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India's New 'Motor City' Rises From the Dust

The first sight of India's newest "Motor City" is a collection of giant blue-and-grey structures, windowless boxes in corporate colors that are the hallmark of modern manufacturing.

The warehouses and machining plants, walled in on an enormous site of more than 1,000 acres (400 hectares), are owned by Tata Motors which moved to the western state of Gujarat in 2008 to start producing its Nano small car.

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Dubai Spends $250M to Get Full Control Of Atlantis

Dubai says it now has full control of the Atlantis resort hotel perched atop its palm-shaped island.

State-run investment firm Istithmar World said late Friday it paid $250 million to buy out business partner Kerzner International Holdings Ltd., which had held a 50 percent stake in the coral-colored hotel. Istithmar already owned half of the property.

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P&G Earnings Sink 16% in Quarter

Procter and Gamble on Friday posted a sharp decline in earnings for its third fiscal quarter, citing a "difficult economic and competitive environment."

P&G, which owns some of the best known brands in the world such as Gillette, Tide laundry detergent and Charmin tissues, said net profit fell 16 percent from the year-ago quarter to $2.4 billion despite a two percent rise in sales.

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Q4 Figures Give Hope to Badly-Hit Honda

Honda Motor said Friday its full-year profit plunged 60.4 percent but it showed signs of recovery in the final quarter, bouncing back from the impact of natural disasters in Japan and Thailand.

Group net profit for the 12-month period came to 211.5 billion yen ($2.6 billion), down from 534.1 billion yen a year earlier, the company said.

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Spain Discloses Surge in Unemployment Following S&P Downgrading

Spain's jobless rate surged to a record 24.4 percent at the end of March as 5.6 million people searched for work in a recession-bound, deficit-plagued economy, data showed Friday.

Hours after Standard and Poor's downgraded Spain's sovereign debt citing the deficit, fragile banks and recession, the country disclosed that its unemployment woes had deteriorated drastically.

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S&P Downgrades Fiat over Weak Europe Performance

Ratings agency Standard and Poor's on Thursday downgraded Italian automaker Fiat's long-term corporate credit rating from BB to BB-, citing weak demand in Italy and overcapacity in Europe.

The announcement came after the Italian auto giant said its net profit in the first quarter soared ten-fold to 379 million euros ($500 million) thanks to its U.S. partner Chrysler, without which it would be in the red.

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HSBC to Cut 3,167 Jobs in The U.K.

HSBC on Thursday said it would cut 3,167 jobs as part of previously announced plans to reduce the bank's global workforce by 30,000 over two years to 2013.

The London-headquartered bank added that due to the creation of 950 positions, the net loss for British jobs would total 2,217.

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Volkswagen Zooms into 2012 with 86-Pct Rise in Profits

Volkswagen, Europe's biggest car maker, said Thursday that profits raced ahead in the first three months of this year, driven by strong demand worldwide for all of its brands.

VW said in a statement it booked net profit of 3.186 billion euros ($4.222 billion) in the period from January to March, an increase of 86 percent from a year earlier.

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Luxury Automakers Rush to Capture Chinese Demand

Han Zhongping, a 38-year-old coal mine owner who has four luxury cars and is in the market for another, looked at BMW's latest sedans at this week's Beijing auto show and said what he wants is simple.

"The most expensive is the best," said Han, from the northwestern town of Yulin in China's coal fields. His stable of cars already includes models from BMW and Mercedes-Benz, all bought for cash.

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Singtel-Owned U.S. Mobile Ad Firm Looks to Asia

The chief executive of Amobee, the U.S. mobile advertising start-up recently acquired by Singapore Telecom (SingTel), said Wednesday the company is set to aggressively expand its Asian operations.

Trevor Healy told reporters in Singapore the California-based company will ride on SingTel's more than 400 million mobile subscriber base across Asia to boost its business.

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