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Nov 19 2009

OECD optimistic on world economy

By Agencies

Gurria warned of weak consumer spending in the face of high unemployment [AFP]

Asia and the United States are pulling the world out of the global economic downturn with surprising if "modest" speed, the Organisation for Economic Co-operation and Development (OECD) has said in a report.

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Tags: OECD world economy

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Chocolate giants ponder Cadbury bid

By Agencies

Shares in Cadbury rallied 1.21 per cent on Wednesday to close at 797.50 pence in London [AFP]
The world's largest chocolate makers are gearing up for a potential corporate battle to buy Cadbury, the UK confectioner, after Hershey and Ferrero said they were considering making an offer to rival Kraft's attempted hostile takeover of the company.

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Tags: Cadbury Kraft

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AIG rescue was 'mishandled'

By Agencies

The NY Fed was headed at the time of the rescue by US treasury secretary Timothy Geithner [Reuters]

Officials managing the multibillion dollar bailout of American International Group (AIG), bungled the initial rescue of the insurance, possibly overpaying other banks to wind down AIG's business relationships, a government watchdog has said.

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Tags: Timothy Geithner AIG

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Let yuan rise, IMF boss tells China

By Agencies

The head of the International Monetary Fund (IMF) has repeated calls for China to let its currency rise, saying that a stronger yuan would improve the country's economy.