Mini Coopers face a recall
At least 235,000 Mini Coopers are being recalled because of faulty electric water pumps that could be a fire risk. The recall applies to Cooper S and John Cooper Works models built since 2006. BMW, which owns the Mini brand, says no accidents have been reported.
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A high-speed rail for Britain
The British government is investing $50 billion in its biggest railway project since the 19th century. The high-speed rail, which will begin operating by 2026, will cut in half the travel times between London and several other cities in England, with trains running at 250 mph.
London Guardian
Chinese artists top Warhol and Picasso
Chinese artists are dominating the global art market, holding three of the top five auction totals last year. Zhang Daqian fetched the No. 1 spot, with $506.7 million in sales, followed by Qi Baishi, with $445.1 million. Andy Warhol came in third, followed by Pablo Picasso and Xu Beihong.
Bloomberg.com
America's tax-free pass-throughs
As many as 60 percent of U.S. businesses with profits of $1 million or more are organized as tax-free operations, the highest rate among developed countries. Known as “pass-throughs,” the companies pass their profits to investors, who then pay taxes on the funds on their individual returns.
The Wall Street Journal
India's billionaires fall with the market
India lost a third of its billionaires last year. After its stock market fell 40 percent in 2011, the fortunes of 20 of the country’s 60 billionaires shrank below $1 billion.
The Wall Street Journal
A new slant on Costco's revenues
If Costco were a country, its revenues would make it the 65th largest in the world.
The New Yorker