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Business Middle East

  • DUBAI, United Arab Emirates— The International Monetary Fund says Iran's economy has rebounded after the nuclear deal with world powers, but warns that uncertainty over future sanctions and problems with the country's domestic banks could cause trouble ahead. The IMF released a report early on Tuesday that said Iran's real gross domestic product grew by 7.4...

  • ISLAMABAD— Pakistan deployed extra police forces and paramilitary units on Tuesday in the country's capital to boost security ahead of a regional summit on economic cooperation, officials said. Turkey, Iran and Pakistan were the three ECO founding members. New Delhi cited security concerns amid a surge in violence over the disputed Kashmir region, which both...

  • *Asian buyers take 1.64 mln bpd of Iran oil in Jan- data. Iran's top four Asian buyers- China, India, South Korea and Japan- imported 1.64 million barrels per day last month, up 67.6 percent on a year earlier, government and ship-tracking data showed. Iran was exempted from an OPEC deal to reduce output by 1.2 million bpd starting Jan. 1, a victory for Tehran which has argued...

  • DUBAI/ LONDON, Feb 28- Saudi Arabia wants crude oil prices to rise to around $60 a barrel this year, five sources from OPEC countries and the oil industry said. This is the level the OPEC heavyweight and its Gulf allies- the United Arab Emirates, Kuwait and Qatar- believe would encourage investment in new fields but not lead to a jump in U.S. shale output, the sources said.

  • HAVANA, Feb 27- Sales of Cuba's legendary cigars rose 5 percent last year to $445 million, defying stagnation in the global luxury goods market, manufacturer Habanos S.A. said on Monday at the opening of the Caribbean island's annual cigar festival. Habanos dominates the global market for hand-rolled, premium cigars except in the United States due to...

  • *Growth in Middle East and Africa halved to 2.6 pct in 2016. BARCELONA, Spain, Feb 27- French telecoms network operator Orange will continue to see slow growth in revenues in the Middle East and Africa this year, its regional business chief said. Bruno Mettling, Orange's deputy CEO and head of operations for the region, indicated growth this year in the Middle East and...

  • *Total eyes cut-price stake in Iran LNG project-sources. *Iran seeks to jumpstart gas exports after sanctions. Iran shares the world's biggest gas field with Qatar, which has used the reserves to build over a dozen giant liquefaction plants to chill gas into a liquid for export on ships-- a move Iran is keen to replicate.

  • *HKEX hopes to leverage deep-pocketed China investors to woo Riyadh. HONG KONG, Feb 27- Hong Kong's stock exchange will bank on its role as a gateway to mainland China's deep-pocketed investors to take on other leading venues and win the coveted $100 billion listing of Saudi Arabia's giant state oil company, Aramco, it said on Monday. Charles Li, the CEO of Hong Kong...

  • LAUNCESTON, Australia, Feb 27- If you were looking for evidence of reduced crude oil supply from OPEC and its main ally in cutting output to boost prices, Russia, then stay away from Asia's top importers. January import data from China, India and Japan do little to show the impact of reduced crude supply, but do suggest that prices have risen in response to move by the...

  • JERUSALEM, Feb 27- Israel's Space Communications has begun operating a new communications satellite, Amos-7, it said on Monday, a major milestone after it lost two satellites in the past two years. Amos-7 will replace the aging Amos-2 and provide service to clients in Europe, Africa and the Middle East. Israel's Eurocom Holdings owns 64 percent of Spacecom, whose...

  • HONG KONG, Feb 27- The Hong Kong stock exchange has had discussions with Saudi Arabia's giant state oil company Aramco and is working "very hard" to win a potential $100 billion listing, the bourse's CEO Charles Li said on Monday. Speaking during Hong Kong Exchanges and Clearing's annual earnings briefing, Li said the Asian time zone and access to Chinese capital...

  • LAUNCESTON, Australia, Feb 27- If you were looking for evidence of reduced crude oil supply from OPEC and its main ally in cutting output to boost prices, Russia, then stay away from Asia's top importers. January import data from China, India and Japan do little to show the impact of reduced crude supply, but do suggest that prices have risen in response to move by the...

  • SINGAPORE, Feb 27- Oil prices edged higher on Monday, with Brent oil set to rise for five out of seven sessions as a global supply glut appears to ease, but rising U.S. production limited gains. But the market has been supported within a tight $4 to $5 range since November, when the Organization of the Petroleum Exporting Countries and other producers agreed to cut...

  • But the market has been supported within a tight $4 to $5 range since November, when the Organization of the Petroleum Exporting Countries and other producers agreed to cut production. OPEC's record compliance with the deal has surprised the market, and the biggest laggards, the United Arab Emirates and Iraq, have pledged to catch up with their targets.

  • MILAN— A transition is underway in the Milan fashion scene, with new designers taking over traditional brands and younger creatives breaking out with their own labels. Dolce& Gabbana, Marni, Ferragamo, Stella Jean and Arthur Arbesser were among those with shows on Sunday. Anderson's son Dylan Lee and Foxx's daughter Corrine were among more than 100 "influencers"—...

  • JERUSALEM— Israel's official Holocaust memorial has asked Amazon to stop selling literature on its site that denies the genocide of 6 million Jews during World War II and otherwise promotes anti-Semitism. Yad Vashem's director of libraries Robert Rozett says he has dispatched a letter to Amazon CEO Jeff Bezos offering his assistance to "curb the spread of...

  • CAIRO— Egyptian officials said Sunday they were inching closer to meeting all demands set by Russia on airport security to resume flights to Egypt, suspended after militants from a local affiliate of the Islamic State group downed a Russian airliner 15 months ago over the Sinai Peninsula. Since the crash, Egypt has spent millions of dollars to upgrade security...

  • *Month-long tour includes Indonesia, China, Japan and others. KUALA LUMPUR/ DUBAI, Feb 26- Malaysia welcomed Saudi Arabia's King Salman on Sunday for the start of a rare, month-long Asian tour, where the monarch will build ties and seek to draw more investments to the oil-rich gulf nation. King Salman also plans to visit Indonesia, Brunei, Japan, China, the Maldives and...

  • DUBAI, Feb 25- The chairman of Dubai Holding, the investment vehicle of the emirate's ruler and a major force in developing the Dubai economy, has resigned to focus on his role in the national government, the conglomerate said on Saturday. As head of Dubai Holding since its founding in 2004, Mohammed Abdullah al-Gergawi came to oversee a $35 billion portfolio of...

  • *Egypt floated its pound currency in November. CAIRO, Feb 24- Egypt will receive in March the second $1 billion tranche of a $3 billion World Bank loan aimed at supporting a government economic reform program, Central Bank Governor Tarek Amer said late on Friday. Facing a gaping budget deficit, Egypt began a series of painful economic reforms and has been taking...