Cheap oil will weigh on global economy, says World Bank

Growth expected to slow this year as oil exporters in developing countries struggle to cope with lower energy prices

Global growth will slow this year as oil exporters in the developing world struggle to cope with lower energy prices, the World Bank has said in its half-yearly economic health check.

The benefit of cheaper oil pricesfor Europe, Japan and other oil importing nations, which has sustained their growth through 2015 and 2016, has failed to offset a slowdown in parts of Africa, Asia and South America that depend on selling energy to sustain their incomes.

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WTO chief says post-Brexit trade talks must start from scratch

Roberto Azevêdo says leave vote would present complex and unusual situation with UK unable to ‘cut and paste’ its former EU-negotiated trade deals

Negotiations about the shape of the UK’s post-Brexit trade arrangements would have to start from scratch after a leave vote in the EU referendum, the head of the World Trade Organisation said as he admitted there had been no preliminary discussions with the UK government.

Roberto Azevêdo, the WTO director-general, said he expected any talks to be long and difficult, adding: “We haven’t had any discussions about the process. We don’t know what the process would be. We do know it would be a very unusual situation.”

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Eurozone beats growth expectations

EU statistics estimate annual GDP growth at 1.7% with higher average quarterly rise rise outstripping UK

The eurozone’s reputation as the laggard of the global economy appeared to be overly pessimistic, after revised figures showed annual GDP growth in the currency bloc edged higher to 1.7%.

Eurostat, the official data agency for the European Union, showed that GDP growth in the first quarter was 0.6%, after being trimmed to 0.5% in an earlier estimate, pushing the annual growth rate up from the previous estimate of 1.6%.

Related: EU jobless rate hits seven-year low; US data mixed – as it happened

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Labor pledges to review trade deals that let companies sue Australia

ALP says it will try to change three major agreements that allow corporations to sue if they think a government has damaged their interests

Labor is promising to review three of the major free trade agreements signed by the Abbott and Turnbull governments in the hope of removing a controversial clause that allows foreign corporations to sue the Australian government.

It will also make Australia’s involvement in a proposed huge free trade zone in the Asia Pacific – dubbed the Regional Comprehensive Economic Partnership (RCEP) – subject to stricter entry conditions than those the Coalition demanded.

Related: Trump presidency would sink TPP and harm China relations, says Kim Beazley

Related: TPP trade deal will expand Australia’s economy by less than 1%, World Bank reveals

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Would Brexit make UK businesses less competitive?

A fall in the value of the pound would make exports cheaper, but this could be negated by trade barriers

In this week’s EU referendum Q&A our panel discuss how a Brexit could affect the costs facing UK businesses:

Would UK businesses be more or less competitive in the global market if we choose to leave?

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