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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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US, EU, Japan challenge China on trade

The European Union, United States and Japan formally asked the World Trade Organization on Tuesday to settle a dispute with China over Beijing’s restriction on exports of raw materials, including rare earth elements critical to electronics makers. The dispute is

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Tajikistan: Opposition Slams Energy Tariff Increase

Many Tajiks will consider it a gut punch: At the end of another winter of power shortages, the impoverished country’s state electricity company has said it will raise prices 20 percent. The announcement came as authorities further restricted electricity supplies

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Is the Sustainability of China’s Growth Guaranteed?

China is seeing a 10% growth on average for the past 3 decades and is believed to become the world’s largest exporter and manufacturer. China moved from a state controlled economy to a more liberal economy in 1978 by encouraging

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Developing Countries to the Rescue of the Eurozone

Brazillian Finance Minister Guido Mantega said that developing nation would be willing to provide more money to ease the eurozone’s debt crisis, in return for more power within the International Monetary Fund. Minister Guido Mantega made this statement at a

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Apple investors win greater say over board of directors

Apple shareholders are to be given a greater say in selecting the firm’s board of directors. It comes after the company agreed to change its governance rules. In future directors will have to win the backing of the majority of

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Japan’s Trade Deficit Surging in the First Quarter

Japan’s trade deficit hit its highest in January with exports dipping 9.3% from a year earlier, while imports rising 9.8%. There are number factors that resulted in such a high trade deficit in Japan. The nuclear impact is certainly the

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"The Elephant in the Region"

SOUTH ASIA is about the least integrated part of the world. Neighbours supply just 0.5% of India’s imports, and consume less than 4% of its exports. India and Pakistan, mutually antagonistic, account for a fifth of all living humans, yet

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“The Elephant in the Region”

SOUTH ASIA is about the least integrated part of the world. Neighbours supply just 0.5% of India’s imports, and consume less than 4% of its exports. India and Pakistan, mutually antagonistic, account for a fifth of all living humans, yet

Read More

Sales tax increase approved by Japan's cabinet

The Japanese cabinet has passed a plan to double sales taxes in an attempt to control the soaring costs of public debts. The plan, which needs parliament’s approval, will see taxes raised from the current 5% to 8% in April

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Sales tax increase approved by Japan’s cabinet

The Japanese cabinet has passed a plan to double sales taxes in an attempt to control the soaring costs of public debts. The plan, which needs parliament’s approval, will see taxes raised from the current 5% to 8% in April

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US Congress backs payroll tax cut

The US Congress has voted in favour of extending a payroll tax cut until the end of 2012, ending months of debate. The bill now moves on to President Barack Obama, who has promised to sign it into law. The

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Fake US bonds worth trillions seized

The BBC’s Alan Johnson: “Their ambitions were on an international scale” Italian prosecutors say they have broken up an organised crime ring that was hiding trillions of dollars of fake US bonds. Worth $6 trillion, the bonds were found in

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UK and France sign nuclear energy agreement

The UK has signed a deal with France to strengthen co-operation in the development of civil nuclear energy. The government said it reiterated the UK’s commitment to nuclear energy “as part of a diversified energy mix”. The coalition said the

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