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Savola cuts first-quarter profit forecast by half

Savola Group, Saudi Arabia's largest food products company, slashed its first-quarter net profit forecast by about half and blamed weak retail sales and currency losses. Savola, one of the few Gulf companies to publicly disclo

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Parents protest at Bahrain school over unhygienic conditions

More than 60 parents have protested outside a public school in Sanabis, Bahrain over allegations of rat infestations, power cuts and unhygienic conditions. They gathered outside the Sanabis Primary School for Girls yesterday along

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ACT saves energy, cuts emissions with Tadger technology

The Aqaba Container Terminal Company is working with Jordan Advanced Alternative Energy and Transport Solutions (Jo-Adv) to save energy and cut emissions using the Canadian Tadger technology. The first stage of the project saw cov

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ACT saves energy, cuts emissions with Tadger technology

The Aqaba Container Terminal Company is working with Jordan Advanced Alternative Energy and Transport Solutions (Jo-Adv) to save energy and cut emissions using the Canadian Tadger technology. The first stage of the project saw cov

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Subsidies cut for expats in Bahrain proposed

Costs could go up for expats and the private sector as Bahrain seeks to offset a projected shortfall in revenues, driven in large part by lower oil prices. Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa told the Gulf Da

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Brent holds above $59, up more than 3pc on week

Benchmark Brent crude held above $59 in Asia on Friday, up more than three per cent this week as news of deeper industry spending cuts and a sinking US dollar revived buying. Brent crude for April delivery was trading up 48 cents

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Iran slashes oil price in budget to $40 per barrel

Iran is cutting the oil price on which it bases its next budget to $40 a barrel, the semi-official Fars news agency quoted Finance and Economy Minister Ali Tayyebnia as saying on Thursday. "We will revise the oil price in the

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Oman stays firm, says no specific plan to cut spending

Oman has no specific plans to reduce state spending this year, its minister for financial affairs said on Wednesday, despite the plunge in oil prices to well below the level assumed in its government budget. "There are no spe

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Saudi cuts key oil prices for Asia and US buyers

Saudi Arabia steeply cut its January oil prices for Asian and US buyers yesterday, a move some analysts said showed it was stepping up a battle for market share a week after refusing to support Opec output cuts. Official Selling P

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Oil rises to $81 on China rate cut, possible Opec move

Brent crude oil rose to near $81 a barrel on Friday after China cut interest rates and on speculation that Opec could agree next week to reduce oil production. China's central bank cut its benchmark interest rates for the firs

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