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EYE ON AFRICA

Mali: Twelve people die in suicide attack against MNLA

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EYE ON AFRICA

Libya violence: At least four foreigners among those killed in hotel attack

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MEDIAWATCH

Michelle Obama was not blurred out on Saudi TV

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DEBATE

New Escalation: Cross-Border Shelling Between Israel, Lebanon (part 2)

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DEBATE

New Escalation: Cross-Border Shelling Between Israel, Lebanon (part 1)

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THE OBSERVERS

A Lebanese prison 'run by Islamists', and children tear-gassed in Kenya

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FOCUS

Pegida, the movement dividing Germany

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ENCORE!

Film Show: 'The Imitation Game', 'Phoenix' and the French Oscars

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#TECH 24

'The Imitation Game': A Tribute to Alan Turing, the Father of Computers

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Euro breaks record $1.60 mark

Latest update : 2008-04-22

The dollar dropped to a new low against the European single currency, as new data point to the US property market slump caused by the subprime mortgage crisis.

The euro jumped to a record 1.6002 dollars here Tuesday after weak US housing market data added to fears over the health of the US economy.
   
The dollar fell after a report showed that sales of existing US homes fell 2.0 percent in March, underscoring the extended slump in the housing market in the fallout from the subprime home loan crisis.
   
The National Association of Realtors said the annualized sales pace was 4.93 million, weaker than the 4.95 million expected by Wall Street economists.
   
The report also showed a 19.3-percent plunge year-over-year in existing home sales, the largest segment of the housing market.
   
The data reflected a meltdown in the property market after years of sizzling growth and a speculative bubble.
   
The boom-and-bust has slammed the entire economy, leading to rising foreclosures and massive losses for banks, and threatening to drive the US economy, the world's largest, into recession this year.
   
 

Date created : 2008-04-22

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