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Hopes Rise of Eurozone Recovery

The eurozone recession seems to be fading out at last, with key growth indicators giving a surprisingly strong showing, economics experts said on Monday.

A key leading indicator of activity, the Markit Eurozone Composite Purchasing Managers Index for July switched to give a growth reading for the first time for 18 months.

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Hyundai Heavy Wins $3.3 bn Power Plant Order in Saudi

South Korea's Hyundai Heavy Industries (HHI) said Monday it had won a $3.3 billion order to build a steam power plant in Saudi Arabia.

Under the deal signed on Sunday with Saudi Electricity Co., Hyundai will complete the massive facility with a production capacity of 2,640 megawatts by 2017, the company said in a statement.

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HSBC Bank Closing Accounts for Diplomats in Britain

Global banking giant HSBC is closing the accounts of foreign diplomats in Britain and giving them 60 days to move their money, a report said Sunday.

More than 40 embassies and consulates are said to have been affected, including the Vatican, with the decision being described as creating "havoc" in the diplomatic corps.

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Syria's Assad Bans Foreign Currency Transactions

Syrian President Bashar Assad issued a decree on Sunday banning the use of foreign currency in commercial transactions, state news agency SANA said.

"It is prohibited to make payments, reimbursements, commercial transactions and any other commercial operation in foreign currency or in precious metals," it quoted the decree as saying.

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U.S. Employers Add Jobs, but Most are Low-Paying

The U.S. economy is steadily adding jobs — just not at a consistently strong pace.

July's modest gain of 162,000 jobs was the smallest since March. And most of the job growth came in lower-paying industries or part-time work.

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World's Second Tallest Building Tops Out in China

Work on the main structure of the world's second tallest skyscraper was completed on Saturday, as the final beam was placed on the Shanghai Tower.

A crane placed the steel beam 580 meters (1,900 feet) above the ground in Shanghai, China's commercial hub, as the building formally overtook Taiwan's 509 meter tall Taipei 101 building to become the highest tower in Asia.

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Facebook Soaring Stock Closes above $38 IPO Price

Facebook's resurgent stock has closed above its IPO price for the first time since the online social networking leader made its debut on Wall Street more than 14 months ago.

The shares gained 56 cents to finish Friday's session at $38.05. That's the stock's highest closing price since ending its first day of trading at $38.23 in May of last year.

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Qatar Sends Gas Aid to Egypt

Qatar on Friday announced it has shipped a consignment of liquefied natural gas as aid for the Egyptian people, in its first such gesture since president Mohammed Morsi's overthrow.

State news agency QNA said the LNG shipment was loaded on Thursday and was headed for Egypt on a gas tanker.

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Spain Basks in Summer Jobs Boom

Spain basked in a summer jobs boom in July when the number of people registered as being unemployed dropped for the fifth month in a row, government figures showed Friday.

The number of jobless benefit claimants fell from the previous month by 64,866 people, or 1.36 percent, to 4.70 million in July, according to raw figures issued in a report by the Labor Ministry.

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Australia Plan to Tax Bank Deposits

Australia plans to slap a levy on bank deposits to help boost its coffers with the money raised used to protect savings against a bank collapse, sparking criticism Friday from the industry.

It was widely reported that a 0.05 percent tax on deposits up to Aus$250,000 (U.S.$223,255) will be collected from 2016, raising a forecast Aus$733 million in its first 18 months.

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