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The world’s biggest steel maker just lost $7.9 billion

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Another day, another two scalps for the commodity price crash. Two huge resources firms reported results on Friday, and you can add both to the pile of giants getting crushed by the falling price of raw materials. ArcelorMittal, the world’s biggest steelmaker, and BG Group, the FTSE 100-listed oil giant, both took big hits last...
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China cracks down on illegal GM crops ahead of Syngenta deal

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By Dominique Patton BEIJING (Reuters) – Chinese officials have issued warnings to seed dealers and farmers not to use unapproved genetically modified seeds in the country’s main crop belt, shortly after Greenpeace said it had found widespread GM contamination in corn. The unprecedented action by rural authorities in the past two weeks also comes as...
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Carney is being ‘too aggressive’ on interest rate hike threats and is ‘confusing the markets’

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The Bank of England Governor Mark Carney has increasingly warned the markets that Britain’s main interest rate will rise from its record low of 0.5% soon. The interest rate has been at that level since 2009. But Dominic Rossi, the global chief investment officer of equities at the world’s second largest fund manager, Fidelity, told the BBC in an...
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The European economy will take at a €100 billion hit if it re-establishes permanent border controls

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The European economy is set to lose around €100 billion (£76 billion, $109 billion) if officials decide to re-establish border controls within the Schengen Area. That’s according to the French government’s economic planning agency France Strategie, which released its warning this morning in a note entitled “Policy Brief – The Economic Cost of Rolling Back Schengen.”...
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A new global oil deal could draw lessons from 1998

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By Dmitry Zhdannikov LONDON (Reuters) – After a year of secret diplomacy and hushed-up private talks around the world, OPEC’s mighty Saudi Arabia and rival Venezuela were persuaded to cut a deal by non-OPEC Mexico which overcame mutual acrimony and led to a much-needed rise in oil prices. It was 1998, trust had long broken...
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