Other ISPs have also cut prices in the wake of the wholesale price cut.

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Graff's wholesale business allows him to cut out the usual middlemen--the brokers, polishers and manufacturers who each take their slice as a rough stone moves up the jewelry chain.

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They will cut their dependence on wholesale funding, and grow more slowly as a result.

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We've seen many banks cut back on what they call wholesale lending, meaning the bank is funding mortgages that mortgage brokers are actually taking the paperwork for.

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Economic Affairs Secretary Arvind Mayaram said the government believes the economic slowdown is bottoming out and that easing wholesale inflation does provide room for the central bank to cut interest rates.

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Morrisons' petrol director Mark Todd said the cut was the result of "a drop in wholesale prices, combined with an improved exchange rate".

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