NIGHTMARE SCENARIO: Food inflation hits mostly the poor and marginalized members of society, while it boosts revenues for food distributors, economists said
Soaring food costs drove China's inflation to its highest level in nearly 12 years last month, data showed yesterday, raising the risk of unrest as Chinese leaders prepare for the Beijing Olympics.

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A fancy hotel foyer, a glamorous model and a vintage Ferrari to die for. The hotel off Brussels' main square is real and the model, Yasmin Le Bon, is also genuine. But the cherry-red Ferrari?

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Crude oil futures eased yesterday after registering record highs overnight as a US Federal Reserve initiative to alleviate the credit crunch strengthened the US dollar.

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A team from Brazil's Labor Ministry found "degrading" living conditions for 133 sugarcane workers employed by an ethanol company whose investors include former US president Bill Clinton and other high-profile financial players.

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'DECISIVELY': Toshiro Muto brushed aside fears by the Democratic Party of Japan that his close ties to the government would undermine the Bank of Japan's independence
Former Japanese finance ministry heavyweight Toshiro Muto vowed yesterday to defend the Bank of Japan's (BoJ) independence at a crucial time for the economy, urging a divided parliament to back him as central bank chief.

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■ BANKING