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Borse Dubai to sell part of stake in Nasdaq in deal potentially worth some $1.6 bn

A Dubai sovereign wealth fund that's the single-largest shareholder in the Nasdaq stock index plans to sell a third of its shares in the exchange, a deal potentially worth some $1.6 billion that saw the value of the firm fall in aftermarket trading Wednesday.

The announcement from Borse Dubai, owned by the Investment Corp. of Dubai, would make it the second-largest holder in the Nasdaq, a technology-heavy exchange that's one of the three main indexes in the United States.

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USAID supports vulnerable farmers with seedlings to improve food security in Lebanon

The United States Agency for International Development (USAID), through the Agriculture and Rural Empowerment (ARE) activity, is providing over 11,000 Lebanese farmers with seeds, seedlings, and compost to bolster food security in Lebanon, USAID said.

“This ongoing initiative aims to mitigate the impact of rising food costs and reduced purchasing power, particularly impacting rural Lebanese communities. On March 20, 2024, USAID Lebanon Mission Director Julie Southfield visited a distribution site in Jbeil to engage with farmers, addressing their challenges and underscoring the vital role of the agriculture sector in Lebanon’s economy,” the U.S agency said in a statement.

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US oil stockpile to be refilled this year, says energy secretary

The United States plans to refill its strategic oil reserve by the end of 2024 after the stockpiles reached historic lows last year, Energy Secretary Jennifer Granholm said.

Following the Russian invasion of Ukraine, U.S. President Joe Biden announced an unprecedented tapping of the Strategic Petroleum Reserve (SPR) in a move criticized by Republicans.

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Former British tech star depicted as scam artist, visionary in trial about HP's disastrous 2011 deal

Federal prosecutors on Monday painted one-time British tech star Mike Lynch as the ruthless mastermind of an $11 billion deal that defrauded Silicon Valley pioneer Hewlett Packard.

But his lawyer depicted him as a visionary who was made a scapegoat for a desperate buyer's bad decision.

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Unilever to cut 7,500 jobs and spin off its ice cream business

Unilever, the company that makes Dove soaps and Vaseline, said Tuesday that it is cutting 7,500 jobs and spinning off its ice cream business to reduce costs and boost profits.

London-based Unilever said its ice cream business, which also includes Magnum bars, has "distinct characteristics" from its other brands and would benefit from separate ownership to increase growth. It said the split is expected to be completed by the end of next year.

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Bank of Japan ends negative interest rate policy, opts for first hike in 17 years

Japan's central bank raised its benchmark interest rate Tuesday for the first time in 17 years, ending a longstanding policy of negative rates meant to boost the economy.

The Bank of Japan's lending rate for overnight borrowing by banks was raised to a range of 0 to 0.1% from minus 0.1% at a policy meeting that confirmed expectations of a shift away from ultra-lax monetary policy.

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China's economy shows signs of improvement, property sector still in doldrums

China's manufacturing and investment improved in the first two months of the year, while weakness in the property sector weighed on the economy, the National Bureau of Statistics said Monday.

The report said industrial output rose 7% from a year earlier in January-February, better than analysts had forecast. Spending on factories and equipment, known as fixed-asset investments, rose 4.2%.

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Asian stocks gain ahead of US and Japan rate decisions

Asian stocks advanced Monday ahead of policy decisions this week by Japan's central bank and the Federal Reserve.

Oil prices and U.S. futures rose.

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China's FM meets New Zealand counterpart, in trip that also includes Australia

Chinese Foreign Minister Wang Yi said Monday that his country is ready to work with New Zealand to deepen trade and economic ties and address climate change.

Wang met his New Zealand counterpart, Winston Peters, at the start of a tour that will also include Australia.

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Wall Street opens higher ahead of a big week of central bank meetings

Stocks are opening higher on Wall Street ahead of a busy week for central banks around the world that could dictate where interest rates go next. The S&P 500 was 1% higher in early trading Monday, coming off its first back-to-back weekly losses since October. It's still close to its all-time high set early last week. The Dow Jones Industrial Average was up 133 points, or 0.3%, and the Nasdaq composite was up 1.5%. Treasury yields held relatively steady. The Federal Reserve will announce its latest decision on interest rates Wednesday. The central banks of Japan and England also meet this week.

THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below.

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