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How damage from a US debt default could cascade across the global economy

If the debt crisis roiling Washington were eventually to send the United States crashing into recession, America's economy would hardly sink alone.

The repercussions of a first-ever default on the federal debt would quickly reverberate around the world. Orders for Chinese factories that sell electronics to the United States could dry up. Swiss investors who own U.S. Treasurys would suffer losses. Sri Lankan companies could no longer deploy dollars as an alternative to their own dodgy currency.

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Debt ceiling negotiators pushing for weekend deal, but much work remains

Negotiators from the White House labored Thursday over the U.S. debt limit with House Speaker Kevin McCarthy's emissaries at the Capitol, grinding through head-to-head talks trying to strike a budget deal to avert a looming economic crisis.

With hopes for a breakthrough as soon as this weekend, President Joe Biden and McCarthy tapped their top representatives to work out a deal after talks with a larger contingent stalled.

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Britain unveils $1.2B strategy to boost computer chip industry

Britain's government unveiled its long-awaited semiconductor strategy Friday, catching up with similar efforts by Western allies seeking to reduce reliance on Asian production of the computer chips that are essential to modern life.

Under U.K. plan, the country's semiconductor industry will get up to 1 billion pounds ($1.2 billion) in government investment over the next decade. The amount is dwarfed by the U.S. Chips Act, which provides $52 billion in government incentives, and the European Union's $43 billion euro ($46 billion) chip program.

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China's Xi meets Central Asian leaders, calls for trade, energy development

Chinese leader Xi Jinping promised to build more railway and other trade links with Central Asia and proposed jointly developing oil and gas sources at a meeting Friday with the region's leaders that highlighted Beijing's growing influence.

The two-day China-Central Asia Summit in the western city of Xi'an came as President Joe Biden and other leaders of the Group of Seven major economies met in Japan. It reflected Beijing's efforts to develop trade and security networks centered on China, which resents U.S. domination of global affairs.

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Dubai's next big thing? Perhaps a $5 billion man-made 'moon'

Who says you cannot reach for the moon? A proposed $5 billion real estate project wants to take skyscraper-studded Dubai to new heights — by bringing a symbol of the heavens down to Earth.

Canadian entrepreneur Michael Henderson envisions building a 274-meter (900-foot) replica of the moon atop a 30-meter (100-foot) building in Dubai, already home to the world's tallest building and other architectural wonders.

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Deputy PM calls for Salameh's resignation amid corruption allegations

Lebanon's caretaker deputy prime minister Saade Chami, who is heading talks with the International Monetary Fund to bail out Lebanon's tanking economy, has called for the country's embattled central bank chief to resign, amid allegations of corruption and an international arrest warrant issued against him.

Once seen as the guardian of Lebanon's financial stability, Central Bank Gov. Riad Salameh is now widely blamed for an economic meltdown that began in 2019. The Lebanese pound has since plummeted in value and wiped out much of the savings of ordinary Lebanese, plunging an estimated three-quarters of the population into poverty.

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China's loans pushing world's poorest countries to brink of collapse

A dozen poor countries are facing economic instability and even collapse under the weight of hundreds of billions of dollars in foreign loans, much of them from the world's biggest and most unforgiving government lender, China.

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UK telecom company plans to shed up to 55,000 jobs, replace some with AI

U.K. telecom company BT Group said Thursday that it plans to shed up to 55,000 jobs by the end of the decade and replace some of them with artificial intelligence, as part of an overhaul aimed at slimming down its workforce to slash costs.

BT, which has 130,000 workers including both staff and contractors, said in its latest earnings report that its number of employees would be reduced to between 75,000 and 90,000 by 2030.

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Top leaders of Pakistan, Iran inaugurate border market in first meeting in 10 years

The top leaders of Pakistan and Iran on Thursday inaugurated the first border market as relations warm between the two countries, officials said.

Located in the remote village of Pashin in Pakistan's southwestern Baluchistan province, the marketplace is the first of six to be constructed along the Pakistan-Iran border under a 2012 agreement signed by the two sides.

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Russia agrees to extend Ukraine grain deal in a boost for global food security

Russia agreed to a two-month extension of a deal that has allowed Ukraine to ship grain through the Black Sea to parts of the world struggling with hunger, Turkish President Recep Tayyip Erdogan announced, a boost to global food security after the war drove up prices.

Turkey and the U.N. brokered the breakthrough accord with the warring sides last summer, which came with a separate agreement to facilitate shipments of Russian food and fertilizer that Moscow insists hasn't been applied.

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