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Wall Street rallies as higher oil boosts energy stocks

Traders work on the floor of the NYSE in New YorkAt 9:36 a.m. ET (1336 GMT) the Dow Jones industrial average was up 93.58 points, or 0.53 percent, at 17,799.63, the S&P 500 was up 10.14 points, or 0.49 percent, at 2,086.2 and the Nasdaq Composite was up 17.40 points, or 0.36 percent, at 4,878.46. Wall Street surged more than 1 percent on Tuesday and the Nasdaq had its strongest day in three months. Shares of Computer Sciences soared 31.9 percent to $47.10 after Hewlett Packard Enterprise said it would spin off and merge its struggling IT services business with the company.


Wall St rallies as higher oil boosts energy stocks

Traders work on the floor of the NYSE in New YorkBy Tanya Agrawal REUTERS - Wall Street opened higher on Wednesday, extending gains from Tuesday, as oil prices rose and investors got more comfortable with the prospect of an interest rate hike as early as this summer. Oil rose towards $50 a barrel on Wednesday for the first time in seven months on expectations of shrinking supply due to well fires in Canada and other disruptions. Comments from policymakers in recent days have raised expectations of a rate hike in June, much sooner than previously thought. ...


US agency probes Alibaba on accounting

Alibaba said in a regulatory filing that the Securities and Exchange Commission had opened the probe "into whether there have been any violations of the federal securities laws"The US stock market regulator has opened an investigation into the accounting practices of Chinese online giant Alibaba, a company document showed. Among other things, the SEC sought information into Alibaba's accounting for its Cainiao logistics network and its reporting practices for Singles Day, a huge sales event in China. "We are voluntarily disclosing this SEC request for information and cooperating with the SEC and, through our legal counsel, have been providing the SEC with requested documents and information," the Alibaba statement said.


Stada holds buyout talks with CVC - Wall Street Journal

German generic drugmaker Stada has held informal talks with private equity firm CVC Capital Partners over a potential buyout, The Wall Street Journal reported, citing people familiar with the matter. Such ...

S&P: Britain's EU vote could jeopardize pound's standing

LONDON (AP) ? Ratings agency Standard & Poor's says a vote to leave the European Union could jeopardize the pound's standing as an international reserve currency, potentially threatening the country's credit rating.

South Africa's Lewis Group says slowing economy hits earnings

South African furniture retailer Lewis Group said its full-year profit fell 26.5 percent as its lower-to-middle income customers continued to face a tough economic climate in Africa's most advanced economy. Headline EPS is the main profit gauge in South Africa that strips out certain one-off items. The company also had to pay 67.1 million rand ($4.30 million) to customers it had mistakenly sold loan insurance to last year following an investigation by South Africa's credit regulator.

Mediclinic reports rise in FY underlying earnings

A woman and a child look on outside a hospital where former South African President Nelson Mandela is being treated in Pretoria(Reuters) - South Africa's biggest private hospital group, Mediclinic International, reported a 3 percent rise in underlying full-year profit on Wednesday in its first results after taking over London-listed Al Noor Hospitals Group. Mediclinic has expanded outside South Africa with acquisitions, taking stakes in Britain's Spire Healthcare and Switzerland's Hirslanden and completing a reverse takeover of Al Noor in February in order to list in London. Mediclinic said the combined group's revenue rose 7 percent to 2.1 billion pounds ($3.07 billion) and operating profit was down 17 percent on the comparative number in 2015.


China's Peak Sport says may be taken private, shares soar

* Peak Sport shares jump as much as 20 pct on take-privateplans * Company joins Wanda Commercial, others seeking HKdelisting (Adds details on Peak Sport, other take-private plans in HongKong) HONG KONG, May 25 (Reuters) - Chinese sportswear maker PeakSport Products, which has several U.S. basketballsponsorship and endorsement deals, said it may be taken privateand delist from Hong Kong, joining a growing queue of mainlandfirms looking to exit the city's stock market. ...
 
 
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