Insight: No more easy pickings in Russia's banking market

Pedestrians walk past a Raiffeisen Bank branch in MoscowBy Megan Davies MOSCOW (Reuters) – Foreign banks that once treated Russia as virgin land where easy money could be made are now finding it a cut-throat market tougher than some bargained for. While players such as Citi and Austria's Raiffeisen thrive, many have found post-Soviet Russia too hard to crack: rife with credit, legal and corruption risks, and dominated by state giants Sberbank and VTB. The latest to hit trouble has been France's Societe Generale. …

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Sony cuts sales target for cameras, smartphones for 2014-15

TOKYO (Reuters) – Japan's Sony Corp lowered its sales target for digital cameras to 1.3 trillion yen ($12.7 billion) for the fiscal year to end-March 2015, from a previous estimate of 1.5 trillion yen. Sony also cut its sales target for smartphones and tablets to 1.5 trillion yen in its 2014 fiscal year from an earlier outlook of 1.8 trillion yen. …

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Cavs win right to first pick in NBA Draft

Cleveland Cavaliers' Irving brings the ball up court against New York Knicks during their NBA basketball game in New York(Reuters) – The Cleveland Cavaliers won the NBA Draft Lottery and the top overall pick for the second time in three years on Tuesday. The Cavaliers were able to edge out the Orlando Magic, who had the highest probability of winning the top selection, as they continue to rebuild a franchise reeling from the loss of LeBron James following the 2009-10 campaign. “It's huge for us,” Cavaliers owner Dan Gilbert told reporters. “This is our third year in a row in the lottery. Hopefully it's our last for a long, long time. …

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Trout hits for the cycle as Angels thump Mariners

(Reuters) – Mike Trout became the youngest player in the American League ever to hit for the cycle in the Los Angeles Angels’ 12-0 rout of the Seattle Mariners on Tuesday. The reigning AL rookie of the year singled in the third inning, tripled in the fourth, doubled in the sixth before completing the feat with a home run in the eighth. The 21-year-old finished with five RBIs while starter Jerome Williams pitched eight scoreless innings to get the win. Alex Rodriguez previously held the record when he hit for the cycle in 1997. …

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China's Li offers to help end Pakistan's energy crisis

Chinese Premier Li waves to the audience during an event organised by ICWA in New DelhiBy Nick Macfie ISLAMABAD (Reuters) – China and Pakistan should make cooperation on power generation a priority, Chinese Premier Li Keqiang said, as Islamabad seeks to end an energy crisis that triggers power cuts of up to 20 hours a day, bringing the economy to a near standstill. Li arrived in the Pakistan capital on Wednesday on the second leg of his first official trip since taking office in March after a visit to Pakistan's and China's arch rival, India. Tight security included shutting down mobile phone networks across the city. …

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