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  • 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...

  • LONDON, Jan 26- A slide in the oil price back below $30 a barrel and renewed worries about a slowing Chinese economy pushed emerging equities lower on Tuesday with Chinese, Russian and Middle Eastern assets leading the falls. Meanwhile, big year-on-year falls in Chinese rail freight volumes and coal imports from Australia, Indonesia and Mongolia added to...

  • PARIS, Jan 25- French carmaker PSA Peugeot Citroen could convene a board meeting to discuss business opportunities in Iran on Wednesday, a source close to the company said ahead of a two-day visit by Iranian President Hassan Rouhani. Rouhani is heading a delegation of ministers and Iranian business leaders visiting Italy and France this week in a first...

  • DUBAI, Jan 25- Abu Dhabi state fund Aabar Investments is seeking to borrow $2.5 billion from banks to refinance a loan coming due in April, sources aware of the matter said on Monday. Aabar, with stakes in companies including UniCredit, Dubai- listed builder Arabtec and Richard Branson's Virgin Galactic, declined to comment. It has since kept a lower profile as it...

  • DUBAI, Jan 25- Saudi Arabia's bourse slid in early trade on Monday, erasing some of the previous session's rebound as day traders booked quick profits and long-term investors awaited more market stability. Riyadh's index dropped 0.8 percent. "The trend remains bearish, trading below the 14- day simple moving average," said Shiv Prakash, senior research analyst at...

  • *Foreign firms in Iran endure losses but keep foothold. DOHA, Jan 24- A decade ago, Foad Fanaei packed his belongings and left sanction-hit Iran in the hope that the family's engineering firm would thrive in Qatar. Cherishing the same hope, his father continued to run a parent company in Iran.

  • Global insurers plot cautious course to Iran Sunday, 24 Jan 2016 | 3:00 AM ET

    SYDNEY/ LONDON, Jan 24- Global insurance firms are circling Iran for business opportunities following the lifting of sanctions- and the first test of their appetite could come in March when some Iranian companies seek new cover. Insurers, the reinsurers that share their risk and the brokers that forge deals are exploring ways to tap a market worth $7.4 billion in...

  • *Mercuria, Vitol ship crude to China for independent refiner. BEIJING/ SINGAPORE, Jan 22- A Chinese industry body said it could review rules covering the import of crude by new entrants after a private refinery failed to secure financing for 1.5 million barrels of crude it bought, in a blow to Beijing's moves to open up its oil market. The oil arrived at China's east...

  • No sign Saudi Arabia will ride to oil market rescue Thursday, 21 Jan 2016 | 10:52 AM ET

    RIYADH/ DUBAI, Jan 21- Low oil prices have pushed top exporter Saudi Arabia to hasten difficult economic reforms and cut spending on popular benefits, but it has few options beyond sticking with a strategy to defend its market share- no matter how low prices sink. A return of Iranian crude to the market after sanctions were lifted may now plunge prices to new lows...

  • LONDON, Jan 20- United Arab Shipping Company is resuming business with Iran following the lifting of Western sanctions, despite the deep-seated political rivalry between the Islamic Republic and Saudi Arabia, one of the shipping line's main shareholders. Kuwait- headquartered UASC told Reuters on Wednesday it had "started accepting shipments to and from...

  • LONDON, Jan 20- United Arab Shipping Company, in which Saudi Arabia holds a stake, is resuming business to Iran, becoming the latest shipping line to re-establish ties after the lifting of Western sanctions, the group told Reuters on Wednesday. Kuwait- headquartered UASC, founded in 1976, said "the carrier started accepting shipments to and from Iran".

  • DUBAI, Jan 20- Brazilian tycoon Eike Batista is transferring stakes in four more companies to Abu Dhabi's state-owned investment fund Mubadala Development as he continues to unwind his business empire. Once Brazil's richest man, Batista has been hard hit by the crash in the country's decade-long commodities boom which led to the collapse of his EBX mining,...

  • DUBAI, Jan 20- The Saudi Arabian central bank has warned commercial banks against betting on depreciation of the riyal as tumbling oil prices put pressure on the Saudi currency, several bankers operating in the market said. The action by the Saudi Arabian Monetary Agency suggests authorities want to prevent investors' unease over the impact of cheap oil on the...

  • The Bahrain- based Accounting and Auditing Organisation for Islamic Financial Institutions said last week that it had taken up the development of a standard for gold, a project which was launched last year by the World Gold Council, a London- based market development body. "This standard is expected to have a substantial, positive impact... and will cover a wide...

  • ABUJA, Jan 19- Telecom firms operating in Nigeria should not put their desire to make profits above security concerns, President Muhammadu Buhari said on Tuesday. MTN, Africa's largest mobile operator, has been fined $3.9 billion in Nigeria- its biggest market by sales- for failing to disconnect users of unregistered SIM cards. "President Muhammadu Buhari... urged...

  • European banks are more cautious with some, including Deutsche Bank, remembering past fines from regulators for breaking sanctions, though Commerzbank said it was reviewing its policy of not doing business in Iran. Non-U.S. banks may trade with Iran without fear of punishment in the United States but U.S. banks may not do so, directly or indirectly.

  • DUBAI, Jan 19- Tehran- based e-commerce firm Takhfifan found it impossible to attract foreign investment when it launched in 2011 but it took only two days for a potential foreign investor to get in touch after sanctions on Iran were lifted. "When I was launching my company I talked to several foreign investors but none of them was interested in doing any business...

  • *Iran orders oil production increase of 500,000 bpd. DUBAI, Jan 18- Iran ordered a sharp increase in oil output on Monday to take immediate advantage of the lifting of international sanctions, and some foreign firms raced to snap up deals as Tehran emerges from years of international isolation. Those measures were scrapped as part of a landmark deal between Iran...

  • *Iran orders oil production increase of 500,000 bpd. DUBAI, Jan 18- Iran ordered a steep increase in oil output on Monday to take immediate advantage of the lifting of international sanctions, and some foreign firms raced to sign contracts with Iran. The measures were scrapped as part of a landmark deal between Iran and world powers, rewarding the Islamic Republic...