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Cash-Hoarding China Official Jailed for Graft

A former Chinese official who stockpiled so many millions at his home that money-counting machines reportedly broke when authorities tried to count the hoard was given a heavy prison sentence for corruption Monday, official media said.

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Iran Oil Production to Hit 4m bpd by March

Iran said Monday its oil production capacity will hit four million barrels per day by March after it was exempted from an informal agreement among OPEC members to lower output to boost prices.

"Our production capacity was 3.8 million (bpd) after the first half of the year. We will take it to 4.03 million by the end of the year" in March 2017, Oil Minister Bijan Namdar Zanganeh said at a conference for local and international energy companies. 

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Loan Growth, Trading Boost Bank of America Profits

Bank of America reported higher third-quarter profits Monday behind strong performance in trading and overall loan growth.

Net income rose in all four of Bank of America's operating divisions, with the consumer banking business boosted by increased mortgage production and global markets lifted by strong performance in fixed income, currencies and commodities trading.

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Falling Pound Lights Up Dollar Signs in Sales Supremo

There may have been much negative press about the dramatic fall in the pound's value but for Tattersalls chairman Edmond Mahony it augurs well for his business.

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After 'Tapering' Scare, All Eyes on ECB's Stimulus Plans

European Central Bank chief Mario Draghi will be under pressure this week to clarify the bank's stimulus plans after investors were spooked by talk of an end to its massive bond-buying program.

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Brexit Advocate Boris Johnson Hails EU in Unseen Column

British Foreign Secretary Boris Johnson wrote an article urging that Britain stay in the EU just days before becoming the chief campaigner for Brexit, the Sunday Times newspaper reported.

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BRICS Agrees to Fast-Track New Credit Rating Agency

The BRICS nations agreed on Sunday to fast-track the setting up of their own credit-rating agency to better cater to developing economies, rivaling existing ones based in Western countries.

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Belgium Agrees Budget after Tough Talks on Spending Cuts

Belgium's coalition government has agreed the basics of its budget, finding savings of some three billion euros ($3.4 billion) to help balance the books.

"Agreement," said Prime Minister Charles Michel in a tweeted message late Friday after lengthy talks finally produced an accord.

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Bypassing Congress, Maduro Decrees Venezuela Budget

Venezuelan President Nicolas Maduro issued the government's 2017 budget by decree Friday, bypassing the opposition-held legislature in a move that could deepen the country's economic crisis.

"Here is the 2017 budget and debt law. May it be fulfilled. I ask for the support of the people, the military and the street," Maduro said at a signing ceremony in Caracas attended by hundreds of supporters.

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Modi, Putin Sign Defence Deals ahead of BRICS

Indian Prime Minister Narendra Modi and Russian President Vladimir Putin signed lucrative defence and energy pacts on Saturday following talks aimed at reinvigorating ties between the former Cold-War allies.

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