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Obama cites labor's role in US economy amid trade rift

WASHINGTON— President Barack Obama says labor laws should be strengthened and it should be easier for workers to join unions. Obama made the comments at a White House workers' summit on Wednesday— just as there's a rift with labor over a Pacific Rim trade agreement. The president didn't mention the 12- nation trade deal.
Source: The Associated Press
UPDATE 1-Fast food rivals expand, hitting Yum sales in India

*Yum struggles in India as rivals steal a march. MUMBAI, Oct 7- Aggressive expansion by foreign rivals is eating into sales at Yum Brands Inc in India, and there is little letup in sight for its KFC and Pizza Hut restaurants that are struggling to keep pace. On Tuesday, Yum posted its third straight quarter of sales declines in India, where analysts say it is being...
Source: Reuters | By: Nivedita Bhattacharjee and Sumeet Chatterjee
UPDATE 8-Oil seesaws; struggles to extend rally after U.S. crude build

NEW YORK, Oct 7- Oil prices seesawed in volatile trading on Wednesday, barely hanging onto a third day of gains after government data showing a large U.S. crude inventory build surprised traders the morning after an industry group had reported a draw. The U.S. Energy Information Administration said domestic crude inventories rose 3.1 million barrels last week,...
Source: Reuters | By: Barani Krishnan
As global recession warnings sound, markets hit the afterburners

LONDON, Oct 7- Like bulls in a China shop, financial markets have gone on the rampage just as predictions of another global recession gain ground and talk swirls of a lost decade in Beijing. It seems particularly odd timing, coming as renowned Citi economist Willem Buiter warns China could drag the world back into a two- or even three-year recession and Societe...
Source: Reuters | By: Marc Jones
Cuba resumes U.S. chicken imports after bird flu halt - traders

HAVANA, Oct 7- Cuba has purchased at least 30 million pounds of U.S. chicken for delivery in October, traders told Reuters, ending a two-month suspension that Cuba attributed to a bird flu epidemic affecting the U.S. poultry industry. A letter emailed in June to traders from Alimport, the Communist-run country's food importer, said Cuba would not accept bids for...
Source: Reuters | By: Marc Frank
EU to step up deportations of economic migrants

BRUSSELS, Oct 7- European Union states will step up efforts to repatriate thousands of migrants fleeing poverty rather than war by speeding up deportations and exerting pressure on their home countries to take them back, an EU document says. Faced with the biggest inflow of migrants in decades, EU countries have been discussing for months how to reduce numbers...
Source: Reuters | By: Francesco Guarascio
UPDATE 7-Oil falls, snapping 3-day rally, after U.S. crude build

NEW YORK, Oct 7- Oil prices fell on Wednesday, cutting short a three-day rally, after a large U.S. crude inventory build offset bullish sentiment from earlier data suggesting supplies could tighten. Brent, the global crude benchmark, was down 20 cents at $51.71 a barrel by 11:49 a.m. EDT, paring gains of more than $1 at the session high. The West Texas Intermediate...
Source: Reuters | By: Barani Krishnan
Three reasons to support the TPP agreement

Here are three reasons the Trans-Pacific Partnership will be beneficial in the long run, says former JPM exec Kabir Sehgal.
Source: CNBC.com | By: Kabir Sehgal
Broker went on nights to help trader Hayes, prosecutor tells London Libor trial

LONDON, Oct 7- Danny Wilkinson, a former London manager at interdealer broker ICAP, was so keen to help Tom Hayes from his first day as a UBS trader he changed the shifts of broker Darrell Read to allow the two to work together, a prosecutor told London's second Libor trial on Wednesday. Read was put on night duty to accommodate Tokyo- based Hayes as soon as he started at...
Source: Reuters
UPDATE 6-Oil steady as market tightens despite stock draw

Global benchmark Brent crude oil has dropped to around $50 from a high above $115 a barrel in June 2014 and many oil companies are losing money with oil prices so low. Brent rose $1.23 a barrel to a high of $53.15 on Wednesday before falling back to trade around $52.20 by 1445 GMT. It jumped as much as $3 on Tuesday to close above $50 for the first time in a month.
Source: Reuters | By: Christopher Johnson