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  • April 15- Iraq's 2015 budget is based on an oil price of $56 per barrel, and the country is considering asking for emergency funding from the International Monetary Fund to ease its budget woes, Iraqi Finance Minister Hoshyar Zebari said on Wednesday. "We haven't made a decision but I think they are willing to provide that support, but they need the government to do...

  • CARACAS, April 15- Venezuela said ambassadors of various OPEC countries, including Saudi Arabia, were meeting the country's oil minister Asdrubal Chavez in Caracas on Wednesday. "Ambassadors of Saudi Arabia, Algeria, Ecuador, Iraq, Kuwait, Nigeria, Qatar, Iran and Indonesia are present," the Oil Ministry said in a tweet. The Oil Ministry's twitter feed said the group...

  • NEW YORK, April 15- The European Union on Wednesday launched an antitrust probe into Google Inc's Android system, and if recent history is any indicator, shares of the Internet giant may have trouble moving forward until the issue is resolved. Intel Corp fell about 35 percent between July 2007 and May 2009, during an EU investigation. The EU initiated three...

  • *OPEC production surges to 31.02 mln bpd- IEA. LONDON, April 15- Oil prices jumped more than a dollar on Wednesday after a lower than expected build of crude oil stocks in the United States. Crude stocks there rose 1.29 million barrels to 483.69 million barrels in the week to April 10, the U.S. Energy Information Administration said on Wednesday, against a forecast of a...

  • Oil supply buffer could halve as OPEC output rises Wednesday, 15 Apr 2015 | 10:41 AM ET

    LONDON, April 15- An oil supply shortage may be the last thing on investors' minds right now, but the ability of OPEC producers to cope with an unexpected surge in demand is diminishing fast, analysts and forecasters say. "A much thinner oil supply buffer could be developing," said Virendra Chauhan, oil analyst at London- based market consultancy Energy Aspects.

  • OSLO, April 15- Average carbon dioxide emissions from new cars sold in the European Union fell 2.6 percent last year, beating goals set for 2015 as part of efforts to slow climate change, the European Environment Agency said on Wednesday. The most carbon-efficient cars were bought in the Netherlands, Greece and Portugal with the least efficient in Estonia, Latvia...

  • *Russian delegation to meet OPEC in Vienna in June. Russia has stepped up contacts with OPEC after oil prices plunged last year, however it has dismissed any suggestion it might cut output to prop up prices, saying it is technically impossible to idle production due to the harsh climate in Siberia, the heartland of Russian oil production. The fall in price of oil,...

  • Financial shocks may grow as liquidity shrinks, IMF warns Wednesday, 15 Apr 2015 | 9:00 AM ET

    *IMF also warns Europe on life insurance sector. WASHINGTON, April 15- Rising U.S. interest rates will expose gaps in liquidity that could make markets prone to deeper and wider shocks, the International Monetary Fund said in a report on Wednesday. It pointed in particular to two recent examples of market jolts that could be a harbinger of more to come, echoing...

  • *OPEC output surges in March, may be sustained in April. LONDON, April 15- World oil markets may take longer to tighten than expected due to a surge in OPEC supply and a potential rise in Iranian exports, even as demand shows signs of strength, the International Energy Agency said on Wednesday. OPEC production surged to 31.02 million barrels per day in March, almost a...

  • NEW DELHI, April 15- India needs to move towards full capital account convertibility to become a leading global economy, junior finance minister Jayant Sinha said on Wednesday. Sinha's comments came a day after the International Monetary Fund predicted Asia's third-largest economy would become the fastest growing major economy in the world, outpacing...

  • Russia says is in "unprecedented" consultations with OPEC Wednesday, 15 Apr 2015 | 3:44 AM ET

    MOSCOW, April 15- Russia's energy ministry has been holding active consultations with the Organization of Petroleum Exporting Countries and Latin American oil producers which Deputy Prime Minister Arkady Dvorkovich described on Wednesday as "unprecedented". Russia has tried to forge closer ties with OPEC after oil prices plunged. Moscow is expected to...

  • MUMBAI, April 15- India may go to the World Trade Organization if the European Union does not reconsider its decision to suspend the sale of about 700 generic drugs that were approved based on clinical trials by GVK Biosciences Pvt Ltd, the firm's CEO said. The European Medicines Agency suspension became effective in January, a month after France, Germany, Belgium...

  • UPDATE 1-OECD says BOJ has done enough, warns of QQE risks Wednesday, 15 Apr 2015 | 12:48 AM ET

    *Yen will rise long-term if Japan revives economy-Gurria. TOKYO, April 15- Japan must be mindful of the risks of its massive monetary stimulus and speed up much-needed structural reforms to revive the economy, the OECD said on Wednesday, warning of delays in their implementation. "The first arrow is working, but there are limits," Gurria told reporters after issuing...

  • BOJ must maintain stimulus but with eye on risks-OECD Tuesday, 14 Apr 2015 | 10:00 PM ET

    The global think tank also warned that without a credible plan to rein in its huge public debt, Japan may face a bond market sell-off that could hit banks with huge bond holdings. Aggressive purchases by the BOJ, which now holds a quarter of Japan's government bond market, have kept borrowing costs low but that will not last indefinitely, leaving the country...

  • SEOUL, April 15- South Korea's imports of Iranian crude doubled in March from a year earlier but the country's oil shipments from the OPEC country in the first quarter of this year fell 16 percent year- on-year to meet international sanction requirements. Iran and the United States, Britain, France, Russia, China, and Germany reached a preliminary deal on Iran's...

  • *EU to accuse Google of abusing position- FT and Dow Jones. BRUSSELS, April 14- The European Union will accuse Google on Wednesday of abusing its dominant position in Internet searches in Europe, a step that could see the Internet giant fined up to $6.6 billion, the Financial Times and Dow Jones reported on Tuesday. The EU's Competition Commissioner Margrethe...

  • BRUSSELS, April 14- The European Union will accuse Google on Wednesday of abusing its dominant position in Internet searches in Europe, stepping up its high profile five-year investigation of the company, the Financial Times and Dow Jones reported on Tuesday. The EU's Competition Commissioner Margrethe Vestager will say on Wednesday that Google will soon be...

  • FOREX-Dollar slides on U.S. retail sales, IMF outlook Tuesday, 14 Apr 2015 | 3:16 PM ET

    NEW YORK, April 14- The dollar tumbled on Tuesday, after five straight days of gains, as investors took advantage of weaker-than-expected U.S. retail sales to lighten hefty positions on the greenback that had built up due to expectations of an impending rate increase. The yen, meanwhile, gained broadly, hitting a two-year high against the euro after an economic...

  • WASHINGTON, April 14- The United States plans to appeal a World Trade Organization ruling against its dolphin-safe tuna labeling regime, a spokesman for the U.S Trade Representative said on Tuesday. The United States was pleased that the WTO compliance panel found it was entitled to disqualify tuna caught by the method used by Mexican fishing boats from...

  • TRADE REPRESENTATIVE PLANS TO APPEAL WTO RULING ON DOLPHIN-SAFE CANNED TUNA LABELING- SPOKESMAN.