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No Barter Deal on Agenda as Russia, Iran Up Energy Ties

Tehran said Tuesday it would enhance energy cooperation with Russia but there would be no imminent oil-for-goods deal of the kind that has raised concerns in Washington.

"Iran and Russia have agreed to cooperate in the energy field," Ali Majedi, Iran's deputy oil minister, told the ISNA news agency.

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Japan E-Commerce Giant Rakuten to Buy U.S. Rival for about $1.0 Billion

Japanese e-commerce giant Rakuten said Tuesday it would buy U.S. online shopping operator Ebates for about $1.0 billion as it looks to tap overseas markets to counter a limited home market.

Rakuten said the all-cash deal would give it access to 2.5 million new customers in various markets including the United States, Canada, South Korea and China.

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China's Promised Reforms Moving too Slowly, Say EU Businesses

European businesses in China on Tuesday warned the Communist Party urgently to implement promised reforms or risk seeing growth in the world's second-largest economy plummet and incomes stagnate.

"The 'golden age' for business in China is drawing to a close," the European Union Chamber of Commerce in China said.

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EU Businesses: China's Promised Reforms Moving Too Slowly

European businesses in China on Tuesday warned the Communist Party urgently to implement promised reforms or risk seeing growth in the world's second-largest economy plummet and incomes stagnate.

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World Bank Warns of Global Jobs Crisis

The world is facing a global jobs crisis that is hurting the chances of reigniting economic growth and there is no magic bullet to solve the problem, the World Bank warned on Tuesday.

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EU Accuses Big Banks of Dodging Bonus Cap

The European Union must crack down on banks sidestepping a cap on pay bonuses that were set by Brussels earlier this year, a top EU official said.

Internal Market Commissioner Michel Barnier said in a letter to the European Banking Authority, the EU watchdog, that major Britain-based banks were using so-called "cash allowances" to reward senior bankers, adding that they were bonuses in all but name.

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Dubai Eyes 120-mn Passenger Capacity at Second Airport

Dubai has relaunched an ambitious project to develop its second airport, touted originally as the world's largest, to handle 120 million passengers a year.

The plan aims to expand Al-Maktoum International airport within eight years to shift the growing operations of Emirates Airlines from Dubai International, Dubai Airports chief Paul Griffiths told Agence France Presse on Monday.

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Moody's: Political Unrest Could Hit Hong Kong Economy

Ratings agency Moody's said Monday prolonged political discord in Hong Kong over China's refusal to grant the key financial hub full democracy could negatively impact the city's economy.

But the agency added that the southern Chinese city would likely weather any storm caused by the current political crisis.

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Minister: New Bahrain-Saudi Causeway to Cost $5 bn

A second causeway linking Bahrain with Saudi Arabia and providing a route for a regional railway network being built by Gulf monarchies will cost about $5 billion, a minister said.

"The cost of the causeway will be roughly $5 billion (3.9 billion euros)," Bahrain's Transport Minister Kamal bin Ahmed told Agence France Presse on the sidelines of a two-day business conference, adding that it will be "part of the Gulf Cooperation Council (GCC) railway network."

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Dubai Holding Unit Posts $572.2 mn H1 Profit

A unit of Dubai Holding, a conglomerate owned by Dubai's ruler, said Sunday it earned 2.1 billion dirhams ($572.2 million) in net profit in the first half of 2014.

Dubai Holding Commercial Operations Group (DHCOG), a hospitality, media and property group, said revenues in the six-month period reached 5.6 billion dirhams ($1.53 billion) thanks to a "strong performance in all of its business lines."

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