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  • DUBAI, June 3- JP Morgan's head of equities for the Middle East and North Africa has resigned from the bank and is moving to Egypt's EFG-Hermes Asset Management, sources told Reuters on Wednesday. Sadiq Hussain will remain based in Dubai and his replacement at the U.S. bank should be appointed by the end of June, said one of the sources familiar with the matter,...

  • *Citi failed to win $270 mln court order vs Mercuria. LONDON, June 3- U.S. bank Citigroup Inc said it currently has no metals financing clients in China after suspected fraud led to a web of lawsuits, and was reviewing the future of the business. Last month, Citigroup failed in a bid to win an order from a London court that would force trade house Mercuria to pay about $270...

  • Orange says plans to expand in North Africa Wednesday, 3 Jun 2015 | 9:17 AM ET

    Stephane Richard said at a news conference in the Egyptian capital Cairo that the expansion would be through new operations in Tunisia and Morocco.

  • VIENNA, June 3- OPEC is set to carry on pumping oil nearly flat-out for months more, content that last year's shock market therapy has revived demand and knocked back growing competition. With oil prices having stabilized at around $65 a barrel, some $20 above their January lows, there's little appetite within the Organization of the Petroleum Exporting...

  • LONDON, June 3- The vanishing contango in U.S. crude oil futures points to a sharp draw down in crude stocks over the next few months as the incentive to store excess oil disappears. The price for storing U.S. crude for six months has shrunk from around $8.75 per barrel in mid-March to $1.25 on Tuesday. Crude stocks in the United States have fallen in each of the last...

  • *Citi failed to win $270 mln court order vs Mercuria. LONDON, June 3- U.S. bank Citigroup Inc said it has withdrawn from metals financing in China after suspected fraud that led to a web of lawsuits. Last month, Citigroup failed in a bid to win an order from a London court that would force trade house Mercuria to pay about $270 million in potential losses for metals...

  • BP CEO: Shale gas 'very painful' for much of world Wednesday, 3 Jun 2015 | 6:26 AM ET
    BP workers inspect a section of oil transit pipeline at the Prudhoe Bay oil fields in Alaska.

    The shale gas revolution will be "very painful for many parts of the world," with the U.S. potentially the new swing producer, the head of BP told CNBC.

  • UPDATE 3-Oil prices drop on dollar, oversupply Wednesday, 3 Jun 2015 | 4:27 AM ET

    *OPEC expected to keep output target unchanged on Friday. LONDON, June 3- Oil prices fell on Wednesday as the dollar strengthened and as oversupply weighed on markets ahead of a key meeting of OPEC oil producers. "There is consensus among Gulf OPEC countries, and others, to keep the ceiling unchanged," the OPEC delegate told Reuters in Vienna.

  • *OPEC not expected to cut output at Friday meeting. *Some analysts say OPEC quota could rise. SINGAPORE, June 3- Crude oil prices fell on Wednesday as oversupply weighed on markets, with OPEC not expected to announce a production cut at its meeting on Friday.

  • DUBAI, June 2- Saudi Arabian family conglomerate Ahmad Hamad Algosaibi and Brothers is offering creditors a minimum return of 28 cents on every dollar owed under an enhanced proposal to end one of the Middle East's largest ever debt restructurings. The group with interests in hospitality, food and real estate among others, collapsed in 2009 along with Saad...

  • BORDEAUX, France, June 2- The head of Dassault Aviation said on Tuesday he had not given up hope of selling extra Rafales to India on top of a deal for 36 aircraft being negotiated by the French government. Indian Prime Minister Narendra Modi last month announced plans to buy 36 Rafales under a government-to-government contract with France, leaving doubts over...

  • MOSCOW, June 2- Russian state arms producer Almaz-Antey said on Tuesday it would supply Iran with the advanced S-300 missile system once a commercial agreement is reached. When there is a contract, we will supply the system, including to Iran, "he told a news conference when asked whether Almaz-Antey would supply the missile system to Iran. Russia hopes to reap...

  • *May imports from Iran rise nearly 40 pct on-mth to 367,900 bpd. The jump to a 14- month high comes just two months after India dropped its crude imports from Iran to zero under U.S. pressure to limit its purchases of the Islamic republic's oil. Many analysts say Tehran, the United States, Britain, France, Germany, Russia and China will reach an agreement by or shortly...

  • DUBAI, United Arab Emirates— Etihad Airways, the United Arab Emirates' national carrier, has formally submitted a document to the United States government rebutting allegations by U.S. carriers that it receives unfair subsidies. The airline, owned by the oil-rich Emirati capital of Abu Dhabi, announced the filing Tuesday. Departments of Commerce, State and...

  • JERUSALEM— Israel's central bank chief said Monday that demographic changes such as aging and the growth of Arab and ultra-Orthodox Jewish populations were threatening the country's long-term growth prospects and called for a continued increase in their employment. Karnit Flug said the low employment rate among ultra-Orthodox men and Arab women in...

  • LONDON— One of the defining images of French impressionism is up for sale, as Sotheby's auctions Edouard Manet's " Le Bar aux Folies-Bergere." The 1881 oil painting of a barmaid at the famous Parisian cabaret has featured in numerous exhibitions, including the recent "Inventing Impressionism" show at Britain's National Gallery. A later, larger version is in...

  • DUBAI, June 2- Iran will try to persuade OPEC countries to reverse production increases they implemented to fill a gap left by sanctions on Iran, the country's OPEC delegate Mehdi Asali was quoted as saying, ahead of a potential nuclear deal that could see sanctions lifted. "Production decreases for those countries which raised their production during Iran's...

  • The comments by the Abu Dhabi- based carrier mark its latest move to deter the Obama administration from revisiting aviation agreements with the United Arab Emirates and Qatar. U.S. airlines say more than $40 billion in subsidies from the countries have allowed Etihad, Emirates airline and Qatar Airways to begin driving down prices and push competitors out of...

  • The comments by the Abu Dhabi- based carrier mark its latest move to deter the Obama administration from revisiting aviation agreements with the United Arab Emirates and Qatar. U.S. airlines say more than $40 billion in subsidies from the countries have allowed Etihad, Emirates airline and Qatar Airways to begin driving down prices and push competitors out of...

  • June 1- Etihad Airways on Monday issued it strongest rebuttal yet of claims that it received market-distorting subsidies, saying it is required to repay loans and that its U.S. competitors have a "condescending" view of non-U.S. law. The comments by the Abu Dhabi- based carrier mark its latest move to deter the Obama administration from revisiting aviation...