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(MENAFN - AFP) Oil suffered another dizzying plunge on Tuesday, with Brent crude sliding to a five-year low under $59 as markets were rocked by shrinking Chinese manufacturing output and turmoil in Russia.

At midday in London, benchmark contract Brent North Sea crude for January delivery slumped to $58.50 per barrel -- the lowest level since May 2009 -- and New York's West ...

 
(MENAFN - AFP) New construction of US homes fell in November, but that was offset by a sharp upward revision of the prior month's starts, according to official data released Tuesday.

Private housing starts fell 1.6 percent from October to an annual rate of 1.028 million, the Commerce Department reported.

October housing starts were revised up to a pace of 1.045 million ...

 
(MENAFN - AFP) Britain's annual inflation rate slid to a 12-year low of 1.0 percent in November, driven down by tumbling oil prices, official data showed Tuesday.

The 12-month Consumer Price Index (CPI) dropped from a rate of 1.3 percent in October, the Office for National Statistics said in a statement.

"Food and motor fuel prices, which have historically been upward ...

 
(MENAFN - AFP) Russia's emergency midnight move to raise interest rates to 17 percent failed on Tuesday to arrest the ominous slide of the ruble as the currency set a new all-time record after a brief rally.

The ruble weakened to nearly 67 rubles against the dollar after bouncing back briefly to 61 rubles earlier Tuesday following the central bank's move to hike interest ...

 
(MENAFN - AFP) US giant Google on Tuesday went ahead with a vow to shut down its popular online news service Google News in Spain in protest at a new law which would make it pay for content.

"We're incredibly sad to announce that, due to recent changes in Spanish law, we have removed Spanish publishers from Google News and closed Google News in Spain," read a message on the ...

 
(MENAFN - AFP) Business activity in the eurozone accelerated slightly in December, a key survey showed Tuesday, but not enough to lift wider economic worries with powerhouse Germany sluggish and France in a slowdown.

Markit Economics said its Composite Purchasing Managers Output Index (PMI) for the 18-country zone that uses the single currency rose marginally to 51.7 points ...

 
(MENAFN - AFP) Spanish oil giant Repsol said Tuesday it has agreed to buy its struggling Canadian rival Talisman for $8.3 billion (6.6 billion euros), a deal that will extend its global reach.

Under the deal, which was approved by Repsol's board, the Spanish firm will also assume Talisman's debt of $4.7 billion, Repsol said in a statement.

Repsol said it will increase ...

 
(MENAFN - AFP) Britain's four biggest lenders have passed the Bank of England's stress tests, which are designed to show their ability to withstand a new economic crisis, the central bank announced Tuesday.

Barclays, HSBC, Royal Bank of Scotland (RBS) and Lloyds Banking Group (LBG), are strong enough to cope with a painful downturn that would see house prices plunge by 35 ...

 
(MENAFN - AFP) Britain's four biggest lenders have passed the Bank of England's stress tests, which are designed to show their ability to withstand a new economic crisis, the central bank said Tuesday.

Barclays, HSBC, Royal Bank of Scotland (RBS) and Lloyds Banking Group (LBG), are strong enough to cope with a painful downturn that would see house prices plunge by 35 percent, ...

 
(MENAFN - AFP) The Russian ruble set a new all-time record low on Tuesday after bouncing back briefly despite an emergency move by Russia's central bank to raise interest rates to 17 percent.

The currency weakened to nearly 67 rubles against the dollar after bouncing briefly to 61 rubles earlier Tuesday following the central bank's midnight move to hike interest rates to ...

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