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Papers - Brexit chaos dominates headlines

Saudi Arabia revises its investment policy, Marriott International secures EU approval and aspartame-sweetened Pepsi set to return.

Britain’s treasury chief George Osborne
Osborne stressed that Britain’s economy is in a far better position than it was in 2008

Britain’s treasury chief sought to ease concerns about the vote to leave the European Union, saying the economy is as strong as it could be to face the uncertainty, reported the Washington Post.

In his first public appearance since the referendum, George Osborne stressed that Britain’s economy is in a far better position than it was at the start of the 2008 financial crisis, wrote the paper.

Saudi Arabia, the world’s largest exporter of crude oil, has revised its investment policy for pound and euro denominated assets, its central bank said over the weekend,  after Britain decided to leave the European Union, wrote the Wall Street Journal.

The bank didn’t specify what changes it made to the assets it holds, but said that the adjustments were a precaution against the turmoil unleashed in the market following the U.K’s referendum, which sent energy stocks sharply lower and saw the pound fall to a 30 year low against the dollar.

Starbucks for the first time will sell single-origin, premium coffee from India in the United States as part of its effort to support coffee production in the country better known for its tea, wrote Fortune.

Starbucks for a limited time later this year will sell a small-lot arabica coffee from the Tata Nullore Estates in India’s Coorg coffee growing area, wrote the paper.

US hotel chain Marriott International secured EU antitrust approval on Monday for its cash and share purchase of Starwood Hotels and Resorts Worldwide Inc, said Reuters.

The deal, currently worth about $12bn, will put Marriott's brands including the Ritz-Carlton and Starwood's Sheraton and Westin chains together to create the world's largest hotel company and is one of many in the sector this year.

PepsiCo Inc. said Monday it would reintroduce the aspartame-sweetened version of Diet Pepsi in U.S. stores in September, its latest attempt to halt plunging diet cola sales, reported the Wall Street Journal.

The moves come as diet soda sales continue a precipitous decline in the U.S., where consumers are avoiding artificial sweeteners.

 

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