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  • Oil has fallen from $107 to around $30 in the past 19 months. Furious production by the U.S. and OPEC led to an oversupply. In a recent research note, Goldman Sachs predicted "the path to a rebalanced market will be protracted and arduous."

  • ROME, Feb 2- Italy's Meridiana Fly held talks with the country's development minister on Tuesday about the ailing airline's future, its CEO said after the meeting, but did not comment on speculation Qatar Airways could come to the rescue. I can't say more at this stage, "Meridiana Chief Executive Marco Rigotti said when asked about potential talks with Qatar...

  • The Chilean Health Ministry says all three Zika cases reported Tuesday were contracted outside Chile. It says one person was infected while traveling in Venezuela, one in Colombia and one in Brazil. The World Health Organization says Zika is likely to spread to every country in the Americas where the Aedes aegypti is found.

  • LONDON/ DUBAI, Feb 1- OPEC and non- OPEC countries have not yet agreed to hold a meeting to discuss action to support oil prices, two OPEC delegates said on Monday, nearly a week after Russian officials said Moscow should talk to OPEC. OPEC delegates said last week a gathering of OPEC and non- OPEC oil officials could take place in February or March, perhaps at an expert...

  • The addition of 12 new passenger destinations from Dubai International lifted traffic through the airport as local carriers Emirates and flydubai expanded. Last year saw regional tensions and conflicts in countries including Yemen, Iraq and Syria, but Dubai Airports Chief Executive Paul Griffiths said in a telephone interview: "We haven't seen any impact...

  • MAGALUF, Spain, Jan 29- Set back from the white sand beach which first attracted tourists to Magaluf in the 1960 s, a smart new development is rising- part of the Mallorcan resort's plan to transform itself from an alchohol-fuelled fleshpot awash with young Britons to a high-end holiday destination for families and couples. Magaluf's vision shows how Spain's...

  • ST PETERSBURG, Russia/ DUBAI, Jan 28- Russia said on Thursday that OPEC had proposed oil production cuts of up to 5 percent in what would be the first global deal in over a decade to help reduce a glut of crude and prop up sinking prices. It remained unclear whether Russian Energy Minister Alexander Novak was referring to a months old proposal by OPEC members...

  • *Iran output increase complicates outlook. ST PETERSBURG, Russia/ DUBAI, Jan 28- Russia said on Thursday that OPEC's largest producer Saudi Arabia, had proposed oil production cuts of up to 5 percent in what would be the first global deal in over a decade to help clear a glut of crude and prop up sinking prices. Russian Energy Minister Alexander Novak said Saudi...

  • NEW YORK, Jan 28- While airlines are in no rush to pass on fuel savings to passengers brought by the collapse in oil prices, the Houston travel market has left them little choice. Crude's 70- percent drop in the past 19 months has made the Houston travel market a rare point of downward pressure on airline revenues. On average, round-trip business and first class...

  • SINGAPORE, Jan 27- Asia's fuel oil market faces more trouble in 2016 because of plunging demand from independent Chinese refiners and as Asia's slowing economies dent consumption in power plants and seaborne trading. With China's economy growing at its slowest pace in a generation and Asia's trading powerhouses Japan and South Korea struggling to create...

  • World Bank slashes 2016 oil price forecast Tuesday, 26 Jan 2016 | 10:00 AM ET

    WASHINGTON, Jan 26- The World Bank has slashed its forecast for crude oil prices by $14 to $37 per barrel for 2016, it said on Tuesday, amid growing supply and weak demand prospects from emerging markets. In its annual Commodity Markets Outlook, the World Bank lowered its price forecast for 37 of 46 commodities, including oil, saying that weak demand from emerging...

  • LONDON, Jan 26- A slide in the oil price back below $30 a barrel and renewed worries about a slowing Chinese economy pushed emerging equities lower on Tuesday with Chinese, Russian and Middle Eastern assets leading the falls. Meanwhile, big year-on-year falls in Chinese rail freight volumes and coal imports from Australia, Indonesia and Mongolia added to...

  • PARIS, Jan 25- French carmaker PSA Peugeot Citroen could convene a board meeting to discuss business opportunities in Iran on Wednesday, a source close to the company said ahead of a two-day visit by Iranian President Hassan Rouhani. Rouhani is heading a delegation of ministers and Iranian business leaders visiting Italy and France this week in a first...

  • DUBAI, Jan 25- Abu Dhabi state fund Aabar Investments is seeking to borrow $2.5 billion from banks to refinance a loan coming due in April, sources aware of the matter said on Monday. Aabar, with stakes in companies including UniCredit, Dubai- listed builder Arabtec and Richard Branson's Virgin Galactic, declined to comment. It has since kept a lower profile as it...

  • *Foreign firms in Iran endure losses but keep foothold. DOHA, Jan 24- A decade ago, Foad Fanaei packed his belongings and left sanction-hit Iran in the hope that the family's engineering firm would thrive in Qatar. Cherishing the same hope, his father continued to run a parent company in Iran.

  • Global insurers plot cautious course to Iran Sunday, 24 Jan 2016 | 3:00 AM ET

    SYDNEY/ LONDON, Jan 24- Global insurance firms are circling Iran for business opportunities following the lifting of sanctions- and the first test of their appetite could come in March when some Iranian companies seek new cover. Insurers, the reinsurers that share their risk and the brokers that forge deals are exploring ways to tap a market worth $7.4 billion in...

  • *Mercuria, Vitol ship crude to China for independent refiner. BEIJING/ SINGAPORE, Jan 22- A Chinese industry body said it could review rules covering the import of crude by new entrants after a private refinery failed to secure financing for 1.5 million barrels of crude it bought, in a blow to Beijing's moves to open up its oil market. The oil arrived at China's east...

  • No sign Saudi Arabia will ride to oil market rescue Thursday, 21 Jan 2016 | 10:52 AM ET

    RIYADH/ DUBAI, Jan 21- Low oil prices have pushed top exporter Saudi Arabia to hasten difficult economic reforms and cut spending on popular benefits, but it has few options beyond sticking with a strategy to defend its market share- no matter how low prices sink. A return of Iranian crude to the market after sanctions were lifted may now plunge prices to new lows...

  • LONDON, Jan 20- United Arab Shipping Company is resuming business with Iran following the lifting of Western sanctions, despite the deep-seated political rivalry between the Islamic Republic and Saudi Arabia, one of the shipping line's main shareholders. Kuwait- headquartered UASC told Reuters on Wednesday it had "started accepting shipments to and from...

  • LONDON, Jan 20- United Arab Shipping Company, in which Saudi Arabia holds a stake, is resuming business to Iran, becoming the latest shipping line to re-establish ties after the lifting of Western sanctions, the group told Reuters on Wednesday. Kuwait- headquartered UASC, founded in 1976, said "the carrier started accepting shipments to and from Iran".