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The year 2003 will be remembered for the capture of dictator, Saddam Hussein. Following his arrest, economic sanctions against Iraq were lifted allowing the return of Iraqi crude oil to world markets. The American economy started to show signs of revival, but trade relations with Europe remained complicated. The two sides clashed over genetically modified crops and steel. Continental European countries slid into recession with France and Germany failing to cut their budget deficits and Sweden decisively voted against joining the Euro. A meeting of trade representatives in Mexico had limited success as rich nations continued to protect their farmers from cheap imports from developing nations. Rupert Murdoch installed his son, James, as Chief Executive of satellite operator, BSkyB.

(Picture: Iraqi leader Saddam Hussein in an unknown location in Iraq after his capture by US troops in the village of ad-Dawr on 13 December 2003. Credit: Getty Images)