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July, 28, 2016

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Business > Europe
The European Commission on Thursday officially declared Spain and Portugal in violation of the EU public spending rules, the first step toward what would be unprecedented penalties against members of the bloc.
 
Britain reported Friday a slump in exports of goods in May but the bad news was offset by hopes that a slide in the pound since the Brexit referendum will power trade in the months ahead.
 
Bulgaria's oil fields
A man gathers lavender flowers during a harvest near the village of Tsenovo, Bulgaria on Thursday, July 7. In recent years, Bulgarian production of lavender oil has increased meaning the country is now the largest producer in the world.
 
On a sunny afternoon near Big Ben, two weeks since Britain's historic decision to leave the European Union, little has changed for visitors to the capital London except that their visits are now cheaper.
 
The Frankfurt and London stock exchanges will not base a merged headquarters in London, German media reported on Wednesday, in the latest fallout from Britons' shock vote to leave the EU.
 
Danish offshore wind farm operator Dong Energy is to build two offshore wind farms off the Dutch coast where it has pledged to produce the world's cheapest offshore wind energy.
 
Investors pound Italy banks after bad-debt warning
Struggling Italian banks took a hammering on the Milan stock market Monday as the European Central Bank demanded action over the high level of bad loans at the country's number-three lender.
 
ZURICH - Swiss banking giant UBS said Tuesday it had been ordered to hand over client information to the French tax authorities, amid allegations it orchestrated a vast system of tax fraud in France.
 
EU referendum highlighted Scotland-England divisions
Cooling towers, blast furnaces and coking coal. The grit and humor of steelworkers heading to early-morning shifts. That was Motherwell before the steelworks closed and the "Steelopolis" of Scotland became another tattered, post-industrial town trying to a find its place in a service economy.
 
The IMF said Tuesday it expects strong economic expansion for central European heavyweight Poland in 2017, but identified controversial domestic policies and slow eurozone growth as downside risks later on.
 
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