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Iran Ramps Up Gulf Tension, Global Economies on Alert

Oil Price Hovers Near $103; EU Agrees to Iran Embargo

The price of oil has been rising due to mounting tensions between Iran and the United States and other western countries. On Wednesday the pressure on Iran continued to ratchet up, as European Union governments agreed on to ban imports of Iranian oil.

Top 10 Most Wired Countries

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South Korea is well known to have a nearly completely plugged-in society, but are they the most connected country in the world? As a percentage of the population, they are actually 15th. Every year, a Web site called Internet World Stats compiles the numbers of users across the globe and breaks them out into region, country and other demographics.
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Ten Surprises for 2012: Blackstone

Byron Wien, vice chairman at Blackstone Advisory Partners issued his list of surprises for 2012 on Wednesday. The tradition of giving his views on a series of economic, financial market and political surprises for the coming year started in 1986.
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Geithner to discuss Iran in China, Japan visit

Treasury Secretary Timothy Geithner will travel to China and Japan next week to discuss U.S. sanctions on Iran and the state of the global economy with top government officials, the Treasury Department said on Wednesday.
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Gold Price Rises in Big 2-Day Rally

Gold was set for its strongest two-day rally in 2-1/2 months on Wednesday after an agreement in principle among European leaders to ban Iranian oil imports boosted the crude price and catapulted bullion to two-week highs.
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Treasury's Geithner to travel to China, Japan

U.S. Treasury Secretary Timothy Geithner will travel to China and Japan next week to discuss U.S. sanctions on Iran and the state of the global economy with top government officials, the Treasury Department said on Wednesday.
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UniCredit rights issue priced at huge discount

UniCredit SpA launched a 7.5 billion euro ($9.8 billion) rights issue at a massive discount on Wednesday, highlighting the struggle faced by European lenders under pressure to raise capital to counter a spreading debt crisis.
Samsung Set to Acquire Full Control of LCD Partnership with Sony

S. Korea Approves Samsung's Flash Chip Plant in China

South Korea said on Wednesday it had approved a plan by Samsung Electronics Co to build a flash memory chip plant in China seen costing some $4 billion, as a boom in smartphones and tablet computers fuels the chip industry's growth.
Europe's Markets

Europe's Markets Lower Wednesday at Mid-Day

European shares slipped from five-month highs on Wednesday, with Italy's UniCredit leading banks lower after it priced a capital increase at a deep discount, suggesting a weak appetite at a time when several lenders face capital increases.
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Chrysler December U.S. sales up 37 percent

Chrysler reported a 37 percent rise in U.S. new-vehicle sales in December as the U.S. automaker finished the year with strong gains thanks to a refreshed lineup of cars and trucks.
Asia's Markets

Asia's Markets Close Mixed Wednesday; Nikkei Rises

Japan's leading share average rose to a three-week closing high on Wednesday after better-than-expected economic data from the United States and China, although strategists said the rally could stall if the euro holds below 100 yen.
The Yahoo! offices are pictured in Santa Monica

Yahoo to Name New CEO: AllThingsD Web site

Yahoo is poised to name PayPal President Scott Thompson as chief executive after firing former CEO Carol Bartz in September, Web site AllThingsD reported, citing sources close to the situation.
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Stocks cheered by growth hopes, debt woes drag euro

Asian stocks rose on Wednesday as investor risk appetite returned after upbeat U.S. and European economic data improved the global growth outlook, but the euro's gains were short-lived due to deep-set worries over the European debt crisis.
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China mulls plans to boost domestic consumption: report

The Chinese government is planning new policies to boost domestic consumption, especially of vehicles and appliances, in a bid to offset the effects of sagging export demand, the China Daily reported on Wednesday, quoting a government official.

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