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Greece to consider reopening Athens stock exchange

The stock exchange price rice at the Hellenic Exchange in Athens in January Credit: Michael Kappeler / DPA

The Greek government will decide next week when the Athens stock exchange will reopen, after a four-week break required when capital controls were imposed last month, an official said on Thursday.

Athex has been closed since 29 June, when Greece shut its banks and imposed capital controls to ward of a collapse of its banking system after the country rejected a cash-for-reforms deal in its referendum.

The banks reopened on Monday after the country reluctantly struck a deal to receive emergency ECB funding and a bridge loan from the EU.

The official also confirmed that talks with Greece's international creditors on a third bailout would start in Athens on Friday and that the government wants the talks to be concluded by late August.

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Microsoft reports biggest quarterly loss in its history

The tech giant is blaming much of its losses on acquiring Nokia. Credit: Reuters

Microsoft has reported the biggest quarterly loss in its history, as a result of its $7.6 billion (£4.8bn) purchase of Nokia.

The US-based technology giant announced a loss of $2.1 billion (£1.3bn) for the fourth quarter of its financial year, with revenue of $22.2 billion (£14.2bn).

The Windows software maker did however also announce a 117% increase in its Surface tablet business as it continues to do battle with Apple's iPad.

The Surface business is now worth $888 million (£570m), and the Xbox was on the up to, with revenue from the games console up 27%.

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Tata Steel will cut 720 UK jobs

Tata Steel will cut 720 jobs in the UK, it has announced, mainly at its plant in Rotherham in South Yorkshire.

The firm blamed the strong pound and electricity costs which it said were double those in Europe meaning it underperformed in the face of steel imports.

Tata said it had "identified 720 positions which will potentially become redundant" but will work with unions and employees to redeploy workers and minimise the number of compulsory redundancies.

Karl Koehler, chief executive of Tata Steel's European operations, said: "I realise how distressing this news will be for all those affected, but I am also extremely aware of our responsibility towards the ongoing survival of this business, which will continue to employ about 1,500 people in South Yorkshire."

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