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  • SINGAPORE, July 6- Most commodity prices suffered falls on Monday, compounding worries about oversupply, after Greece rejected terms for a bailout and top consumer China unleashed emergency measures over the weekend to prevent a full-blown stock market crash. "As far as Greece is concerned, if we are going to see a drawn-out period of uncertainty, that may be...

  • Secretary of State John Kerry (L) speaks with Russian President Vladimir Putin before a bilateral meeting at the presidential residence of Bocharov Ruchey in Sochi, Russia May 12, 2015.

    Secretary of State John Kerry warned Iran that hard choices were needed to seal a nuclear accord, and that the U.S. was prepared to walk away.

  • *Once-biggest exporter to Iran overtaken by China, Korea. FRANKFURT/ BERLIN, July 5- Martin Herrenknecht, founder of a company in southern Germany that is a world leader in tunnel-boring equipment, has been carefully preparing for the day when Iran reopens for business. It has maintained an office there, anticipating a day when Iran reaches a nuclear deal with...

  • JERUSALEM— Israel is welcoming the Greek foreign minister for a three-day visit as his country faces a financial crisis at home, with Greeks voting on a referendum about their country's future. Emmanuel Nahshon, Israel's Foreign Ministry spokesman, said Sunday that the visit from Greek Foreign Minister Nikolaos Kotzias would have an "economic emphasis" but...

  • The central bank set a cutoff rate of 7.73 Egyptian pounds per dollar in an auction that sold $39.6 million on Sunday, compared to a previous low of 7.63 on Thursday. "It's welcome to have, within the current context, a weaker pound because the economy is shifting toward a growth mode so one of the key ways to push this growth forward is through foreign exchange," said...

  • WASHINGTON— After July Fourth fireworks and parades, members of Congress return to work Tuesday facing a daunting summer workload and a pending deadline to fund the government or risk a shutdown in the fall. Republicans are eager to avoid another Capitol Hill mess as they struggle to hang onto control of Congress and try to take back the White House next year.

  • VIENNA— Nine days into marathon nuclear talks, U.S. World powers and Iran are hoping to clinch a deal by Tuesday, setting a decade of restrictions on Iran's nuclear program and granting Iran significant relief from international sanctions. Kerry met for 3 ½ hours on Sunday with Iranian Foreign Minister Mohammad Javad Zarif, as top diplomats from the five other...

  • VIENNA— World powers and Iran have drawn up a draft document on the pace and timing of sanctions relief for the Islamic republic in exchange for curbs on Iran's nuclear program, advancing on one of the most contentious issues at their negotiations, diplomats told The Associated Press on Saturday. Officials had described sanctions relief as one of the thorniest...

  • DUBAI, July 4- Iran's oil minister Bijan Zanganeh will soon present a long-awaited template for new international oil contracts to the government, as foreign companies watch for a nuclear deal that could allow them into a major untapped market. "The oil minister will soon lay out the new model for Iran's international oil contracts to the council of ministers,"...

  • Clear-out underway in online cleaning market Friday, 3 Jul 2015 | 8:13 AM ET

    *Germany's Helpling buys Britain's Hassle.com. But whereas Airbnb and Uber quickly built the scale to dominate their markets, online cleaning services is a more open field, with U.S. pioneer Homejoy apparently in retreat after a rapid expansion in the United States, Canada and then Europe. The Homejoy site no longer accepts bookings in Canada, France or Germany,...

  • But with the Iran six-power talks having devolved essentially into bilateral U.S.- Iran negotiations over the past year, his comments were clearly directed at the Americans, who have been the primary drivers of the crippling economic sanctions imposed on his country over its nuclear program. The West fears Iran could develop its nuclear program to make...

  • Egypt passes new budget for fiscal year 2015-2016 Thursday, 2 Jul 2015 | 2:28 PM ET

    CAIRO— Egypt's president has approved a new budget for fiscal year 2015-2016, slashing the projected budget deficit to 8.9 percent of gross domestic product, the country's finance ministry said Thursday, in a move likely to please international creditors. Also Thursday, Egypt's currency fell to a new low point against the dollar, the first such drop since...

  • Orange aims for growth in Africa, Middle East Thursday, 2 Jul 2015 | 1:14 PM ET

    LONDON, July 2- Telecom operator Orange aims to grow revenue from its Africa and Middle East operation by about 5 percent a year through 2018 and is looking for expansion opportunities in the region, Chief Financial Officer Ramon Fernandez said. Orange sees Africa and the Middle East as key to the French company's future, especially since it sold its mobile...

  • Saudi economy accelerates in Q1, may not be sustained Thursday, 2 Jul 2015 | 7:02 AM ET

    DUBAI, July 2- Saudi Arabia's economy accelerated in the first quarter of 2015, showing the world's top oil exporter can cope with low energy prices, but growth may slow as the government faces pressure to rein in spending. The figures indicated Saudi Arabia had offset the impact of oil's 50 percent plunge since mid-2014 with a combination of heavy state...

  • NEW DELHI, July 2- India's oil imports from Iran fell by about 23 percent over January-June as refiners curtailed shipments in the early months of the year to keep volumes within the limits allowed under an interim nuclear deal in place since the end of 2013.. India shipped in 216,500 barrels per day of oil from Iran in the first six months of 2015 compared with...

  • SINGAPORE, July 2- Rallying oil refining margins have ground to a halt in Asia. Currently at a 2015 low, they could drop another 20-30 percent this quarter, led by declining profits in diesel as supply from the Middle East adds to a global glut. But they have almost halved this week to $5.60 with supply of refined products from traditional importers in the Middle East...

  • LAUNCESTON, Australia, July 2- One of the little mysteries this year in Asian oil markets has been the drop in China's diesel exports. Customs data show that China exported 1.303 million tonnes of diesel in the first five months of the year, a drop of 24 percent over the same period in 2014.. It would seem logical that they would have done so as diesel margins have held...

  • South Korea turns to cheap spot crudes as glut grows Thursday, 2 Jul 2015 | 1:05 AM ET

    SEOUL, July 2- Refiners in South Korea, the world's fifth-largest crude oil importer, have stepped up spot purchases this year, buying at prices depressed by an oil glut as they run their plants at high rates to catch strong processing margins. "Refining margins are firm thanks to rising demand triggered by weak oil prices, which has supported higher throughput...

  • July 1- U.S. crude oil futures' discount to Brent, one of the biggest plays in oil, widened to more than $5 a barrel for the first time in three weeks on Wednesday after U.S. government data showed a surprise inventory build. "The bottom line is the overall U.S. stock build is weighing on heavily on WTI, and the Cushing build is adding to that," said Tariq Zahir, an oil trader and...

  • HAVANA/ WASHINGTON, July 1- The United States and Cuba on Wednesday formally agreed to restore diplomatic ties that had been severed for 54 years, fulfilling a pledge made six months ago by the former Cold War enemies. "Cuba is encouraged by the reciprocal intention to develop respectful and cooperative relations between our two peoples and governments," Raul...