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Bridging The Gap
World Bank approves $450 million grant for Pakistan World Bank approves $450 million grant for Pakistan
WASHINGTON: The World Bank on Thursday approved a financial package worth $450 million to support the government in its efforts to help poor and deprived citizens through steps that include strengthening the national social safety net. The Finance for Growth Development Policy (FGDP) is a policy credit of $300 million that would assist Pakistanís efforts in promoting an inclusive and transparen...
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BT Openreach deal aims to shakeup UK broadband BT Openreach deal aims to shakeup UK broadband
BT has bowed to demands by the telecoms regulator Ofcom to legally separate Openreach, which runs the UK's broadband infrastructure. Ofcom said that Openreach will become a distinct company with its own staff, management and strategy "to serve all of its customers equally". It must consult with customers such as Sky and TalkTalk on major investments. Ofcom boss Sharon White told that "we can no...
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Fed boss says US rates may rise in March Fed boss says US rates may rise in March
A rise in US interest rates could be "appropriate" as soon as this month, according to the chair of the US Federal Reserve. Janet Yellen said rate setters will evaluate whether employment and inflation remain in line with expectations when they meet in March. Ms Yellen also suggested the central bank was likely to raise rates more quickly than over the past two years. Rates went up by 0.25% in ...
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Shipping slump: Why a vessel worth $60m was sold as scrap Shipping slump: Why a vessel worth $60m was sold as scrap
In January 2010, the container ship Hammonia Grenada was delivered from a Chinese yard to its new owners, reportedly priced at about $60m (about £37m at that time). Just seven years later - at the start of this year - it was sold for scrap. The price: an estimated $5.5m (£4.4m today). It's not the only vessel to suffer this fate. Last year container ships were sold at rock-bottom prices for scra...
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Volkswagen 'fixes 470,000 UK diesel cars' Volkswagen 'fixes 470,000 UK diesel cars'
VW's top UK executive, Paul Willis, has said that of the 1.2 million cars in the UK affected by the diesel emissions scandal, 470,000 have been fixed. "At the current rate, we are applying these measures to 20,000 cars a week," he told MPs on the Transport Committee. But after he had left the hearing, Mr Willis was accused of lying to MPs over whether he had supplied the government with promised...
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SoftBank of Japan Will Buy U.S. Private Equity Giant Fortress SoftBank of Japan Will Buy U.S. Private Equity Giant Fortress
Over its three-decade existence, the Japanese conglomerate SoftBank and its founder, Masayoshi Son, have been known for ambitious and sometimes head-scratching moves. Now, SoftBank is nearing its most unusual move yet: It is buying Fortress Investment Group, an American private equity giant that oversees around $70 billion in assets. That business is a radical departure from the technology a...
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Starbucks boss Howard Schultz to step down
The chief executive of the Starbucks coffee chain, Howard Schultz, will step down from his post next year. Mr Schultz will become executive chairman and will change his focus to growing new Starbucks luxury brands. He will be replaced by the current number two, Kevin Johnson, who has been on the board for seven years. Mr Schultz, who has been at the company for 30 years, drove much of its expan...
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Referendum adds to Italian banks' woes
The focus of the news from Italy this weekend will be political - there's a referendum on constitutional reform. The Prime Minister, Matteo Renzi, has said he will resign if the proposals are rejected. This could be followed by new elections which could in turn benefit the Five Star Movement, an anti-euro group led by the former comedian Beppe Grillo. The Movement is one of many protest parties...
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Donald Trump vows 'consequences' for companies leaving US
President-elect Donald Trump has warned companies of "consequences" if they leave the United States. He was speaking in Indiana, where he took credit for saving 1,000 jobs at the air-conditioning company Carrier Corp, which planned to move to Mexico. Mr Trump is now in Ohio to begin a "USA Thank You Tour 2016" for his supporters. During a rally in Cincinnati, he announced he had chosen retired ...
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US unemployment rate falls to nine-year low
The US unemployment rate fell to a nine-year low in November, adding to expectations that US interest rates will rise later this month. Figures from the Labor Department showed the US economy created 178,000 jobs in November, while the jobless rate fell to 4.6% from 4.9% in October. The data adds to recent evidence of healthy growth in the economy, although wage growth was weaker than expected. ...
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