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Chinese stocks tumbled again on Friday, taking the week's losses to more than 10 percent, as the securities regulator said it was investigating suspected market manipulation amid increasingly desperate attempts by Beijing to head off a full-blown crash. After a slump of nearly 30 percent in Chinese stocks since mid-June, the China Securities Regulatory Commission (CSRC) has set up a team to look at "clues of illegal manipulation across markets". A flurry of policy moves over the past week, including an interest rate cut and a relaxation of margin lending rules, have failed to arrest the sell-off.
US hedge fund Elliott said on Friday it had filed an appeal against a court ruling in favour of the proposed merger of two Samsung Group subsidiaries. The Seoul Central District Court on Wednesday rejected a request from Elliott to stop Cheil Industries buying Samsung C&T Corp through an all-stock deal worth $8 billion, a move designed to facilitate Samsung's founding Lee family's father-to-son succession. "Elliott was disappointed with the recent first instance Court decision not to grant a preliminary injunction to prohibit Samsung C&T from seeking shareholder approval for the Proposed Takeover" at a shareholder's meeting on July 17, the firm said in a statement.
The EU and IMF heaped pressure on Greece, warning of the perilous state of the country's finances, days ahead of a controversial referendum that could determine its future in the eurozone. As Greece's leftist leaders staked their political lives on the outcome of Sunday's vote, the International Monetary Fund warned the country's growth prospects had deteriorated dramatically since the Syriza party came to power in January.