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Asia-Pacific News South and Southeast Asia

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  • NEW YORK/ LONDON, July 31- Gold reversed earlier losses on Friday as the dollar fell after weaker-than-expected U.S. data, but prices remained on course for their biggest monthly decline in more than two years on expectations the Federal Reserve will soon raise interest rates. "There is no wage inflation in the U.S. and that was the trigger for the sharp move in the...

  • LONDON, July 31- Gold reversed earlier losses on Friday as the dollar fell after weaker-than-expected U.S. data, but prices remained on course for their biggest monthly decline in more than two years on expectations the Federal Reserve will soon raise rates. "There is no wage inflation in the U.S. and that was the trigger for the sharp move in the euro/dollar rate,...

  • *OPEC output up more than 1.7 mln bpd since policy shift. LONDON, July 31- OPEC oil output reached the highest monthly level in recent history in July, a Reuters survey found on Friday, as Saudi Arabia and other key members show no sign of wavering in their focus on defending market share instead of prices. OPEC supply has risen in July to 32.01 million barrels per day...

  • NEW DELHI/ MUMBAI, July 31- Indian industrial giant Larsen& Toubro Ltd criticised on Friday the "unhurried pace" of government reforms for weakening investment in its home market, as it reported a 37 percent slide in first-quarter profit. Larsen, which makes everything from metro train lines to gas pipelines to parts for submarines, has been hoping for a rebound in...

  • NEW DELHI, July 31- Planning to inject $11 billion of capital into debt-laden state banks over the next four years, India's Finance Minister Arun Jaitley on Friday sought parliament's approval to boost budget spending by $4 billion in the current fiscal year. High levels of non-performing assets in state-run banks have made it hard for the government of Prime...

  • *Mogherini met Iran's Zarif in Tehran this week. BRUSSELS, July 31- The European Union should start high-level talks with Iran on energy and trade by the beginning of 2016, EU foreign policy chief Federica Mogherini told a closed-door meeting of EU policymakers. The day after a deal on Iran's nuclear program was sealed this month, Mogherini told the European...

  • MUMBAI, July 31- India's Reliance Communications has revived a plan to sell a stake in its tower unit, attracting early interest from U.S. private equity firms as well as sector rivals, three sources with direct knowledge of the matter said. Reliance Communications, India's fourth-biggest mobile phone carrier, is looking at a valuation of about $4 billion for the...

  • With almost 80 million people and annual output of some $400 billion, Iran could be the biggest economy to rejoin the global trading and financial system since Russia emerged from the collapse of the Soviet Union more than two decades ago. Iran has already outlined plans to rebuild its main industries and trade relationships, saying last week it was targeting...

  • BEIJING, July 31- China's state oil giants are set to start pumping a combined 160,000 barrels a day at two projects in southwestern Iran from around October, company sources said, contributing to Tehran's plan to boost output ahead of sanctions being lifted. Chinese energy firms had earlier put on hold or slowed work on energy projects in Iran from late 2010,...

  • *Gold eyes biggest monthly fall since June 2013. LONDON, July 31- Gold slipped on Friday and was on course for a sixth straight weekly fall, its longest retreat in 16 years, as the dollar remained firm after upbeat U.S. economic data encouraged bets on the Federal Reserve raising interest rates in September. "Gold is an asset that pays no interest or coupon and the rate...

  • According to Press Trust of India, the head of Uber India, Amit Jain, said the investment will be used to improve operations and establish a better customer support network. "India is one of Uber's big priorities," Jain was quoted as saying in a statement, adding that a similar billion-dollar investment was announced for China in June. The company also plans to expand...

  • By Mayank Bhardwaj and Krishna N. Das. NEW DELHI, July 31- India is to buy oilseeds and pulses directly from farmers for the first time this year, in addition to its existing purchases of wheat and rice, to boost production and close a supply gap that has driven its annual import bill up to $12 billion. India is the world's biggest consumer of edible oils and Prime...

  • Iran is keen to recover market share that evaporated under U.S. and European Union sanctions designed to keep its exports at around 1 million bpd, down from 2.5 million bpd in 2011. Under the accord reached in Vienna on July 14, Iran will be subject to longer-term restrictions on its nuclear program in return for the removal of U.S., U.N. and European sanctions.

  • Uber to plow $1B into India investment drive Friday, 31 Jul 2015 | 2:38 AM ET
    A woman uses the Uber app on a smartphone as a taxi cab drives by.

    Uber is set to plow $1 billion into a major expansion in India, placing its investment in the country on a par with China, the FT reports.

  • SAINT-ANDRE, Reunion— A barnacle-encrusted wing part that washed up on a remote Indian Ocean island could help solve one of aviation's greatest mysteries, as investigators work to connect it to the Malaysia Airlines flight that vanished more than a year ago. The surprise discovery of the debris on a rocky beach stirred hopes and emotion among families of the...

  • *Russia, OPEC did not discuss coordination. *OPEC received no request for extraordinary meeting. Oil has dropped about 15 percent this month and halved in value in the past year but neither OPEC nor Russia, the world's top producer, have cut output to support prices, hoping cheaper oil will hit U.S. shale and other rival sources.

  • LONDON, July 30- Specialist insurance market Lloyd's of London said on Thursday it planned to apply for an onshore reinsurance license and open an office in Malaysia, as part of its push into emerging markets. In Asia, Lloyd's already has an office in Singapore and it opened an office in Dubai earlier this year. Nelson said around $130 million in business was...

  • Lufthansa's Austrian ready to expand services to Iran Thursday, 30 Jul 2015 | 6:48 AM ET

    VIENNA, July 30- Lufthansa unit Austrian Airlines is ready to expand its services to Iran to include flights to Isfahan and Shiraz, as soon as a good opportunity presents itself, the Chief Financial Officer of the Austrian group said on Thursday. Austrian Airlines, Lufthansa's Vienna- based platform into Eastern Europe, already offers daily flights to Iran's...

  • LONDON, July 30- Gold fell more than 1 percent on Thursday, trading close to a 5-1/ 2- year low hit last week, as the dollar jumped after the Federal Reserve left the door open for a rate rise in September and ahead of U.S. Spot gold dropped 1.3 percent to a session low of $1,081.85 an ounce in earlier trade, not far from its cheapest since February 2010 at $1,077 hit after a...

  • PARIS, July 30- PSA Peugeot Citroen, previously the market leader in Iran, could find it more difficult to return to the country than fellow French car group Renault, Foreign Minister Laurent Fabius said after talks with Iranian leaders. Peugeot and Renault both enjoyed a strong position in the Iranian market before international sanctions on Tehran were...