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Economy - International

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LA Times

In an apparent case of sabotage, six explosions blew apart natural gas pipelines operated by Mexico's Pemex state oil monopoly early today in Veracruz state, causing fires and forcing the evacuation of 15,000 people from surrounding towns.

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www.telegraph.co.uk

Britain's biggest banks could be forced to cough up as much as 70 billion pounds over the next 10 days, as the credit crisis that has seized the global financial system sparks a fresh wave of chaos. Almost 20 percent of the short-term money marke

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AP

Japan's gross domestic product for the April-June quarter declined 1.2 percent on an annual basis, the government said on Monday as it revised downward a preliminary estimate of 0.5 percent growth for the quarter. The adjustment marks the first

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Guardian

Premier Foods, the group behind Branston Pickle,Oxo,Mr.Kipling and Quinn, said a "systemic change" in world ingredient markets, with "violent rises" in many commodities, had heralded a new era, bringing to a close almost 15 years

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Kyodo News

(Another good reason not to invade) China for the first time became Iran's biggest trade partner in 2006, replacing Japan, according to customs-cleared trade and other data. This shows China, facing growing energy demand, is deepening

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China Daily

(Seems free markets aren't a part of China after all) Foreign acquisitions of Chinese companies will be subject to stringent new checks intended to protect national economic security under a new law passed Thursday. After 13 years on the drawing

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Bloomberg

The accord may lift a money-market freeze in Canada sparked by the meltdown in the U.S. subprime mortgage market. Commercial paper trusts have been unable to sell debt coming due this week. "This is a bad precedent, it's a bailout," sai

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Forbes

It was a bad day even by the standards of what has been possibly the worst week Asian stock markets have witnessed in recent years, as global equity turmoil from the U.S. subprime credit crisis continued to wreak havoc.

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Christian Science Monitor

Chinese central bankers, French pension-fund managers, and staid German bankers have been the piggy bank for America's housing boom. Foreign loans to help Americans get mortgages have quadrupled to nearly $1 trillion.

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Daily Reckoning

(Adean is Russian for one) The central banks of the world have created around $300 billion worth of new money and debt - in two lousy freaking days! And why are they doing this? Perhaps it has something to do with how Michael A. Nystrom

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AFP

World stock markets plummeted on Thursday as credit crunch fears mounted, sending Wall Street sliding and London into its steepest one-day fall since the run-up to the Iraq war. Share prices across the world skidded lower as investors reacted to m

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Reuters

Internal investigators have uncovered more than $1.4 billion of dubious payments at Siemens' telecoms and turbines divisions, far more than previously thought, the Sueddeutsche Zeitung said. "We're talking about enormous sums," the

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Reuters

Asian stocks fell across the board on Friday and the yen extended gains as investors dumped riskier assets following a rout in global markets sparked by a flare-up in credit jitters. The fall came after U.S. stocks tumbled, with the Dow and S&P do

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Economist

Central banks in the rich world no longer determine global monetary conditions. Exactly 30 years ago, in August 1977, The Economist published an article by Alan Greenspan, the former chairman of America's Federel Reserve

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Reuters

World stocks tumbled after BNP Paribas became the latest bank to be hit by mortgage credit problems and shortage of cash in money markets prompted the European Central Bank to add emergency liquidity. The French bank froze more than $2 billion worth

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IHT

Germany, which last week became the first Ruropean country infected by the woes in the American mortgage market, suffered another blow Monday when a Frankfurt-based asset management firm closed one of its funds to halt withdrawals by rattled investor

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Prudent Squirrel

Gold suffers because it is sold as a liquid asset by funds and investors to make margin calls among other things. As losses cascade in this latest world stock crash in Asia - down 2 to 4% last night, Europe - down about 2%, and US down 2% or so

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