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  • According to industry and government sources, and letters reviewed by Reuters, Essar has asked the Indian government to free it from paying its share of oil dues to Iran, and instead offset them against a $2.5 billion deal to supply steel plate to a NIOC affiliate. The back-to-back scheme comes to light at a critical stage in talks between Iran and six world powers...

  • India believes its abducted workers in Iraq alive Friday, 28 Nov 2014 | 3:04 AM ET

    NEW DELHI— The Indian government believes 39 workers abducted nearly six months ago by the Islamic State group in Iraq are alive despite claims by one who escaped that the others had been killed. They were employed by a Turkish construction company when they were seized in June in the northern city of Mosul. There are about 10,000 Indian citizens working and...

  • Authorities: Man had stun guns, machete in luggage Thursday, 27 Nov 2014 | 9:35 PM ET

    NEW YORK— Safety officials say they've found two stun guns, a machete and other weapons in a man's checked baggage at John F. Kennedy International Airport. The Port Authority of New York and New Jersey says the baggage belonged to a man heading to Dubai and the items were found by Transportation Safety Administration agents. Port Authority police say the Queens...

  • Oil falls as OPEC opts not to cut production Thursday, 27 Nov 2014 | 1:09 PM ET
    Saudi Arabian Oil Minister Ali al-Naimi.

    The Organization of Petroleum Exporting Countries (OPEC) decided on Thursday not to cut oil production, despite sliding oil prices.

  • Diplomats make trade deal to cut red tape, poverty Thursday, 27 Nov 2014 | 1:03 PM ET

    GENEVA— After many years of talking, the World Trade Organization pulled off a major deal Thursday that could boost global commerce by $1 trillion annually. After months of stalemate and years of negotiation, a U.S.- India deal this month over food stockpiling by India cleared the way for the agreement. India had insisted on subsidizing grains under a national...

  • Since 1997, the UAE dirham has been fixed at a rate of 3.6725 to $1. For over a decade, fluctuations in global oil prices and economies have prompted some economists to suggest the UAE consider abolishing the peg and tying its currency to something else, perhaps a basket featuring the price of oil. This could give the UAE more flexibility to conduct its own monetary...

  • Sanaa fall shows Hadi's grip on power in question. SANAA, Nov 27- As fighting raged at the First Armoured Division's base in central Sanaa, General Ali Mohsen al-Ahmar arrived in a motorcade at the general staff headquarters and entered the building shouting "Treason! "I knew then that Sanaa had fallen and that it was over," the officer, who asked not to be named, told...

  • *Oil price slump squeezes Nigeria, Angola. The highest profile victim so far has been Africa's top producer, Nigeria, which was forced to devalue its naira currency by 8 percent this week after the central bank admitted dwindling reserves were making it hard to defend it. In dollar terms, the devaluation knocked $40 billion off the value of Nigeria's economy-...

  • LONDON, Nov 27- European firms squeezed by low interest rates are having to consider new, riskier ways to manage trillions in corporate cash as they are snubbed by banks awash in new regulation that may also spell the demise of their go-to investment funds. Corporate treasurers have been under pressure since the financial crisis of 2007-09 when the collapse of...

  • LONDON/ SYDNEY/ CAIRO Nov 27- Automobiles are supposed to get you from Point A to Point B. They can also get you into trouble, even if you aren't driving or riding in one, because they possess potent social symbolism. During a by-election in Rochester that was won by the anti-immigration United Kingdom Independence Party, she tweeted a picture of a white cargo van in...

  • Nov 26- Bank Leumi Le Israel BM is close to a $400 million settlement with U.S. authorities following a probe into whether it helped Americans evade taxes, Bloomberg News reported, citing a person with knowledge of the matter. Israel's second-largest lender would pay about $270 million to the Justice Department and $130 million to New York's Department of...

  • STRASBOURG, France, Nov 26- The European Commission presented a 300 billion euro plan on Wednesday to boost Europe's stagnant economy, but some doubted private investors would stump up the funds, 15 times the EU contribution, needed to make it work. France and Italy, which have been demanding action to boost economic growth, cautiously welcomed the scheme but some...

  • Boston Market CEO on Thanksgiving, food courts Wednesday, 26 Nov 2014 | 12:37 PM ET

    NEW YORK— Thanksgiving is a big day for Boston Market, which every year sells turkeys, stuffing, mashed potatoes and other dishes for those who don't want to cook. CEO George Michel says he sees potential for 1,500 locations, up from its current 460. One area the company is targeting is food courts, with Michel noting Boston Market can be an attractive alternative to...

  • COLUMN-OPEC's other problem: weak demand - John Kemp Wednesday, 26 Nov 2014 | 10:45 AM ET

    LONDON, Nov 26- By now, everyone is aware of the serious threat rising shale output from the United States poses to OPEC. Net growth of 4.8 million b/d over nine years is slower than OPEC and other forecasters expected a few years ago. OPEC has confronted this problem before in the early 1980 s, when consuming countries took unprecedented steps to reduce demand in...

  • UPDATE 2-Kellogg and Abraaj battle for Egypt's Bisco Misr Wednesday, 26 Nov 2014 | 9:38 AM ET

    CAIRO, Nov 26- The battle for control of Egyptian cake and biscuit maker Bisco Misr intensified on Wednesday as Abraaj Investment Management raised its initial bid to trump a rival offer from Kellogg Co.. UAE- based Abraaj, the Middle East's largest private equity firm, raised its offer to 80.58 Egyptian pounds per share, exactly two percent above a bid of 79 pounds...

  • Abraaj raises Bisco Misr offer to 80.58 EGP per share Wednesday, 26 Nov 2014 | 7:45 AM ET

    CAIRO, Nov 26- UAE's Abraaj Investment Management said on Wednesday it would raise its price for Egyptian cake and biscuit maker Bisco Misr to 80.58 Egyptian pounds per share following a counter bid by Kellogg Co.. Abraaj's initial offer of 73 pounds per share earlier this month was topped earlier on Wednesday by Kellogg's offer of 79 pounds.

  • LONDON, Nov 26- The impact of sub- $80 oil prices rippled across energy-exporting emerging markets on Wednesday, with investors betting other countries will have to follow Nigeria in devaluing their currencies. Brent crude remained firmly below $80 per barrel and around a third lower from June levels after Saudi Arabia signaled it was unlikely to push for a...

  • VIENNA, Nov 26- OPEC leader Saudi Arabia signaled on Wednesday it was unlikely to push for a major change in oil output at the producer group's meeting this week, a day after Russia refused to cooperate in any production cut. Iranian Oil Minister Bijan Zangeneh said some OPEC members, although not Iran itself, were gearing up for a battle over market share and...

  • VIENNA, Nov 26- OPEC leader Saudi Arabia signalled on Wednesday it was unlikely to push for a major change in oil output at the producer group's meeting this week, a day after Russia refused to cooperate in any production cut. Iranian Oil Minister Bijan Zangeneh said some OPEC members, although not Iran itself, were gearing up for a battle over market share and...

  • UPDATE 1-Kellogg tops Abraaj offer for Egypt's Bisco Misr Wednesday, 26 Nov 2014 | 3:58 AM ET

    CAIRO, Nov 26- Kellogg Co, the world's biggest breakfast cereal maker, has offered 908.5 million Egyptian pounds for Egyptian cake and biscuit maker Bisco Misr, setting up a likely bidding war with a UAE investment company. UAE- based Abraaj Investment Management offered 850 million pounds this month for the Egyptian firm, which earlier refused a takeover bid...