Business Middle East

  • SYDNEY, Oct 2- Australian shares rallied 1 percent to their highest close in five months after Australia's central bank cut its main cash rate in a bid to bolster growth in the face of weak commodity prices and global uncertainty.

  • -Bulgaria will not hold talks with U.S.-registered Global Power Consortium for the possible sale of its abandoned Belene nuclear project until a referendum on the fate of the plant is carried out, Prime Minister Boiko Borisov said.

  • *State-backed merger to create entity with $15 bln in assets. DUBAI, Oct 2- Talks of a potential merger between Abu Dhabi property firms Aldar Properties and Sorouh Real Estate are at an advanced stage but a due diligence process was still ongoing, the two companies said in a joint statement on Tuesday.

  • SINGAPORE, Oct 2- Asia's gasoil refining margin weakened on Tuesday, hurt by increasing supply in the market. The front-month November margin fell 16 cents to a premium of $18.86 a barrel to Dubai crude, lowest in four sessions, according to Reuters data. In the fuel oil market, inter-month spreads were weaker as demand from China and Japan was lacklustre.

  • In the Platts window, Eni bought an 80,000- tonne Oct 14-18 cargo in the Mediterranean from Vitol at dated Brent minus $1.80, some 20 cents weaker than prices earlier this week, traders said. Also in the Mediterranean, BP bought an Oct 19-23 Azeri Light cargo from Socar at dated Brent plus $2.05, some 45 cents weaker than offers on Monday.

  • NAIROBI, Oct 2- The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday. *BOTSWANA- Bank of Botswana to auction its 14- day certificate Treasury bill. Brent crude futures steadied near $112 a barrel on Tuesday as investors.

  • Global economic activity has slowed this year, curbing fuel demand growth in Asia, Europe and the United States. The euro supported oil prices, rising for a second straight session on growing expectations the euro zone's fourth-largest economy, Spain, will seek a bailout.

  • LONDON, Oct 2- Russian private equity group Baring Vostok has raised $1.5 billion for new deals, the largest pool of private equity capital ever raised in Russia, the firm said on Tuesday.

  • DUBAI, Oct 2- Aldar Properties:. *Aldar Properties, Sorouh Real Estate says due diligence on potential merger ongoing- statement. *Abu Dhabi's Aldar, Sorouh say merger discussions at an advanced stage.

  • LONDON, Oct 2- Abu Dhabi National Energy Co is looking to refinance up to $3 billion of syndicated loans and banks are due to submit proposals this week, two bankers close to the deal said on Tuesday. But TAQA may have to pay more than on its original $3 billion loan signed in December 2010 with coordinator Bank of Tokyo-Mitsubishi UFJ.

  • By Luke Pachymuthu and Manolo Serapio Jr. SINGAPORE, Oct 2- Brent crude futures steadied near $112 a barrel on Tuesday as investors weighed a weaker demand outlook amid a sluggish global economy against the continuing potential for supply risks.

  • Oct 2- Fitch Ratings has assigned Qatar Islamic Bank's. USD1.5bn trust certificate issuance programme a final rating of' A'. The issuing entity under the programme is QIB Sukuk Ltd.

  • WASHINGTON, Oct 2- Last year's sale from U.S. emergency crude oil reserves has helped battle shrinking capacity or "creep" at the 62 salt caverns in Texas and Louisiana that form the Strategic Petroleum Reserve, the Energy Department's inspector general said on Tuesday.

  • PARIS, Oct 2- Valentino, the Italian fashion brand recently snapped up by Qatar's royal family, continues to enjoy strong demand and plans a new global expansion phase, with flagship store openings in the works, its head said on Tuesday. "There will be new boutiques, new flagships, everywhere," Sassi said, adding that meant in Asia, Europe and the Middle East.

  • By Luke Pachymuthu and Manolo Serapio Jr. SINGAPORE, Oct 2- Brent crude futures steadied near $112 a barrel on Tuesday as investors weighed a weaker demand outlook amid a sluggish global economy against the continuing potential for supply risks.

  • MELBOURNE, Oct 2- Australian shares advanced 0.5 percent on Tuesday, with investors on tenterhooks ahead of a central bank rate decision and resources stocks helped by stronger-than-expected U.S. manufacturing data.

  • SINGAPORE, Oct 2- U.S. crude eased closer to $92 a barrel on Tuesday, as concerns over the pace of economic recovery in the United States and the possibility of a recession in Europe weighed on investors. was down 14 cents at $92.34 a barrel by 2338 GMT, after settling up 29 cents at $92.48 on Monday.

  • MELBOURNE, Oct 2- Australian shares opened 0.3 percent higher on Tuesday, with investors on tenterhooks ahead of a central bank rate decision and resources stocks helped by stronger-than-expected U.S. manufacturing data.

  • SYDNEY, Oct 2- Australian shares are set to open higher on Tuesday, with resources stocks likely to underpin gains after data showed a surprising expansion in U.S. manufacturing in September.

  • *China's factory activity shrinks for 2nd month in Sept. NEW YORK, Oct 1- Brent crude slipped on Monday as signs of economic weakness in Asia and a looming recession in the debt-saddled euro zone tempered more optimistic U.S. manufacturing data. Federal Reserve's latest quantitative easing and geopolitical tensions in the Middle East.