These cities have powerful taxi unions that work hand-in-hand with city governments to step up fares continuously in exchange for letting the city set the price.

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Given the losses they have already suffered through the pound's fall, will they step up their purchases, especially as the growth rate of global foreign-exchange reserves is slowing?

ECONOMIST: Buttonwood

The Europeans, in exchange, will promise to deter investment using illegally expropriated assets and to step up co-operation against terrorism.

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