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  • LONDON, Dec 10- Global demand for oil from OPEC next year will be less than expected because of weaker growth in consumption and the U.S. shale boom, the group said on Wednesday, pointing to an increasing supply surplus in 2015.. In a monthly report, the Organization of the Petroleum Exporting Countries forecast demand for the group's oil will drop to 28.92 million...

  • *Left-wing of Socialist Party warns they will oppose. PARIS, Dec 10- France's government proposed a reform bill on Wednesday that is crucial for avoiding EU sanctions but risks being watered down by left-wing lawmakers angry with President Francois Hollande's deregulation drive. It is France's attempt to prove to its European Union peers that the euro zone's...

  • Low VAT doesn't always help poor - OECD Wednesday, 10 Dec 2014 | 2:08 AM ET

    PARIS, Dec 10- Lower rates of value added tax do not always benefit the poor, the OECD think tank said on Wednesday in a report urging governments instead to consider means-tested and other direct benefits to boost income equality. The Paris- based Organization for Economic Co-operation and Development found that reduced VAT rates on certain goods and services...

  • ALGIERS, Dec 9- OPEC may still hold an emergency meeting before its June session to discuss how to tackle a surplus in global oil supplies and a drop in prices, Algeria's energy minister said on Tuesday. "We will continue our efforts through dialog with OPEC and non- OPEC producers to remove a surplus estimated at 2 million barrels per day," Youcef Yousfi told state...

  • NEW YORK, Dec 9- Investors aggressively sold equities worldwide on Tuesday, after China's market posted its worst day in five years and oil prices fell to levels not seen since 2009.. Oil prices have been under pressure as the dollar has strengthened and after the Organization of the Petroleum Exporting Countries decided against an output cut.

  • EU-Cuba talks delayed by dispute over cultural event Tuesday, 9 Dec 2014 | 10:00 AM ET

    BRUSSELS/ HAVANA, Dec 9- Cuba has delayed negotiations towards an accord with the European Union aimed at opening up the Communist-ruled island, citing a dispute over an EU cultural event in Washington, people close to the matter said on Tuesday. The third round of talks, due to take place on Jan. 8-9 in Havana, was scheduled to discuss human rights, always a sensitive...

  • *Brent hits fresh 5- year low of $65.29/ bbl. LONDON, Dec 9- Brent crude oil fell to a 5- year low below $66 a barrel on Tuesday, sliding for a sixth consecutive session on signs of a growing supply glut. Industry sources said Tuesday that top OPEC oil exporter Saudi Arabia will keep crude sales at full contracted volumes for Asian term buyers next month in the latest sign...

  • MOSCOW, Dec 9- The World Bank said on Friday it expected the Russian economy to contract by 0.7 percent in 2015 in its new baseline scenario before growing by 0.3 percent in 2016.. The new baseline, or most likely scenario, assumes an average oil price of $78 per barrel for 2015 and of $80 per barrel for 2016.. "Investment is projected to contract for a third year in a row...

  • WORLD BANK SAYS IN NEW BASELINE SCENARIO RUSSIAN ECONOMY WILL CONTRACT BY 0.7 PCT IN 2015, GROW 0.3 PCT IN 2016.

  • CARACAS, Dec 8- President Nicolas Maduro again fumed against Venezuela's poor credit rating on Monday, saying the OPEC nation needed external financing to help it cope with oil price declines. In near-daily speeches, Maduro, the successor to the late Hugo Chavez, insists that despite the oil slump, Venezuela has sufficient funds to cover all its external debt...

  • LIMA, Dec 8- European Union insistence on a right to challenge nations about their plans for fighting climate change, in the run-up to a United Nations summit in 2015, opened a rift at U.N. climate talks in Lima on Monday. Washington said a review of national pledges for curbing rising greenhouse gas emissions before the U.N. summit in Paris next December was "not...

  • VERACRUZ, Mexico, Dec 8- Mexican economic growth is likely to come in weaker than had been forecast for both this year and next after third-quarter gross domestic product missed expectations, the head of the Organisation for Economic Co-operation and Development said on Monday. Last month, Mexico's Finance Ministry downwardly revised its own 2014 growth...

  • FACTBOX-Analysts' reactions on OPEC decision Monday, 8 Dec 2014 | 5:37 PM ET

    Dec 8- Oil analysts are taking stock of the recent OPEC meeting that decided against production cuts despite a huge oversupply in world markets. "We assume no material OPEC supply cuts and no unplanned supply disruptions take place during 2015.". "Regardless of what OPEC does, we believe the market will be looking for real supply response from non- OPEC producers.

  • IMF visits Ukraine for bailout talks Monday, 8 Dec 2014 | 5:00 PM ET

    *Kiev had hoped to receive next tranche of $2.7 bln by year-end. KIEV, Dec 9- An IMF mission will visit Kiev on Tuesday to start a fresh round of talks with the new government linked to a $17 billion loan package that may have to be ramped up due to the financial toll of a separatist crisis in Ukraine's east. Kiev had expected that the next loan tranche, worth $2.7 billion,...

  • *Morgan Stanley cuts Brent forecast to $70 a barrel in 2015. *Kuwait sees oil at $65 a barrel for next 6-7 months. NEW YORK, Dec 8- World oil prices slid another 4 percent to new five-year lows on Monday, as expectations of a deeper slump next year and a prediction by a core OPEC member that crude will remain at $65 for several months triggered another round of selling.

  • GENEVA, Dec 8- An appeals board of the World Trade Organization reversed much of an earlier ruling against the United States on Monday, but it said U.S. duties on Indian steel broke WTO rules and asked the United States to bring them into line with its regulation. An unnamed Indian official told Reuters when the case was launched in 2012 that the United States argued...

  • LIMA, Dec 8- Recent pledges by China, the United States and the European Union to limit greenhouse gas emissions will slow the rate of global warming this century, a study by climate scientists showed on Monday. It was the first time in five years that promised actions had reduced projected warming under the tracker, compiled by European research groups Climate...

  • GENEVA, Dec 8- The World Trade Organization's Appellate Body issued a mixed ruling on Monday in a trade dispute brought by India to challenge U.S. anti-subsidy duties on Indian steel. In one of the most complicated appeals decisions ever handled by the 19- year-old trade watchdog, the Appellate Body reversed much of a ruling by a three-person panel in July, which...

  • WTO APPELLATE BODY HANDS DOWN MIXED RULING IN TRADE DISPUTE BROUGHT BY INDIA TO CHALLENGE U.S.

  • *Morgan Stanley cuts Brent forecast to $70 a barrel in 2015. LONDON, Dec 8- Brent crude oil fell more than $2 a barrel on Monday to a new five-year low on predictions that oversupply would keep building until next year after OPEC decided not to cut output. "Without OPEC intervention, markets risk becoming unbalanced, with peak oversupply likely in the second quarter...