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The Latvian parliament on Wednesday chose Edgars Rinkevics as the Baltic country’s next president, after incumbent Egils Levits chose not to run for a second term. Rinkevics will be the first openly homosexual head of an EU member state.

The business climate index in the euro area fell to its lowest level in two years in May, according to a preliminary estimate by the EU’s statistics agency, Eurostat, released on Tuesday. Data showed that the indicator, which is based on monthly surveys and is designed to assess the state of the business environment within…