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Toshiba Says Sells Chip Unit to Bain Capital for Around $18 Billion

Toshiba said Wednesday it would sell its memory chip business to a group led by U.S. investor Bain Capital, in a deal worth around $18 billion and seen as crucial to keeping the Japanese conglomerate afloat.

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IMF's Lagarde Warns U.S. Won't Meet Growth Targets amid Slow Reforms

IMF chief Christine Lagarde warned Wednesday that the U.S. will fall short of its ambitious economic growth goals unless it can accelerate promised policy changes, including tax reform.

The Trump administration has said it will push US growth to three percent annually -- a rate economists say is unrealistic, given the low U.S. unemployment rate, among other factors.

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Saudi to Create $2.7 bn Entertainment Investment Firm

Saudi Arabia's sovereign wealth fund is set to create a $2.7 billion entertainment investment company, state media said Wednesday, as the ultra-conservative kingdom opens up avenues for leisure.

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ThyssenKrupp, Tata to Merge European Steel Operations

German heavy industry giant ThyssenKrupp and Indian group Tata agreed Wednesday to merge their steel operations in Europe, taking second place in the continent's market behind ArcelorMittal.

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Beijing, Shanghai Shut Down Bitcoin Exchanges

Banking regulators in Beijing and Shanghai have ordered local cryptocurrency exchanges to shut down, state media reported Tuesday, in the latest blow to the once flourishing Chinese market for virtual money.

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Saudi Arabia Raises $1.87 bn in Islamic Bond Issue

Saudi Arabia has raised $1.87 billion in a new Islamic bond issue as the kingdom bids to finance a budget deficit resulting from low oil prices.

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European Equities Wobble at Open

Europe's stock markets wobbled at the open on Tuesday, the eve of an interest rate decision from the US Federal Reserve.

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Merchants Say Egypt Tourism Revival Steady but Slow

Pummelled by political unrest and jihadist attacks, Egypt's tourism industry is slowly growing again, but too slowly for thousands of bazaar workers who fondly recall when tourists thronged their stores.

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Wall Street Edges into Record Territory ahead of Fed Meet

Wall Street stocks opened the week at fresh highs on Monday as investors built on Friday's record closes following a weekend of geopolitical calm on the Korean peninsula.

The strong open came ahead of Tuesday's start of a meeting of the Federal Reserve, with investors waiting to learn central bank chief Janet Yellen's views on inflation and to glean hints about the timing of the next interest rate hike.

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GM to Recall 2.5 Million Vehicles in China over Takata Airbags

General Motors will recall more than 2.5 million vehicles in China over concerns about airbags made by troubled Japanese giant Takata, Chinese authorities said, dealing a blow to the U.S. automaker in the world's largest car market.

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