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In the papers today - 22 November

The government finally came clean on the cost of the London Olympics yesterday, admitting the bill had already risen by £900m.
A revised Games budget was made public by Tessa Jowell, Secretary for Culture, Media and Sport, for the first time following months of speculation about escalating costs - The IndependentSee this week's NCE for an exclusive Olympics cost analysis South Korea's flag carrier Korean Air said Tuesday it will buy 25 aircraft from Boeing Co. for around $5.5 billion, the largest aviation deal in the nation's history. Under the agreement, Boeing will deliver 15 passenger aircraft and 10 freighters to Korean Air Co. - the world's biggest mover of air cargo - over a 10-year period beginning in 2009. - The International Herald Tribune A housing market bust is likely within the next few years because house price growth has been grounded in unrealistic expectations of double-digit annual rises, a report by a prominent economist and former adviser to Gordon Brown will warn on Wednesday. Throwing cold water on the current housing market euphoria, David Miles, chief UK economist of Morgan Stanley, says it is only possible to explain the more than doubling of house prices in the past decade if people's demand for housing has been heavily influenced by expectations that the rapid price rises would continue - The Financial Times The number of people working at Canary Wharf would more than double to 200,000 under revised government plans to redevelop the Thames Gateway. Ruth Kelly, communities secretary, will today give further details of what is billed as western Europe's largest -regener-a--tion project, predicting it could con-tribute £12bn a year to the UK economy if completed- The Financial Times

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