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  • U.S. West Coast refiners snap up Russian crude cargoes Wednesday, 24 Jun 2015 | 2:57 AM ET

    SINGAPORE, June 24- Refiners on the U.S. West Coast and Hawaii have stepped up purchases of Russian crude, taking advantage of a narrow gap between U.S. and global prices as they look to guard against a seasonal shortage of Alaskan supply, trade and industry sources said. Up to four tankers were expected to carry nearly 3 million barrels of Russia's ESPO crude from...

  • But the country's top two airports Heathrow and Gatwick are at and near to maximum capacity and losing passengers to booming hubs like Dubai and Amsterdam's Schiphol that can offer more flights to new destinations like China. Now a government-appointed Airports Commission will emerge from three years of consideration to say in the next few weeks whether...

  • DUBAI, June 18- Passenger traffic through Dubai International Airport, the world's busiest airport for international passenger business, rose 5.7 percent from a year earlier in April, its operator said on Thursday. The number of passengers climbed to 6.51 million from 6.16 million, partly because of growth in Eastern European traffic as Dubai carrier...

  • LONDON, June 15- Dragon Oil Plc said it agreed to an increased takeover offer by Emirates National Oil Co after the Dubai- based group increased its offer to buy out the company's minority shareholders. Shares in Dragon Oil rose as much as 9.6 percent to 734 pence on the London Stock Exchange on Monday morning. Dragon Oil, which produces oil from the Cheleken field in...

  • LONDON, June 15- Dragon Oil Plc said it agreed improved takeover terms with Emirates National Oil Co after the Dubai- based group increased its offer to buy out the company's minority shareholders. Shares in Dragon Oil rose 8.2 percent to 724.5 pence on the London Stock Exchange on Monday morning. ENOC, which already owns 54 percent of Dragon Oil, had in May made a...

  • CAIRO, June 12- Libya's official government, based in the east since fleeing the capital, has so far failed to sell oil by itself, despite setting up a Dubai bank account and new central bank unit, industry and banking sources say. The internationally recognised government said in March it wanted oil buyers to pay through a new state oil firm with an account in Dubai...

  • *Plans to expand in U.S., set up in Dubai. The bank managed 10.7 billion Swiss francs at the end of 2014, and although that fell by 9 percent in 30 minutes on Jan. 15, when the Swiss National Bank unleashed a huge rise in the value of the currency, it has since recovered and grown again. "We are working on a 2016-2020 plan which involves getting our assets under management...

  • *Togo carves out role as West African transit hub. LOME, June 11- The scale of Togo's ambition is clear as you fly into the capital, Lome. President Faure Gnassingbe, scion of a dynasty that has ruled Togo for nearly half a century, is modeling his country on Singapore or Dubai.

  • NEW YORK, June 10- Emirates airline sees an opportunity to increase direct flights from Europe to cities other than its Dubai hub, but its chief executive said he is concerned about harming struggling European carriers. "We're just concluding our performance assessments," of the Airbus and Boeing aircraft, Clark said in an interview following a speech in New York.

  • Although falling oil revenues have dampened inflows into sovereign wealth funds in the Middle East and elsewhere, the sector is still a huge pool of capital. For its Global Asset Management Study, Invesco Asset Management, part of Invesco Ltd., surveyed 59 state-owned investment funds worldwide with over $7 trillion of assets under management.

  • June 9- Lululemon Athletica Inc shares jumped on Tuesday after the Canadian yogawear retailer raised its full-year outlook, further evidence it is regaining its footing following a high-profile 2013 recall of overly sheer yoga pants. The company also reported a better-than-expected first-quarter profit despite poor weather, West Coast port delays, and...

  • *Qatar Holding is biggest shareholder in Glencore. *QKR backed by Qatar and Poland's richest man. LONDON/ VANCOUVER, June 9- An investment review at Qatar's wealth fund could lead to a cut in money allocated to the mining sector, potentially hitting ventures such QKR Corp, according to five sources familiar with the matter.

  • *Iran hoping for easing of sanctions. BERLIN, June 5- Tohid Tasoujian is a co-founder of online fashion store Taxi Moda and one of a growing breed of Internet entrepreneurs in sanctions-hit Iran. He set out his stall this week at a conference of more than 80 Iranian start-ups in Berlin, the biggest event of its kind outside Iran, as the country gears up for a possible...

  • DUBAI, June 4- The United Arab Emirates is set to post its first fiscal deficit since 2009 because of lower oil revenues, but it can avoid any serious economic slowdown, the International Monetary Fund said after annual consultations with UAE authorities. He estimated that at today's oil prices, the UAE could keep spending at current levels for at least 30-40...

  • 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,...

  • 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...

  • 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...

  • ISTANBUL, May 29- ING Group NV, BNP Paribas and Bahrain- based Arab Banking Corp have submitted bids to buy HSBC's Turkish business, a source familiar with the process said on Friday. Four other sources said Dutch lender ING was interested in buying HSBC's Turkish business, comprising corporate and investment banking operations as well as a loss-making retail...

  • DUBAI, May 28- Abu Dhabi's Etihad Airways, one of three Gulf airlines that U.S. rivals say benefit from state subsidies, reported a 52 percent rise in annual profit on higher passenger numbers and increased revenue from cargo and partner airlines. Unlike Dubai- based rival Emirates, Etihad has based part of its expansion on investing in other carriers and owns...

  • NEW DELHI, May 21- India's central bank is working to liberalize its foreign exchange rules to make it easier to do business with Asia's third-largest economy, Deputy Governor H.R. Khan said on Thursday, a step that could support flagging exports. "We have got a positive response from the RBI and it could soon issue directions to banks," said S.C. Ralhan, president of...