HypoVereinsbank, for example, says that sub-investment-grade loans actually account for less than 30% of its North American book.

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This would boost productivity by making the tax code more efficient, while shifting more of the tax burden to the rich who now benefit disproportionately from such exemptions and account for Mr Buffett's sub-secretarial tax rate.

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Malaria remains a major killer in many parts of the world - in sub-Saharan Africa it is estimated to account for a million child deaths a year.

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