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Central banks are ready to cooperate to support financial stability in the wake of Britain's vote to leave the European Union, the Bank for International Settlements said on Saturday. Central bankers gathered at the organization's global economy meeting in Switzerland discussed the implications of the referendum. "Governors endorsed the contingency measures put in place by the Bank of England and emphasized the preparedness of central banks to support the proper functioning of financial markets," said Agustín Carstens, chairman of the global economy meeting.
Panama is preparing to officially open its canal this weekend to far bigger cargo ships after nearly a decade of expansion work aimed at boosting transit revenues and global trade. President Juan Carlos Varela will unveil the new locks and third shipping lane built into the 102-year-old canal. A Chinese-owned Neopanamax-class cargo ship will be the first vessel to officially test the new infrastructure, entering from the Atlantic and exiting into the Pacific a few hours later.