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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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Gold firms plan cuts to stay afloat as bullion sinks

Struggling gold producers plan increasingly drastic measures such as scrapping dividends, cutting jobs, halting projects and shutting mines to survive the latest price plunge, but not all of them will make it. Gold tumbled to a mo

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India promises to cut red tape for investors

Indian Prime Minister Narendra Modi has pledged to slash red tape and harness the benefits of a huge young population as he launched a campaign to attract global business to manufacture in the sub-continent. India's business-f

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Bahrain posts 85pc drop in power cuts

Bahrain has registered an 85 per cent drop in the average duration of power cuts this year, the lowest number of blackouts ever in Bahrain's history, said Minister of State for Electricity and Water Affairs Dr Abdulhussain Mirza.

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Gulf Air cuts losses by 30pc on higher revenue

Bahrain’s national airline Gulf Air has claimed that it has cut year-on-year losses by nearly a third and increased overall revenue by 10 per cent in the first half this year. However, the airline declined to provide figures

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Malaysia Airlines to cut 6,000 jobs, $1.9bn restructure

Malaysia Airlines , the country's loss-making flag carrier, will cut 30 per cent of its workforce as part of a sweeping restructuring that will cost six billion ringgit ($1.9 billion), majority investor Khazanah Nasional said.

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