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S&P Says Boeing at Risk if Ex-Im Bank Closed

Aviation giant Boeing would be the biggest loser among American industrial giants from a move by congressional Republicans to close the U.S. Export-Import Bank, a Standard & Poor's report said Tuesday.

Boeing would face "long-term credit risks" if Congress does not reauthorize the Ex-Im Bank, whose authority expires on September 30, the credit ratings agency said.

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Juncker Eyes Socialist for Top EU Economy Job

Jockeying for the EU's top posts intensified Tuesday when Jean-Claude Juncker, the conservative nominee to helm the powerful European Commission, said a socialist might take on the prized economic portfolio.

Since the worst days of the debt crisis, the job of Economics Affairs Commissioner has become key, being empowered to keep a close eye on the finances of all 28 member states.

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India to Seek Foreign Investors for Crumbling Railways

India unveiled plans Tuesday to open up its cash-hungry railways to foreign investment and introduce the first bullet train in a budget closely watched for clues about the new government's economic priorities.

The rail budget is seen by economists as setting the stage for the general budget -- due Thursday -- in which the right-wing government of Prime Minister Narendra Modi is set to lay out keenly awaited reforms to repair public finances.

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Argentina Sticks to Its Guns in Crucial NY Debt Talks

Argentina told a U.S. lawyer Monday that a court order demanding it pay more than $1.3 billion in debts by the end of the month had to be stayed so Buenos Aires can avoid defaulting.

Economy Minister Axel Kicillof outlined Argentina's long-running position during four hours of talks in New York with attorney Daniel Pollack, appointed to break the impasse over debt payments.

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Rerport: U.S. Negotiating Sanctions-Busting Fine with Commerzbank

Germany's Commerzbank is negotiating a fine with US authorities of at least 500 million dollars over allegations it dealt with countries blacklisted by the US, such as Iran, the New York Times reported late Monday.

An agreement could be announced as early as this summer, the newspaper said, quoting what it called people briefed on the matter.

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Oil Prices Down on Easing Middle East Supply Concerns

Oil prices eased in Asia Tuesday as dealers await the resumption of disrupted Libyan crude exports, while ebbing fears about fighting in major producer Iraq also weighed, analysts said.

U.S. benchmark West Texas Intermediate for August delivery dipped 11 cents to $103.42 while Brent crude was down 19 cents at $110.05.

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German Industrial Output Down in May

German industrial production contracted in May, hit by the number of public holidays, data showed on Monday. 

According to regular data compiled by the economy ministry, industrial output decreased by 1.8 percent in May, after slipping by 0.3 percent in April. 

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Argentina Readies Talks with Mediator over Debt Default

Argentine representatives hold talks with a court-appointed arbiter in New York on Monday hoping to resolve an impasse over debt payments to hedge funds as the country faces possible default.

The government of President Cristina Kirchner announced late Sunday that Economy Minister Axel Kicillof will head the team of negotiators.

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Turkey Economy Risks Choppy Waters under Erdogan Presidency

Prime Minister Recep Tayyip Erdogan appears all but assured of winning upcoming Turkish presidential polls, but he could find himself in charge of a far more fragile economy than in the last decade of his rule.

Analysts say the Turkish strongman is jeopardizing the long-term health of the economy by picking a fight with the nominally independent central bank and pushing it towards a looser monetary policy at a time of stubbornly high inflation.

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Dubai to Build Climate-Controlled 'City', Largest Mall

Dubai is planning to build a temperature-controlled city featuring the world's largest mall and an indoor park, as well as hotels, health resorts and theatres, the developer said.

Already home to one of the globe's biggest indoor shopping complexes, Dubai Mall, the glitzy emirate known for its love of grandiose projects said it is now planning to build the "Mall of the World".

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