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Wall Street opens flat as Yellen's speech awaited

Traders work on the floor of the NYSE in New YorkYellen is due to speak at an event hosted by Harvard University at 1:15 p.m. ET (1715 GMT). A rate hike in June was seen as highly unlikely until recently. "We're expecting a lot of major data in the next few weeks and Yellen will balance her comments keeping that in view," said Nadia Lovell, U.S. equity specialist at J.P. Morgan Private Bank in New York.

Wall St opens flat as Yellen's speech awaited

Federal Reserve Chair Janet Yellen attends a news conference after chairing the second day of a two-day meeting of the Federal Open Market Committee to set interest rates in WashingtonWall Street opened little changed on Friday as cautious investors braced for a speech by Federal Reserve Chair Janet Yellen for clues on the timing of a U.S. interest rate hike. Yellen is due to speak at an event hosted by Harvard University at 1:15 p.m. ET (1715 GMT). A rate hike in June was seen as highly unlikely until recently.

China's central bank condemns foreign media reports on yuan

China's central bank on Friday condemned two news reports from foreign media outlets published this week about currency reforms and monetary policy. The People's Bank of China (PBOC) said in a statement on its official Weibo account the reports "fabricated facts, misled readers, misled markets", and that it reserved the right to take legal action. The headlines appeared on articles published this week by the Wall Street Journal and Bloomberg.

Saudi Aramco boosting market share as it prepares for listing: CEO

Amin H. Nasser, President and CEO of Saudi Arabian Oil Company Saudi Aramco, attends the Oil and Gas Climate Initiative summit ParisBy Reem Shamseddine KHOBAR, Saudi Arabia (Reuters) - Saudi oil giant Aramco is gaining market share and pushing for greater efficiency, chief executive Amin Nasser said in an interview, as it acts as a "bridge" to a future when the nation relies less on energy exports. Nasser also told Reuters that the state-owned group was pressing on with preparations for its partial privatization via a stock market listing, which he said lay at the heart of Riyadh's "Vision 2030", a long-term economic plan headed by Deputy Crown Prince Mohammed bin Salman. Riyadh has been the driving force behind OPEC's decision in November 2014 to refuse to cut supply to boost prices.

Malaysian PM says police to investigate Wall Street Journal over leaked document

File photo of Malaysia's Prime Minister Najib Razak at an event in Kuala LumpurMalaysian Prime Minister Najib Razak said on Friday the central bank governor has asked the police to investigate the Wall Street Journal for leaking a confidential document related to an inquiry into scandal-hit government fund. Publishing confidential documents under OSA (Official Secrets Act) is a very serious action on (their) part. Earlier on Friday, the Wall Street Journal published a copy of a letter said to be from Malaysia's central bank and addressed to Hasan Arifin, the chairman of a parliamentary committee investigating the state investment fund, 1Malaysia Development Bhd. When asked if the letter was authentic, Najib said: "I don't know.

Philips Lighting shines in stock market debut

A Philips logo is seen at Philips headquarters in AmsterdamBy Toby Sterling AMSTERDAM (Reuters) - Philips Lighting enjoyed a positive first day of trading as a newly independent company on Friday after its Dutch parent spun off the business upon which it was founded more than 120 years ago. Philips set an IPO price of 20 euros (15 pounds) Thursday night, implying a market capitalisation of 3 billion euros ($3.4 billion), or an enterprise value of 4.5 billion euros including debt.. The shares rose eight percent to 21.45 euros in early trading in Amsterdam. The move signals a historic shift for Philips, set up in 1891 as a maker of light bulbs before expanding into consumer electronics.

Bidders Circle 7bn Credit Cards Giant MBNA

Bidders Circle 7bn Credit Cards Giant MBNAMBNA, one of Britain's biggest credit card issuers, is being circled by potential buyers after being put up for sale by its US owner. Sky News has learnt that Bank of America (Swiss: BAC.SW - news) (BoA) has initiated plans for an auction of MBNA, which has a loan book of about 7bn - equivalent to roughly 11% of the UK credit card market. The sale comes more than four years after a previous sale attempt by BoA attracted a failed offer from Apollo Management, a private equity firm, and an arm of Goldman Sachs (NYSE: GS-PB - news) , the Wall Street bank.

KCOM expects lower full-year core earnings as costs rise

(Reuters) - KCOM Group Plc said on Friday it expected core earnings for the current financial year to be slightly lower than a year earlier, as the telecoms services provider ramps up investments in its Hull and East Yorkshire market to accelerate growth. Shares in KCOM, whose customers include chip maker ARM Holdings and Domino's Pizza Group, were down 2.7 percent at 103.18 pence in early trading on the London Stock Exchange. Hull-based KCOM said it expected capital expenditure to be more than 40 million pounds per annum for the next two financial years, reflecting increased fibre investment.
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