Middle East

Iran plans to buy 90 jets per year: old fleet to be renovated

Media reports on Sunday reveal Iran's plans to buy up to 300 units of Boeing and Airbus planes to replace its antiquated fleet by purchasing at least 90 planes annually. An official of Iran's civil aviation agency projected that Iran would need between 400 and 500 planes in the next ten years.

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Orange plans expansion in North Africa while ending ties with Israel to strenghten Middle East relationship

Orange CEO Stephane Richard announced expansion plans in North Africa. The French mobile company has recently launched 4G service in Jordan while its representative expressed willingness to end ties with Israel.

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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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Brent crude oil slips towards $66 before long weekend

Oil prices slipped on Friday as worries over the impact of war in the Middle East on crude supplies were outweighed by reports of profit-taking ahead of a long weekend.

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Oil prices rise after Islamic State advances in Iraq

Oil prices rose on Monday after Islamic State militants said they had seized control of the key city of Ramadi in western Iraq, raising fears of deeper turmoil in the oil-producing country.

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China becomes world's top crude buyer despite economy stuttering

China overtook the United States as the world's top importer of crude oil for the first time in April, and its purchases are expected to remain strong despite a slowing economy, with far-reaching consequences for global oil and commodities markets.

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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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Oil surges on Yemen air strikes, global stocks tumble

Crude prices rose as much as 6 percent on Thursday after Saudi Arabia and its allies launched air strikes on Yemen, pushing shares lower in Europe, the Middle East and Asia and lifting oil producers' currencies.

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Brent slips toward $58 on firm dollar; China data checks losses

Brent crude fell towards $58 a barrel on Tuesday as the dollar scaled multi-year highs, but data showing a recovery in China's annual consumer inflation checked losses.

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Oil drops toward $59 on dollar, stock builds

Brent crude oil fell toward $59 a barrel on Monday as the dollar strengthened and a supply glut pushed global oil inventories to record highs.

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Saudi Arabia outpaces India to become top defense importer: IHS

Saudi Arabia overtook India to become the world's biggest weapons importer in 2014, a year when global defense trade rose for the sixth straight year to a record $64.4 billion, research company IHS said on Sunday.

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Under external fire, European private equity opts to specialize

Outgunned by Chinese and Middle Eastern competitors and lacking the breadth of service of their U.S. rivals, European private equity firms are focusing on specific industries to compete on their home turf.

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Fed officials worried about hiking rates too soon: minutes

Federal Reserve policymakers expressed concern last month that raising interest rates too soon could pour cold water on the U.S. economic recovery, and fretted over the impact of dropping "patient" from the central bank's rate guidance.

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Oil rises to $62, near 2015 high as Mideast risks support

Oil rose to $62 a barrel on Tuesday, close to its 2015 high, supported by threats to Middle East supplies and expectations lower prices may prompt a slowdown in U.S. output.

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StanChart targets wealthier customers in retail bank revamp

Standard Chartered Plc (STAN.L) will shift its retail banking focus to affluent clients from ordinary customers and urge them to bank online as part of a broader restructuring led by embattled CEO Peter Sands, a senior executive told Reuters.

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