Saudi Arabia will try to jockey the oil market with comments about cutting production once crude prices fall below $44, Phillip Streible said.» Read More
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.
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.
*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.
KUWAIT, Oct 11- Morocco's King Mohammed plans to tour Gulf Arab countries in the next few weeks to discuss investment and bilateral relations, a senior Kuwaiti official said on Thursday. King Mohammed will travel to countries in the Gulf Cooperation Council, which comprises Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain, Qatar and Oman, Jarallah said.
LONDON, Oct 11- BAE Systems warned on Thursday that it faced uncertainty in its core market, the United States, a day after the collapse of talks with EADS.
KUWAIT, Oct 11- Morocco's King Mohammed plans to tour Gulf Cooperation Council countries in the next few weeks to discuss investment and bilateral relations, a senior Kuwaiti official said on Thursday. King Mohammed is expected to visit Kuwait as part of the tour in October or November, he said.
LONDON, Oct 11- Its $45 billion merger plan shot down, BAE Systems must now hunt growth elsewhere if the British arms maker is to find the cash needed to sustain big dividends and avert the possibility of a break-up. CEO Ian King is under pressure to spur the search for new business with a lucrative deal in Saudi Arabia now seen as crucial to bolster the balance sheet.
*Euro crisis has hit Morocco hard. KUWAIT/ RABAT, Oct 11- Morocco's King Mohammed will make a rare tour of Gulf Arab countries before the end of the year as his cash-strapped government tries to drum up investor interest in a sovereign bond.
*Southerners: unity a failure, we can handle al Qaeda ourselves. Secessionists in the south, Houthi Islamist tribal rebels in the north and al Qaeda militants all benefited from the popular upheaval in the Arabian Peninsula country that ousted veteran strongman president Ali Abdullah Saleh in February.
BAGHDAD-- Iraq officially stepped back on Wednesday from its ambitious plans to more than triple its oil production by 2017, but it remains more optimistic than the world's leading global energy monitor about how fast and how high it can boost output.
LONDON, Oct 10- The shale boom has left some of the most sophisticated refineries in the United States hunting across Europe and Africa for more of the heavy residue left over from other refiners' crude distillation units, as they try to find a use for all the expensive coking units built in the last decade.
KUWAIT, Oct 10- In a luxury hotel suite, away from prying eyes, twenty Kuwaiti female guests at a traditional wedding party segregated by the sexes watch the men via a video link. "The most important thing now is getting a university degree," said Noora al-Jaber, 28, who married seven years ago.
RIYADH, Oct 10- Banque Saudi Fransi, the lender part-owned by Credit Agricole, posted a 12.9- percent drop in its third-quarter net profit that missed analysts forecasts, it said in a bourse statement on Wednesday.
DUBAI, Oct 10- J.P. Morgan Chase Inc has hired Ahmed Saeed from Nomura Holdings to head up its Middle East business focused on public sector clients, the U.S. bank said in a statement on Wednesday.
DUBAI, United Arab Emirates-- Flights were snarled at the Middle East's busiest airport in Dubai early Wednesday after a backup system needed to deal with heavy fog failed, forcing airlines to divert dozens of planes.
By Robert Gibbons and Matthew Robinson. NEW YORK, Oct 9- 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. He later told reporters that the OPEC powerhouse would prefer to see oil prices closer to $100 a barrel.
*Alcoa settlement also includes alumina supply contracts. DUBAI, Oct 9- Alcoa Inc will pay $85 million in cash and enter long-term raw material supply contracts with Aluminum Bahrain to settle the Bahraini firm's racketeering and fraud lawsuit against Alcoa, the companies said on Tuesday.
NEW YORK, Oct 9- Oil prices jumped on Tuesday, snapping a string of two lower settlements, as the threat of supply disruption in a tense Middle East countered concerns about slower growth and resulting sluggish demand for oil.
*Azeri Nov exports to rise, Iraq cuts OSP for Europe. In the Platts window, BP bid in the Baltic for an Oct 22-26 Urals cargo at dated Brent minus $1.30 a barrel, some 30 cents stronger than on Monday, and Exxon bid for an Oct 20-24 cargo at dated Brent minus $1.35, traders said.