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  Bloomberg French Finance Minister Michel Sapin said on Monday that Portugal does not deserve EU penalties for government budgetary overruns. “Portugal has made enormous efforts in the past years. It does not deserve excessive discipline,” said Sapin in Paris, speaking on his way to a meeting of European finance ministers. The ministers are meeting in Brussels and are mulling ...

  Bloomberg Oil dropped after U.S. producers increased the number of active rigs to the highest in 12 weeks, raising speculation output declines that have trimmed a global glut may slow. Futures fell as much as 1.3 percent in New York after rising 0.6 percent on Friday. Rigs targeting crude in the U.S. rose by 10 to 351 last week, ...

  Bloomberg Over nearly 45 years, the oil tanks at Milford Haven on the U.K. west coast have stored dozens of crude varieties: from North Sea Brent to Nigeria’s Bonny Light and almost everything in between. Now, for the first time, they are holding U.S. crude too. Trafigura Group Pte. is using Milford Haven, which can hold about 9 million ...

  Bloomberg Japanese Prime Minister Shinzo Abe’s convincing win in Sunday’s election has put him on course to scrape the two-thirds majority needed to press ahead with his long-held ambition of revising the country’s pacifist constitution. He also vowed to take “bold” action on the economy. Here’s a look at what’s on Abe’s plate over the coming months: Constitutional Scrap ...

  Dallas / AFP The Dallas gunman was plotting a major bomb attack, authorities said, urging calm as hundreds of people were arrested in weekend protests in US cities over police violence against African-Americans. Demonstrators marched demanding justice for two black men shot dead by cops in Minnesota and Louisiana, their dying moments captured in video that went viral online. ...

  Abu Dhabi / WAM Mubadala Development Company, the Abu Dhabi-based investment and development company, is set to showcase its growing aerospace capabilities at this year’s Farnborough International Airshow, one of the largest international aviation events. This year marks the 50th edition of the Airshow, which will be held from 11th to17th July in Farnborough, United Kingdom. Mubadala will be attending ...

  Abu Dhabi / Emirates Business Abu Dhabi’s macro economy saw robust performance in Q1 of 2016, reflecting continuous good growth rates at the end of 2015. Latest estimates issued by SCAD indicate that the GDP of Abu Dhabi, at the fixed prices, reached AED 196.1 billion in Q4 of 2015 with a growth rate of 7.7%, compared to the ...

  Bloomberg The European Union is in a political bind as it looks into the unprecedented step of slapping sanctions against Spain and Portugal for breaching budget-deficit limits. The European Commission is seeking the go-ahead from finance ministers to propose fines and a suspension of some EU regional-development funding after concluding that Spain and Portugal took inadequate steps to narrow ...

  Sydney / AFP Australia’s Prime Minister Malcolm Turnbull on Sunday declared victory for the ruling conservatives after the Labor opposition conceded defeat, but faced a tough time ahead after the narrow mandate in the closely fought election. The declaration ended eight days of uncertainty about the new government’s identity. A tight race between the two major parties left neither ...

  Madrid / AFP Barack Obama met Spain’s King Felipe in Madrid on Sunday, during a symbolic but abbreviated first presidential trip to Spain in the wake of America’s latest spasm of violence. Obama is squeezing in a visit to a key NATO and EU partner before dashing home to deal with the aftermath of a wrenching shooting in Dallas. ...