Wednesday 29 June 2016
 
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Mitsubishi Heavy seeks cost cuts at steel venture with Siemens

Mitsubishi Heavy Industries Ltd, maker of everything from submarines to nuclear reactors, is seeking to cut costs at its steel-making equipment venture with Germany’s Siemens AG in the face of a contracting market, said a Bloomberg report.

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Boeing reduces size of tech workforce

Boeing Co said on it was reducing the size of its tech support unit as part of an ongoing drive to lower costs. The company declined to comment on how many information technology workers are being laid off, after the Seattle Times

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Opec, Russia coordinated oil output cuts unlikely: Sachs

Coordinated oil production cuts between Opec producers and Russia are "highly unlikely" since a deal would require further cooperation between Opec members amidst Iran's growing production and ongoing rift with Saudi Arabia, Gold

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Stricter spending cuts on the way in Bahrain

A wave of strict measures to further reduce government spending in Bahrain will be introduced in the coming weeks, it was revealed. Government ministries and bodies will bear the brunt of the new rules, said Finance Minister Shaikh Ahmed bin M

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Expat subsidy cuts agreement in Bahrain 'imminent'

Negotiations are underway between Bahrain’s MPs and the government to scrap electricity and water subsidies for expatriates and big businesses. Parliament’s public utilities and environment affairs committee chairman Adel Al Asoomi

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Kuwait Emir urges spending cuts as oil slumps

The Emir of Kuwait urged the cabinet and parliament on Tuesday to cut state spending in response to slumping oil prices, warning that any delay would increase the damage to the government's finances. The remarks by Sheikh Saba

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Opec, others unlikely to cooperate on cuts

A meeting of Opec and non-Opec oil market experts this week is unlikely to increase the prospect of joint co-operation on supply curbs or show much support for Venezuela's proposed price band, Opec delegates and analysts said.

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Cuts in global oil investment ‘biggest ever this year’

Global oil investments this year are on track to drop by 20 per cent, marking their biggest decline in history, Fatih Birol, head of the International Energy Agency, said on Friday.   A halving in oil prices in t

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Business leaders urge subsidy relief for SMEs in Bahrain

Subsidy relief must be offered to help small and start-up businesses succeed in the wake of planned government cuts, a prominent business leader has argued. Plummeting oil prices over the past 12 months have forced Bahrain to rethink its subsi

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Egypt's power choices appease public, squeeze industry

Far fewer Egyptians are complaining about the kind of power cuts that fuelled unrest in the past but government energy policies apparently focused on appeasing the public are dealing a blow to industries vital for economic growth.

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