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McCain picks Alaska's Palin as running mate
John McCain shook up the US presidential race with the surprising announcement he had picked little known Sarah Palin, the 44-year-old governor of Alaska, as his vice-presidential running mate

Japan offers economic stimulus package
The Japanese government on Friday unveiled a Y11,500bn economic stimulus package which includes an income tax cut, fuel subsidies and government loans to small and medium-sized companies

India growth dips as rates hit investment
Annual GDP expansion slowed to 7.9% in the three months to June 30 as the Reserve Bank of India gave warning that it was still worried about inflation and maintained its hawkish stance on monetary policy

Nintendo raises earnings forecast
The maker of Wii and DS games machines raised its full year operating profit forecast by 23 per cent. It also upped its forecast of unit sales and software shipments for both the home and the handheld console

Dresdner deal poses further risk of job cuts
Investment bankers reeling from the impact of the credit crisis face fresh job cuts as part of Allianz's imminent deal to sell Germany's Dresdner Kleinwort

Tbilisi and Moscow break off ties
Diplomats were recalled as a row deepened over reports of Russian plans to absorb the breakaway Georgian enclave of South Ossetia, which the Kremlin has recognised as independent

Corporate India defends Tata's Nano car
In a rare show of unity, India's corporate leaders are rallying behind the Tata group in an attempt to rescue its project to build the world's cheapest car

NZ foreign minister steps down
New Zealand Foreign Minister Winston Peters has stepped down while allegations of fraud relating to political donations to his party are investigated

Australia's Allco and Centro feel credit pain
Allco Finance and Centro Properties brought home the ill-effects of the global credit crisis when they announced two of the largest annual losses in Australian corporate history

Bank of China flees Fannie-Freddie
Bank of China has cut its portfolio of securities issued or guaranteed by troubled US mortgage financiers Fannie Mae and Freddie Mac by a quarter since the end of June

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