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Ebrahim Raisi, a conservative cleric, was set for a landslide victory in Iran’s presidential election that would give regime hardliners complete control over all branches of the state for the first time in almost a decade. Raisi’s two main rivals conceded on Saturday and congratulated the 60-year-old who many Iranians believe is the favoured candidate
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Federal Reserve officials expect to start raising interest rates in 2023, earlier than previously forecast, according to new economic projections that predicted faster growth and sharply higher inflation this year. At the end of its two-day policy meeting on Wednesday, the US central bank kept its main interest rate on hold at the rock-bottom range
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Joe Biden has won support at the G7 summit for a “carry on spending” plan, as western leaders rejected austerity in a post-Covid world and vowed to tackle inequality at home and abroad. Biden’s call for continued economic stimulus was backed by fellow leaders at the summit in Cornwall in south-west England, in a gathering
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Corporate sponsors of the Tokyo Olympics have brought in marketing consultants to determine whether a direct association with the Games would damage their brands.  According to people working directly with some of the 47 big sponsors of the Games, Japanese companies have asked advisers whether they should embrace the Olympic imagery. The alternative is to
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The price of goods leaving China’s factories has risen at its fastest pace since the global financial crisis, piling pressure on the country’s leaders as they grapple with a commodities rally. China’s producer price index added 9 per cent in May, data from the National Bureau of Statistics showed on Wednesday, its biggest year-on-year increase
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The G7 advanced economies have struck what they have termed a “historic agreement” on taxing multinationals in a bid to create unstoppable momentum for a global deal. A communique issued on Saturday showed that the US, Japan, Germany, France, UK, Italy and Canada had found enough compromise both to stop companies shifting profits to low
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Facebook has said Donald Trump will be banned from its network for at least two years, a move likely to inflame tensions with allies of the former US president who accuse the company of censoring conservative views. The ban was a revision from a previous indefinite suspension by Facebook, which was criticised by the company’s
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Israel’s opposition leaders have agreed to form a government that could potentially end Benjamin Netanyahu’s 12-year reign as prime minister of the Jewish state. The coalition, which straddles the political spectrum — from the far-left Meretz party to the ultranationalist Yamina, anchored by centrists Yesh Atid — hammered out a deal on Wednesday after days
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US financial authorities are preparing to take a more active role in regulating the $1.5tn cryptocurrency market, amid growing concern that a lack of proper oversight risks harming savers and investors. The new efforts reflect a break with the Trump administration, which in some cases encouraged the use of cryptocurrencies in the financial system. But
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The US has moved to punish Belarus for the forced landing of a Ryanair flight last weekend by announcing that it would reimpose sanctions on nine of the country’s state-owned companies and would join the EU in developing a list of additional targets. In a statement late on Friday, Jen Psaki, the White House press
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Amazon is being sued for violating competition law in Washington as it becomes the latest major technology company to be accused of anti-competitive behaviour. Karl Racine, the attorney-general for the District of Columbia, on Tuesday accused the company of charging third-party merchants fees of as much as 40 per cent of a product’s price to
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EU leaders are weighing a range of sanctions to punish Alexander Lukashenko’s Belarusian regime after what Brussels branded the “hijacking” of a Ryanair flight from Greece to Lithuania to arrest a dissident on board. Options to be explored by the bloc’s 27 leaders at a meeting today include banning Belarus’s national carrier, Belavia, from landing
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European leaders have called for an immediate international response after Belarus forced a Ryanair flight bound for Lithuania to land in Minsk on Sunday and arrested one of its passengers, a top opposition activist. Sviatlana Tsikhanouskaya, Belarus’s exiled opposition leader, said online activist Roman Protasevich, resident in Lithuania, had been detained in the Belarusian capital.
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Two doses of either the BioNTech/Pfizer or Oxford/AstraZeneca Covid-19 vaccines offer good protection against symptomatic infection from the variant first identified in India, according to new UK data, indicating minimal reduction in efficacy compared to the so-called Kent variant. The BioNTech/Pfizer jab provided 88 per cent protection against the B. 1.617.2 variant found in India,
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