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Bernanke says more positive signs needed before scaling back stimulus
WASHINGTON - Chairman of the Federal Reserve, Ben Bernanke Wednesday said it was too soon to scale back the monetary stimulus and the central bank needs to see further signs of traction before taking a decision. A decision to scale back the $85 billion in bonds the Fed is buying each month could come at one of the central bank's "next few meetings" if the economy looked set to maintain ...
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Higher exports fail to plug widening Japan trade deficit
TOKYO - Japan's trade deficit rose substantially more than expected in the month April to 879.9 billion yen ($8.6 billion), which is a 70% jump over the trade deficit during the corresponding month a year earlier, the Finance Ministry said Wednesday.. The deficit, for the tenth consecutive month, was wider than what many economists had forecast. A survey from the Nikkei business daily ...
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Vitamin C offers hope of tackling drug resistant TB
WASHINGTON - Adding vitamin C to existing tuberculosis drugs regime could shorten the therapy for drug resistant TB, claims new research findings published in the online scientific journal Nature Communications. The striking discovery, by researchers at Albert Einstein College of Medicine of Yeshiva University, has determined that vitamin C kills drug-resistant TB bacteria in laboratory ...
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IMF warns UK against continuing austerity programme
LONDON - In a critique of the United Kingdom's austerity programme, the International Monetary Fund Wednesday urged the Europe's third largest economy to rebalance the policy to make the transition to a high-investment and more export-oriented economy. "The UK could boost growth by bringing forward measures already included in its fiscal plan, such as spending on infrastructure and job ...
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Labour reforms to top US team agenda on Bangladesh visit
DHAKA - A high level US delegation led by the State Department's Under Secretary for Political Affairs Wendy Sherman will visit Bangladesh this weekend to press for a major overhaul of labour safety regulations following the nation's deadliest industrial accident, an official said Wednesday. The collapse of a nine-storey factory complex housing several garment units outside the capital last ...
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Construction begins on new island off Jumeirah Beach in Dubai
Work began on Monday on the development of a man-made island in Dubai, 500 metres directly opposite the Jumeirah Beach Residence complex. To be known as Bluewaters Island, the new development will house five star hotels and resorts, al fresco dining and entertainment zones, and residential apartments and villas. The focal point of the island city, which will cost $1.6 billion, will be a 688 ...
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Investec slides after earnings miss
Johannesburg - Shares of Investec drop 2.5 percent to 70.9 rand after the South African investment bank and asset manager's full-year earnings fall short of lofty market ...
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Microsoft Surface Pro a device of many talents
mystery press conference in Los Angeles on 19 June last year. Indeed, it was something of a shock, because for the first time, Microsoft was competing against its biggest customers: Windows PC suppliers such as Acer, Asus, Dell, HP, Lenovo, Samsung and ...
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Post Office workers to strike for fifth time since Easter over closure plans
Customers encounter locked doors at a Post Office in Newport during a strike on the Tuesday after the first May bank holiday. Photograph: Tim ...
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Qinetiq could sell US business after defence cuts lead to profit fall
- the business often said to be the inspiration for the spy's weapons expert Q - does not appear to be as successful.Full year underlying profits up 6% to 152m, with a positive performance from its UK services business. But defence budgets are under pressure worldwide, with possible contract delays and modifications, especially in the US, where Qinetiq's services business saw profits ...
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Concerns over underlying health of UK economy as 0.3 growth confirmed
Stockpiling by British businesses accounted for much of the growth in the UK economy in the first three months of the year, adding to concerns that its underlying health remains weak.GDP growth was confirmed at 0.3% by the Office for National Statistics after inventories increased by 0.4%.The ONS said business investment, a key indicator of the economy's wellbeing, fell 0.4% and consumer ...
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Does Asia Slump Signal US Correction
: "I think I'd be more likely to be buyer than a seller. First of all, markets correct from time to time. That's natural whether it's in Japan or over here." "We want the Fed to taper because that means the economy is getting better," Keon added, saying the underlying economy is "stronger than people think" because the fiscal drag of the tax increases ...
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Housing Hype Is Overblown Pros
Housing is good but not great, and unlikely to fulfill Wall Street's expectations that it will be a leading force in a robust recovery, according to a group that is one of industry's most prominent voices. Despite data points that in some cases are at multi-year highs, Robert Shiller, Karl Case and David Blitzer believe there are multiple headwinds that will keep a lid on housing ...
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Recessions Hurt but Austerity Kills
An international study on recessions and governments' responses to them has found that cuts to healthcare systems prompted by fiscal austerity are making matters far worse--for both governments and society. David Stuckler, a sociology professor at Oxford University and co-author of the book "The Body Economics," told CNBC on Thursday that responses to recessions had not only been ...
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Warning signs for China Fed hints at curbing stimulus
LONDON (Reuters) - Chinese factory activity shrank in May for the first time in seven months, overshadowing signs that the euro zone's downturn tempered slightly in May, business surveys showed on ...
