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Business Middle East

  • *OPEC says 90 percent of oil output cuts made in January. *OPEC wants compliance with cuts even higher- Sec-Gen. OPEC Secretary General Mohammad Barkindo told an industry conference in London that January data showed conformity from participating OPEC nations with output curbs had been above 90 percent and oil inventories would decline further this year.

  • *OPEC says 90 percent of oil output cuts made in January. *OPEC wants compliance with cuts even higher- Sec-Gen. NEW YORK, Feb 21- Oil prices rose about 2 percent to near three-week highs on Tuesday after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher as it expects other producers join its efforts to...

  • "This is a very historic visit for us," Cabinet Secretary Pramono Anung told reporters on Tuesday, adding that the king would be in Indonesia from March 1 to 9. Indonesia, home to the world's largest Muslim population, hopes Saudi Arabia will help to promote moderate Islam through religious teaching and exchange programmes for scholars, Anung added.

  • *FTSE 100 down 0.3 pct. *FTSE 350 bank index scores worst day since Brexit. The blue-chip FTSE index fell 0.3 percent, with HSBC down 6.5 percent, its worst day in 18 months, after its results.

  • BAGHDAD, Feb 21- Iraq needs oil prices to reach $60 per barrel to plug its public deficit gap, Prime Minister Haider al-Abadi told a news conference in Baghdad on Tuesday. Brent crude was trading at about $57 per barrel on Tuesday. Iraq is OPEC's second largest producer, after Saudi Arabia.

  • *OPEC says 90 percent of oil output cuts made in January. *OPEC wants compliance with cuts even higher- Sec-Gen. NEW YORK, Feb 21- Oil prices rose about 2 percent to near three-week highs on Tuesday after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher as it expects other producers join its efforts to...

  • DUBAI, United Arab Emirates— Dubai's government says an arbitration tribunal has cleared port operator DP World of allegations of wrongdoing over its operation of an East African port. The government of Djibouti brought a legal challenge against Dubai's state-backed DP World in 2014 over its 50- year deal to operate the Doraleh Container Terminal, accusing...

  • *U.S. is Israel's largest trading partner by country. TEL AVIV, Feb 21- Investors are betting heavily that Israeli defense and cyber-security firms will reap a windfall from President Donald Trump's big U.S. spending plans, although likely benefits for the wider economy remain like the man himself- hard to predict. But in Israel, hopes are high for stronger...

  • "Political uncertainty could cause a significant rift in light vehicle sales both in the U.S. and Europe, as both regions are undergoing fluctuations in policy, leadership and other dynamics," said Henner Lehne, senior director, global vehicle group for IHS Markit. The business consultancy said new vehicle sales in China will rise 1.9 percent to 28.5 million; fall...

  • *Middle East is its largest market after US sanctions. *JV in India to make assault rifles in 2017. ABU DHABI, Feb 21- Russian weapons maker Kalashnikov Group's sales doubled last year, helped by demand in the Middle East for its drones, missiles, rifles and military vehicles, making up for US sanctions that cost it its largest market, its chief executive said.

  • LONDON, Feb 21- Institutional investors pulled $468.8 billion out of equities in 2016, a report by the research firm eVestment showed on Tuesday, notwithstanding a rally late in the year that drove stock markets to record highs. The fourth-quarter selling was broad-based, with client accounts domiciled in the United States, Europe, Britain, Canada, Africa, the...

  • SAO PAULO, Feb 21- Paulo Castellari, who was named chief financial officer of Brazilian power utility Cia Energética de Minas Gerais SA only two months ago, is joining Mubadala Development Co PJSC, a source told Reuters on Tuesday. Mubadala opened an office in Rio de Janeiro early last year to spot potential opportunities in Brazil and manage local investments...

  • SHANGHAI/ LONDON, Feb 21- For years, cash-rich Chinese investors have been highly sought after the world over. China's increasing efforts to prevent capital from leaving the country are eroding the confidence of domestic and foreign investors about getting deals done inside and outside of the world's second-biggest economy. Chinese bidders had become...

  • *FTSE 100 down 0.2 pct. *FTSE 350 banks index heads for worst day since Brexit. Britain's blue-chip FTSE index was down 0.2 percent, with HSBC, the first bank to report earnings this week, down 6.5 percent, heading for its worst day in 18 months after its results.

  • TUNIS, Feb 21- Libya's National Oil Corporation has signed a crude oil offtake agreement with Russia's Rosneft as it looks to encourage foreign investment and bolster Libyan output, the NOC said on Tuesday. Libya has more than doubled its oil production to 700,000 barrels per day in recent months, though output remains well below the more than 1.6 million bpd it...

  • RIYADH, Feb 21- Saudi Arabia has appointed U.S.-based Bechtel Corp, one of the world's largest industrial contractors, to run a new oversight office tasked with reducing inefficiencies and trimming costs on state infrastructure projects. Projects throughout Saudi Arabia slowed to a halt last year as the government delayed payments to contractors for their...

  • *Singapore is main regional oil trading hub. Monday's announcement that a carbon tax on direct emitters is to be introduced from 2019 shows that Singapore, Asia's main oil trading hub, could be moving towards a longer-term future dominated by cleaner technology and resources. "It is the first time in the history of Singapore that a budget has placed such a high...

  • *Potential buyers to be tapped in India, Japan, Middle East. SINGAPORE/ NEW DELHI/ BEIJING, Feb 21- China's Sinochem is exploring the sale of its 40 percent stake in Brazil's Peregrino offshore oilfield, four people familiar with the matter told Reuters, a deal that could see the state-owned conglomerate walk away from what was once touted as a key overseas asset...

  • *Singapore is main regional oil trading hub. Monday's announcement that a carbon tax on direct emitters is slated to be introduced from 2019 indicates that Singapore, Asia's main oil trading hub, could be moving towards a longer-term future dominated by cleaner technology and resources. "The proposed carbon tax on emitters would prove a significant drag on...

  • *Potential buyers to be tapped in India, Japan, Middle East. SINGAPORE/ NEW DELHI/ BEIJING, Feb 21- China's Sinochem is exploring the sale of its 40 percent stake in Brazil's Peregrino offshore oilfield, four people familiar with the matter told Reuters, a deal that could see the state-owned conglomerate walk away what was once touted as a key overseas asset because...