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September 2013 International Economic Fundamentals

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Modest drop in Spanish unemployment cheers government efforts to end recession




MADRID - Spain's unemployment total fell by just 31 people last month, but it was the first time the August rate has dropped in 13 years and gave heart to a government striving to pull the country out of recession.






Government figures released Tuesday showed the number of people registered as unemployed was still close to 4.7 million, and the quarterly rate is still at 26.3 per cent.





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Ally

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China property developers hoarding $25 million in cash




China`s biggest property developers are sitting on $25-billion (U.S.) in cash as they prepare for a possible credit crunch and another round of crackdowns on real estate speculation.




Companies including Shimao Property Holdings Ltd. and Greentown China Holdings Ltd. raised more than $16-billion in offshore bonds and loans over the first eight months of 2013 ` about 36 per cent more than in all of 2012. But they have turned more cautious about investing, leaving much of that money on their balance sheets.





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