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An Incredible growth of Shanghai

In the last 100 years or so, Shanghai, the megacity on the eastern coast of China, has seen incredible economic, industrial, and population growth. While it has long been a large and important seaport, it wasn’t until the 1990s that urbanization and expansion really exploded in Shanghai, turning it into …

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Canada economy stronger than thought in first-half 2014

The Canadian economy grew at a stronger pace in the first half of the year than previously thought, revised data from Statistics Canada showed on Wednesday. The revised figures raised second-quarter growth in gross domestic product to 3.6 percent from the 3.1 percent first reported by Statscan. The agency revised first-quarter …

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Sotheby’s Auction Led by $101 Million Sale of Giacometti’s ‘Chariot’

Sotheby’s got New York’s fall auctions off to a rollicking start with a sale of Impressionist and modern art on Tuesday that totaled $422.1 million, the highest in the 270-year-old company’s history. Leading the charge was Swiss sculptor Alberto Giacometti’s 1951-52 bronze “Chariot”—depicting a finger-thin woman riding atop a chariot—that …

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New Twin Skyscrapers being Built in Dubai

The massive 6 million-square-meter Dubai Creek Harbor development launched this week will include a pair of record-breaking towers. Developers Emaar Properties and Dubai Holdingshave partnered to create a huge development on the Dubai waterfront, with six residential towers as well as a pair of rocket-shaped buildings they say will be …

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EU: No New Funds for Ukraine to Cover its Gas Debt to Russia

The EU won’t provide any new funds for Ukraine to pay off its gas debt to Russia, and Moscow has no guarantees should Kiev use agreed funding elsewhere, said the EU Energy Commissioner’s spokeswoman Marlene Holzner. The European Commission is allocating €760 million ($954 million) of financial aid to Ukraine …

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Richard Branson’s ego, PR spin and a disaster waiting to happen

Richard Branson has not yet publicly announced whether he will attend the funeral of Michael Alsbury, the 39-year-old test pilot killed when the spacecraft Virgin Galactic exploded over the Mojave Desert last Friday. Since the question now being asked is whether Branson’s determination to send tourists into space may have …

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Russia’s Central Bank Boosts Ruble Liquidity

Starting October 27th Russia’s key financial regulator Central Bank introduced a new financial tool known as foreign currency repo, or repurchase agreement.   “These operations are aimed at further empowering credit institutions to manage their own short-term currency liquidity,” according to Central Bank of Russia’s press center.   The credit organizations …

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British Bank Lloyds Closes 150 Branches Over Mobile Banking

  The Lloyds Banking Group confirmed a cut of 9,000 jobs and a closure of 150 branches, according to a BBC report. The bank says the cuts and branch closures are due to customers switching towards mobile banking.   Three years ago, Lloyds had no customers using mobile technology, yet …

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Wall Street Will Not Be Kind To Brazil

Dilma Rousseff has won another term as Brazil’s president. President Rousseff garnered 51.45% of votes cast. Despite allegations of corruption at the highest levels of her administration — especially regarding the massive state oil firm Petrobras — the incumbent will have another four years to right Brazil’s ship after a close …

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Total’s CEO Christophe de Margerie dies in Moscow plane crash

Christophe de Margerie’s plane was trying to take off at Vnukovo airport, as Dmitry Medvedenko, from the Voice of Russia radio station, reports Christophe de Margerie, the chief executive of French oil company Total, has died in an air crash in Moscow. His corporate jet collided with a snow plough …

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GEORGE SOROS: ‘Wake Up, Europe!’

Multibillionaire investor George Soros has issued a warning to Europe’s democracies over the threat that a resurgent Russia poses to the continent. In an essay published Thursday in the New York Review of Books, Soros calls for more economic and military support for Ukraine, as well as the abandonment of …

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