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U.S. Fed Plan Sends Asia Stocks Diving, Dollar Gains

Asian stock markets slumped on Thursday as the U.S. Federal Reserve's latest multi-billion-dollar move to shore up the American economy was met with worldwide disappointment.

The dollar strengthened against regional currencies as investors sought its safe-haven status after the U.S. central bank warned of serious downside risks for the global outlook.

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Samsung Wins $2.1 Billion Order in KSA

South Korean builder Samsung C&T said on Thursday it has secured a $2.1 billion deal to build a thermal power plant in Saudi Arabia.

Samsung said it would build the 4,000 megawatt plant in Qurayyah by 2014. The deal was part of a Saudi project to build six power plants by 2018.

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Oil Prices Mixed; Brent Close to $111

World oil prices diverged on Wednesday as the market was torn between growing expectations of more stimulus measures from the U.S. Federal Reserve and gloomy IMF growth revisions, analysts said.

Brent North Sea oil for delivery in November rose 11 cents to $110.65 a barrel in early afternoon London deals.

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GM Bets on Fast-Growing China Auto Market

General Motors said Wednesday China would be the world's fastest growing auto market over the next decade, as it unveiled its latest bid to give it a greater slice of the clean energy vehicle segment.

GM executives made the forecast at the opening of a center in Shanghai, where the company's international operations are now based, to develop new technologies to make autos lighter and batteries for electric cars.

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European Stocks Fall on Greek Crisis

European equities and the euro fell on Wednesday on fresh concerns over banks' exposure to indebted Greece, but losses were capped by expectations of more stimulus measures from the U.S. Federal Reserve.

London's FTSE 100 index of leading shares slid 0.34 percent to 5,345.76 points in morning deals, Frankfurt's DAX 30 lost 0.99 percent to 5,515.32 points and in Paris the CAC 40 dropped 0.80 percent to 2,960.61.

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Beer Giant Foster's Accepts SABMiller Takeover

Australian beer giant Foster's has accepted an improved takeover worth Aus$9.9 billion (£6.5 billion) from British-based brewer SABMiller, the pair announced on Wednesday.

Foster's Group, whose leading lager brands include Corona and Foster's, had in August rejected a hostile bid of Aus$9.51 billion from SABMiller, which produces rival beers Grolsch and Miller Lite.

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Payout Agreed Over San Francisco Oil Spill

The owners and operators of a cargo ship that struck San Francisco's Bay Bridge four years ago causing a huge oil spill are to pay $44.4 million in compensation, under a deal announced Monday.

The COSCO-Busan container ship leaked 53,000 gallons of oil after colliding with the bridge on November 7, 2007, killing thousands of birds, fish and spoiling miles of shoreline habitat.

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Japan to Unveil Yen-Mitigation Package

The Japanese government is to unveil a series of measures aimed at cushioning the impact of the persistently high yen on the domestic economy, according to a report.

The package is likely to include subsidies for companies to establish facilities in Japan and help for Japanese corporations wishing to take stakes in foreign energy projects, Kyodo news said, citing unnamed officials.

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Eurozone Hit by Stalled Greece Rescue and Italy Downgrade

Greece was locked down in tough EU-IMF talks on rescue funds, and Italy was hit by a credit downgrade, dragging the eurozone ever closer towards danger on Tuesday.

The talks on rescue funds needed to avert bankruptcy for Greece and chaos in the eurozone next month dragged unexpectedly into a second day, just as Greek authorities prepared to auction more debt.

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Oil Expert: Offshore Natural Resources Boost Lebanon’s Position in World Economy

The dispute that rose between Lebanon and Israel over the maritime border after the discovery of potential offshore energy reserves drew the attention of many oil drilling companies.

“Time is gold for Lebanon and the cabinet should swiftly take the necessary measures to follow up this issue,” a global oil expert told As Safir on Tuesday.

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