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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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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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