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Business
Consumer law violations cost Wells Fargo $3.7 billion in fines
As part of the settlement, Wells Fargo agreed to pay $3.7 billion in order to settle claims that it harmed customers by charging illegal fees, interest, and overdraft fees on auto loans and mortgages. Wells was ordered to repay $2 billion…
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Amazon Web Services awarded $700 million contract by U.S. Navy
Amazon Inc's cloud computing division was awarded a $723.9 million enterprise software license contract by the United States Navy. With the deal, the Navy will be able to access Amazon Web Services' (AWS) commercial cloud environment,…
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Oil producers from OPEC and non-OPEC sign historic declaration
Ten non-OPEC oil-producing countries and OPEC Member Countries signed the Declaration of Cooperation (DoC) on 10 December 2022. At the OPEC Headquarters in Vienna, Austria, OPEC Member Countries, Azerbaijan, Bahrain, Brunei Darussalam,…
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COVID infections increase in China after controls are loosened
After the Communist Party loosened anti-virus rules as it tried to reverse a deepening economic slump, a surge of COVID-19 cases was reported in schools and businesses across China on Friday. While official data show a decline in new cases,…
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US Treasury has penalized a prominent Turkish executive with Iran oil sanctions
A prominent Turkish businessman has been sanctioned by the Biden administration for violating U.S. restrictions on the sale of Iranian oil, the Associated Press reports. Several companies controlled by Sitki Ayan and his family and…
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Spending by governments on clean energy transitions rises to $1.2 trillion
As the global energy crisis spurs new policies aimed at cutting reliance on fossil fuels, global government spending on clean energy has risen by more than $500 billion since March, according to the IEA. With this increase, governments have…
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UAE implements federal law to charge nine percent corporate tax on profits
The UAE issued Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (the “Corporate Tax Law”). From 1 June 2023, businesses will be subject to UAE Corporate Tax ("Corporate Tax"). The UAE's corporate tax regime…
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Pakistan urgently seeks $3 billion from KSA after plunge in forex reserves
Pakistan has requested Saudi Arabia to urgently provide $3 billion in cash after its foreign exchange reserves fell to a critically low level. During his maiden visit to the country, the country's army chief is expected to play a role in…
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With a $30 billion power grid upgrade, India to triple clean-power capacity by 2030
In order to achieve its goal of nearly tripling the country's clean-power capacity by 2030, the Indian government, under Prime Minister Narendra Modi, has unveiled a Rs 2.44 lakh crore ($29.6 billion) plan to build transmission lines for…
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Growth prospects for the Indian economy are bullish – World Bank
Considering India's increased resilience to global shocks, the World Bank raised its GDP growth forecast for FY23 to 6.9%. In its India Development Update, the World Bank stated that the revision was due to the Indian economy's increased…
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