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Chinese Automaker Confirms Brazil Factory Plan

Chinese automaker JAC Motors said Friday it will invest $500 million to build a factory in Brazil's northeastern Bahia state, its first outside China.

The factory, slated to open in 2014, will have the capacity to produce 100,000 units, Jianghuai Automobile Co. said in a statement. A total of 3,500 jobs are expected to be created.

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U.S. Business Leaders Call for More Foreign Investment

U.S. officials and business leaders stressed the need Friday to encourage China, India, Brazil and other countries to increase their investments in the United States as a means to create U.S. jobs.

"In 2009 the United States attracted 12 percent of total global investment, down from 25 percent over a decade ago," Acting Commerce Secretary Rebecca Blank told President Barack Obama's Council on Jobs and Competitiveness.

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Euro Leaders Race to Shore up Banks

Europe's leaders scrambled Friday to reassure investors the continent's banks were safe, stepping up calls for fresh cash injections as Paris played down reported differences with Germany over the crisis.

While EU leaders agree on the need for action to shore up over-exposed banks, a division of opinion reportedly emerged between France and Germany on how to proceed, two days before their leaders are due to meet in Berlin.

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Venezuela's Chavez Secures $4 bn Russian Loan

Russia has granted Venezuela a new $4-billion line of credit for "military and technical cooperation," the South American nation's leader Hugo Chavez said.

The two countries also signed accords late Thursday to accelerate oil production in Colombia's Orinoco belt and explore for offshore gas.

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Anti-Wall Street March Shakes up New York

Thousands of anti-corporate demonstrators backed for the first time in large numbers by trade unions poured into New York's financial district Wednesday, raising the stakes in a more than two-week long street revolt.

More than 5,000 people crammed into Foley Square in lower Manhattan, where the city's courts and government buildings are located, before marching toward Wall Street. Union officials estimated the number at 8,000 to 12,000 and it was clearly the biggest protest yet for the fledgling movement.

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Yahoo! Stock Soars on New Buzz of Microsoft Deal

Yahoo! shares surged more than 10 percent Wednesday driven by speculation that Microsoft would lodge a new bid for the web giant more than three years after being spurned.

Neither side was commenting on the speculation, but Microsoft's shares also took a jump as analysts saying the companies' current search-related tie-up made a Microsoft buyout logical.

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Obama: Europe Debt Crisis Affects U.S.

U.S. President Barack Obama warned Thursday Europe must "act fast" on a debt crisis threatening the fragile U.S. recovery and accused China of gaming the global currency and trading systems.

In a White House news conference, Obama also said Republicans must pass his $447 billion dollar jobs bill as insurance against a double dip recession and warned Pakistan was hedging its bets by maintaining ties with extremists.

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BBC to Slash 2,000 Jobs Amid Budget Cuts

The BBC said Thursday it will cut around 2,000 jobs in the most far-reaching change in its history as the world's largest public broadcaster falls prey to government austerity measures.

Director General Mark Thompson told staff that the corporation plans annual savings of £670 million pounds over five years but no services would be completely cut.

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Egypt to Reconsider IMF Loan: Report

Egypt may reconsider an International Monetary Fund loan which it turned down in June, with donor countries having fallen short of meeting pledges, the finance minister was quoted as saying Wednesday.

Hazem al-Beblawi added Egypt was also negotiating financing of up to seven billion dollars from Saudi Arabia and the United Arab Emirates, the English-language website of state-owned daily Al-Ahram reported.

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Pay off Your Credit Cards, Says Cameron

Prime Minister David Cameron faced criticism Wednesday for telling householders to pay off their credit cards to help the country weather the global economic crisis.

In advance extracts from his closing speech to the Conservative party's annual conference which were released by his office, Cameron was to dismiss calls to ease austerity measures and stimulate economic growth.

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