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Global stocks gain, dollar falls as Fed seen staying course

Last Updated: Saturday, October 19, 2013, 08:49

Global stock markets climbed to a five-year high on Friday as investors bet the Federal Reserve would extend its stimulus policy well into 2014, but uncertainty over when US interest rates will rise caused the dollar to sink to an eight-month low.

Second Swiss bank closes over US tax pressure

Last Updated: Friday, October 18, 2013, 19:29

Zurich-based Bank Frey & Co, which manages about 2 billion Swiss francs (USD 2.2 billion), said late yesterday its shareholders had decided to halt operations.