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Feds Bullard QE Most Effective Stimulus When Rates near Zero
The Federal Reserve's policy of asset purchases is still the most effective way to provide additional monetary stimulus when interest rates are close to zero, and the central bank should stick with its current policy, St. Louis Fed chairman James Bullard said Thursday.Mr. Bullard reiterated his belief in using unconventional policy measures, in a speech that assessed various options for ...
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UK regulator fines JPMorgan 3 million pounds
LONDON – Britain's Financial Conduct Authority (FCA) said it has fined U.S. bank JPMorgan 3.08 million pounds ($4.6 million) for being unable to show it was giving clients the right advice. The FCA said on Thursday the failings were not corrected until the watchdog brought them to the firm's attention in the course of its wider review of wealth management firms. "No matter ...
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UMW Holdings to Add to Drilling Rig Fleet With $223 Million Purchase
UMW Holdings Bhd (4558.KU), Malaysia's state-backed industrial conglomerate, said Thursday that its unit has signed a pact with S.D. Standard Drilling PLC to buy a jack-up drilling rig for $223 million.The rig is currently being built and is expected to be ready for delivery in May 2014, UMW said in a statement.The new rig will add to UMW Oil & Gas's current fleet of four offshore ...
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VTB in Talks to Exit Rosbank
Russia's VTB Bank (VTBR.RS) said Thursday that it is in talks about exiting French Societe Generale SA's (GLE.FR) Russian unit, whose chief was arrested last week for allegedly taking a bribe."We are in talks about exiting Rosbank. This is not a strategic investment for VTB. However, the terms and conditions of any deal will depend on market conditions," VTB, which holds an ...
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LONDON MARKETS U.K. Stocks Slide As Miners Drop On China Data
LONDON – U.K.'s benchmark FTSE 100 stock index retreated from a 13-year high on Thursday, with resource firms adding pressure after disappointing Chinese manufacturing data fueled worries about growth recovery in the Asian nation.The FTSE 100 index slumped 1.9%, after climbing to the highest close since December 1999 on Wednesday.Mining firms were among biggest decliners, after ...
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Gazprom Tenders to Drill 6 Oil Wells at Iraqs Badra Field
Russian state oil producer OAO Gazprom Neft (SIBN.RS) has issued a new tender to drill six oil wells at the Badra oil field in eastern Iraq, the company said on its website.Gazprom has set June 13, 2013 as a closing date for receiving offers.The Gazprom consortium, which includes South Korea's Gas Corp. (036460.SE), Turkish Petroleum Corp. or TPAO, and Malaysia's Petronas, plans to ...
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GM recalling some 27K Cadillac SUVs due to concerns wheels can fall off
DETROIT General Motors Co. is recalling more than 27,000 Cadillac SUVs worldwide because the wheels can fall off. The company says the recall affects the 2013 Cadillac SRX with 18-inch wheels. Canadian safety regulators say the wheel nuts may not have been tightened enough at the factory. GM says the problem hasn't caused any crashes or injuries, and no wheels have fallen from vehicles. ...
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Nearly Free Electric Car Leases in a State Near You
(Image credit: Toshifumi Kitamura/AFP/Getty Images) Accustomed to their gas-guzzling companions, many Americans are hesitant to buy an electric or hybrid vehicle. But dealers and government incentives are luring drivers into the fold. John O’Dell, senior green car editor for Edmunds.com, has leased a Nissan Leaf with his wife for the last two years. He said he is not sure he would lease ...
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Photos Talk Show Host Buys Home
Talk show host Ellen DeGeneres and wife Portia de Rossi have reportedly picked up another property -- this time in Montecito, Calif. The real-estate happy couple bought the home for $26.5 million, according to TMZ. On 13 acres with ocean views, the home has six bedrooms and nine fireplaces. The couple sold their home in Malibu last year that previously belonged to actor Brad ...
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Angola to open bourse in 2016 secondary bond market end-2013
Thu May 23, 2013 6:58am EDT * Stock market may open 2015 if used for privatisations * Bourse has been in pipeline for a decade * New plan to open markets gradually By Shrikesh Laxmidas LISBON, May 23 (Reuters) - Angola plans to open its much-delayed stock market in 2016 and could even bring it forward to 2015 if the bourse was used to privatise state-owned companies, the country's Capital ...
Karachi Feature
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Karachi reaching for sky with high-rise developments
There is more to Karachi than factional violence and political strife, as is seen in the recent major realty developments taking place in the city.
All residents of Karachi are aware that the city contributes some 20% to the total GDP of the entire country, it is the financial center of Pakistan and is also Pakistan’s most famous city. Since the political crises of the 1980s and the resultant economic backlash the city and the country has struggled with much capital leaving the city. Since the global downturn the city has seen another wave of economic stagnation, but as the world recovers and the local and national government build international integrity, the future fortunes of the city look promising. Read more
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