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Apple and Samsung’s patent dispute continues

Apple and Samsung are returning to court to establish how much the South Korean firm must pay in damages for infringing patents. Their patent dispute dates back of August of last year, when a jury found Samsung guilty of infringing

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Iran continues uranium enrichment as they have in the past- Iranian Legislator

Iranian lawmaker Alaeddin Boroujerdi denied reports that the Islamic Republic had temporarily halted enriching uranium to the 20% level. Previously, MP Hossein Naqavi Hosseini, the spokesman of the foreign affairs commission, was reportedly “misquoted” as saying that Iran was stopping

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Era of bailout to end soon for Ireland

Ireland Prime Minister Enda Kenny said his country would wean itself off emergency aid by December of this year. The 85bn euro (£73bn) bailout was forced on the country after its biggest banks collapsed in 2010. The Prime Minister addressed

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A new 100 dollar bill circulating in the market

Buzz is that the U.S. Treasury has launched a new 100 dollar bill that began circulating in the market on Tuesday. The Series 2009 $100 note is more expensive to print than the last version—12.7¢ per bill vs. 7.8¢ for

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US diplomats accused of sabotaging Venezuela’s economy

Venezuelan President Nicolas Maduro announced expelling of three US Diplomats, who are accused of taking part in power-grid sabotage in September and bribing Venezuelan companies to cut down production. “The diplomats have 48 hours to leave. Yankees, go home! Enough

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Lionel Messi faces tax fraud allegations

Argentinean footballer, currently playing for Barcelona and four times winner of FIFA World Player of the Year, arrived at a Spanish court along with his father to face tax fraud allegations. They accused of defrauding the authorities of more than

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Spanish public debt reaches its record high

Public debt in Spain is currently standing at USD 1.3 trillion, which is about 92% of the country’s economic output. Despite the tough austerity measures, which sparked countrywide protests, the debt grew by 15% from last year and above the

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Hyundai offers wage raise to South Korean workers

After a series of strikes from workers at the South Korean Hyundai Motor firm, workers at Hyundai Motor have voted in favor of a wage deal. The firm had offered to raise basic wage by 5%, pay a one-time bonus

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Chinese company pulls out of the Iran-Pak gas pipeline project

A Chinese company, which had offered USD 500mn to fund the Iran-Pakistan gas pipeline, has backed out, leaving Pakistan to knock on Iran’s door for further funding. This comes after Pakistani government expressed its unwillingness to extend the bid validity

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EU lifts sanctions on a number of Iranian companies

The EU’s General Court in Luxemburg lifted the sanctions imposed on seven Iranian companies by the US, ruling that there wasn’t sufficient evidence to justify the embargoes. The move has drawn the ire of the United States government, who have

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Fake economic data a serious problem for Chinese policymakers

There have long been doubts about the quality of Chinese economic data, until finally the Chinese government has admitted it. China’s National Bureau of Statistics has said that a county government in Yunnan province “faked” economic data by inflating the

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World Economic Crisis has not been resolved, says Putin at the G20 Summit

Russia’s President Vladimir Putin warned world leaders at the G20 Summit that economic risks remained. “Our main task is returning the global economy towards steady and balanced growth. This task has unfortunately not been resolved. Systemic risks, the conditions for

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Iran unable to access about 44% of its crude oil income

According to The Associated Press, the newly imposed sanctions on Iran have made it difficult for Iran to access billions of dollars in vital oil revenues, as the revenues are accumulated in accounts overseas, where Iran’s access is restricted as

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Japan’s weak yen increasing import costs

In a bid to revive the country’s economy, Japanese policymakers are sticking to a weak yen in the short term to achieving their goal. A weak yen has, as a result, boosted import costs, worsening the country’s trade deficit. With

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Japan's weak yen increasing import costs

In a bid to revive the country’s economy, Japanese policymakers are sticking to a weak yen in the short term to achieving their goal. A weak yen has, as a result, boosted import costs, worsening the country’s trade deficit. With

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“Baby recession” to hit Eurozone

High unemployment and tough austerity measures have brought some Eurozone economies on the verge of a potential “baby recession”. Unable to have a family, young couples are reluctant to have babies, as a result shrinking the future generation, in other

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"Baby recession" to hit Eurozone

High unemployment and tough austerity measures have brought some Eurozone economies on the verge of a potential “baby recession”. Unable to have a family, young couples are reluctant to have babies, as a result shrinking the future generation, in other

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Amazon to buy Washington Post for USD 250mn

The founder and CEO of Amazon.com, Jeff Bezos, has announced to buy America’s largest and renowned media publications, The Washington Post, for USD 250mn. Founded in 1877, The Post became a journalistic icon for its role in uncovering the Watergate scandal, which

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Turkey to receive electricity from Turkmenistan via Iran

As part of its efforts to become the region’s largest supplier of electricity by 2020, Turkmenistan intends to supply electric power to Turkey by transiting through Iran. An agreement to that effect has been signed with a Turkish private company. Iran,

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China’s manufacturing activity continues to dwindle

With Purchasing Manager’s Index (PMI) falling from 48.2 in June to 47.7 in July, China is witnessing its 11-month low manufacturing activity. The PMI is a key indicator of manufacturing activity and a reading below 50 shows contraction. This comes

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Weak yen boosts Japan’s exports

The weakened yen against the US dollar and a revival in demand from European markets have boosted Japanese exports. According to reports, exports rose 7.4% from a year earlier. Sales to the European Union (EU) rose by 8.6%-the first jump

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China’s economy is in big trouble

China will take over the world’s economy. This was quite a slogan about China chanted for a long time, as the country witnessed a tremendous growth for 3 decades in a row. The country’s economic strength existed in its abundant

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China's economy is in big trouble

China will take over the world’s economy. This was quite a slogan about China chanted for a long time, as the country witnessed a tremendous growth for 3 decades in a row. The country’s economic strength existed in its abundant

Read More

Easy money tap not drying up soon in the US, says Ben Bernanke

The US central bank is nowhere close to raising interest rates, assuring markets that the easy money tap was still on, US Federal Reserve Chairman Ben Bernanke says. “I don’t think the Fed can get interest rates up very much,

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Iran's foreign trade sees tremendous growth despite tight sanctions

Iran’s Trade Development Organization has set its foreign trade target at USD 59bn for the current Iranian Calendar year (ending March 2014). Deputy Head of Iran’s Trade Promotion Organization (TPO) Kiomars Fathullah Kermanshahi announced last week that the value of

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