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Beijing govt backs BAIC's bid for overseas assets-sources

The Beijing municipal government will fully support a bid by Beijing Automotive Industry Holding Corp (BAIC) for Ford Motor's (F.N) Volvo car unit if the Chinese automaker fails in its current quest for General Motors' Opel, sources said on Wednesday.

Germany backs Magna at start of Opel talks with GM

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Canada's Magna (MGa.TO) is still Germany's preferred bidder for carmaker Opel, a government spokesman said on Wednesday ahead of a meeting with General Motors representatives to discuss the takeover offers.

History of Solar eclipses

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The longest eclipse of this century was passing through the world's two most populous nations, India and China, on Wednesday.
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Central banks cautious on further credit boost

Warnings that the world economy still faces a rocky road tempered market enthusiasms on Wednesday, with Japan indicating it might need to do more to ease credit pressures and Britain biding its time.
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U.S. fears North Korea nuclear ties to Myanmar

The United States is concerned about the possible transfer of nuclear technology from North Korea to military-ruled Myanmar, U.S. Secretary of State Hillary Clinton said on Wednesday.
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GM meets German government to discuss Opel bids

General Motors officials meet German government representatives on Wednesday to discuss takeover offers for Opel, with a potential row looming as they each appear to prefer a different bidder.
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People the weak link in cybersecurity: report

The popularity of Facebook and other popular social networking sites has given hackers new ways to steal both money and information, the security company Sophos said in a report released on Wednesday.
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People the weak link in cybersecurity - report

The popularity of Facebook and other popular social networking sites has given hackers new ways to steal both money and information, the security company Sophos said in a report released on Wednesday.
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China eyes reform for development amid recession

Chinese Premier Wen Jiabao urged long-term preparedness for dealing with the global downturn, saying China will tackle the development issue through reform, state news agency Xinhua reported on Tuesday.
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WISCO ties up with Australian miner

China's third largest steelmaker WISCO signed an agreement with Australian Centrex Metals Ltd (CXM) on Monday for joint development of iron ore mines in southern Australia and other projects, state news agency Xinhua reported on Tuesday.
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New iron ore pricing system under way

Global miners and steelmakers may replace the existing annual negotiations with a new quarterly-based iron ore pricing system, Wall Street Journal reported on Monday, which is expected to increase the volatility of steel prices and make the system more transparent.
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China International Travel Service approved for $250 m IPO

China International Travel Service Corporation Limited got approval from the China Securities Regulatory Commission (CSRC) for an initial public offering (IPO) on the Shanghai Stock Exchange, the securities regulator said on Monday.
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Coke tops view despite currency hit, shares off

Coca-Cola Co's better-than-expected quarterly profit was not enough to please investors who looked for stocks with stronger growth potential on Tuesday, as weaker foreign currencies reduced Coke's gains in emerging markets.
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Caterpillar net beats forecast; shares rise

U.S. machinery maker Caterpillar Inc posted stronger-than-expected second-quarter earnings and raised its full-year outlook, citing signs of global economic stability, sending its shares up as much as 13 percent.
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Google tightens grip on Chinese mobile search

Google Inc would strengthen its mobile search service in China, the first strategic move since the company came under the Chinese government glare for providing links to pornographic sites, ChinaDaily reported on Tuesday.
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Midday Minute - July 21 - Energy

NRG Energy Inc.'s shareholders voted to reject a slate of directors that rival Exelon Corp. had proposed for NRG's Board on Tuesday. The U.S. Senate Committe on Environment & Public Works is holding a hearing on the Waxman-Markey energy bill. China's solar energy sector surged on Tuesday on subsidies plan.
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Morgan Stanley uplifts China's 2009 GDP growth outlook to 9%

Investment bank Morgan Stanley has raised its forecast for China's 2009 GDP growth to 9% from the previous 7% and its 2010 GDP growth forecast to 10% from the previous 8%, Chinaknowledge reported on Tuesday, citing a new report of the bank.
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Beijing Auto eyes Daimler van partnership - source

Beijing Automotive Industry Holding Corp is in talks with Fujian Motor Industry Group to replace it as the local partner in a commercial vehicle tie-up with Daimler AG (DAIGn.DE) in southeast China, a source said on Tuesday.
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China's Chery Auto resumes IPO preparations -paper

Chery Automobile Co, China's largest indigenous car maker, has resumed preparations for an A-share initial public offering as the country's securities regulator lifted its nearly 10-month ban on domestic IPOs due to a recovery in the country's stock market.

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