"They took a large bottom-line loss that will make them more profitable going forward, " Ticonderoga Securities analyst Chris Allen says of the firm's accelerated write-offs on sign-on bonuses.

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On the back wheel: the small sprocket is top gear, the large sprocket is bottom.

BBC: Sport

Productivity is still delivering an increased standard of living, albeit with big gaps in who gets the benefits and a large hole at the bottom.

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