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Business Middle East

  • *Westinghouse secures $800 mln in debtor-in-possession financing. TOKYO, March 29- Toshiba Corp's troubled U.S. nuclear unit Westinghouse filed for Chapter 11 protection from creditors on Wednesday, as its Japanese parent seeks to limit losses that have plunged it into crisis. A bankruptcy filing will allow Pittsburgh- based Westinghouse, whose nuclear...

  • *OPEC- led production cut expected to be extended into H2 2017. SINGAPORE, March 29- Oil prices on Wednesday extended gains from the previous session, lifted by supply disruptions in Libya and expectations that an OPEC- led output reduction will be extended into the second half of the year. In the United States, West Texas Intermediate crude futures were up 34 cents,...

  • DUBAI, United Arab Emirates— Monster trucks, hip-hop dancing and Game of Thrones all have one surprising thing in common now: Saudi Arabia. Deputy Crown Prince Mohammed bin Salman's support is key to this cultural push, which also means the fun is tightly controlled. He had not performed in the Saudi capital, Riyadh, since the late 1980 s.

  • *Targets $3 bln boost to free cashflow by 2021. LONDON, March 29- BP plans to sell more refineries without investing in new plants despite growing oil production and will focus on modernizing existing operations while expanding its network of filling stations to generate $3 billion in additional cash. Refining of crude oil into fuels such as gasoline, diesel and...

  • March 29- The last time the United States was a net exporter of natural gas was in 1957, when Dwight Eisenhower was president. Six bcfd of gas can fuel about 30 million U.S. homes, or almost every house in California, Texas and Florida combined. Just a decade ago, before the shale revolution, the United States was expected to become a growing LNG importer, not an exporter,...

  • NEW YORK/ MONTREAL, March 28- The leading international airline trade organization's top official on Tuesday denounced U.S. and British bans on some electronic devices on flights from several Muslim-majority countries, criticizing the policies as a move toward "more restricted borders and protectionism." Alexandre de Juniac, director general and chief...

  • MONTREAL— The head of the International Air Transport Association said Tuesday it's difficult to understand how banning electronic devices in carry-on baggage will improve flight security. The U.S. and Britain are citing concerns about terrorist attacks to prohibit passengers on some flights from mostly Middle Eastern and North African countries from...

  • MONTREAL, March 28- An international airline trade organization on Tuesday denounced the Trump administration ban on some electronics on direct flights from several Muslim-majority countries, criticizing the policy as a move toward "more restricted borders and protectionism." Speaking to the Montreal Council on Foreign Relations, Alexandre de Juniac,...

  • MONTREAL, March 28- An international airline trade organization on Tuesday denounced the Trump administration ban on some electronics on direct flights from several Muslim-majority countries, criticizing the policy as a move toward "more restricted borders and protectionism." Speaking to the Montreal Council on Foreign Relations, Alexandre de Juniac,...

  • Speaking to the Montreal Council on Foreign Relations, Alexandre de Juniac, director general and chief executive of the International Air Transport Association, questioned the efficacy of the ban, which prohibits electronics larger than a cellphone on direct flights to the United States from 10 airports in the Middle East and North Africa.

  • Montreal, March 28- An international airline trade organization on Tuesday denounced the Trump administration ban on some electronics on direct flights from several Muslim-majority countries, criticizing the policy as a move toward "more restricted borders and protectionism." Speaking to the Montreal Council on Foreign Relations, Alexandre de Juniac,...

  • *Executives see scope to lure Middle East shoppers online. DUBAI, March 28- Souq.com will expand its workforce and operations after Amazon clinched a deal to buy 100 percent of the Middle East online retailer, executives from both firms said. Amazon and Souq.com said earlier on Tuesday they had agreed on the takeover, despite an eleventh-hour bid by Dubai...

  • *Executives see scope to lure Middle East shoppers online. DUBAI, March 28- Souq.com will expand its workforce and operations after Amazon clinched a deal to buy 100 percent of the Middle East online retailer, executives from both firms said. Amazon and Souq.com said earlier on Tuesday they had agreed on the takeover, despite an eleventh-hour bid by Dubai...

  • *Executives see scope to lure Middle East shoppers online. DUBAI, March 28- Souq.com will expand its workforce and operations after Amazon clinched a deal to buy 100 percent of the Middle East online retailer, executives from both firms said. Amazon and Souq.com said earlier on Tuesday they had agreed on the takeover, despite an eleventh-hour bid by Dubai...

  • *Concerns rivals could buy shares if Qatar sells. LONDON/ FRANKFURT, March 28- A merger of Hapag-Lloyd and United Arab Shipping Company has hit a snag, with the German shipping line and some banks seeking assurances that UASC's top shareholder Qatar remain committed to the deal for the long term, sources say. Two finance sources, who declined to be identified citing...

  • *White House says to lead efforts on tax reforms. March 28- U.S. stock struggled for direction on Tuesday as investors chose to look beyond President Donald Trump's first major policy setback, while awaiting comments from several Federal Reserve officials, including Fed Chair Janet Yellen. The White House later said it would lead the role in reforming the U.S. tax...

  • LONDON, March 28- Major oil traders gathered in Switzerland this week said they expected OPEC and non- OPEC producers to extend their pact to curb output in the second half of this year, providing Russia complies. An unexpectedly quick return of U.S. shale production since OPEC and non- OPEC producers agreed in December to limit oil production has put the brakes on a...

  • LONDON, March 28- Major oil traders gathered in Switzerland this week said they expected OPEC and non- OPEC producers to extend their pact to curb output in the second half of this year, providing Russia complies. An unexpectedly quick return of U.S. shale production since OPEC and non- OPEC producers agreed in December to limit oil production has put the brakes on a...

  • DUBAI, March 28- At least some of the proceeds from the sale of Souq.com to Amazon.com will be invested back in the business, the co-founder of the Middle East online retailer said on Tuesday. Amazon and Souq.com announced earlier on Tuesday they had agreed to the takeover deal. Souq.com' s current shareholders include South Africa's Naspers Ltd and Tiger Global...

  • DUBAI, March 28- Amazon.com has agreed to buy Middle East online retailer Souq.com, thwarting a last-minute bid by Dubai billionaire Mohamed Alabbar's Emaar Malls. In a deal document seen by Reuters, Goldman said the acquisition would accelerate Amazon's entry into "attractive Middle East countries with significant growth potential given e-commerce only...