Bloomberg High in the Arctic circle, three oil terminals on Russia’s northern coast are already exporting as much crude oil as Libya — and that flow could double in the next five years. It’s a sign the development of remote deposits in the country’s harsh and fragile north will play an increasingly important role as conventional production in the ...

  Bloomberg The UK will fall into a “short, shallow recession” around the turn of the year as Brexit hits house prices, jobs and spending, according to the EY Item Club. In a report to be published on Monday, the forecaster will say it’s slashing its 2017 growth estimate to 0.4 percent from 2.6 percent and predicting the Bank of ...

  AFP The head of Britain’s new Brexit ministry on Sunday said that EU migrants arriving between now and the country’s official departure from the bloc may not be guaranteed the right to remain. David Davis told the Mail on Sunday that he would negotiate with European leaders to secure “a generous settlement for EU migrants here now and a ...

  Bloomberg The U.K. and Australia are eager to negotiate a free-trade agreement as soon as possible, the two nations’ newly appointed premiers said following a telephone conversation. U.K. Prime Minister Theresa May, who took office 19 days after her country voted to leave the European Union, and her Australian counterpart Malcolm Turnbull said they will meet at the G-20 ...

  AFP Google CEO Sundar Pichai hit back on Sunday at accusations that the global internet giant failed to pay enough taxes in Europe, and warned of the potential fallout from Britain leaving the EU. As Google faces a raft of fiscal probes across the continent, Pichai told Germany’s Welt am Sonntag newspaper that the US company invested “very heavily” ...

  AFP Portuguese Finance Minister Mario Centeno pinned his colours to the mast, donning a green and red scarf as his countrymen lifted the European Championship trophy. EU colleagues in Brussels congratulated him as he lauded the Seleccao’s final win over tournament hosts France in Paris. But the Lisbon government had two reasons to celebrate — not just a maiden ...

  France is in the line of fire. Of the 16 terrorist incidents that took place in Western nations this year, five were in France, including the deadliest one — Thursday’s apparent lone wolf attack in Nice, which killed at least 84 people. A little more than a week before the attack, a commission set up by the French parliament ...

Russia’s lease of the Baikonur cosmodrome in Kazakhstan, at $115 million per year, extends until 2050. Although Russia’s new spaceport, the Vostochny cosmodrome in the Far East, saw its first successful launch in April, the facility is a long way from completion and already behind schedule. Periodic reports that Russia intends to leave Baikonur before 2050–such as news last summer ...

  Noah Smith After a landslide victory in Japan’s election on July 10th, the Liberal Democratic Party now has a supermajority in both the upper and lower houses of the Diet. Essentially, there is no longer any effective political opposition in Japan. Prime Minister Shinzo Abe has more power than any leader in decades — even more than his famous ...

  AFP The European Central Bank, widely expected to hold fire on monetary policy next week, will likely prepare the ground for more stimulus measures in September as the economic fallout for the eurozone from Brexit becomes clearer, analysts predicted. The ECB’s decision-making governing council is scheduled to hold its regular policy meeting on Thursday, a month after Britain voted ...