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Massive Strike Threatens to Cripple S.Africa Engineering Firms

Nearly a quarter of a million members of South Africa's largest union downed tools on Tuesday, beginning an indefinite strike that threatens to bring the engineering sector to a halt.

Members of the National Union of Metalworkers of South Africa marched in cities across the country, demanding a minimum 10 percent pay increase and a better housing allowance that the industry says is unaffordable.

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Audit Shows Problems at Samsung Suppliers in China

Samsung said Tuesday an external audit found labor violations at dozens of its suppliers in China including failure to provide safety gear and excessive working hours.

Samsung Electronics Co. released the findings covering 100 of the company's Chinese suppliers in its annual social responsibility report. It has at least 200 suppliers in China.

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New Recalls and Questions about Auto Parts Safety

The ignition switch recalls now engulfing General Motors and Chrysler are raising new questions about the safety of the parts across the American auto industry.

GM's safety crisis deepened dramatically Monday when the automaker added 8.2 million vehicles in North America to its ballooning list of cars recalled over faulty ignition switches. GM has now issued five recalls for 17.1 million cars with defective switches, spanning every model year since 1997.

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Xinhua: Pollution Blamed for Drop in Beijing Tourism

The number of overseas tourists visiting China's capital fell by 10 percent last year compared to 2012, state media reported, with air pollution blamed for the decline.

The total number of foreign visitors arriving in Beijing during 2013 was 4.5 million, the official Xinhua news agency said late on Monday, citing official statistics.

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Kerry to Lead U.S. Team for Economic Talks in China

Top U.S. officials visit China next week for key annual talks, as ties strain between the two economic powers amid concerns over cyber-spying and regional maritime tensions.

U.S. Secretary of State John Kerry and Treasury Secretary Jack Lew will lead the U.S. delegation to the sixth meeting of the U.S.-China Strategic and Economic Dialogue, the State Department said Monday.

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Mindshare MENA Recognized by Effie Effectiveness Index 2014

Dubai, United Arab Emirates – 24 June 2014 –

Mindshare, which is part of WPP, is a global media agency network helping clients to make collaborative and adaptive decisions across their paid, owned, and earned marketing in real-time. The agency is excited to announce that it has once again been recognized as a top performer in the industry by the Effie Effectiveness Index, an annual ranking of the marketing and communications industries' most effective agencies, advertisers, and brands.

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Study: Independent Scotland Could be Exposed to Bank Shocks

An independent Scotland could have a disproportionately large banking sector compared to its economy, leaving it vulnerable to financial shocks, according to a study by The Banker magazine released Monday.

The trade publication found that Scotland would have banking assets 12 times the size of its gross domestic product (GDP), if banking assets registered in the country remained there were it to become independent.

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FATCA Starts July 1: U.S. Offshore Tax Evaders Beware

U.S. tax evaders will find it much harder to hide money abroad starting Tuesday, when a sweeping new law enters into effect requiring foreign banks to report their offshore accounts.

Banking centers like Switzerland and Luxembourg that agreed to the U.S. Foreign Account Tax Compliance Act (FATCA) will have to begin turning over account names and other data to U.S. financial authorities so that they can tax unreported income.

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China Signs Yuan Accords with France, Luxembourg

China's central bank said it has signed agreements for yuan clearing arrangements with France and Luxembourg, with the aim of promoting greater use of its currency overseas.

The People's Bank of China (PBoC) said it would designate Chinese banks as the yuan clearing institutions in the two European countries later, according to statements issued on Sunday.

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Dollar Sinks Deeper after Poor U.S. Data

The dollar drifted lower in Asia on Monday as a string of disappointing U.S. data last week put pressure on the currency.

The greenback sank to 101.30 yen in afternoon Tokyo trade from 101.45 yen in New York Friday afternoon.

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