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Spain, Morocco reopen land border crossings as ties improve

The land borders between Spain and Morocco at Ceuta and Melilla, Spain's North African enclave cities, have begun to reopen after being closed for just over two years because of the COVID-19 pandemic and later a diplomatic crisis between the two countries.

Crowds gathered at the first border to reopen — Tarajal, in Ceuta, and Beni Enzar in Melilla — to witness the reopening at midnight Monday.

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UK raises stakes in EU spat with threat to break Brexit deal

The British government dramatically escalated a fight with the European Union on Tuesday by saying it will pass a law to change the trade treaty signed by the two sides less than two years ago.

Britain says its move to scrap parts of the legally binding treaty is an insurance policy in case it can't reach agreement with the bloc to end a long-running dispute over post-Brexit trade rules.

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Lebanese Pound declines to 29,500 after elections

As Lebanon awaits the final results of its parliamentary elections, enormous difficulties lie ahead.

The value of the Lebanese pound dropped on Tuesday, reaching 29,500 to the U.S. dollar.

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EU cuts forecast for economic growth as war's fallout widens

The European Union has slashed its forecasts for economic growth in the 27-nation bloc amid the prospect of a drawn-out Russian war in Ukraine and disruptions to energy supplies.

The EU's gross domestic product will expand 2.7% this year and 2.3% in 2023, the bloc's executive arm said Monday — its first economic predictions since Russia invaded Ukraine on Feb. 24.

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India open to exporting wheat to needy nations despite ban

India on Sunday said it would keep a window open to export wheat to food-deficit countries at the government level despite restrictions announced two days earlier.

India's Commerce Secretary B.V.R. Subrahmanyam told reporters the government will also allow private companies to meet previous commitments to export nearly 4.3 million tons of wheat until July. India exported 1 million tons of wheat in April.

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Saudi oil giant Aramco's first-quarter profits surge 80%

Oil giant Saudi Aramco said Sunday its profits soared more than 80% in the first three months of the year, as the state-backed company cashes in on the volatility in global energy markets and surging oil prices following Russia's invasion of Ukraine.

The bumper first-quarter earnings by the firm formally known as the Saudi Arabian Oil Co., which overtook Apple as the world's most valuable company last week, show a record net income of $39.5 billion, up from $21.7 billion during the same period last year.

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Lebanese activists launch mock 'lollar' currency

Lebanese activists Friday rolled out mock banknotes featuring paintings of a gutted central bank or the Beirut port explosion to denounce high-level corruption that has helped to wreck the country.

The collapse of the Lebanese pound and frozen bank accounts have left Lebanon with a confusing currency system, with a multitude of exchange rates applying to various situations in daily life.

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Russian pipeline sanctions raise fears of gas interruption

Natural gas prices rose Friday after Russian state-owned exporter Gazprom said it would no longer send supplies to Europe via a pipeline in Poland, citing new sanctions that Moscow imposed on European energy companies. The move doesn't immediately block large amounts of natural gas to Europe but intensifies fears that the war in Ukraine will lead to wide-ranging cutoffs.

Gazprom said Thursday that it would ban the use of the Yamal pipeline that reaches Germany through Poland. While that cuts off a supply route to Europe, the pipeline's entry point to Germany has not been used in recent months. Plus, Gazprom has already cut off gas to Poland for refusing to meet Moscow's demand to make payments in rubles.

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Iran arrests at least 22 protesting staple food price hikes

Iranian authorities have arrested at least 22 demonstrators who had been protesting sudden price hikes of subsidized staple foods in two southern cities, state media reported early Friday.

The arrests follow Iran's announcement this week that the cost of cooking oil, chicken, eggs and milk would rise by as much as 300%, as food prices surge across the Middle East due to global supply chain snarls and Russia's invasion of major food exporter Ukraine.

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Parents swap, sell baby formula as Biden focuses on shortage

President Joe Biden has stepped up his administration's response to a nationwide baby formula shortage that has forced frenzied parents into online groups to swap and sell to each other to keep their babies fed.

The president discussed with executives from Gerber and Reckitt how they could increase production and how his administration could help, and talked with leaders from Walmart and Target about how to restock shelves and address regional disparities in access to formula, the White House said.

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