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Stocks down...More rules in China...Bank loss

February 2, 2018

HONG KONG (AP) — World stocks were mostly lower today as investors evaluated the latest earnings and economic reports while worries about rising U.S. bond yields weighed on sentiment. Futures point to a lower opening on Wall Street. Benchmark U.S. crude oil rose above $66 a barrel. The dollar gained against the yen and the euro.

BEIJING (AP) — Ratcheting up control over Chinese microblogs, regulators ordered operators today to set up a mechanism to remove false information after the most popular service was criticized for allowing prohibited material to spread. The order adds to a steady drumbeat of new measures imposed by the government of President Xi Jiinping to tighten control over what China’s public can see and say online while still trying to reap the economic benefits of internet use.

FRANKFURT, Germany (AP) — Deutsche Bank CEO John Cryan says Germany’s largest financial institution is making progress in its effort to cut costs and streamline operations — despite posting a third straight annual loss. Cryan said many important steps would take time to improve profits. He cited slashing the number of overlapping computer systems, ditching business in less-profitable countries, and installing a low-cost culture. Deutsche Bank on Friday posted a 2017 loss of 497 million euros ($627 million). The bank had to adjust deferred tax assets due to recent U.S. corporate tax changes.

SHANGHAI (AP) — British Prime Minister Theresa May said Friday she discussed with Chinese President Xi Jinping the importance of removing barriers to commerce, especially for British food, drink and financial services, as the two countries move toward a future trading arrangement for after the United Kingdom leaves the European Union. May said the discussions on Thursday were part of an agreement on a “trade and investment review” as a first step to future bilateral arrangements.

TOKYO (AP) — Sony Corp. named Chief Financial Officer Kenichiro Yoshida as its new president and CEO on Friday, replacing Kazuo Hirai, who led a turnaround at the Japanese electronics and entertainment company and will stay on as chairman. Yoshida has experience in Sony’s U.S. operations, as well as its network, financial and investor relations businesses. Yoshida and Hirai were to talk to reporters later today.

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