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While Dominique Strauss-Kahn faces fresh charges in his native France amid a prostitution investigation, a civil suit against him is still pending in New York.

NY hearing in DSK case amid more legal woes

While Dominique Strauss-Kahn faces fresh charges in his native France amid a prostitution investigation, a civil suit against him is still pending in New York. The former International Monetary Fund chief was charged last year with attempted rape after an incident with a Manhattan hotel maid, but the case was dropped after prosecutors lost faith in the maid?s credibility. Still, she vowed to have her day in court and sued Strauss-Kahn. The first hearing in the civil case is scheduled for Wednesday in the Bronx. It will likely deal with whether Strauss-Kahn has diplomatic immunity from a lawsuit. Neither the 33-year-old woman nor the former French presidential candidate is expected to attend the hearing. French authorities are investigating a suspected prostitution ring allegedly involving him, prominent city figures and police.

US airlines drop lawsuit against EU carbon levy

A group of US airlines has dropped its private lawsuit challenging a European Union law charging airlines for carbon emissions on flights to and from Europe, calling on the US government to take over the issue. The new law took effect on January 1, drawing dire warnings from governments, airlines and planemakers that it could trigger a global trade war and damage the aviation industry. The suit was originally brought to the London High Court by the Air Transport Association of America, American Airlines and United Continental, but the court referred it to the European Court of Justice in Luxembourg.

Italy?s borrowing costs dip, lowest since Sept ?10

Italy auctioned 8.5 billion euros ($11.34 billion) of Treasury bills at the lowest rate in more than a year as efforts to contain the region?s debt crisis fueled confidence among investors. The Rome-based Treasury sold 8.5 billion euros of 182-day bills at 1.119%, the lowest since September 2010, and down from 1.202% at the last auction of similar-maturity securities on February 27. Investors bid for 1.51 times the amount offered, compared with 1.36 times last month. The yield on Italy?s 10-year bond was down 3 basis points to 5.087% at 11.17 am in Rome, pushing the difference with similar-maturity German debt to 321 basis points.

Magic Johnson group to buy Dodgers for $2 bn

A group spearheaded by former basketball great Earvin Magic Johnson agreed to buy the Los Angeles Dodgers baseball team for a record $2 billion, team owner Frank McCourt announced on Tuesday, capping a 2-year drama that started with McCourt?s divorce and wound its way through bankruptcy court. The buyers under the deal, unveiled hours before the storied franchise was scheduled to hold an auction with three bidders, were led by the investment banking firm Guggenheim Partners. Mark R Walter, CEO of Guggenheim Capital, will be controlling partner of the ownership group. As part of the deal, which if approved would lift the club out of bankruptcy, McCourt and certain affiliates of the buyers also plan to form a joint venture to acquire Dodger Stadium and the surrounding Chavez Ravine property for $150 million, the team said.

UK economy shrinks more than estimated

The UK economy shrank more than previously estimated in the fourth quarter as services companies from airlines to banks cut output and firms scaled back investment amid concerns about the euro-region debt crisis. Gross domestic product fell 0.3% from the third quarter, compared with a previously estimated 0.2% drop, the Office for National Statistics said on Wednesday in London. A separate report showed the current-account deficit narrowed to ?8.5 billion in the period. Recent figures suggest the economy returned to growth in the first quarter, with chancellor of the exchequer George Osborne on Tuesday saying Britain was now ?in the recovery phase?.

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First published on: 29-03-2012 at 03:11 IST
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