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Banking

WireTap 0900 13/03/12

A round-up of the key stories across the specialist financial media, including news that the US will file a complaint at the WTO on Tuesday over Chinese limits on exports of rare earths used in high-tech products


US to file WTO complaint over China rare-earth export caps

The US will file a complaint at the World Trade Organization on Tuesday over Chinese limits on exports of rare earths used in high-tech products, deepening a trade dispute between the world’s two largest economies.

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Asia markets rise, but Japan eases from highs

Most Asia markets rose sharply on Tuesday, with banks and commodity-linked stocks performing strongly, although Japanese shares gave back the bulk of early gains after the nation’s central bank left interest rates unchanged.

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Economic recovery hopes lift shares

European shares gained on Tuesday on hopes German and US data will support rising hopes of an economic recovery ahead of a monetary policy statement by the Federal Reserve.

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EU set to suspend Hungary development aid on deficit overrun

Hungary faces a freeze by European Union finance ministers on €495 million ($651 million) in EU development aid after the government failed to narrow its budget deficit in a “sustainable” manner.

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Citi ex-manager Islam has no regrets from hedge-fund crash

Reaz Islam, who ran Citi hedge funds that lost most of their value in 2008, has “no regrets” about his performance and said “ambulance-chasing” lawyers are behind claims that he and the bank misled clients.

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