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Singapore Tourism Hit by MH370 Mystery, Thai Crisis

Algerian oil and gas earnings, which account for nearly all of the country's exports, fell by 2.26 percent on year in the first five months of 2014, data showed Monday.

Hydrocarbons exports generated 27.36 billion dollars in January-May, compared with 28 billion dollars for last year, and represented 96.91 percent of total exports, according to the national center for customs statistics.

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Oil Falls as Fear Fades over Iraq Conflict

The price of oil fell Tuesday as fears receded that the insurgency roiling Iraq would affect its oil production and exports.

Islamic militants have been steadily expanding their grip on the country's north, where they control a broad swath of territory. But the bulk of the country's production and export operations are in the south, which have so far been spared in this month's advance by the al-Qaeda inspired group. Iraq's daily oil production hit 3.5 million barrels this year, up from nearly 2.4 million a day in 2009.

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HSBC: China Manufacturing Grows for First Time in Six Months

China's manufacturing activity expanded in June for the first time this year as the effects of Beijing's mini-stimulus on the world's second-largest economy gradually kick in, HSBC said Monday.

The bank said in a statement that its preliminary purchasing managers index (PMI), which tracks activity in China's factories and workshops, came in at 50.8 this month, the highest since November's identical figure.

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PMI: Eurozone Business Activity Slips Further in June

Eurozone business activity slipped for the second month running in June, suggesting a modest recovery could be stalling, a closely watched survey showed on Monday.

Markit Economics said its Eurozone Composite Purchasing Managers Index (PMI) for June, a leading indicator of overall economic activity, slipped to 52.8 points from 53.5 in May, coming in at the to the weakest level since December. 

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Australia: G20 Lagging on Growth Targets

Reforms proposed to lift global growth in line with a target set by the world's biggest economies earlier this year are so far falling short, Australian Treasurer Joe Hockey said Monday.

In February, the G20 economies vowed to boost global growth by more than U.S.$2 trillion over five years, shifting their focus away from austerity as a fragile recovery takes hold. 

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Oil Prices Firm on Iraq Tensions

Oil prices edged higher in Asia Monday on continued violence in Iraq, but gains were capped as the risk premium associated with the crisis in the key crude producer is already factored in, analysts said. 

U.S. benchmark West Texas Intermediate was up 39 cents to $107.22, while Brent crude gained 39 cents to $115.20 in afternoon trade. 

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Turkey to Fill Kurdish Oil Shortage

Turkey said Saturday it will provide fuel to Iraq's Kurdistan region to make up for a shortage caused by a militant offensive that has shut down the country's biggest oil refinery.

Militants led by the Islamic State of Iraq and the Levant (ISIL) have seized a vast swathe of territory in northern Iraq since overrunning the city of Mosul on June 10.

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Fresh Austerity Protests Hit Portugal

Several thousand protesters took to the streets of Lisbon on Saturday in the latest demonstration against the austerity policies of Portugal's center-right government.

"Change the policies" and "Out with the government" chanted members of the country's largest union, the CGTP, which had gathered thousands for a protest in the northwestern port of Porto a week earlier.

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Oil Prices Diverge on Iraq Tensions

Oil prices diverged Friday, with the U.S. WTI contract hitting a nine-month high on concerns about spreading sectarian conflict in Iraq that could cause disruptions in crude supplies.

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Canada Overhauls Foreign Worker Rules, Citing Abuses

Canada's jobs minister unveiled stricter rules for hiring temporary foreign workers Friday after allegations of widespread abuses by employers, such as sidelining Canadians for jobs.

The changes are meant to ensure the foreign worker program is used as intended "as a last and limited resort to fill acute labor shortages on a temporary basis when qualified Canadians are not available," Employment Minister Jason Kenney said in a statement.

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