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California grid asks power companies to restrict work during heat wave


California’s power grid operator on Wednesday asked electric companies to restrict maintenance work on their generating facilities and transmission lines to help maintain reliability as a heat wave bakes the northern part of the state. The California Independent System Operator (ISO), which oversees California’s bulk electric power system, said on its website that generation resources “may be inadequate” to meet ...

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Europe:Swiss watchdog suspects lax bank controls related to 1MDB


Switzerland’s FINMA financial watchdog suspects banks being probed about ties to scandal-hit Malaysian state fund 1MDB had lax money-laundering controls, it said on Thursday, but declined to give any details about four open investigations. “FINMA has indications here that the measures for combating money laundering were insufficient,” a spokesman said. He was responding to news that the Monetary Authority of ...

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Europe:Greek banks reopened with capital controls still in place


After a three-week long shutdown imposed by the government to prevent a banking system collapse, Greek banks opened their doors on Monday, the very first step towards a return to normal after the deal. However, all the capital controls on financial activities remained in place; the daily cash withdrawal limit of €60 has been replaced with a weekly limit of ...

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Europe:UK unemployment rate falls to fresh 11-year low


The UK unemployment rate has fallen to 4.9%, the lowest since July 2005, according to official figures. The unemployment total fell to 1.65 million in the March-to-May period, down 54,000 from the previous quarter, the Office for National Statistics (ONS) said. The figures cover the period before the UK vote to leave the European Union. But some analysts warned the ...

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Europe:Drivers sue Uber over employment rights


Cab hire service Uber has been taken to a London employment tribunal by two of its drivers who claim it is acting unlawfully by not offering holiday and sick pay. Uber, which allows users to book and pay for a mini cab through a smartphone app, is used by up to 30,000 Londoners. The test case centres around whether the ...

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Europe:Unilever buys razor-maker Dollar Shave Club

The logo of the Unilever group is seen at the Miko factory in Saint-Dizier, France, May 4, 2016. REUTERS/Philippe Wojazer/File Photo

Unilever Plc (ULVR.L) said it has agreed to buy razor-maker Dollar Shave Club in a deal that would expand the consumer goods group’s catalog of men’s grooming products. Financial terms of the deal were not disclosed in a statement released Tuesday evening. Unilever approached Dollar Shave Club for the deal and is paying $1 billion in cash for the Venice, ...

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UK faces slowest growth since 2012 after Brexit vote


The International Monetary Fund  (IMF) slashed its UK outlook after the country voted to leave the European Union and forecast the economy will grow at its weakest pace since 2012 next year. The IMF said in its World Economic Outlook on Tuesday that Britain’s gross domestic product will rise 1.7% this year before expansion cools to 1.3% in 2017, the ...

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U.K:Pound rises as shares head down


UK shares have dipped further and the pound has edged higher as investors continue to digest the Bank of England’s latest pronouncement. On Thursday, the Bank stunned the markets by keeping interest rates on hold, following speculation that it would cut rates from 0.5% to 0.25%. At the open on Friday, the FTSE 100 was down 22.03 points at 6,632.44. ...

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Bank of England’s Carney hints again at more stimulus after Brexit

Bank of England governor Mark Carney pauses as he speaks during a news conference at the Bank of England in London, Britain July 5, 2016. REUTERS/Dylan Martinez/File Photo

Bank of England Governor Mark Carney said on Tuesday that a hit to Britain’s economy from last month’s decision by voters to leave the European Union could prompt the Bank to act, hinting again that more stimulus is on the way. “If the outlook has worsened, to use that term, in the judgment of the MPC there always could be ...

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Italy economy: IMF says country has ‘two lost decades’ of growth


Italy’s economy will not return to the levels seen before the 2008 financial crisis until the mid-2020s, the IMF has said, implying “two lost decades”. By the mid-2020s, it says the economies of other eurozone members will be 20-25% larger than levels seen in 2008. The Fund’s comments came as it cut its growth forecasts for the eurozone’s third largest ...

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