PAINFUL: The workers' strike could result in the closure of several General Motors truck assembly plants, further harming the embattled automaker
The United Auto Workers (UAW) launched a strike yesterday against Detroit-based American Axle and Manufacturing Holding Inc (AAM), a key supplier to both General Motors Corp (GM) and Chrysler LLC.

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China should gradually revalue its currency to cool its booming export sector and also allow European companies fairer access to its market, the EU trade chief said yesterday.

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Visa Inc, the world's biggest electronic payment processing firm, unveiled plans on Monday for what could be a record US initial public offering (IPO), saying it hoped to raise US$18.8 billion.

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TRIMMING THE FAT: The company's restructuring will result in the loss of 3,800 jobs, mostly in Germany, and the transfer of 3,000 jobs elsewhere
Siemens AG said yesterday it will reorganize its corporate telecom unit, a move that will cut 3,800 jobs and transfer another 3,000 jobs to partners or other units.

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New Zealand will sign a free trade agreement with China in early April, New Zealand announced yesterday -- the first such deal between the Asian economic powerhouse and a developed economy.

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ROASTING: Rivals mocked Starbucks' decision to close stores across the US yesterday for three hours of training to improve coffee quality and the chain's flagging fortunes
Americans had to cope without blended Frappuccino and blueberry coffee cake for a few hours yesterday as Starbucks shut its 7,100 company-owned stores for a nationwide barista training session.

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■ FINANCE

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