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World Bank announces $200 billion for Climate Action


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


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


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


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


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


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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U.S: Harvey may pinch some Gulf Coast refining, chemical projects


Oil and petrochemical plants along the U.S. Gulf Coast intend to go ahead with plans for near record spending on expansions next year, despite Hurricane Harvey driving up labor costs and slowing work, experts said. Harvey largely spared oil and petrochemical plants along the U.S. Gulf Coast from significant damage but thousands of homes and businesses were not as fortunate. ...

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U.S: Lilly to lay off 8 percent of employees in bid to cut costs


Eli Lilly and Co (LLY.N) said on Thursday it would lay off about 8 percent of its employees as the drugmaker, which has suffered setbacks over the past year in the development of two potential blockbuster drugs, works to cut costs. Lilly will cut about 3,500 positions around the world, resulting in yearly savings of about $500 million, beginning in ...

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U.S. cable firms embrace former foe Netflix as TV viewing shifts


A growing number of U.S. cable operators are forming alliances with Netflix Inc NFLX.O, a shift that is helping the streaming pioneer add customers as its largest single market matures. No. 3 distributor Charter Communications Inc CHTR.O is expected to make Netflix available through its set-top boxes, joining more than a dozen top U.S. pay television operators adopting a model ...

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iconic U.S. brand making cars in India


An iconic American brand is setting up shop in India. Jeep officially launched its first vehicle produced in India — the 2017 Compass — at an event in Mumbai on Monday. The Compass started rolling off the assembly line near Pune, a city known for its automobile manufacturing, in June. Some of the vehicles produced there will be exported to ...

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