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Citi's Buiter: World faces recession next year

Globe

The global economy faces a period of contraction and declining trade next year as emerging nations struggle with tightening monetary policy, according to Citigroup's Chief Economist Willem Buiter.

Volkswagen to slash investment by $1.1bn per year

The Force Volkswagen Spot

Embattled German carmaker Volkswagen announced Tuesday it would cut annual investment by 1 billion euros ($1.1 billion) after a special board meeting in the wake of the emissions scandal that has thrown the company into crisis.

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