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  • BRUSSELS- European Central Bank President Mario Draghi speaks at the European Parliament- 1400 GMT. TUESDAY, FEBRUARY 16 WASHINGTON- Minneapolis Federal Reserve Bank President Kashkari speaks at Brookings Institution- 1530 GMT. NEWARK- Federal Reserve Bank of Philadelphia President Patrick Harker speaks on the economic outlook before the 2016 Economic...

  • *New app collects data on morality police checkpoints. DUBAI, Feb 12- A new smartphone application that helps Iranians dodge the Islamic Republic's "morality police" is proving popular with the young, tech-savvy population but has quickly fallen foul of the authorities. Gershad is seen by some as setting a precedent for "digital protest" in Iran as elections loom...

  • NEW YORK— Professional racecar driver Scott Tucker was arrested Wednesday on criminal charges accusing him of living the high life on the backs of millions of desperate people who used his payday lending operation to get quick cash over the Internet. Authorities said Tucker was arrested Wednesday in Kansas City, Kansas, and would initially appear in court in...

  • *Other sectors monitoring case for guidance on pricing methods. BRUSSELS, Feb 10- Leading shipping container groups Maersk, MSC and 13 other companies have offered to change their pricing practices to settle an EU antitrust probe and stave off possible fines, two people familiar with the matter said on Wednesday. The European Commission opened an...

  • CHICAGO, Feb 9- Bunge Ltd has launched legal proceedings against Egypt's state grain buyer over a rejected cargo of French wheat, highlighting uncertainty among suppliers who are already charging a risk premium to the world's largest wheat importer. Egypt, which buys wheat to provide its poorest citizens with bread, has in recent weeks fueled confusion in the...

  • *Saudi labor ministry issues statement on unpaid wages. DUBAI, Feb 9- Some Saudi Arabian construction companies are struggling to pay their staff on time in a sign of growing pressure on the economy from low oil prices, which are causing the government to slow spending on building projects. In an unusual move this week, the Ministry of Labour issued a public...

  • We must all get used to a certain type of lifestyle that does not rely entirely on the state, " Saudi Arabia's ruler warned. In fact they were spoken almost two decades earlier by Crown Prince Abdullah, the kingdom's de facto regent, at the Gulf Cooperation Council summit held in Abu Dhabi on Dec. 8, 1998. Oil revenues have been fundamental in shaping the modern state...

  • *Mideast OPEC producers fight for market share in Asia. DUBAI, Feb 9- Iraq has raised the March official selling price for Basra Light crude to Asia by $0.20 to minus $2.60 a barrel against the average of Oman/ Dubai quotes from the previous month, the State Oil Marketing Organization said. Basra Heavy to Asia in the same month was priced at minus $6.30 a barrel to Oman/...

  • LAUNCESTON, Australia, Feb 8-- One of the dominant themes in Asia's oil products markets is the rise of Chinese fuel exports, so much so that the decline in shipments from India barely gets mentioned. India has in recent years been a fairly major player in Asia's market for refined products, given the presence of plants designed to take advantage of the country's...

  • Iran: Dollars no good here, but euros are Sunday, 7 Feb 2016 | 11:19 AM ET
    Iranian workers walk at a unit of South Pars Gas field in Asalouyeh Seaport, north of Persian Gulf, Iran November 19, 2015.

    Iran wants to recover tens of billions of dollars it is owed by India and other buyers of its oil in euros.

  • MOGADISHU, Somalia— Security video footage taken at Mogadishu airport shows two men handing what looks like a laptop computer to the suspected suicide bomber after he passed through the security checkpoint, Somalia's government spokesman said Sunday. The man who received the laptop is the suspected suicide bomber who was blown from the Daallo Airlines jet...

  • India's Jet Airways posts record quarterly net profit Saturday, 6 Feb 2016 | 6:20 AM ET

    NEW DELHI, Feb 6- India's Jet Airways Ltd said on Saturday its December quarter net profit rose more than seven times, with sharply lower fuel costs helping the carrier post a third consecutive quarterly gain following a series of losses. Jet, India's second largest carrier by market share, said net profit in the October-December period rose to 4.67 billion...

  • *Iran billing new oil contracts in euros- NIOC source. NEW DELHI, Feb 5- Iran wants to recover tens of billions of dollars it is owed by India and other buyers of its oil in euros and is billing new crude sales in euros, too, looking to reduce its dependence on the U.S. dollar following last month's sanctions relief. A source at state-owned National Iranian Oil Co told...

  • SEOUL, Feb 5- Chinese visitors to South Korea are buying less from global luxury mainstays like Louis Vuitton and Chanel in favour of cheaper homegrown brands, as young, independent travellers make up a bigger share of tourists. South Korea trails only Thailand as an overseas destination for Chinese travellers, whose heavy retail spending has helped make South...

  • ISLAMABAD, Feb 4- Pakistan has shelved plans to privatise its power supply companies and will miss deadlines to sell other loss-making state firms, reneging on promises it made to the IMF in return for a $6.7 billion bailout three years ago. Two government officials with direct knowledge of the situation said International Monetary Fund officials who met...

  • ISLAMABAD, Feb 4- Pakistan has shelved plans to privatize its power supply companies and will miss deadlines to sell other loss-making state firms, reneging on promises it made to the IMF in return for a $6.7 billion bailout three years ago. Two government officials with direct knowledge of the situation said International Monetary Fund officials who met...

  • The MSCI emerging market benchmark was lifted by stellar gains in Asia as well as an oil-fuelled rise in Russia as crude prices jumped above $35 a barrel, adding to a 7 percent rise on Wednesday. Dollar-denominated stocks in Moscow rose as much as 6 percent while bourses in South Africa, Turkey and Poland all firmed around 1.5 percent. In Asia, Chinese mainland...

  • DUBAI, United Arab Emirates— A consortium of Gulf Arab investors has agreed to buy a majority stake in Middle Eastern food firm Kuwait Food Company, which operates regional franchises of KFC, Krispy Kreme and other well-known Western brands. Kuwait Food Company is better known as Americana. Founded in 1964, its portfolio includes Mideast franchises of Pizza...

  • ISLAMABAD, Feb 4- Pakistan has shelved plans to privatise its power supply companies and will miss deadlines to sell other loss-making state firms, reneging on promises Islamabad had made to the IMF in return for a $6.7 billion bailout three years ago. Two government officials with direct knowledge of the situation said International Monetary Fund officials...

  • DUBAI, Feb 4- An investment firm led by one of Dubai's top businessmen, Mohamed Alabbar has agreed to buy a controlling stake worth $1.7 billion in Kuwait Food Co, from Kuwait's al-Kharafi family. Americana, which owns the Middle East franchises for popular fast food chains KFC and Pizza Hut as well as producing a range of branded consumer foods for markets...