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July, 25, 2016

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Business > Europe
Italy has 'no banking problem': finance minister
Italy does not have a problem with its banks, finance minister Pier Carlo Padoan said Sunday, despite investors fretting about nearly US$400 billion of bad debts weighing down the sector.
 
A 6 percent loss in value of its currency, a plunge on the stock market and a downgrade by a key ratings agency.
 
British business activity sank in July to its lowest level since April 2009, a survey showed Friday in the first indication of economic contraction since the shock EU exit vote.
 
Stock markets turned higher on Friday after surveys suggested the eurozone economy is proving resilient to the uncertainty surrounding Britain's Brexit vote.
 
Germany and Britain agreed Wednesday that Prime Minister Theresa May needed time to prepare for talks to leave the EU, after London took the first step toward Brexit by giving up its presidency of the European Council.
 
The European Central Bank left its key interest rates unchanged at record lows on Thursday as it assesses the impact on the economy of Britain's vote to leave the European Union.
 
EU slaps biggest-ever cartel fine on truck firms
The European Union has slapped its biggest ever cartel fine, worth US$3.24 billion and twice the previous record, on several of Europe's top truck producers for colluding to keep prices artificially high at the expense of consumers.
 
China's property and entertainment giant Wanda has agreed to sell a historic Madrid skyscraper, a source close to negotiations said Wednesday, after feuding with city authorities over plans to renovate the landmark.
 
Investor confidence in Germany plummeted in July to its lowest level in nearly four years on concerns about the fallout for Europe's biggest economy from the British vote to quit the European Union, a leading survey showed on Tuesday.
 
U.S. Treasury Secretary Jacob Lew will press Greece's government to move ahead on economic reforms in a visit to Athens this week, the Treasury Department said Monday.
 
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