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EU carbon prices tumble on fears Britain may quit market LONDON: European Union carbon prices were the biggest fallers among European energy markets on Friday, sinking to their lowest level since March over fears Britain might pull out of the world's biggest carbon market after voting to leave the EU. Britain is the second-largest emitter of greenhouse gases in Europe and as a result its utilities are among the largest buyers of permits in the EU's Emission Trading System (ETS). "EU allowance prices are the biggest faller in the energy markets. This reflects fears about UK membership of the EU ETS," a trader said. The system forces more than 12,000 power plants, factories and airlines in Europe to surrender an allowance for every tonne of CO2 emitted under a gradually decreasing emission cap. EU Allowances for next-year delivery fell by 11.68 percent to 4.99 euros a tonne at 0754 GMT, its lowest level since March, having fallen to an intra-day ...

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World stocks in freefall as UK votes for EU exit LONDON: World stocks headed for one the biggest slumps on record on Friday as a decision by Britain to leave the European Union triggered 8 percent falls for Europe's biggest bourses and a record plunge for sterling.Such a body blow to global confidence could well prevent the Federal Reserve from raising interest rates as planned this year, and might even provoke a new round of emergency policy easing from all the major central banks.Risk assets ...

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Brexit notice can't wait for Tory cat-fight: EU parliament BRUSSELS: Britain needs to hand in its formal notice to leave the European Union immediately and cannot wait until the British Conservative Party has established its next leader, European Parliament leaders said on Friday. British Prime Minister David Cameron, who announced his resignation, said Britain would probably make such a notification only in October, once a new leader of the Tory party is chosen to succeed him."An internal cat-fight of the Tory party is needed ...

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European shares sent reeling by British exit vote LONDON: European shares, led by the region's banks, felt the full force of Britain's vote to leave the European Union on Friday, falling by 7 percent as shockwaves spread across global markets. Sterling hit a 31-year low in its biggest-ever fall and Japan's Nikkei dropped 7.9 percent.In Europe, the slide in stocks wiped off about 650 billion euros ($726 billion) from the market value of Europe's listed shares. The pan-European FTSEurofirst 300 was down 7.3 ...

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NATO chief says no change to Britain's place in alliance BRUSSELS: NATO Secretary-General Jens Stoltenberg said on Friday that Britain's place in the US-led alliance "will remain unchanged" despite Britons decision to leave the European Union."I know that the United Kingdom's position in NATO will remain unchanged," Stoltenberg said. "The UK will remain a strong and committed NATO Ally, and will continue to play its leading role in our alliance." NATO is deepening its ties with the European Union and had urged Britain to stay ...