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  • 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...

  • *Nearly 150 jobs cut in Dubai corporate bank- source. *Bank still has several hundred staff in Dubai- source. DUBAI, Feb 3- Barclays is cutting nearly 150 staff from its corporate banking arm in Dubai as part of a restructuring of the business in the Gulf emirate, a source familiar with the matter said on Wednesday.

  • The front month contract for West Texas Intermediate was down 40 cents at $29.48 at 0035 GMT, after settling down $1.74, or 5.5 percent, in the previous session. That came as U.S. crude stocks rose by 3.8 million barrels to 500.4 million in the week to Jan. 29, data from industry group, the American Petroleum Institute showed on Tuesday. Meanwhile, Iran is aiming for...

  • SAN FRANCISCO— Yahoo is laying off about 1,700 employees and shedding some of its excess baggage in a shake-up likely to determine whether CEO Marissa Mayer can save her own job. The long-anticipated purge, announced Tuesday, will jettison about 15 percent of Yahoo's workforce along with an assortment of services that Mayer decided aren't worth the time and...

  • ADDIS ABABA, Feb 2- China is expected to start work in Djibouti soon on a naval base, Djibouti's president told Reuters, defending Beijing's right to build what will be its first foreign military outpost on one of the world's busiest shipping routes. Strategically located at the southern entrance to the Red Sea on the route to the Suez Canal, Djibouti is already...

  • Oil has fallen from $107 to around $30 in the past 19 months. Furious production by the U.S. and OPEC led to an oversupply. In a recent research note, Goldman Sachs predicted "the path to a rebalanced market will be protracted and arduous."

  • Foreign Minister Sergey Lavrov told reporters in the United Arab Emirates on Tuesday that Moscow is "open for other forms of cooperation, if there is general interest in holding a meeting between OPEC members and producer countries." Russia is not a member of the Organization of the Petroleum Exporting Countries. Russia's Energy Minister Alexander Novak last...

  • ROME, Feb 2- Italy's Meridiana Fly held talks with the country's development minister on Tuesday about the ailing airline's future, its CEO said after the meeting, but did not comment on speculation Qatar Airways could come to the rescue. I can't say more at this stage, "Meridiana Chief Executive Marco Rigotti said when asked about potential talks with Qatar...

  • The Chilean Health Ministry says all three Zika cases reported Tuesday were contracted outside Chile. It says one person was infected while traveling in Venezuela, one in Colombia and one in Brazil. The World Health Organization says Zika is likely to spread to every country in the Americas where the Aedes aegypti is found.

  • ABU DHABI, Feb 2- Russia is open to further cooperation in the oil market with OPEC and non- OPEC countries, Russian Foreign Minister Sergei Lavrov said on Tuesday while on a visit to Abu Dhabi. Asked at a news conference whether Russia was open to the idea of a meeting among OPEC and non- OPEC countries to discuss stabilising oil prices, he replied through a translator:.

  • SINGAPORE, Feb 1- Singapore has seized a large number of bank accounts in recent months as part of an investigation into possible money-laundering linked to Malaysian state investment fund 1 Malaysia Development Berhad, authorities said on Monday. Singapore is cooperating with authorities in Malaysia, Switzerland and the United States who are...

  • LONDON/ DUBAI, Feb 1- OPEC and non- OPEC countries have not yet agreed to hold a meeting to discuss action to support oil prices, two OPEC delegates said on Monday, nearly a week after Russian officials said Moscow should talk to OPEC. OPEC delegates said last week a gathering of OPEC and non- OPEC oil officials could take place in February or March, perhaps at an expert...

  • The addition of 12 new passenger destinations from Dubai International lifted traffic through the airport as local carriers Emirates and flydubai expanded. Last year saw regional tensions and conflicts in countries including Yemen, Iraq and Syria, but Dubai Airports Chief Executive Paul Griffiths said in a telephone interview: "We haven't seen any impact...

  • MAGALUF, Spain, Jan 29- Set back from the white sand beach which first attracted tourists to Magaluf in the 1960 s, a smart new development is rising- part of the Mallorcan resort's plan to transform itself from an alchohol-fuelled fleshpot awash with young Britons to a high-end holiday destination for families and couples. Magaluf's vision shows how Spain's...

  • ST PETERSBURG, Russia/ DUBAI, Jan 28- Russia said on Thursday that OPEC had proposed oil production cuts of up to 5 percent in what would be the first global deal in over a decade to help reduce a glut of crude and prop up sinking prices. It remained unclear whether Russian Energy Minister Alexander Novak was referring to a months old proposal by OPEC members...

  • *Iran output increase complicates outlook. ST PETERSBURG, Russia/ DUBAI, Jan 28- Russia said on Thursday that OPEC's largest producer Saudi Arabia, had proposed oil production cuts of up to 5 percent in what would be the first global deal in over a decade to help clear a glut of crude and prop up sinking prices. Russian Energy Minister Alexander Novak said Saudi...

  • DUBAI, Jan 28- Saudi Arabian stocks firmed up on Thursday as oil prices held above $30 a barrel, while Egypt edged higher on modest volumes. Brent futures were holding above $33, having risen 4 percent on Wednesday after Russian officials said they should talk to Saudi Arabia and other OPEC countries about output cuts to bolster prices. "In the near future the strong...

  • NEW YORK, Jan 28- While airlines are in no rush to pass on fuel savings to passengers brought by the collapse in oil prices, the Houston travel market has left them little choice. Crude's 70- percent drop in the past 19 months has made the Houston travel market a rare point of downward pressure on airline revenues. On average, round-trip business and first class...

  • SINGAPORE, Jan 27- Asia's fuel oil market faces more trouble in 2016 because of plunging demand from independent Chinese refiners and as Asia's slowing economies dent consumption in power plants and seaborne trading. With China's economy growing at its slowest pace in a generation and Asia's trading powerhouses Japan and South Korea struggling to create...

  • World Bank slashes 2016 oil price forecast Tuesday, 26 Jan 2016 | 10:00 AM ET

    WASHINGTON, Jan 26- The World Bank has slashed its forecast for crude oil prices by $14 to $37 per barrel for 2016, it said on Tuesday, amid growing supply and weak demand prospects from emerging markets. In its annual Commodity Markets Outlook, the World Bank lowered its price forecast for 37 of 46 commodities, including oil, saying that weak demand from emerging...