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Shanghai favourite to become BRICS bank HQ

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Shanghai is considered to be the frontrunner between Russia, China, India and South Africa to become home to the new BRICS bank, media reports. The bank is an attempt by emerging economies to challenge the US-based global lending institutions. Four of the BRICS countries – China, Russia, India and South …

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Hellfire in Iraq opportunity for Kurdish oil players

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Iraq’s crumbling authority could be a golden opportunity for smaller oil companies that operate in the Kurdish north. Britain’s Genel Energy, a key operator in the region, stands to gain as other companies are driven out. Turmoil in Iraq is bad for oil giants Exxon and BP, who have significant …

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BNP Paribas sets up sanction-savvy schemes to get around dollar ban

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France’s largest bank, BNP Paribas, is devising ways to retain its US customers after being banned from dollar-based transactions over breaking US sanctions. The ban will contribute at least $40 million more to a record settlement of nearly $9 billion. The bank pled guilty on Monday to two criminal charges …

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China’s monthlong block of Google hits businesses

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Chinese business says it’s being increasingly hit by a monthlong government clampdown on Google, and is realizing how reliant it is on the service. The controls are part of Chinese government attempts to reduce foreign influence it considers pernicious. Since 2009 when Google stopped censoring searches, the service has been …

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Macau surpasses Switzerland in GDP per person – World Bank

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The gambling center of Macau has become the world’s fourth richest territory per person, leapfrogging Switzerland, according to World Bank report. The growth was mainly due to mainland Chinese gamblers and tourists. The Chinese territory reached per capita gross domestic product of $91,376 in 2013, an 18.4 percent jump from …

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CHINA PLANS INVESTMENT BANK TO BREAK WORLD BANK DOMINANCE

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China is moving forward with a plan to create its own version of the World Bank, which will rival institutions that are under the sway of the US and the West. The bank will start with $100 billion in capital. The Asian Infrastructure Investment Bank (AIIB) will extend China’s financial …

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UK BANK TO INVEST £1BN OF GREEN ENERGY IN THE OCEAN BLUE

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The UK’s Green Investment Bank (GIB) will raise £1bn to invest in domestic offshore wind farms, tapping into the billion dollar industry of generating renewable energy from ocean winds. GIB has put £1.3billion into 29 green infrastructure projects since it was started 18 months ago, and is transitioning from simply …

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BULGARIA: SOUTH STREAM DOESN’T BREACH EU LAWS

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Bulgarian officials say the construction of the Russian-led South Stream gas pipeline does not breach EU legislation. The European Commission is concerned the agreement between Russia and Bulgaria violates EU competition law. The Bulgarian government stood by its position on the legality of the pipeline in a Wednesday statement, ITAR-TASS …

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