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  • BASRA, Iraq, July 1- Iraq's oil exports from the southern ports fell slightly in June as power generators burning more fuel to keep up with demand for air conditioning increased domestic demand, an official at the state-run South Oil Company said on Friday. The southern region produces most of the OPEC nation's crude oil. Iraqi officials and oil analysts expect...

  • LONDON, July 1- The British offshore wind industry, already bruised by subsidy changes, faces uncertainty after Britain voted to leave the European Union, with investors worried about future government incentives, exchange rates and export duties. Businesses in many industries have reported that the result of the June 23 referendum has created uncertainty...

  • *OPEC sees tight market despite record output. *But weak China, South Korea data points to slowing Asia growth. Despite oil output from the Organization of the Petroleum Exporting Countries rising to a record 32.82 million barrels per day in June, OPEC expects demand for its supplies to be higher still.

  • BEIJING, July 1- The U.S. energy secretary said he expects the oil market to be in balance in 2017, after he met with the Saudi Arabia energy minister on Friday in Beijing. Moniz said Saudi energy minister Khalid Al-Falih made clear that the kingdom would maintain spare capacity and that OPEC will respond to short-term market needs. The two men met in Beijing at a G20...

  • SEOUL, July 1- South Korean exports to China, the U.S. and the European Union all declined in June from a year earlier, details from the trade ministry showed on Friday. Exports to China fell 9.4 percent in June from a year earlier in a 12th straight month of declines, after they slumped 9.1 percent in May. Shipments to the European Union fell for a third straight in June...

  • *OPEC sees tight market despite record output. SINGAPORE, July 1- Oil prices rose early on Friday, with Brent jumping back above $50 per barrel, as investors positioned themselves for more price increases this year in expectation of a tighter market. A further easing of monetary policy expected on the back of Asia's slowing economies and because of Britain's vote...

  • WASHINGTON, June 30- Major global banks' elimination of correspondent banking relationships could threaten growth and financial stability in some small countries, the International Monetary Fund said in a report released on Thursday. IMF researchers found that smaller states in Africa, the Caribbean, Central Asia and Pacific islands have been among the...

  • June 30- Ratings agency Standard& Poor's cut the European Union's credit score on Thursday, citing concerns about the unity of the bloc after Britain's decision to leave, but a senior EU official said the impact would be minimal. Standard& Poor's cut its rating to "AA" from "AA+", saying in a statement that it had "reassessed its opinion of cohesion within the EU" and that...

  • ABUJA, June 30- Nigerian President Muhammadu Buhari on Thursday urged community leaders from the Niger Delta to pacify people in the restive southern region, which has been hit by a series of attacks on oil and gas facilities in the last few months. Nigeria, an OPEC member which was until recently Africa's biggest oil producer, relies on crude sales for around 70...

  • June 30- Standard& Poor's Global Ratings said on Thursday it had cut its long-term credit rating on the European Union to' AA' from' AA+' but raised its outlook to "stable" from "negative" after the United Kingdom voted to leave the bloc. "After the decision by the UK electorate to leave the EU... we have reassessed our opinion of cohesion within the EU, which we now consider to be...

  • ATLANTA, June 30- The United Kingdom's vote last week to exit the European Union should have little short-term impact on trade flows, as long as negotiations on the country's split with the trade bloc do not drag on too long, the top executive of UPS said on Thursday. Abney said that he believes the best opportunity for Congress to pass the Trans-Pacific...

  • ATLANTA, June 30- The United Kingdom's vote last week to exit the European Union should have little short-term impact on trade flows, as long as negotiations on the country's split with the trade bloc do not drag on too long, the top executive of UPS said on Thursday. "If the government sorts things out in a way that's considered reasonable in the minds of our shippers,...

  • June 30- Standard& Poor's Global Ratings said on Thursday it had cut its long-term credit rating on the European Union to' AA' from' AA+' after the United Kingdom voted to leave the bloc. "After the decision by the UK electorate to leave the EU... we have reassessed our opinion of cohesion within the EU, which we now consider to be a neutral rather than positive rating factor,"...

  • ATLANTA, June 30- The United Kingdom's vote last week to exit the European Union should have little short-term impact on trade flows, as long as negotiations on the country's split with the trade bloc do not drag on too long, the top excutive of UPS said on Thursday. "If the government sorts things out in a way that's considered reasonable in the minds of our shippers,...

  • *Britain's FTSE ends June on 2016 high. MILAN, June 30- European shares rose for a third straight session on Thursday, with expectations of central bank stimulus helping ease jitters over Britain's vote last week to exit the European Union. "Investors are expecting more central bank stimulus and this explains why European shares are rebounding," said Yann Quelenn,...

  • June 30- The U.S. dollar's share of international currency reserves slipped in the first three months of the year as China's economic slowdown and falling global stock markets prompted investors, including central bankers, to seek relief in other safe havens such as the yen. The greenback's share of allocated reserved dipped to 63.6 percent in the first...

  • WASHINGTON, June 30- Factory activity in the U.S. But a cloud looms over the economy following Britain's shock vote last week to leave the European Union. The so-called Brexit referendum unsettled markets and on Thursday, the International Monetary Fund said uncertainty over Britain's departure was the biggest risk to the global economy.

  • WASHINGTON, June 30- Uncertainty over Britain's looming departure from the European Union will dampen near-term economic growth for the UK and the rest of Europe and affect output globally, a spokesman for the International Monetary Fund said on Thursday. Last week, it slightly reduced its U.S. growth forecast, and an IMF official said on Wednesday that...

  • BRUSSELS, June 30- Britain will have to contribute to the European Union budget to access the internal market after leaving the bloc and will not be able to cherry pick benefits, a vice president of the EU executive said on Thursday. "There will not be a possibility to have cherry-picking" for Britain, he said at a conference in Brussels, reaffirming comments by EU...

  • WASHINGTON, June 30- Uncertainty over Britain's looming departure from the European Union will dampen near-term economic growth for the UK and the rest of Europe and will also affect output globally, a spokesman for the International Monetary Fund said on Thursday. IMF chief spokesman Gerry Rice told a regular news briefing that market movements following...