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Top 4 Business Stories of the Day

IMF chief Christine Lagarde urged Arab countries going through democratic change to phase out costly subsidy systems on Monday, but drew a cautious response from regional finance ministers wary of the social impact of such steps. The International Monetary Fund chief said Arab countries pursuing democracy should keep up structural reforms and phase out subsidies systems that the Fund estimates cost $237 billion annually across the region. Indian automobile company Tata Motors acquired British car maker Land Rover in 2008 from the Ford Motor Company, along with the Jaguar business. Following the acquisition, sales for the luxury sports utility vehicle maker Land Rover dropped below the previously achieved 200,000 mark. However, since then, volumes for the brand have witnessed double-digit growth in each consecutive year. With expected growth in China, in view of increased investments and production expansion, and rising popularity of crossover vehicles, analysts expect Land Rover to cross annual sales of 700,000 units by the end of this decade. The stock market returned to record levels on Monday as investors regained their appetite for riskier stocks. After beating down Internet and small companies for two months, investors decided that those stocks had fallen enough. Among the big gainers were Twitter and Facebook, which had plunged in March and April. The Russell 2000 climbed the most in two months. Investors who have been more cautious this year than last, favored big, less volatile stocks that pay rich dividends because of concerns about the outlook for the economy. Twitter is bringing on a new head of corporate development– Rishi Garg . Garg joined the company from Square, where he headed corporate development for the payments company. Twitter has only increased its acquisition spend over the past few years so Garg should be kept busy in his new role leading MA. And of course, he’ll be working on other strategic partnerships for the company. He was also previously an EIR at General Catalyst and was the Director of Strategy, Business Development and Corporate Development for MTV.

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