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The EU is set to increase the financial envelope allocated to the 11th European Development Fund (EDF), expected to be double that of the 10th EDF.

Burundi got 432 million Euros (US$ 595 million) from the EDF as contribution towards the Strategic Framework for Growth and Poverty Reduction Program, second phase (PRSP II).

Read more at:  http://www.busiweek.com/index1.php?Ctp=2&pI=1127&pLv=3&srI=67&spI=120&cI=15

The Forbes ‘Global 2000′ is a comprehensive list of the world’s largest, most powerful public companies, as measured by revenues, profits, assets and market value.

In total, they raked in revenues of USD 38 trillion and profits of USD 3 trillion, with assets worth USD 161 trillion and a market value of 44 trillion dollars.

These figures of the 62 countries are higher than a year ago, with the largest growth being in market value (up 13 per cent year-over-year).

The firms employ 90 million people worldwide, Forbes said.

For the first time in the ranking’s 11 years, China is home to the world’s three biggest public companies and five of the top 10.

State-controlled Chinese bank ICBC holds onto its number 1 spot for a second consecutive year, while China Construction Bank takes second place and Agricultural Bank of China moves up five spots to third.

The United States accounted for the other half of the top 10 spots.

Berkshire Hathaway and Wells Fargo both moved up four spots to number five and number nine respectively.

J P Morgan slid to fourth place as its total composite score slipped behind Agricultural Bank of China.

Read more at:   http://indianexpress.com/article/business/companies/india-home-to-54-of-worlds-largest-most-powerful-public-companies/

Siemens will buy Rolls-Royce’s energy aero-derivative gas turbine and compressor business to strengthen its position in the power generation and oil and gas industries and manage its health-care business separately, the Munich-based company said in a statement yesterday. The measures will boost productivity by about 1 billion euros ($1.4 billion) a year, starting from the end of fiscal 2016.

Read more at:  http://www.bloomberg.com/news/2014-05-06/siemens-buys-rolls-royce-energy-assets-amid-revamp.html

May 1 (Reuters) – Dubai Islamic Bank (DIB) is in talks with a publicly-listed Islamic bank in Indonesia to take a 40 percent stake, DIB’s chief executive said on Thursday.

Adnan Chilwan told reporters that DIB hoped to conclude a deal before the end of the year and that it would pay for the purchase using its own cash reserves.

He declined to name the acquisition target.

Source: http://www.reuters.com/article/2014/05/01/dib-indonesia-acquisition-idUSL6N0NN1ZM20140501

As per the more widely used exchange rate-based estimate, the US economy was almost double the size of China’s even as late as 2012. But the assessment at a common price level, a more pertinent one, would indicate the professedly communist country outdoing the US to become the world’s largest economy this year, well ahead of the previously thought 2019, reports fe Bureau in New Delhi.

Read more at:  http://indianexpress.com/article/business/business-others/china-likely-to-pip-us-as-worlds-biggest-economy-this-year/

The World Bank has forecast that Mozam-bique government revenues from the country’s coal and gas sectors could be $9-billion by 2032, which would represent 7% of the country’s gross domestic product and 21% of total government revenues.

Read more at: http://www.miningweekly.com/article/but-how-can-mozambique-avoid-a-painful-bust-2014-04-25

(Reuters) – Foxconn Technology Group will decide in October whether to proceed with a planned $1 billion manufacturing project in Indonesia after a new government takes office, a company source said on Thursday.

Foxconn, a major supplier to Apple Inc.

Read more at:  http://www.reuters.com/article/2014/04/25/foxconn-indonesia-idUSL3N0NH03R20140425

Ontario Teachers’ Pension Plan, the largest pension manager in Canada’s most populous province, is partnering with GE Aviation and the Japanese government to finance an engine for Boeing Co.’s newest airliner.

Read more at: http://www.businessweek.com/news/2014-04-21/ontario-pension-teams-with-bank-of-japan-on-ge-engine-for-boeing