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BP to make hundreds of job cuts as oil price slumps

BP will spend $1 billion on making hundreds of job cuts over the next year, in response to the continued slump in global oil prices, the Guardian reported. “We have already been working very hard over these past 18 months or so to right-size our organisation as a result of …

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Drones in India

Author: Tekendra Parmar Need to Know provides context and resources to help you get a better understanding of recent developments in the world of drones. What You Need to Know About Drones in India Last May, Mumbai became the first city to have a margarita pizza delivered via drone. Flying …

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Turkish economy grows at slowest pace in three years

Turkey’s gross domestic product (GDP) has grown 1.7 percent year-on-year in the third quarter, according to official data released Dec. 10, sharply below forecasts that had predicted an increase of around 3 percent. The economic administration slashed its growth forecast for 2014 from 4 percent to 3.3 percent in October, …

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Fitch slightly upgrades Turkey’s growth forecast

Fitch has upgraded Turkey’s growth forecast for this year due to a better-than-expected economic performance, according to a senior director at the ratings agency. Speaking on Dec. 9, Fitch Ratings Senior Director Paul Rawkins said Fitch had raised Turkey’s 2014 growth forecast from 2.7 percent to 3 percent because of …

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Iran’s oil minister rejects oil barter with Russia

Iranian Oil Minister Bijan Namdar Zanganeh has rejected reaching any agreement with Russia to barter oil in return for staple goods, the Islamic Republic Mehr news agency reported on Dec. 10. Zanganeh was reacting to new reports quoting Russian Economy Minister Alexei Ulyukayev as saying Moscow plans to sign contracts …

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German Loan To Strengthen Georgian-Armenian Energy Ties

The Armenian government secured a 85.2 million euro (105.6 million USD) loan from Germany aimed at facilitating a new transmission line between the national power grids of Georgia and Armenia. Germany’s KfW bank disbursed the loan through an agreement which was signed by one of its executives in Yerevan, along …

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Azerbaijan invests $95M to Georgia in 2014

Azerbaijan’s investments to Georgia amounted to $95 million as of the third quarter 2014, the Georgian National Statistics Service’s report says. The volume of foreign direct investments made in Georgia amounted to $508 million for three quarters of 2014, which is 99 percent more than in the same period of …

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Russia admits action to buoy rouble

Russia’s central bank has admitted it intervened to support the rouble in foreign currency markets last week spending a total of $4.53bn (£2.9bn). It has spent more than $70bn supporting the rouble since the start of the year. Its admission came as the World Bank warned the Russian economy would …

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Why Rumors Outrace the Truth Online

It’s no surprise that interesting and unusual claims are often the most widely circulated articles on social media. Who wants to share boring stuff? The problem, however, is that the spread of rumors, misinformation and unverified claims can overwhelm any effort to set the record straight, as we’ve seen during …

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Inside The $3 Billion Business Of Formula One

Formula One has no shortage of controversy. CEO Bernie Ecclestone may be on his way out and last monthhe said the most prestigious auto racing circuit is in deep financial crisis and he doesn’t know how to repair it. Formula One is burdened by $4.1 billion in debt, according to …

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Azerbaijan ships 1.8m tons of oil via Ceyhan

Over 1,847 million tons of Azerbaijani oil was shipped from Ceyhan port to world markets in November, SOCAR reported. Of this figure, more than 1, 120 million tons belonged to the State Oil Fund of the Republic of Azerbaijan. According to official figures, a total of 26,442,278 tons of Azerbaijani …

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