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What the dollar’s rise means for the global economy

The US dollar is on the move. In the last four months alone, it has soared by more then 7% compared with a basket of more than a dozen global currencies, and by even more against the euro and the Japanese yen. This dollar rally, the result of genuine economic progress and …

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Spotify to Taylor Swift: Free Music Makes You Millions

Spotify has always been dogged by criticism that it doesn’t provide a sustainable way for musicians to make money. Getting dumped by Taylor Swift in protest of paltry royalties delivered particular sting. Swift dominates the public conversation like almost no other pop star, and most high-profile critics of streaming music …

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Regulators fine global banks $3.4 billion in forex probe

Global regulators imposed penalties totalling $3.4 billion on five major banks, including UBS, HSBC and Citigroup on Wednesday in a landmark settlement over allegations of price fixing in the foreign exchange market. Royal Bank of Scotland and JP Morgan were also fined for attempting to manipulate foreign exchange benchmarks in …

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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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