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Burma floating its currency exchange rate

In one of the biggest economic reforms that Burma has seen, the central bank has set the reference exchange rate for its currency. It set a rate of 818 kyat against the US dollar on Monday, the first business day

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Iran crisis: US to apply fresh oil sanctions

US President Barack Obama has approved the introduction of fresh sanctions on buyers of Iranian oil. In a statement, Mr Obama said US allies boycotting Iranian oil would not suffer negative consequences because there was enough oil in the world

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Spain in Pain

The Spanish government is due to unveil what is expected to be one of the toughest budgets in its recent history. Newly-elected Prime Minister Mariano Rajoy has already warned the budget will be “very austere”. On Thursday, Spanish police clashed

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Burma to float kyat in April to attract investment

Burma has said it will start a managed float of its currency from 1 April to attract foreign investors. The Central Bank of Myanmar (Burma) said the currency, the kyat, will “from now on be determined by supply and demand”.

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EU needs to double the bailout fund, says OECD

The head of the Organisation for Economic Co-operation and Development (OECD) has said that the eurozone needs to double its bailout fund to 1 trillion euros ($1.3tn, £836m). Angelo Gurria said the eurozone must show investors they have the “firepower

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India to review gold tax but import duty to stay

The Indian government has said it will review a new tax on gold jewellery, after 11 days of protests by gold shop owners. Shops have been closed in some parts of India since the levy was announced in the federal

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Spanish new low-cost airline Iberia Express launched

Spain’s Iberia has launched a new entry in Europe’s competitive market for low-cost airlines. The new airline, Iberia Express, begins on Sunday with prices starting at 25 euros (£21) for a one-way ticket. Iberia Express will cover Spanish cities including

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India boycotts EU aviation carbon charge

Indian airlines will not comply with the European Union’s (EU) carbon charging scheme, according to civil aviation minister Ajit Singh. The EU has directed Indian carriers to submit the emissions details of their aircraft by 31 March. But Mr Singh

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Japan, China and S Korea edge towards free-trade deal

Japan, China and South Korea have moved closer to signing a trilateral investment agreement that could pave the way for a free-trade deal. If signed it would be the first economic agreement that is backed by law between three of

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McDonald’s boss Jim Skinner to retire in June

Shares in McDonald’s are down 0.5% after the company said its chief executive, Jim Skinner, was retiring. Chief operating officer Don Thompson will take over in June, becoming the first African-American to run McDonald’s. Mr Thompson has been at the

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McDonald's boss Jim Skinner to retire in June

Shares in McDonald’s are down 0.5% after the company said its chief executive, Jim Skinner, was retiring. Chief operating officer Don Thompson will take over in June, becoming the first African-American to run McDonald’s. Mr Thompson has been at the

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Outrage over report that India lost $210bn in coal scam

There was outrage in India’s parliament after a draft report by government auditors estimated India lost $210bn by selling coalfields too cheaply. Opposition politicians accused the government of “looting the country” by selling coalfields to companies without competitive bidding. Private

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Obama names surprise World Bank candidate Jim Yong Kim

President Obama has nominated Korean-born US academic Jim Yong Kim to be the next president of the World Bank. The nomination of the Dartmouth College president and development expert is a surprise as he was not mentioned as a contender

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World Bank candidates due as deadline approaches

The US is expected to announce its candidate for the next president of the World Bank as the deadline for nominations approaches. Some of the potential candidates mentioned have included former White House advisers Lawrence Summers and the Indian-born head

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Japan’s Surprise Trade Surplus

Japan posted a surprise trade surplus in February, after a record high deficit the previous month, as external demand picked up. The surplus stood at 32.9bn yen ($394m; £248m), the Ministry of Finance said. In January the deficit came in

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Japan's Surprise Trade Surplus

Japan posted a surprise trade surplus in February, after a record high deficit the previous month, as external demand picked up. The surplus stood at 32.9bn yen ($394m; £248m), the Ministry of Finance said. In January the deficit came in

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India market in Calcutta gutted in a fire

A massive fire has swept through one of the oldest markets in the eastern Indian city of Calcutta, destroying the majority of the shops. No casualties have been reported in the blaze at the Hatibagan market, which broke out early

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Oil Price Spike—a Threat to the Global Economic Recovery

Analysts and policymakers are worried as oil price has gone up by 15% in 2012. The two main factors behind this are the unrest in the Middle East and the sanctions imposed against Iran. Christine Lagarde, managing director of the

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US exempts Japan and EU nations from Iran oil sanctions

The US government will not impose sanctions on Japan and 10 European Union nations that have reduced their oil imports from Iran. Ordered by Congress in December, the sanctions aim to punish countries that continue to buy oil from Iran.

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China rail audit reveals millions lost on fraud

Millions of dollars have been embezzled from the Beijing-Shanghai high-speed rail link project, China’s state news agency Xinhua reports. Audit officials said that 491m yuan (£49m: $77.8m) was lost due to “irregular practises in the construction and management”. That money

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Lagarde says China must reform economy and yuan

International Monetary Fund (IMF) head Christine Lagarde has said that China must stop its economy being too dependent on exports and investment. She also said the yuan could become a global reserve currency if China implemented market-oriented changes. Ms Lagarde

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Brazil to File Charges against US Oil Company for another Oil Leak

Brazil will bring criminal charges against 17 executives of the US oil company, Chevron, along with the drilling contractor Transocean after a new leak of crude is discovered in Brazilian field. The charges would include “environmental crimes” in a federal

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Transition of Power from Industrialized to Emerging Economies?!

KPMG’s Global Cities Investment Monitor reveals the top cities in the world for foreign investment. London leads the list for attracting investment in property and infrastructure projects, such as Crossrail. The report reflects on the rise of emerging economies. China

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Spanish Village to Raise Funds with Marijuana

Our old friend Greece is the headline of any business news site reporting about its debt issue. While Greece is on the verge of receiving another bailout package to fight its debt crisis, we hear a new solution to the

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Greece averts immediate default with bond deal

Greece averted the immediate risk of an uncontrolled default on Friday, winning strong acceptance from its private creditors for a bond swap deal which will eat into its mountainous public debt and clear the way for a new international bailout.

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