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China sacks state firm head amid corruption allegations

China on Saturday announced the removal of the head of one its major state-owned firms, conglomerate China Resources, for suspected law violations, state media reported using terms which typically refer to corruption. Chinese President Xi Jinping has pursued a highly-publicised anti-graft drive since taking office, vowing to go after both senior "tigers" and low-level "flies".

Questions on bubble as tech momentum fades

After the tech euphoria of 2013, the fast-moving sector has hit a speed bump. The wobbly action of 2014 is still an open question: is this a correction, bear market or a bubble like the catastrophic dot-com boom and bust of 1999-2000? By some measures, segments of the tech sector look to be over the top, even after recent slumps. "There are some astronomical valuations out there," says Roger Kay, an analyst who follows tech companies at Endpoint Technologies.

U.S.-based stock funds post $3.6 billion outflows over week: Lipper

By Sam Forgione NEW YORK (Reuters) - Investors in U.S.-based funds pulled $3.6 billion out of stock funds in the week ended April 16 on fears that a selloff in technology and biotech shares could signal a steeper drop in U.S. stocks, data from Thomson Reuters' Lipper service showed on Thursday. The outflows from stock funds marked the biggest since February. Outflows of $3.8 billion from stock exchange-traded funds accounted for the net outflows, while stock mutual funds attracted $241 million in inflows.

Partner, two traders leave energy hedge fund Sasco: sources

By Barani Krishnan (Reuters) - The chief investment officer and two natural gas traders at Sasco Energy Partners have left the Connecticut-based energy fund, sources said on Thursday, the latest departures from a firm that has struggled to make a profit. Joe Howley, who joined Sasco around a year ago as CIO and partner to the firm's founding member Tom Purdy, left earlier this month along with portfolio manager Brian Lisoski and trader Garth Camp, the sources who were familiar with the moves told Reuters.

Wall Street banks make legal case for physical commodities trade

By Anna Louie Sussman NEW YORK (Reuters) - Wall Street banks have mounted a massive legal defense of their physical commodities activities, in a last-ditch effort to convince regulators that chartering oil tankers and owning power plants pose no risk to the financial system.

Tokyo stocks up 0.60% by break

Tokyo stocks rose 0.60 percent in quiet morning trade Friday as a weak yen boosted exporter shares following a mixed session on Wall Street. The Nikkei 225 index, which closed flat on Thursday, added 86.94 points to 14,504.47 by the break, while the Topix index of all first-section shares climbed 0.30 percent, or 3.45 points, to 1,170.04. Most regional markets are closed on Friday for the long Easter weekend.

Ex-Goldman director Gupta starts prison term on June 17

By Jonathan Stempel NEW YORK (Reuters) - Former Goldman Sachs Group Inc <GS.N> director Rajat Gupta is expected to begin his two-year prison term on June 17 for insider trading. U.S. District Judge Jed Rakoff in Manhattan directed Gupta to surrender by 2:00 p.m. EDT on that date to start serving his sentence, according to an order issued on Thursday.

China shoe factory strike shows welfare Achilles' heel

By John Ruwitch DONGGUAN, China (Reuters) - Zhou Hujun, one of thousands of shoe factory workers on strike in southern China, drove his motorbike to the local government's Social Security Department seeking answers. After a few minutes, he left clutching spreadsheets that just raised more questions.

Career risk makes the world go round: James Saft

By James Saft (Reuters) - Fund and pension investors who are watching their biotech and social media stakes melt before their eyes may well feel they've had their pockets picked by self-serving investment managers. But actually they are also helping to fund, if only as an unintended side-effect, useful innovation which might not otherwise happen. The lesson here: career risk makes the world go round.

Money market fund assets fell by $35.02 billion to $2.58 trillion for the week

Total U.S. money market mutual fund assets fell by $35.02 billion to $2.58 trillion for the week that ended Wednesday, according to the Investment Company Institute. Assets in the nation's retail money market mutual funds fell by $5.33 billion to $912.96 billion, the Washington-based mutual fund trade group said Thursday. Assets of taxable money market funds in the retail category fell $2.72 billion to $721.59 billion. Tax-exempt retail fund assets fell $2.61 billion to $191.37 billion.
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