Europe, the company said.

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