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HSBC profits up 10 percent, bad debts hit $17 bln

HSBC's profits rose 10 percent last year as buoyant growth in Hong Kong and elsewhere in Asia helped Europe's biggest bank absorb $17.2 billion in bad debts as the U.S. housing crisis deepened. Hong Kong profits rose 42 percent while Asia earnings grew by 70 percent. North America was managed a small gain.
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China Taps JPMorgan,StanChart to Underwrite Debt

China has opened its bond market wider to foreign banks, naming the local arms of JPMorgan Chase and Standard Chartered Bank as primary underwriters of debt issued by the Ministry of Finance.
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Toyota to boost Japan output of Lexus cars: paper

Toyota Motor Corp will boost production capacity for its Lexus luxury cars in Japan by about 35 percent in 2009 to meet growing demand in emerging countries such as Russia and China, the Nikkei business daily reported on Wednesday.
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Major powers look at new ways to get Iran to talks

Major powers are looking for new ways to draw Iran into negotiations over its nuclear program while simultaneously pushing for more U.N. sanctions, U.S. officials and diplomats said on Tuesday. Political directors from the permanent five members of the U.N. Security Council -- Russia, China, the United States, Britain and France -- as well as Germany, met in Washington on Monday to discuss how to tweak their Iran strategy.
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North Korea tunes in to New York Philharmonic

The United States' oldest symphony orchestra played an unprecedented concert on Tuesday in hermit North Korea that both sides say they hope will bring a little harmony to relations between the bitter Cold War foes.
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EU, U.S. vow crackdown on computer counterfeits

EU and U.S. senior officials said on Friday they would crack down on counterfeiting of computer components after they seized over 360,000 fake items in just two weeks in a joint operation at the end of last year.
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Best Buy to ramp up China expansion

Top U.S. electronics retailer Best Buy Co, facing stagnant sales at home, said on Friday it would ramp up its expansion in China but would not grow through partnerships with local rivals. Best Buy will invest substantially and open a large number of stores in China in the next five years, and will launch online sales in the country in the next 24 months.
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China appeals for fair treatment over 3Com deal

China has appealed to the United States for fair and legal treatment of a Chinese investment in US communications equipment company 3Com after the deal caused the United States national security concerns.
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Proposed Pakistan coalition could oust Musharraf

The leaders of the two top parties in Pakistan's recent election meet on Thursday to discuss forming a coalition government that could force President Pervez Musharraf out of power. Musharraf, who took power in a 1999 military coup in the nuclear-armed country and has been one of Washington's top Muslim allies against al Qaeda, is vulnerable to a hostile parliament after his supporters were heavily defeated in Monday's election.
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China state newspaper lambastes Spielberg on Darfur

A top Chinese state newspaper has lambasted Hollywood director Steven Spielberg for quitting the Beijing Olympic Games over Darfur, saying childish vanity politics lies behind Western criticism of Beijing policy.
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Air China in talks to buy out cargo venture -exec

Air China is in initial talks to buy all the shares it does not already own in its cargo venture with the parent of Beijing Capital International Airport, an Air China executive said on Wednesday.
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China Mobile posts record monthly user gain

China Mobile Ltd signed up a record number of users in a single month in January, as the world's top cellular carrier built on its dominance in the world's largest wireless market.

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