China to push growth of outsourcing industry

BEIJING Wed Nov 26, 2014 7:17am EST

BEIJING Nov 26 (Reuters) - China will develop international outsourcing of high-value-added services to create new advantages in foreign trade, its cabinet said on Wednesday, according to the official government website.

The State Council will reduce corporate income taxes to 15 percent in a number of cities to encourage development of the high-tech, high value-added services outsourcing industry.

The goal is to move Chinese industry away from relying on low cost manufacturing to be globally competitive.

The effor...

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UPDATE 2-Nigeria's naira touches record low after official devaluation

Wed Nov 26, 2014 7:08am EST

* Naira rebounds but still trading outside new band

* Stock market receives devaluation positively

* Coming days will test new currency level

* Inflation risk bad for Jonathan before election (Adds details, background, quotes, reaction)

By Chijioke Ohuocha

LAGOS, Nov 26 (Reuters) - Nigeria's naira touched a record low against the dollar on Wednesday, a day after the central bank devalued the currency, complicating efforts to contain inflation before presidential elections early next year.

The central bank devalue...

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UPDATE 1-British banks' rotten culture will take generation to fix - think tank

Wed Nov 26, 2014 7:06am EST

* Fines, misconduct have cost British banks $60 million

* New banking standards body vows to name errant bankers

* New banking standards body pledges independence (Adds comments from head of new banking standards body)

By Matt Scuffham

LONDON, Nov 26 (Reuters) - A "toxic culture" that has cost British banks 38.5 billion pounds ($60.6 billion) in fines and compensation over the past 15 years will take a generation to fix, an independent think tank said on Tuesday.

Britain's banks have been hit by costly scandals including the mis-selling of loan insu...

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US STOCKS-Futures slightly higher, investors await flurry of data

Wed Nov 26, 2014 7:02am EST

* HP shares fall in premarket after results late Tuesday

* Markets will be closed Thursday for Thanksgiving holiday

* Futures up: Dow 15 pts, S&P 2.25 pts, Nasdaq 7.5 pts

By Ryan Vlastelica

NEW YORK, Nov 26 (Reuters) - U.S. stock index futures were very slightly higher on Wednesday as investors looked ahead to a flurry of economic data that will be released throughout the morning, which could indicate whether the market's record levels are justified.

* While tech shares could see some pressure following weak results from Hewlett-Packard Co, tradin...

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UPDATE 2-Rouble loses ground as market hopes of OPEC output cut fade

Wed Nov 26, 2014 7:01am EST

(Updates prices, adds detail)

MOSCOW Nov 26 (Reuters) - The rouble fell for a second day on Wednesday on fading hopes that OPEC will agree to cut oil output and as foreign-currency sales dried up after exporters finished paying a major tax to the state budget.

At 1130 GMT, the rouble was around 1.2 percent weaker against the dollar at 46.81 and 1.3 percent weaker at 58.29 versus the euro.

Traders said market moves were exacerbated by thin trading, meaning even small purchases of foreign currency were capable of moving the market sharply.

"There's prac...

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