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Airbus scraps A380 superjumbo jet as sales slump

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European aircraft manufacturer Airbus has pulled the plug on its struggling A380 superjumbo, which entered service just 12 years ago. Airbus said last deliveries of the world’s largest passenger aircraft, which cost about $25bn to develop, would be made in 2021. The decision comes after Emirates, the largest A380 customer, cut its order. The A380 faced fierce competition from smaller, ...

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EU adds Saudi Arabia to dirty-money blacklist, upsets UK, U.S

EU

The European Commission added Saudi Arabia, Panama and four U.S. territories to a blacklist of nations it considers a threat because of lax controls on terrorism financing and money laundering, the EU executive said on Wednesday. The move is part of a crackdown on money laundering after several scandals at EU banks, but it has been criticised by several EU ...

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Brexit: US ambassador to UK Johnson warns on trade deal

trump

Donald Trump’s offer of a “quick, massive, bilateral trade deal” will not be possible if Theresa May’s EU withdrawal agreement is approved, the US ambassador to the UK has warned. President Trump had previously said her Brexit proposal sounded like a “great deal for the EU”. Woody Johnson told the BBC the UK was “in need of leadership” over Brexit. ...

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Nigeria’s first gold refinery to triple capacity in 5 years

File Photo

Nigeria’s first gold refinery is expected to more than triple its capacity within five years after operations begin next June, an executive at the company developing it said on Tuesday. Nere Teriba, vice chairman of local firm Kian Smith Trade & Co, said the refinery would initially be able to produce three tonnes per month of gold and one tonne ...

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World Bank announces $200 billion for Climate Action

World-Bank-news

The World Bank Group today announced a major new set of climate targets for 2021-2025, doubling its current 5-year investments to around $200 billion in support for countries to take ambitious climate action. The new plan significantly boosts support for adaptation and resilience, recognizing mounting climate change impacts on lives and livelihoods, especially in the world’s poorest countries. The plan ...

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US stocks suffer worst fall in six years

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US stocks suffered their worst falls in more than six years yesterday in a sell-off sparked by concerns of higher interest rates. The Dow Jones Industrial Average index tumbled by 4.6%. The White House moved to reassure investors saying it was focused on “long-term economic fundamentals, which remain exceptionally strong”. Signs of improvement in the economy had driven US markets ...

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U.S. judge clears Takata to seek creditor vote on bankruptcy plan

takata

The judge overseeing the bankruptcy of Takata Corp’s (TKTDQ.PK) U.S. unit on Wednesday cleared the way for the company’s creditors to vote on its Chapter 11 plan, which critics say limits the legal rights of those injured by its deadly airbags. Takata and its U.S. entity TK Holdings Inc filed for bankruptcy in June after more than 100 million of ...

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Spotify makes confidential filing for U.S. IPO: source

spotify

Music streaming service Spotify has filed confidentially with U.S. regulators for an initial public offering and is targeting a direct listing in the first half of 2018 that would allow some longtime investors to cash out, a source familiar with the matter said on Wednesday. If Spotify, which was valued at as much as $19 billion last year, goes ahead ...

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U.S. trade panel recommends varying solar panel import restrictions

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Members of the U.S. International Trade Commission on Tuesday made three different recommendations for restricting solar cell and panel imports on Tuesday, giving President Donald Trump a range of choices to address injury to domestic producers. The recommendations range from an immediate 35 percent tariff on all imported panels to a four-year quota system that allows the import of up ...

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Warren Buffett, Larry Fink criticize Trump tax plan

warren

President Donald Trump’s tax reform plan came under new criticism on Tuesday from two towering Wall Street figures, including billionaire investor Warren Buffett, who called into question a Republican drive to slash the U.S. corporate rate. With the White House and top Republicans in Congress already on the defensive over claims the plan would not cut taxes for many middle-class ...

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