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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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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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Pakistan to decide on IMF loan agreement today

Ministry of Finance will decide today whether Pakistan will enter a fresh loan agreement with International Monetary Fund. According to sources, Pakistan and the IMF will have to agree upon eight conditionalities for entering into a fresh bailout package of

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Indian rupee falls to its record low against US dollar

Indian rupee falls to its an all-time low against the US dollar as the US Federal Reserve signaled on Wednesday that it could taper its bond-buying program if the US economy performed well. The rupee fell as low as 59.93,

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Saudi billionaire plans to build the world’s tallest tower

Saudi billionaire Prince Alwaleed bin Talal is eyeing some of the world’s global cities to build the world’s tallest tower—a mile-high skyscraper. He has not said anything about the cost and source of financing of the building yet. The prince

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Sharp launches 90-inch Aquos LED TV

Sharp has announced the 90-inch LC-L90LE757 LED TV, which is the biggest commercially available LED TV set on sale in Europe. The 3D set is over 1.2 meters tall and uses a cutting-edge Xgen 3D panel. The television is of course

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US 2013 budget cuts ‘excessively rapid and ill-designed’- IMF

The International Monetary Funding (IMF) in its annual report on the world’s biggest economy called the deficit reduction of the US in 2013 excessively rapid and ill-designed. According to the report, reductions in education, science and infrastructure spending would hurt

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India’s economic growth hits its lowest rate in a decade

Recording an annual growth of 9% until two years ago, India’s economy grew at its slowest pace in a decade during the 2012-2013 financial year. Owed to its sluggish manufacturing and service sector, the Indian economy grew by 5% over

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The price of oil hits USD 97 per barrel

(Fox News) The price of oil rose toward $97 per barrel Tuesday, but gains were checked as investors waited for the Federal Reserve’s latest views on the U.S. economy. Benchmark crude for June delivery was up 16 cents to $96.87

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Yahoo to buy Tumblr for USD 1.1bn

Yahoo seems to be getting back in the game after being eclipsed by Google for the past few years. Yahoo’s board has approved a deal to buy New York based blogging service Tumblr for USD 1.1bn. It will be CEO

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Cyprus receives first installment of its bailout funds

Cyprus has received 2bn Euros, the first installment of a 10bn-Euro bailout package, from the European Union (EU) and the International Monetary Fund (IMF). Eurozone finance ministers are also expected to sign off the latest tranche of Greece’s bailout, as

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Unexpected decline in China’s manufacturing growth in April

China’s Purchasing Managers’ Index (PMI) dropped from 50.9 to 50.6 in April, indicating an unexpected slowdown in China’s manufacturing sector. The drop in the growth of manufacturing sector, China’s main driver of economic growth, poses threats to its fragile economic

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Economic morale of the Eurozone at a 4 month low

Economic sentiment in the Eurozone economy hits its 4 month low in April, slipping 1.5 points to a worst than expected 88.6, according to the European Commission. “The further and increased slippage in economic sentiment in April reinforces our belief

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US to print new 100 dollar bills

The United States Central Bank, the Federal Reserve, have said new $100 bill which has been redesigned with high-tech security features will be circulated throughout America in October. The revamped note includes added security features to prevent it from being

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US manufacturing sector grew at its slowest pace in six months

The US manufacturing sector’s growth was at its worst in six months during April. According to Research Firm Market, the Purchasing Manager’s Index fell from 54.6 to 52, slightly above the 50 level, marking the line between growth and contraction.

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Indian companies accused by US Senator of abusing H-1B visas

Senator Richard Durbin, during a Congressional hearing on immigration reform by the Senate Judiciary Committee on Monday, accused big Indian IT companies-TCS, Infosys and Wipro- of abusing the H-1B visa system. “These outsourcing firms like Infosys, Wipro, Tata and others

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Iran to export oil to North Korea

Iran is considering signing an oil deal with North Korea on the export of oil in an attempt to revive its economy shattered by the tough sanctions from the West A delegation from North Korea’s oil ministry is currently visiting

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Greek debt is containable, says the troika

The troika, which includes the European Commission, the European Central Bank and International Monetary Fund (IMF), has said Greece will return to growth in 2014 after the release of the next tranche of financial support. The troika recently reviewed the

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Gold price falls to its lowest amid diminishing inflation

The price of gold has fallen 9.1% to USD 1,395 an ounce, its lowest in two years, amid fears that high inflation is to recede. Some analysts said that the decline may have been triggered by the investors expecting the

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Data on bond purchases by Bank of Cyprus missing

Investigators have found that key data about bond purchases by bank of Cyprus are missing, with gaps discovered in computer records for the period 2007-2010. Whether the mass deletion of data was deliberate or accidental is not yet clear. The

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H.P. Chairman Steps Down

In another upheaval for the board of Hewlett-Packard, the company said on Thursday that Raymond J. Lane, its embattled chairman, was stepping down from that post, just two weeks after his narrow re-election. Two other directors departed the board entirely.

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China, the world’s second biggest market for Hollywood moviemakers

China has become the world’s second largest movie market, with box office revenues surging to USD 2.7bn in 2012. This follows after China eased restrictions on the number of foreign films allowed to be screened. Last year, it agreed to

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Eurozone Finance Ministers agree on a deal for Cyprus

Eurozone Finance Ministers have agreed on a bailout deal of 10bn Euros to keep Cyprus in the Eurozone and rescue its banking system from collapsing. Head of the International Monetary Fund Christine Lagarde regarded the deal as “a comprehensive and

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Farmland prices: Is the bubble about to burst?

Experts think a 1980s-like crisis is unlikely, but concerns linger. WASHINGTON — Record-high prices for corn, soybeans, wheat and other commodities have left growers flush with cash to purchase more land. And what the farmers don’t pay for out of

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