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Major Corporations Evading Taxes in Luxembourg

Billions of dollars have secretly passed through Luxembourg, the heart of the EU, an investigation by journalists has unearthed in leaked documents. PepsiCo, IKEA, FedEx and 340 other international companies use the tiny country to slash their tax bills. The 1,000 square mile country sandwiched between France, Germany, and Belgium …

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Russian Duma considering a law banning the use of dollars

  A law banning possession and use of the U.S. dollars in the country is under consideration by the Russian State Duma. In case the law is approved, every Russian citizen would be required to close any dollar accounts they may have at local banks. The citizens would be given …

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Strong advertising sales boost AOL revenue

Digital media and entertainment company AOL Inc reported an 11.7 percent rise in quarterly revenue, propelled by strong advertising sales. Net income attributable to AOL rose to $28.5 million, or 35 cents per share, for the third quarter ended Sept. 30, from $2 million, or 2 cents per share, a year earlier. The …

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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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