His not-for-profit organization, Carbon Manna Unlimited, has developed a system of direct micro-payments to rural people who offset their carbon production through the use of high-efficiency stoves.

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Cooks merged last year with MyTravel, and cut 2, 800 jobs as part of huge cost-saving plans to offset high fuel costs and steep competition.

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India also needs to keep rates high enough to attract foreign capital and offset the current-account deficit, in order to keep the rupee from weakening and making inflation worse.

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The clothing chain saw a 2.7% drop in Autumn and pre-Christmas sales at its High Street stores, although this was offset by a big jump in sales at its online business.

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The victory helped the Department of Justice offset losses in other high profile cases involving baseball legend Roger Clemens and former vice-presidential candidate John Edwards.

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High valuations and the reluctance on the part of cash-rich corporations to dispose of assets have offset the wave of cheap money, leaving private-equity firms more willing to sell than to buy.

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