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Asia Top News and Analysis Dubai

  • SINGAPORE/ DUBAI, Aug 21- Iraq has informed its customers that it plans to switch its price benchmark for Basra crude in Asia to DME Oman futures from January, dropping the average of Platts' Oman- Dubai quotes, in a major shift in the way it prices its oil. The proposal by state-oil marketer SOMO would mark a significant change by OPEC's second-largest producer away...

  • SINGAPORE/ DUBAI, Aug 21- Iraq has informed its customers that it plans to change its price benchmark for Basra crude in Asia to DME Oman futures from January, the country's latest move to reform its oil sales. The proposed change by state-oil marketer SOMO would mark a major shift by OPEC's second-largest producer away from fellow members Saudi Arabia, Kuwait and...

  • *Dubai's Union Properties rebound continues. *Egypt's El Sewedy Electric down on profit-taking. Saudi Indian Company for Cooperative Insurance dropped 3.8 percent, Malath Cooperative Insurance fell 4.5 percent and Arabian Shield Cooperative Insurance slumped 7.6 percent.

  • *Egypt's SODIC down on earnings miss. DUBAI, Aug 17- Most major stock markets in the Gulf rose on Thursday with Saudi Arabia's index gaining strength from positive company-specific news while shares of one of Egypt's property developers dropped as its quarterly earnings missed estimates. Atheeb Telecommunications climbed 2.5 percent to 8.21 riyals in its...

  • *But says cash flow positive with Brent oil at $50 a barrel. *Expects to grow in Kazakhstan, Middle East. DUBAI, Aug 17- Topaz Energy and Marine expects to expand in Kazakhstan and the Middle East as the Dubai- based oil services company projects better growth for the industry next year with oil prices stabilising around $50 a barrel, its chief executive said.

  • CHICAGO— Passengers who were aboard an Emirates plane that crash-landed in August 2016 are suing Chicago- based Boeing for an alleged malfunction of the aircraft's electronics. The Emirates Boeing 777-300 flying from India crash-landed in Dubai, United Arab Emirates. UAE's General Civil Aviation Authority earlier this month determined there were no...

  • *GFH, Union Properties rebound after sharp losses in Dubai. Dana Gas surges in Abu Dhabi after earnings. It had plunged 12.9 percent over the previous two days as it acquired a $1.2 billion infrastructure portfolio in Africa and the Middle East, funding it with a $315 million capital increase that took issued and paid-up capital to $975 million- a big dilution for...

  • "Round tripping to Dubai will come down due to the move," an official with India Bullion and Jewellers Association Ltd said. "Until now, traders only had to pay a lower import tax or no tax at all on gold jewellery and gold coins so long as they re-exported the gold," Commerzbank analyst Carsten Fritsch said in a note. India's gold imports in July nearly doubled from last...

  • DUBAI, Aug 16- OPEC member Iraq has formed a joint venture with a shipping company owned by Arab states to transfer, store and trade crude and oil products, according to official documents and industry sources. AISSOT is owned by state firm Iraqi Oil Tankers Co and Arab Maritime Petroleum Transport Co, a pan-Arab company in which Arab oil producers such as Saudi...

  • Gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf.

    Iran could abandon its nuclear deal "within hours" if the U.S. imposes any more new sanctions, Iranian President Rouhani said on Tuesday.

  • DUBAI, Aug 15- Iran could abandon its nuclear agreement with world powers "within hours" if the United States imposes any more new sanctions, Iranian President Hassan Rouhani said on Tuesday. Iran says new U.S. sanctions breach the agreement it reached in 2015 with the United States, Russia, China and three European powers in which it agreed to curb its nuclear work...

  • DUBAI, Aug 15- Iran could abandon its nuclear agreement with world powers "within hours" if the United States imposes any more new sanctions, Iranian President Hassan Rouhani said on Tuesday. Iran says new U.S. sanctions breach the agreement it reached in 2015 with the United States, Russia, China and three European powers in which it agreed to curb its nuclear work...

  • *Dubai's Marka hit by earnings, GFH by share dilution. DUBAI, Aug 15- Middle Eastern stock markets sagged again on Tuesday because of a mediocre economic outlook, with a shock loss at a real estate developer weighing on Dubai and Egypt dropping for a sixth straight day. Union Properties sank 4.3 percent to 0.82 dirham after it reported a 2.29 billion dirham net loss...

  • BERLIN— Germany's second largest carrier, Air Berlin, is filing for bankruptcy protection after its main shareholder, Abu Dhabi- based Etihad, said it would make no more financing available. The loss-making airline said Tuesday that after Etihad pulled funding, it "came to the conclusion that there was no further positive way ahead for Air Berlin."

  • DUBAI, United Arab Emirates— During recent trips to Croatia and Malta, a Dubai- based billionaire and business partner of the Trump Organization looked more like a head of state himself— mingling with government dignitaries, receiving a presidential reception and visiting the glittering Mediterranean Sea. Hussain Sajwani met with leaders in the two European...

  • DUBAI, Aug 14- Shares of the first family-owned business to list in Qatar slumped on Monday as they began trading, while weak earnings at several companies in Dubai weighed on the stock index there. Egypt fell for a fifth straight day. Qatari conglomerate Investment Holding Group tumbled 13 percent from its initial public offer price to 8.70 riyals.

  • DUBAI, United Arab Emirates— Dubai developer Emaar Properties has posted 2.8 billion dirhams in net profits for the first half of 2017 and laid out plans to spin off its domestic real estate business. Emaar Properties, which trades on the Dubai stock exchange, said Monday it plans to list up to 30 percent of its real estate business in the United Arab Emirates, with...

  • *Dubai's Shuaa Capital flat despite strong Q2 results. *Saudi German Hospital slumps on Q2 earnings miss. DUBAI, Aug 13- Stock markets in the Middle East that are most exposed to foreign funds were the chief losers on Sunday, taking their cue from international bourses, where the mood was soured last week by growing tensions between the United States and North Korea.

  • *UAE also assures EU no business bias over Qatar. DUBAI, Aug 13- Four Arab countries that imposed sanctions on Qatar have told the United States that U.S. companies doing business with them would not be punished for also working with Doha, four sources with knowledge of the matter said. The European Union has been given similar "official... verbal assurances" by the UAE,...

  • KUWAIT CITY— Kuwait battled Sunday to control an oil spill off its southern coast that stained its beaches, threatened to damage power plants and water stations, and left long black slicks in the Persian Gulf. It remained unclear where the spill originated, though Kuwait said it didn't look like the spill came from its oil fields. "There will be severe consequences...