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OECD: Britain Would be Less Well off after Brexit

Britons would be less well off if they voted to leave the European Union than if they stayed, the head of the Organization for Economic Cooperation and Development (OECD) said on Wednesday.

"Brexit is like a tax. It is the equivalent to roughly missing out on about one month's income within four years," secretary general Angel Gurria told BBC radio ahead of the publication of an OECD report on the subject.

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First Shipment of U.S. Natural Gas to EU Arrives

In a move which could lead to continental price wars and reduce Russian market domination, the first shipment of U.S. natural gas to the European Union arrived overnight Tuesday in the Portuguese port of Sines, an AFP journalist reported.

The first consignment of U.S. gas for European distribution comes amid the shale gas revolution which Washington hopes will see it become a player in an EU market where Russia is currently the main supplier.

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No Eurogroup Greece Meeting Thursday, 'More Time Needed'

Eurogroup chief Jeroen Dijsselbloem said late Tuesday that a mooted Thursday meeting of the eurozone finance ministers will not take place, as Greece's creditors need more time to decide next steps for the country's massive bailout.

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Venezuela Enforces Public Sector Leave on Three Weekdays

Venezuela's government has announced enforced leave for public sector employees three workdays a week, in a bid to tackle an electricity shortage that is causing power cuts and protests.

"There will be no work in the public sector on Wednesdays, Thursdays and Fridays, except for fundamental and necessary tasks," Vice President Aristobulo Isturiz said on television Tuesday.

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Lufthansa to Cancel 900 Flights in Germany Wednesday over Strike

Lufthansa to cancel 900 flights in Germany Wednesday over strike

Lufthansa will cancel almost 900 flights in Germany Wednesday when airport ground staff are expected to join a strike called by the country's biggest services union, Verdi, the carrier said.

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Alibaba Financial Affiliate Ant Raises $4.5 bn

The financial services affiliate of Chinese e-commerce giant Alibaba has raised $4.5 billion in funding, it said Tuesday, calling it the largest single private placement by an Internet company.

The move values Ant Financial Services Group at roughly $60 billion, the Wall Street Journal reported, quoting people familiar with the situation. Previous media reports had said the company aimed to raise $3.5 billion.

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Oil Prices Rise ahead of U.S. Inventory Data

Oil prices rose in Asia Tuesday, rebounding from sharp losses sparked by a report that Saudi Arabia was close to completing an oilfield expansion.

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Chinese-Made, U.S.-bound: Automakers Eye Exports

A gigantic robotic arm capable of lifting an entire chassis at a General Motors plant in Shanghai is the U.S. automaker's secret weapon as it seeks to sell "Made in China" cars to America.

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Saudi Unveils Far-Reaching Plan to Move Away from Oil

Saudi Arabia said Monday it would create the world's largest wealth fund and sell shares in state energy giant Aramco as it unveiled a vast plan to transform its oil-dependent economy.

The announcement of the long-term reform program, dubbed "Saudi Vision 2030", marks the beginning of a hugely ambitious attempt to move Saudi Arabia beyond oil, the backbone of its economy for decades, amid a steep fall in prices.

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Oil Prices Fall after News of Possible Saudi Oilfield Expansion

Crude prices fell in Asia Monday following a report saying Saudi Arabia could maintain its total production capacity with the expansion of an oilfield, fueling fresh concerns about the global supply glut.

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