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Business Middle East

  • *Weak economic outlook, stronger dollar depress oil* NATO says plans in place to defend Turkey from Syria* U.S. crude stockpiles forecast to rise 1 mln bbls- poll* Coming up: API weekly oil inventories data at 2030 GMT By Florence Tan.

  • TOKYO, Oct 10- Japan's Toyota Motor Corp will voluntarily recall 7.4 million vehicles globally, including certain Vitz, Yaris and Corolla models, due to malfunctioning power window switches, the company said on Wednesday. The recall comes a day after Toyota reported its sales fell 48.9 percent year-on-year in China in September.

  • MOSCOW- Russian President Vladimir Putin will meet Iraqi prime minister Nuri al-Maliki. MOSCOW- Putin to meet with officials to discuss the situation on the national and international grain market. MOSCOW- Court hearing in appeal by members of punk group Pussy Riot.

  • NAIROBI, Oct 10- The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. NIGERIA- President Goodluck Jonathan is expected to deliver the 2013. KENYA- Central Bank of Kenya auctions 182- day Treasury bills.

  • By early afternoon in Europe, benchmark oil was down 28 cents to $92.11 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $3.06 on Tuesday to finish at $92.39 per barrel on concerns about supplies from the Middle East and the North Sea.

  • MELBOURNE, Oct 10- Australian shares slipped 0.3 percent on Wednesday, pulling back from 14- month highs after the IMF cut its growth forecasts for a second time, sending shares around most of the region lower. climbed 6 percent to $117.20 a tonne, its highest since Aug. 1, according to data provider Steel Index, taking gains to 12.5 percent over the past two days.

  • BANGKOK-- Worries about Europe's debt crisis, signs of weak global growth and expectations of lower U.S. corporate earnings sent most Asian stock markets down Wednesday.

  • The yield on Turkey's two-year benchmark bond. A reduction in natural gas exports from Iran would not have much impact on world energy markets, but could hurt Turkey and part of Azerbaijan, according to a U.S. report due to be released on Tuesday.

  • *NATO says plans in place to defend Turkey from Syria. SINGAPORE, Oct 10- Brent crude slipped near $114 on Wednesday after a jump of 2 percent the previous day, with a cloudy economic outlook offsetting fears about disruptions to Middle East oil supply as a conflict between Turkey and Syria escalated.

  • U.S. crude was down 45 cents at $91.94 a barrel at 12:45 p.m. EDT, having swung from $91.57 to $93.66.

  • As Western sanctions squeeze Iran and its currency tumbles, the country's energy minister wooed Indian businesses on Wednesday for more investment and trade.

  • MILAN, Oct 10- Ferrari Chairman Luca Cordero di Montezemolo is set to become the vice chairman of UniCredit, Italy's biggest bank by assets said in a statement on Wednesday. Montezemolo already sits on Unicredit's board as a representative of Abu Dhabi investment vehicle Aabar, which is the bank's single biggest shareholder with a 6.5 percent stake.

  • *Turkey warns Syria about cross-border shelling. Shelling along the Turkey- Syria border, hostility between Iran and the West and an impending Israeli election have reinforced fears about potential threats to oil supplies from the Middle East Gulf.

  • NEW YORK-- The price of oil rose slightly Wednesday on another encouraging sign for the U.S. economy. Benchmark crude gained 42 cents to $92.81 per barrel at midday in New York. The price of oil rose more than 3 percent Tuesday on concerns about supplies from the Middle East and the North Sea.

  • *Gazprom Neft still interested in Kurdistan- sources. NOVO-OGARYOVO, Russia, Oct 10- President Vladimir Putin lobbied Iraq's prime minister on Wednesday to support Russian energy investment, as the oil arm of gas export monopoly Gazprom pushes for a foothold in the semi-autonomous region of Kurdistan.

  • Traders also cited some remaining uncertainty following Tuesday's strike in the energy sector in France, which completely halted production at E.ON' s. "All of E.ON' s plants were off yesterday and as far as I know they were all available again today, but the strike notice still hasn't been lifted, and this is creating tensions," a Paris- based trader said.

  • NEW YORK-- Robert Caro, Junot Diaz and the late Anthony Shadid were among the finalists announced Wednesday for the National Book Awards. Other nominees included the novelists Dave Eggers and Louise Erdrich and nonfiction writers Anne Applebaum and Katherine Boo.

  • *NATO says plans in place to defend Turkey from Syria. SINGAPORE, Oct 10- Brent crude slipped below $114 on Wednesday after a 2 percent jump the previous day, with a cloudy economic outlook offsetting fears about disruptions to Middle East oil supply as a conflict between Turkey and Syria escalated.

  • *Asian shares fell on Wednesday, led by losses in technology and materials stocks after brokerage downgrades for top chip maker Intel Corp. *Oil prices jumped on Tuesday, snapping two sessions of losses, as escalating turmoil on the border of Turkey and Syria heightened concerns of a supply disruption in a tense Middle East.

  • BANGKOK-- Worries about Europe's debt crisis, signs of weak global growth and expectations of lower U.S. corporate earnings sent Asian stocks down on Wednesday. International Monetary Fund said Tuesday that Spain's economy _ already in double-dip recession _ will contract by 1.3 percent next year _ more than double its previous prediction.