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Europe's Emerging Economies Back on Track

Central and eastern European countries have escaped most of the turmoil that has recently lashed emerging economies as they have been shielded by the recovery in the neighbouring eurozone.

"A number of equity markets in Emerging Europe -- Poland's in particular -- have proved relatively resilient during the recent emerging market sell-off," Capital Economics said in its August report.

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Oil Prices Dip in Asia as Syria Fears Subside

Oil prices eased in Asian trade Tuesday on receding fears of an immediate U.S. intervention in Syria but upbeat global economic data capped losses, analysts said.

New York's main contract, West Texas Intermediate for delivery in October, was down 93 cents at $106.72 in afternoon trade, while Brent North Sea crude for October dipped 12 cents to $114.21.

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Microsoft Buys Nokia Phone Unit to Fight Apple, Google

Nokia said on Tuesday it was selling its beleaguered mobile phone unit to Microsoft for 5.44 billion euros ($7.17 billion) as the U.S. tech giant tries to fight back against rivals Apple and Google.

Investors cheered the news, as Nokia's share price soared by 45 percent in opening trading on the Helsinki stock exchange to 4.3 euros.

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Italy Imposes Tax on High-Frequency Trading

Italy implemented a new tax on high-frequency trading on Monday, becoming the first country to impose a levy on an opaque and little-regulated market practice.

The 0.02-percent levy applies to transactions lasting less than half a second and is the second part of new financial transaction taxes being imposed in Italy.

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China Lowers 2012 GDP Growth to 7.7% from 7.8%

China on Monday lowered its economic growth figure for last year to 7.7 percent from 7.8 percent, the National Bureau of Statistics said.

The figure posted on the bureau website remains the lowest one for gross domestic product growth since 1999, when it expanded 7.6 percent. China is the world's second-biggest economy.

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Survey: Work, not Beaches, Bring Expats Down Under

Sunshine and sandy beaches are all very well, but they are not enough to snare the best expatriate executives to Australia's biggest city Sydney, a study found Monday.

A survey of more than 3,000 executives around the world found that the "dominant issue in deciding where to locate is workplace related", and Sydney must do more to emphasize its desirability as a work destination.

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Oil Down as Obama Seeks Congress Approval on Syria

Oil prices fell in Asian trade Monday after U.S. President Barack Obama's announcement that he would seek approval from lawmakers for military action against Syria eased prospects of an imminent strike, analysts said.

New York's main contract, West Texas Intermediate for delivery in October, eased $1.46 to $106.19 a barrel in afternoon trade, while Brent North Sea crude for October fell $1.01 to $113.00.

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Analysis: Big Health-Care, Spending Fight Looms

Stand by for one of the nastiest and, perhaps most economically dangerous U.S. political fights in recent memory.

As the languorous Washington summer draws to a close, Congress returns to the capital next month with stark battle lines drawn on spending issues that, if left unresolved, could shove the United States into defaulting on its debt for the first time or force the government to shut down for lack of funding. Conservative Republicans threaten one or both unless Democrats and the White House surrender to right wing demands to slash spending for President Barack Obama's health care overhaul.

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Merkel Presses for Progress on Regulation at G-20

German Chancellor Angela Merkel says she'll press for progress on financial regulation at next week's summit of global economic powers, which comes ahead of Sept. 22 elections in which she's seeking a third term.

Merkel said in her weekly video message Saturday: "Germany will, along with other countries, exert pressure so that we do not let up in the regulation of financial markets."

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Alain Manoukian to be Wound up, 170 Jobs Lost

Ready-to-wear clothing brand Alain Manoukian, owned by French-American BCBG Max Azria, will be wound up next year and up to 170 people could lose their jobs in France, a union official said on Friday.

Arnaud Pichot, a local union official, said that the brand would be closed down by next summer and that about 170 people in France risked being laid off.

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