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BRICS countries near development bank deal to rival IMF, WB

The emerging economies of Brazil, Russia, India, China and South Africa, are a couple of days from agreeing the $10 billion BRICS development bank, as well as a $100 billion currency pool. It could challenge global lenders like the IMF and World Bank. The bank will be called the New …

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US may end controversial five-year ‘easy money’ program in October

The US Federal Reserve said it could end the controversial five-year-old ‘quantitative easing’ program that has pumped about $4 trillion into the US economy as early as October, if there are no signs the economy is still in trouble. “If the economy progresses about as the [Fed] expects, warranting reductions …

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China buys $22bn worth of US homes, leads global pack

Foreign buyers of US residential real estate surged 35 percent last year, with Chinese buyers, searching for moderately priced, safe investments in a sea of economic and political uncertainty, outspending the rest of the world. Chinese buyers spent $22 billion on US homes in the 12-month period ending in March, …

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Shanghai favourite to become BRICS bank HQ

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

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

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

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

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

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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