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Indonesia Posts Trade Deficit in Blow to Recovery Hopes

Indonesia's trade balance unexpectedly swung back to a deficit in September, official data showed Friday, in a setback for Southeast Asia's beleaguered top economy after recently shown signs of recovery.

The news of the $657.2 million deficit followed a small surplus in August and a string of other positive indicators, including easing inflation and an uptick in the manufacturing sector.

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Japan Mob Loans Scandal Deepens

A loans-to-mobsters scandal that is gripping Japan's banking sector has widened after major lender Shinsei Bank admitted doing business with organised crime figures.

The country's finance minister on Friday lauded Shinsei after it admitted a day earlier that one of its subsidiaries made more than a dozen loans to the notorious gangsters, known as yakuza.

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IMF Warns Africa on Financial Shocks

The International Monetary Fund on Thursday warned sub-Saharan Africa's rapidly growing economies that they need to do more to protect themselves against financial shocks.

In a sign of the continent's growing role in global financial markets, the IMF urged governments to mitigate the impact of cash rapidly flowing in and out of their economies.

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Tunisia Attacks Deal Blow to Vital Tourism Sector

Tunisia, already destabilized by a political crisis, suffered a blow to its vital tourism industry after a suicide bombing and another that was foiled in two coastal resort towns.

Only the suicide bomber was killed Wednesday in an attack on a beachside hotel in Sousse, and the security forces thwarted another attempted suicide attack soon after in neighboring Monastir.

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German Consumer Confidence Steady as Retail Sales Fall

Consumer confidence in Germany appears to be holding up, even though retail sales in Europe's top economy fell for the second month in a row, data showed on Thursday.

"The first survey after the parliamentary elections paints a calm picture," market research company GfK said in a statement.

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ECB: Central Banks Extend Liquidity Swap Arrangements

The European Central Bank said Thursday that its current temporary bilateral liquidity swap arrangements with five other central banks will remain in place until further notice.

"The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank announced on Thursday that their existing temporary bilateral liquidity swap arrangements are being converted to standing arrangements, that is, arrangements that will remain in place until further notice," the ECB said in a statement.

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Blackout in Turkey Tunnel Just Day after Opening

Rail passengers using Turkey's new tunnel under the Bosphorus had to walk part of their journey Wednesday when an electricity failure briefly halted services, just a day after its grand opening.

The 13.6-kilometre (8.5 mile) undersea tunnel in Istanbul -- the world's first linking two continents -- was inaugurated with great fanfare on Tuesday as the government's "project of the century".

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Spanish Figures Confirm Exit from Recession

Spain's National Statistics Institute says the economy grew in the third quarter, confirming preliminary estimates that show an end to the two-year recession.

The institute said Wednesday the economy grew 0.1 percent July through September compared with the previous quarter, when it shrank by the same rate. That was the same estimate made by the central bank last week.

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Official Data: Eurozone Economic Confidence Picks Up

Economic and business confidence in the 17-nation eurozone picked up further in October but the pace of improvement has slowed, official EU data showed on Wednesday.

The European Commission said its Economic Sentiment Indicator (ESI) rose 0.9 points to 97.8 points in October.

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Chinese Bank Lends Niger $1 Billion

Niger has accepted a controversial $1 billion loan from the Export-Import Bank of China (China Exim Bank) to finance development projects, the West African nation's planning minister said Tuesday.

Repayment of the 25-year loan will start in eight years' time "thanks to resources from the sale of oil being produced" by China National Petroleum Corporation (CNPC) in the east of the country, Amadou Boubacar Cisse announced.

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