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Business Middle East

  • By Anjuli Davies and Sarah White. LONDON, Oct 11- Bank of America Merrill Lynch. Michael Frieser and Marc Tempelman have been appointed co-heads of financial institutions corporate and investment banking for Europe, the Middle East and Africa.

  • *Turkey, Syria fighting stokes concern over Mideast supply. LONDON, Oct 11- Brent crude oil reached its highest in a month on Thursday, lifted by escalating tension between Syria and Turkey, maintenance in the North Sea and a supply crunch in oil products.

  • *Some nuclear experts worry about proliferation risks* They say laser enrichment plants smaller, harder to detect* Iran says it "possesses" laser know-how but won't use it By Fredrik Dahl.

  • Oct 11- Cotton prices extended losses in early trade on Thursday after the U.S. government raised its inventory forecast for the season to end-July 2013 to a new record of close to 80 million 480- lb bales, reinforcing concerns about falling demand from China, the world's largest textile market.

  • *Limitless to now be owned by Dubai government. DUBAI, Oct 11- Indebted Dubai property firm Limitless has concluded the restructuring of a $1.2 billion loan, bringing to an end talks that have lasted over two years.

  • Hungary dipped 13 percent to 46.54 euros on Hungary's HUPX. The three central European countries combined their day ahead markets in September to help provide better supply for the region but since then Hungary has helped to narrow- and often erase- the typical Czech and Slovak discount to Germany.

  • *Qatari LNG supplies to UK also down sharply. *UK spot gas prices up 10 pct since beginning of Oct. LONDON, Oct 11- Britain's winter gas supply may hit a crunch in a cold snap after volatile imports from Norway due to technical problems compound variable shipments from Qatar.

  • DUBAI, United Arab Emirates-- An indebted property division of Dubai World behind plans to dig a massive canal through the Dubai desert says it has completed a deal to rework the terms on $1.2 billion of loans.

  • KUWAIT/ RABAT, Oct 11- Morocco's King Mohammed is to make a rare official tour of Gulf Arab countries later this year as his cash-strapped government seeks alternatives to its crisis-hit European trade partners. The monarch will also travel to Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain, Qatar and Oman, Jarallah said.

  • Crude futures were up ahead of the data on heightened tensions between Turkey and Syria and the potential threat to oil supply in the region. Brent crude was up $1.10 at $115.43 a barrel at 8:45 a.m. EDT, having traded from $114.42 to $115.59. U.S. crude was up $1.24 at $92.49 a barrel, having traded from $91.09 to $92.70.

  • MOSCOW, Oct 11- Iraq is considering replacing ExxonMobil with Russian companies at the supergiant West Qurna-1 oilfield, after the U.S. major angered Baghdad by venturing into Kurdistan, according to a media report citing industry sources.

  • KAYSERI, Turkey, Oct 11- Turkey said on Thursday it had stopped supplying Syria with electricity, but officials said the decision was due to problems with its neighbour's network and not a political decision to cut it off.

  • DUBAI, Oct 11- Qatar International Islamic Bank. HSBC Holdings, Standard Chartered and QNB Capital, a unit of Qatar National Bank were mandated bookrunners on the deal. Last week, Qatar Islamic Bank sold $750 million in a five-year sukuk at 2.5 percent.

  • DUBAI, Oct 11- Limitless, the indebted property arm of Dubai World, has reached an agreement with creditors to restructure a $1.2 billion Islamic loan, the company said on Thursday. Limitless will also shortly commence a procees to transfer ownership of itself to the Dubai government from conglomerate Dubai World, it said in a statement.

  • DAMASCUS, Oct 11- Syria said on Thursday a Damascus- bound plane forced to land in Ankara by Turkish fighter jets while en route from Moscow had been carrying legitimate cargo. The Foreign Ministry said the Turkish action violated international law and showed Ankara's "hostile policy" towards Syria.

  • *Middle East allocated much more of sukuk than expected. DUBAI, Oct 11- Turkey's first sovereign sukuk issue was a public relations triumph but it's been a financial disappointment so far in the secondary market, showing the risks of over-allocating debt deals to a single region.

  • *Turkey, Syria fighting stokes concern over Mideast supply. LONDON, Oct 11- Brent crude oil headed for its highest close in a month on Thursday, lifted by escalating tension between Syria and Turkey, maintenance in the North Sea and a supply crunch in oil products.

  • Turkish shares were trading at their highest in 16- months, buoyed by hopes that ratings agency Fitch, due to conduct an annual review of Turkey soon, will upgrade its credit rating.

  • LONDON, Oct 11- U.S. crude futures rose more than $1 a barrel on Thursday, as rising tension between Syria and Turkey and a supply crunch in oil products pushed prices higher. November crude was up 99 cents at $92.24 a barrel by 1120 GMT, after rising to $92.31. Brent crude was up 89 cents at $115.22.

  • *Turkey, Syria fighting stokes worries about Mideast supply. LONDON, Oct 11- Brent crude oil headed for its highest close in a month on Thursday, lifted by escalating tension between Syria and Turkey, maintenance in the North Sea and a supply crunch in oil products.