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Business Middle East

  • DOHA, Oct 2- Qatar Airways backs the proposed $45 billion merger of EADS and BAE Systems, the Gulf carrier's chief executive said on Tuesday, arguing a combined entity would make better products. Airbus parent EADS and BAE Systems are battling to save their tie-up, which would create a European aerospace and defence giant, amid competing government interests.

  • Another top executive at the JPMorgan unit that lost $5.8 billion on derivatives trades this year is leaving the company. The real estate investment manager named Jeroen Verheijden as a senior vice-president to spearhead the company's client business in the UK, the euro zone and the Middle East.

  • BAGHDAD, Oct 2- Iraq's Finance Ministry has begun making an initial payment of $650 million to Iraqi Kurdistan for oil companies working in the autonomous region, Deputy Prime Minister Rosh Nuri al-Shawish told Reuters on Tuesday.

  • STOCKHOLM, Oct 2- Syria's civil war has made Friday afternoons a busy time at Bambuser, a tiny Swedish IT startup in an old bicycle factory which streams live video from the latest uprisings.

  • TEL AVIV, Oct 2- The Shimshon reservoir off Israel's southern Mediterranean coast has the potential for about 550 billion cubic feet of natural gas, Modiin Energy. ATP Oil& Gas Corp holds a 40 percent working interest in the well, Modiin Energy owns 10 percent and Isramco.

  • DOHA, Oct 2- Qatar Airways will not take delivery of Boeing's 787 Dreamliner until an engine defect is modified, the Gulf Arab carrier's chief executive said on Tuesday. However, there has been a material defect in the engine which now needs replacement and inspection, " Akbar Al Baker said after a speech in the Qatari capital.

  • *Oil output at TNK-BP falls almost 1 pct in Sept vs Aug. Russia's oil output edged up 0.3 percent in September compared with August to reach 10.41 million barrels per day, encouraged by oil price increases.

  • LONDON, Oct 2- Brent crude oil slipped to around $112 a barrel on Tuesday as investors weighed a weaker outlook for fuel demand and sluggish economic growth against the risk of possible supply disruptions.

  • *Qatar airways to join oneworld alliance, to be unveiled at press conference.

  • TEL AVIV, Oct 2- Shikun& Binui, Israel's leading construction group, won a contract worth $390 million from the government of Nigeria to pave and widen a highway in the Sagamu-Benin region. Shikun& Binui is controlled by the Arison Group, the investment arm of billionaire Shari Arison. Its shares were up 3.3 percent in morning trade in Tel Aviv.

  • ABU DHABI, Oct 2- Abu Dhabi- listed Finance House. has appointed Robert Mohamed, previously the top investment banker at National Bank of Abu Dhabi, as its chief investment officer, the firm said on Tuesday.

  • DUBAI, Oct 2- State-owned Dubai Real Estate Corp. has taken over the management of Zabeel Investments, the indebted firm owned by Dubai's crown prince, the chief executive of Investment Corporation of Dubai said on Tuesday. It owns the lavish Zabeel Saray hotel on Dubai's man-made Palm Jumeirah island.

  • SYDNEY, Oct 2- Australian shares rallied 1 percent on Tuesday to their highest close in five months after the central bank cut its main cash rate in a bid to bolster growth in the face of weak commodity prices and global uncertainty.

  • *Fed's Bernanke says U.S. growth too slow* Coming up: API weekly oil stocks; 2030 GMT By Luke Pachymuthu and Manolo Serapio Jr. SINGAPORE, Oct 2- Brent crude futures steadied near $112 a barrel on Tuesday as investors weighed a weaker outlook for demand due to a sluggish global economy against potential supply disruptions.

  • NAIROBI, Oct 2- The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday. *UGANDA- Bank of Uganda releases its decision on the benchmark lending rate. *BOTSWANA- Bank of Botswana to auction its 14- day certificate Treasury bill.

  • MOSCOW, Oct 2- Russia's oil output, the world's largest, edged up 0.3 percent in September compared with August to reach a new post-Soviet high of 10.41 million barrels per day on the back of oil price increases, Energy Ministry data showed on Tuesday. In tonnes, Russia's crude production stood at 42.59 million last month, the ministry said.

  • DUBAI, Oct 2- Ithmaar Bank, Bahrain's sixth-largest bank by market capitalisation, is in advanced talks to merge with an affiliate through a share swap agreement, the Islamic lender said in a statement on Tuesday.

  • SYDNEY, Oct 2- Australian shares rallied 1 percent to their highest close in five months after Australia's central bank cut its main cash rate in a bid to bolster growth in the face of weak commodity prices and global uncertainty.

  • -Bulgaria will not hold talks with U.S.-registered Global Power Consortium for the possible sale of its abandoned Belene nuclear project until a referendum on the fate of the plant is carried out, Prime Minister Boiko Borisov said.

  • *State-backed merger to create entity with $15 bln in assets. DUBAI, Oct 2- Talks of a potential merger between Abu Dhabi property firms Aldar Properties and Sorouh Real Estate are at an advanced stage but a due diligence process was still ongoing, the two companies said in a joint statement on Tuesday.