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Ifo: Crimea Crisis Hits German Business Confidence

The German Ifo business confidence fell for the first time for five months in March, data showed on Tuesday, as the Crimea crisis hurts sentiment in Europe's biggest economy.

The Ifo economic institute's closely watched business climate index fell to 110.7 points this month from 111.3 points in February.

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S&P Cuts Brazil Rating Citing Slow Growth

Standard & Poor's cut Brazil's credit rating Monday by one notch, citing the government's unclear policy signals as it faces a weaker fiscal situation and slower growth.

S&P put Brazil's rating at BBB-, the lowest level for investment grade debt, and called the outlook stable.

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Royal Mail Says to Cut 1,600 Jobs

Britain's main postal operator Royal Mail on Tuesday said it planned to axe 1,600 jobs under a fresh cost-cutting drive six months after the group was partly privatized.

Royal Mail said in a statement that most of the jobs to go would be in management, with no delivery staff losing their positions. It added that it would create "300 new or enhanced roles", resulting in a net loss of 1,300 jobs.

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Euro Dips in Asia as Analysts Warn on Russia

The euro weakened in Asia on Tuesday after rallying in New York as analysts warned of downside risks if Western leaders tighten economic sanctions on Russia over the Crimea crisis.

The eurozone has strong business links with Moscow and any disruption of crucial oil supplies from Russia could weigh on the single currency, analysts said.

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Russian Spending in Britain Drops

Russian spending in British shops fell by 17 percent last month compared to February 2013, according to tax-free shopping statistics out Monday.

Visitors from Russia spent an average £669 ($1,103, 800 euros) per transaction, according to Global Blue, seeing them overtaken in third place by those from Nigeria compared to 12 months ago.

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S.Korea Opens Spot Market for Physical Gold Trade

South Korea launched a gold trading exchange for the first time on Monday in a bid to help counter the country's burgeoning black market in the precious metal.

Smuggled gold is traded secretly through underground markets in South Korea and is used as an effective way to hide income and avoid tax.

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HSBC China Manufacturing Index Hits Eight-Month Low

Chinese manufacturing activity contracted in March to its weakest rate in eight months, data showed Monday, the latest indication of slowing growth in the world's number two economy.

The data is the latest in a string of weak indicators out of Beijing, with analysts suggesting the government could announce a series of measures to inject life back into the Asian powerhouse.

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Tesco to Become First Foreign Supermarket in India

Britain's Tesco said Friday it had struck a joint venture deal with India's Tata Group to become the first foreign supermarket to enter the country's $500-billion retail sector.

The world's third-biggest retailer made the announcement after winning clearance from the Indian Foreign Investment Promotion Board for a $140-million investment in the alliance with Tata Group unit Trent Ltd.

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Moody's Raises Cyprus Outlook, Confirms Rating

The Moody's ratings agency has raised its outlook for Cyprus to positive, while confirming the island's Caa3 credit rating.

The agency said on Friday it was raising the outlook to positive from negative because of a stronger than expected fiscal and economic performance in 2013 and because of the authorities' record of meeting conditions set by international creditors.

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Crimea Loss to Cost Ukraine Hundreds of Billions of Dollars

Russia's annexation of the Crimea peninsula could cost Kiev hundreds of billions of dollars, Ukraine's interim prime minister Arseniy Yatsenyuk said on Friday, quoted by Interfax news agency.

Speaking to reporters in Kiev after signing a deal in Brussels on closer ties with the EU, Yatsenyuk said Russia was seizing "dozens of installations" from Ukraine worth "not billions, but hundreds of billions of dollars".

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