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Business & Economy

Global stocks sink for 2nd day after Wall Street slide

BEIJING (AP) — Global stocks fell further Friday after Wall Street slid on recession fears, putting markets in London, Frankfurt, Shanghai and Tokyo on track to end 2018 down more than 10 percent.

In early trading, Germany’s DAX lost 0.5 percent and France’s CAC 40 retreated 0.4 percent. Tokyo’s Nikkei 225 index fell 1.6 percent and the Shanghai Composite Index ended down 0.8 percent.

The Chinese market is 2018′s worst performer, down nearly 25 percent for the year.

China calls US arrogant and selfish after hacking indictment

BEIJING (AP) — China called the U.S. arrogant and selfish on Friday after two Chinese citizens were charged with stealing American trade secrets and other sensitive information on behalf of Beijing’s main intelligence agency.

Foreign Ministry spokeswoman Hua Chunying said “the Chinese government has never participated in or supported anyone in stealing trade secrets in any way.”

She accused the U.S. of undermining the development of other countries in order to defend its own hegemony.

Russia not seeking arms race, but a balance of power — Putin

MOSCOW, December 20. /TASS/. Moscow is not interested in an arms race and only seeks to maintain the balance of power, Russian President Vladimir Putin said at his annual news conference on Thursday.

"Generally, this is simply an element of containing and evening parities in the strategic balance. This is what it is. This means keeping parity and nothing more than that," the Russian leader said, speaking about the newest breakthrough missile defense systems developed by Russia.

India: IAF chief "lying" over Rafale deal, says Moily

Hyderabad, Dec 20 (PTI) Senior Congress leader M Veerappa Moily Thursday accused Indian Air Force chief B S Dhanoa of "lying" a day after the latter called the Rafale deal a "game changer" and the Supreme Court verdict on it a "very fine" judgement.

He also demanded that Prime Minister Narendra Modi apologise for having sacrificed the security of the nation by entering into the deal.

Poland signs 20-year liquefied natural gas deal with US

19 Dec 2018; DW: Poland is seeking to reduce its dependence on Russia and the Nord Stream 2 pipeline for its LNG supplies. The deal should provide for 15 percent of Poland's daily gas needs over the next 20 years.

The deal announced on Wednesday between Poland's state gas company PGNiG and Port Arthur LNG, part of Sempra Energy, is just one of several the EU state has signed with US gas suppliers in recent weeks.

EU implements Brexit 'no deal' contingency plans

19 Dec 2018; AFP: The European Union on Wednesday adopted backup plans to protect air transport and financial markets in the event Britain leaves without a Brexit deal in 100 days.

And the bloc promised that British citizens living in Europe would continue to enjoy residents' rights "provided that this approach is reciprocated by the UK".

EU officials insist the measures would not mean Britain can quit the union painlessly, but that it is important for "time-limited" measures to "mitigate" the harm.

US sanctions Russians for election meddling, nerve agent use

WASHINGTON (AP) — The Treasury Department imposed new sanctions on Wednesday against 15 Russians over hacking, interference in U.S. elections and a nerve agent attack in England.

In a separate action, the agency also announced plans to lift sanctions on the aluminum manufacturing giant Rusal. It comes after the department approved a plan that severed Russian oligarch Oleg Deripaska’s control of the company.

Fed lifts rates for 4th time this year but sees fewer hikes

WASHINGTON (AP) — The Federal Reserve raised its key interest rate Wednesday for the fourth time this year to reflect the U.S. economy’s continued strength but signaled that it expects to slow its rate hikes next year.

Despite the forecast for fewer hikes, investors sent stocks plunging once Chairman Jerome Powell began a news conference, apparently disappointed that Powell didn’t go further to signal a slowdown in rate increases.

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