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FRANKFURT AM MAIN: Germany’s federal statistics authority on Friday revised down its reckoning of the country’s government budget surplus in 2017, but the overshoot remained at record levels. Inflows into federal, state and municipal coffers outweighed spending by 36.6 billion euros ($45.1 billion) in 2017, Destatis said in a statement.…

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LONDON: IAG, which owns British Airways and Spanish carrier Iberia, said Friday that full-year net profit gained only slightly, as restructuring costs offset benefits from the demise of smaller rivals. Profit after tax grew 3.6 percent to 2.0 billion euros ($2.5 billion) in 2017 from a year earlier, the owner…

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HONG KONG: Russian aluminium giant Rusal said on Friday the firm’s founder Oleg Deripaska would step down from his business empire as it prepares for a multi-billion-dollar “shoot-out” for ownership of the country’s biggest miner. Deripaska, who was among the first oligarchs to amass huge wealth in the years following…

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PARIS: Chinese conglomerate Fosun snapped up the ailing French fashion label Lanvin Thursday and promised to revive its fortunes. Lanvin, the oldest French luxury house still in existence, has been in turmoil since the shock sacking of popular designer Alber Elbaz two years ago. It sank into the red to…

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BRUSSELS: Bagless vacuum cleaner manufacturer Dyson suffered a blow Thursday in its bid to force rivals to carry more detailed energy efficiency labels, as the legal advisor to the EU’s top court said such a move would breach European rules. The company, founded by Brexit-backing billionaire James Dyson, challenged the…

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WASHINGTON: New claims for US unemployment benefits dropped last week, remaining near their lowest level in 45 years as employers struggle to fill open positions, according to government data released Thursday. Though the weekly figures are volatile, the data is consistent with reports from the Federal Reserve and business groups…

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FRANKFURT AM MAIN: Some European Central Bank governors are keen to begin preparing markets for an exit from ultra-loose monetary policy, minutes of a January meeting published Thursday showed, but a majority still plump for caution. “It was remarked that communication on monetary policy would continue to develop according to…

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TOKYO: Japan on Friday welcomed a World Trade Organization ruling that called for South Korea to lift an import ban on Japanese seafood, imposed after the Fukushima nuclear disaster. However, the issue is expected to continue after South Korea said it would appeal the WTO’s decision and had no plans to…

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BEIJING : China took over Anbang Insurance Group for a year on Friday and said its former chairman faces prosecution for “economic crimes”, in the government’s most drastic move yet to rein in politically connected companies whose splashy overseas investments have fuelled fears of a financial collapse. The highly unusual…

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LEIPZIG: German judges Thursday pushed back a decision on whether German cities can ban old diesel cars to reduce air pollution, with potentially dramatic consequences for a key industry and transport policy in Europe’s largest economy. The court “wants to deliberate very thoroughly” on the question, presiding judge Andreas Korbmacher…

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