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Oil Higher in Asian Trade as OPEC Gathers

Oil prices rose in Asia Wednesday ahead of the release of a key indicator of U.S. energy demand and a meeting of the OPEC oil cartel. 

U.S. benchmark West Texas Intermediate for July delivery was up 13 cents at $104.48 a barrel in afternoon trade, and Brent oil for July added 22 cents to $109.74.

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World Stocks Mostly Rise on Global Growth Optimism

Renewed optimism about the global economy helped push global stock markets higher Tuesday.

Since late last week, investors have digested a raft of positive news from major economies: additional monetary stimulus in Europe, a solid U.S. jobs report for May, stronger first quarter growth in Japan and an improvement in China's exports.

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China Set for 'Golden Age' of Natural Gas

Demand for natural gas is set to nearly double within five years in China but the emerging market giant will meet half that with domestic supplies, the International Energy Agency said Tuesday.

In its latest medium-term forecasts for the natural gas sector, the IEA trimmed its five-year outlook for consumption by 0.2 points to an annual increase of 2.2 percent as European countries step up use of renewable energy.

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Kuwait Ends Diesel Subsidies over Deficit Fears

The Kuwaiti government has decided in principle to end subsidies on diesel fuel but will deal with any negative impacts on consumers before implementing the decision, the cabinet said.

Last month, the OPEC member's government warned that spending outpaced revenues and this could lead to a budget deficit in 2017/2018 after years of surpluses.

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Govt: China Inflation Hits Four-Month High in May

China's annual inflation rose sharply in May to its highest level in four months, official data showed Tuesday, easing concerns about deflationary risks in the world's second-biggest economy.

The consumer price index increased 2.5 percent year-on-year last month, accelerating from 1.8 percent in April, the National Bureau of Statistics said in a statement. It was the highest figure since January also saw CPI rise 2.5 percent.

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5 Things to Know about Apple's Stock Split

Apple's resurgent stock may have as much to do with financial engineering as the company's technological wizardry.

In late April, the iPhone and iPad maker announced plans to split its stock for the first time in nine years. Since then, Apple's stock has climbed 23 percent, creating more than $100 billion in shareholder wealth while the Standard & Poor's 500 edged up just 4 percent.

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Well-off Syrians Create Slice of Home in UAE

As Syria's conflict drags on, refugees who fled to the UAE have recreated a slice of home in the Gulf state, from popular Syrian restaurants to Damascus's iconic Hamidiyeh market.

Amid the gentle bubbling of water pipes and the clack of backgammon pieces, visitors to the Hamidiyeh restaurant reminisce about Damascus in the luxurious Dubai Marina district.  

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Oil Gains on China Export Growth, Solid U.S. Jobs

Oil prices rose Monday after China's exports rose in May, auguring stronger demand from manufacturers in the world's second-largest economy.

Benchmark U.S. oil for July delivery was up 16 cents to $102.82 a barrel at 0615 GMT in electronic trading on the New York Mercantile Exchange. The contract closed Friday up 18 cents at $102.66.

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Vietnam Banking Tycoon Given 30-Year Jail Term

A Vietnamese court on Monday sentenced a disgraced banking tycoon to 30 years in jail over a multi-million dollar scandal that shocked the nation's already fragile financial markets.

Nguyen Duc Kien, 50, was found guilty of fraud, tax evasion, illegal trade and "deliberate wrongdoing causing serious consequences", according to the verdict read at the Hanoi People's Court.

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Saudi Prepares to Launch First Sovereign Wealth Fund

Saudi Arabia is preparing to launch its first sovereign wealth fund to manage budget surpluses from a rise in crude prices estimated at hundreds of billions of dollars, state media reported Saturday.

The central bank has managed investment of the kingdom's foreign currency reserves until now, much of it in U.S. Treasury bonds.

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