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  • OSLO, March 1- Norwegian fertiliser maker Yara plans to cut operating costs and raise investments to become more competitive and grow its business, it said in an update ahead of an investor meeting on Tuesday. The company raised its estimate for 2016 capital expenditure to 17.9 billion Norwegian crowns from previous guidance of 14.5 billion, and predicted a...

  • March 1- For the first time in two years, U.S. oil companies are beginning to forecast stagnating, or even lower, production. According to a Reuters analysis, based on forecasts from 18 shale oil-oriented firms released over the past several weeks, oil and gas output is expected to fall 300,000 barrels or equivalent per day this year, which equates to a 5.6 percent...

  • March 1- In a ray of hope for oil bulls, leading U.S. shale producers are at last predicting output declines this year- a long-anticipated turning point for a market reeling from an epic supply surplus. In contrast, the U.S. Energy Information Administration is forecasting an 11 percent drop in national production outside of Alaska and the Gulf of Mexico, where...

  • MUMBAI, Feb 29- Indian jewellers will go on indefinite strike from Tuesday in protest over the reintroduction after four years of a sales tax on gold jewellery, their trade body said. Finance Minister Arun Jaitley announced an excise duty of 1 percent on gold and diamond jewellery on Monday. We are urging the government to roll back excise duty, " Ketan Shroff, a...

  • In Texas, which is home to the Permian and Eagle Ford basins, output fell by 65,000 bpd to 3.34 million bpd, the biggest monthly decline since May 2015, putting production at the lowest level since October 2014. North Dakota production dropped by 27,000 bpd to 1.14 million bpd, the biggest monthly decline since January 2015 and the lowest output since August 2014.

  • NEW YORK, Feb 29- For leading U.S. shale oil producers, $40 is the new $70. Rival Whiting Petroleum Corp, the biggest producer in North Dakota's Bakken formation, will stop fracking new wells by the end of March, but would "consider completing some of these wells" if oil reached $40 to $45 a barrel, Chairman and CEO Jim Volker told analysts. The threat of a shale rebound is "...

  • MUMBAI, Feb 29- Indian jewelers will go on indefinite strike from Tuesday in protest over the reintroduction after four years of a sales tax on gold jewelry, their trade body said. Finance Minister Arun Jaitley announced an excise duty of 1 percent on gold and diamond jewelry on Monday. We are urging the government to roll back excise duty, " Ketan Shroff, a spokesman...

  • SAO PAULO, Feb 29- Most Latin American currencies strengthened on Monday after China announced fresh stimulus measures, but the Chilean peso was steady as weak economic data boosted bets that the central bank could hold rates steady for longer. Chile's industrial output fell in January, hit by weakness in mining activity as copper production slumped 13.8...

  • TORONTO, Feb 29- Canada's main stock index rose on Monday as gains in oil and precious metals prices drove energy and gold mining stocks higher, while Valeant Pharmaceuticals International weighed heavily after delaying its earnings report. The price of oil was higher after strong gains last week on increasing hopes the market has bottomed out and as OPEC...

  • Workers with Raven Drilling line up pipe while drilling for oil in the Bakken shale formation outside Watford City, North Dakota.

    Less than a year ago major shale firms were saying they needed oil above $60 a barrel to produce more; now some say they will settle for far less.

  • *Iran steel output expected to triple to 55 mln tonnes by 2025. SEOUL, Feb 29- South Korean steelmaker POSCO said on Monday that it has signed an initial agreement to help build a $1.6 billion steel mill in Iran, looking to tap rising demand in the Middle Eastern country as other markets falter. The lifting of economic sanctions earlier this year on Iran's disputed...

  • NEW YORK, Feb 29- For leading U.S. shale oil producers, $40 is the new $70. Rival Whiting Petroleum Corp, the biggest producer in North Dakota's Bakken formation, will stop fracking new wells by the end of March, but would "consider completing some of these wells" if oil reached $40 to $45 a barrel, Chairman and CEO Jim Volker told analysts. The threat of a shale rebound is "...

  • A Chinese resident walks out of her house her house next to a coal fired power plant on November 26, 2015 in Shanxi, China.

    China expects to lay off 1.8 million workers in the coal and steel sectors, an official said on Monday.

  • BEIJING, Feb 29- China expects to lay off 1.8 million workers in the coal and steel sectors as part of its efforts to reduce industrial overcapacity, an official at the human resources and social security ministry said on Monday. Yin Weimin, minister of human resources and social security, said capacity cuts will lead to some layoffs in 2016, but added that he was...

  • MOSCOW, Feb 28- The 26 miners who were trapped in a Russian coal mine above the Arctic circle have died and rescue operations have been halted after a third blast underground killed several rescue workers, emergency services said on Sunday. "The circumstances in the affected part of the mine did not allow anyone to survive," Russia's Emergencies Minister Vladimir...

  • *India's biggest cement maker capacity to rise by a third. NEW DELHI, Feb 28- India's UltraTech Cement Ltd, part of the Aditya Birla conglomerate, said on Sunday it had agreed to buy Jaiprakash Associates Ltd's cement plants for an enterprise value of 165 billion rupees. Other companies interested in Jaiprakash's plants included Irish building materials group...

  • *Wall St ends lower as early gains slip away. NEW YORK, Feb 26- The U.S. dollar jumped on Friday and Wall Street's stock rally faded as fresh economic data kept alive Federal Reserve rate increases, while oil prices turned negative late in the session. Europe's FTSEurofirst 300 stock index tallied a 1.6- percent rise on Friday, fueled by strength in mining shares as...

  • NEW YORK, Feb 26- Global equity markets gained on Friday, backed by higher prices for oil and other commodities, while data showed the U.S. economy grew faster than expected in the fourth quarter. Europe's FTSEurofirst 300 stock index rose 2 percent, outperforming Wall Street, supported by a rally in mining shares as industrial metals such as copper and aluminum...

  • *FTSEurofirst 300 index extends Thursday's rally. LONDON, Feb 26- European equities rallied for a second day on Friday to reach a three-week high, as a jump in metals prices boosted miners and some encouraging company updates also supported the market. They helped the pan-European FTSEurofirst 300 index gain 1.6 percent by 1454 GMT, after a 2 percent rise on...

  • With these words, spoken by Jean-Jacques Dordain, the former director general of the European Space Agency, Luxembourg announced its entry into the space-mining race. Dordain was appearing alongside Etienne Schneider, Luxembourg's economy minister, as he unveiled the country's bid to be a pioneer in a whole new resources sector, one with quite literally...

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