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ti: Business |
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ar: economist |
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Dell took a longawaited step towards diversifying its business when it agreed to pay 3. 9billion for |
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Perot Systems, an IT services company. The computermaker obtains most of its revenue from selling |
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hardware and related products to companies, which leaves it vulnerable to business downturns. Perot |
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Systems, founded by Ross Perot, a former presidential candidate, receives most of its income from |
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government and healthcare contracts, a more stable source of revenue which will increase if the |
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American government digitises patients ' records as promised. |
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The Federal Open Market Committee issued an upbeat statement on America ' s economy and held |
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interest rates at a record low. It also extended its 1. 25trillion programme of buying mortgagebacked |
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securities into the first quarter of 2010. |
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Britain ' s Lloyds Banking Group announced that " in light of improving economic conditions " it would seek |
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to reduce the amount of toxic assets to be ringfenced in the government ' s assetprotection scheme. |
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Royal Bank of Scotland also wants to reduce its participation in the scheme. See article |
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Bank of America paid 425m to leave a federal programme that guaranteed the assets it acquired when |
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it took over Merrill Lynch. BofA said the move was part of its plan " to reduce its reliance on government |
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support and return to normal market funding ". The bank also named Charles Holliday, a former boss of |
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DuPont, to its board, the sixth new appointment since June. |
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Meanwhile, the Securities and Exchange Commission promised to " vigorously pursue " its case against |
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BofA for allegedly misleading shareholders about bonuses paid to Merrill Lynch executives. A judge |
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recently threw out the SEC ' s settlement with the bank and ordered a trial the agency hinted at additional |
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charges. |
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The European Commission unveiled its suggestions for creating new " superregulators " for Europe ' s |
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banking sector and financial markets, saying it wanted " to protect European taxpayers from a repeat of |
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the dark days of autumn 2008". All 27member states need to agree to the proposal, which will face some |
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stiff opposition, not least from Britain City regulators have already balked at handing over powers to |
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Brussels. |
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It emerged that Christopher Dodd, who heads the Senate Banking Committee, is preparing a bill to |
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merge the oversight activities of the four federal agencies that supervise banks into one superregulator, |
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thus flying in the face of the government ' s plan to keep the agencies separate. |
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Spain ' s Banco Santander released details of its planned initial public offering for its Brazilian subsidiary. |
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If successful, the IPO will be Brazil ' s biggest ever, raising up to 7. 3billion. Brazil Santander could have a |
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market value of up to 52billion, placing it among the world ' s top 30banks. |
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Jaguar Land Rover, a British carmaker owned by India ' s Tata, announced a streamlining and greening |
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plan that will include lighter materials and hybrid technology for Land Rover SUVs as well as Jaguar cars. |
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Costcutting measures should avoid enforced redundancies but will lead to the closure of one of its plants. |
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A big tax incentive |
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The Internal Revenue Service extended until October 15th a deadline by which Americans can disclose |
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secret accounts they hold at UBS and other foreign banks. Lawyers asked for more time to submit |
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papers from their clients following a settlement between the IRS and the Swiss bank, in which it will |
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divulge the names of about 4, 450accountholders. |
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The Association of American Publishers and the Authors Guild said they had noted the objections raised to |
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their proposed settlement with Google over its plans for an online digital library of outofprint books, |
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and asked a court to postpone a hearing on the matter so they could amend the agreement. The Justice |
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|
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laws. |
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China filed an appeal against a ruling by the WTO that calls for the country to lift restrictions against |
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American books, films and music. Such imports are channelled through staterun distributors, which China |
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argues is necessary to protect public decency and culture. |
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Dow Jones decided to close the Far Eastern Economic Review, which has chronicled Asia ' s development |
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since the end of the second world war. See article |
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More for your daily cuppa |
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The price of tea hit another high because of drought in Kenya, the largest |
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exporter. In Sri Lanka, tea workers are demanding a 75 increase in their |
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daily wage, to 500Sri Lankan rupees 4. A survey in 2007found a third |
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of plantation employees live in poverty. |