Middle East

Teva Pharmaceutical Industries

Teva to buy Allergan generic drug business for $40.5 billion, drops Mylan bid

Teva Pharmaceutical Industries has agreed to buy Allergan Plc's generic drugs business for $40.5 billion in a cash and stock deal that will turn the Israeli company into one of the world's largest pharmaceutical firms.

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Waze

Google's Waze to start carpooling pilot program in Israel

Google-owned online mapping company Waze is launching a carpooling pilot program in Israel where commuters pay fellow drivers a small fee for a ride to and from work.

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Avi Katz

$1 coffee chain taps into Israeli anger over high cost of living

With a $1 cup of coffee, Avi Katz is starting to do something Israelis have been demanding for years and politicians have failed to achieve -- lower the cost of living.

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Diamonds

Uncertain future for global diamond trade as profits vanish

The family businesses that make up the global diamond trade have seen their profits wiped out over the past five years, hit by shaky financing, increased costs and uncertain demand from customers who prefer hi-tech gadgets to bling.

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Bijan Zanganeh

Iran hopes to begin Russia oil-for-goods exports this week: Fars

Russia will begin importing Iranian oil under a long-heralded oil-for-goods barter arrangement in the coming week, Iran's oil minister was quoted as saying, more than a year after negotiations began.

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Pumpjack

Middle East funds negative on Saudi after oil slides: Reuters survey

Middle East fund managers have on balance become bearish on the region's biggest stock market, Saudi Arabia, after oil's rally ran out of steam and the kingdom confirmed strict rules on foreign investment, a monthly Reuters survey shows.

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Oil field

Iraqi bank to open five more branches in bet on future

An Iraqi bank controlled by Jordanian interests plans to open five more branches in Iraq by the end of this year, a sign that there is still money to be made in much of the country despite civil war and low oil prices.

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Bijan Zanganeh

Iran says OPEC unlikely to change output ceiling: Mehr news agency

OPEC is unlikely to change its production ceiling when the group meets in June, Iran's Oil Minister Bijan Zanganeh said on Sunday, according to the semi-official Mehr news agency.

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Oil field

Gulf states agree to push value-added tax project with oil low

Officials of the six-nation Gulf Cooperation Council agreed at the weekend to keep working toward the introduction of a value-added tax around the region, in a sign that low oil prices may be strengthening support for the idea.

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Iraq Oilfield

World Bank plans help for regions in Iraq recaptured from Islamic State

The World Bank is seeking to finance development projects in areas in Iraq that the government has recaptured from Islamic State militants, its regional vice president said.

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SABIC

Saudi's SABIC signs deal to use U.S. shale gas at British plant

Saudi Basic Industries Corp 2010.SE has signed a deal to use shale gas from the United States at its Teesside petrochemical plant in Britain, acting chief executive Yousef Abdullah al-Benyan told Reuters on Sunday.

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Teva Pharmaceutical Industries

Teva to buy U.S. drug developer Auspex Pharma for $3.5 billion

Israel's Teva Pharmaceutical Industries said it would buy U.S. neurology drug company Auspex Pharmaceuticals Inc for an equity value of $3.5 billion to boost its portfolio of treatments for the central nervous system.

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Standard Chartered

Stanchart says committed to Islamic banking after head of unit exits

Standard Chartered remains committed to Islamic banking and expects growth in its core markets, a spokesman for the lender said on Sunday, after the head of its Islamic arm departed.

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OPEC

OPEC won't bear burden of propping up oil price: Saudi minister

OPEC will not take sole responsibility for propping up the oil price, Saudi Arabia's oil minister said on Sunday, signaling the world's top petroleum exporter is determined to ride out a market slump that has roughly halved prices since last June.

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HSBC

HSBC Asset Management buying bonds of commodity exporters, Russia, Brazil

HSBC Global Asset Management, an arm of HSBC Holdings (HSBA.L), is buying bonds of commodity exporting countries because their valuations have dropped so far with the plunge of oil prices, an executive said.

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