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Hong Kong exchange asks China for time to implement tax rules on cross-border deals

By Saikat Chatterjee HONG KONG, Aug 29 (Reuters) - Hong Kong's stock exchange has asked Chinese regulators to give investors time to adjust to any tax rules agreed upon as part of a closely watched cross-border share trading scheme, two people briefed by the city's stock market operator said. Foreign investors are concerned that the new tax rules could come into force immediately after the scheme is launched, allowing them no time to make the necessary adjustments. The Hong Kong Exchanges and Clearing Ltd is currently negotiating the terms of the scheme, called Hong Kong Shanghai Connect, with the China Securities Regulatory Commission (CSRC), the mainland stock regulator. The CSRC was not immediately available for comment.

Asian shares slump as Ukraine tensions flare

Pedestrians walk past an electronic board showing Japan's Nikkei average outside a brokerage in TokyoBy Lisa Twaronite TOKYO (Reuters) - Asian shares slumped on Friday, pulling back from a more than six-year high touched this week, after flaring Ukraine tensions spoiled investor risk appetite. Wall Street sagged on Thursday as Ukraine's president said Russian troops had entered his country in support of pro-Moscow rebels who captured a key coastal town, escalating the five-month-old separatist conflict. The United States on Thursday openly accused Russia of sending combat forces into Ukraine and threatened to tighten economic sanctions, but Washington stopped short of calling Moscow's latest step an invasion. "While the primary driver of losses in global equities were developments on the Ukraine-Russia front, there were growing signs that the recent rally in equities was beginning to stall," IG strategist Stan Shamu said in a note.

Exclusive: Morgan Stanley plans natural gas export plant in new commodities foray

A pumpjack brings oil to the surface in the Monterey ShaleBy Anna Louie Sussman NEW YORK (Reuters) - Morgan Stanley has quietly filed plans to build and run one of the first U.S. Department of Energy's Office of Fossil Energy submitted in May, the Wall Street bank outlined a proposal to build, own and operate a compression and container loading facility near Freeport, Texas, which will have capacity to ship 60 billion cubic feet a year of compressed natural gas (CNG). While the size of the project is small compared with bigger liquefied natural gas (LNG) projects, the plan highlights the bank's ability to exploit its status as one of two Wall Street banks which are allowed to own and operate infrastructure for the manufacture, storage and operation of raw materials. The other one is Goldman Sachs.

Australia shares flat after Wall Street's slip

Woolworths falls after earnings SYDNEY/WELLINGTON, Aug 29 (Reuters) - Australian shares were flat in choppy trade on Friday, with consumer staples and miners down and investors wary after renewed tension in Ukraine hit Wall Street overnight. Trading linked to month-end settlements and the close of the domestic earnings season added to the choppiness. Wesfarmers Ltd, Asia's largest-listed retailer by market value, was down 3 percent.

PRESS DIGEST -Hong Kong - Aug 29

HONG KONG, Aug 29 (Reuters) - These are some of the leadingstories in Hong Kong newspapers on Friday. Reuters has notverified these stories and does not vouch for their accuracy. SOUTH CHINA MORNING POST -- The Hong Kong stock exchange and 450 brokerage houseshave been working closely to ensure retail investors will beable to trade on the local stock market if a planned protest byOccupy Central blocks streets in the central business district.Occupy Central plans to gather outside the governmentheadquarters in Tamar on Sunday night, said co-organiser BennyTai Yiu-ting. (http://bit. ...

Drop in earnings for Kiwirail

A frustrating financial year for Kiwirail has seen a 28 percent drop in its earnings.

Wall Street loses ground on Ukraine worry

Traders work on the floor of the New York Stock ExchangeUkraine's security and defense council said the border town of Novoazovsk and other areas of Ukraine's south-east had fallen under the control of Russian forces, together with rebels. The Federal Bureau of Investigation said it was investigating media reports that several U.S.

Abercrombie, Williams-Sonoma are big market movers

Stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange and the Nasdaq Stock Market: NYSE Abercrombie & Fitch Co., down $2.13 to $41.87 The retailer reported weak sales ...
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