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Chelsea and Manchester City are preparing to pull out of the European Super League after rival football clubs, managers, players, fans and politicians united in opposition to the controversial plans. The two English clubs have begun the process of withdrawing from the new league, according to people briefed on the decision, as other clubs also
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China’s economy expanded 18.3 per cent in the first three months of 2021, its fastest year-on-year rate for any quarter on record, highlighting the extent to which the country has rebounded from the coronavirus pandemic. Gross domestic product growth, which was marginally below expectations, was so unusually high because it was compared with a period
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Taiwan’s dollar has fallen sharply on growing expectations the US will brand the Asian country a currency manipulator, despite the two strengthening ties in the face of an increasingly aggressive China. US president Joe Biden’s administration is widely expected to include Taiwan in its semi-annual name-and-shame list this month because it meets all three criteria
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Brussels is grappling with deep divisions among member states over ways of raising fresh revenue to repay the unprecedented debts the EU is taking on via its recovery fund, in a new challenge to the EU’s coronavirus-fighting plan.  The European Commission is working on a three-pronged approach to raise €13bn-€15bn of revenue a year to
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Chinese regulators have fined Alibaba a record Rmb18.2bn ($2.8bn) after finding that the ecommerce group had abused its market dominance. The fine, which was set at 4 per cent of Alibaba’s 2019 revenues, concludes an antitrust investigation into the company founded by Jack Ma. It comes as Chinese authorities have stepped up scrutiny on dealmaking
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The Biden administration has proposed a new model for taxing multinational corporations, calling for the world’s biggest businesses to pay levies to national governments based on their sales in each country as part of a deal on a global minimum tax. In documents sent to the 135 countries negotiating international taxation at the OECD in
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Most advanced economies will emerge from the coronavirus crisis with little lasting damage, thanks to the relatively rapid rollout of vaccines and their willingness to increase sharply public spending and borrowing, according to the IMF. The likely success in managing the economic fallout from the pandemic will not be replicated in emerging economies, however, highlighting
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US stocks hit record highs on Monday after a string of strong data that showed the world’s largest economy is recovering at a swift pace boosted investor sentiment. The blue-chip S&P 500 index rose 0.9 per cent in early New York dealings, hitting a historic peak of 4,057. The technology-heavy Nasdaq Composite posted similar gains
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