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Saudi Chemical Giant Reports 6.8% Fall in Q3 Profit

Saudi petrochemical giant SABIC on Wednesday reported a 6.8 percent drop in net profit for the quarter ended September 30, compared with the same period last year.

Saudi Basic Industries Corp, the largest publicly traded firm in the Gulf, said net profit fell to 5.2 billion riyals ($1.4 billion) against 5.6 billion riyals in the third quarter last year.

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Chaos-Ridden Libya's Economy on the Brink, Say Experts

Political stalemate and the conflict rocking Libya are preventing the North African country from taking advantage of its vast oil resources and pushing the economy towards collapse, experts say.

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IMF: Spending Cuts a Must in Gulf Despite Oil Recovery

A modest recovery in oil prices falls short of filling budgetary gaps in crude-exporting Gulf countries, the International Monetary Fund said, stressing the need to cut spending.

The price of the region's main commodity has partially rebounded and is hovering around $50 per barrel having hit a 10-year low of less than $30 in January, from a peak of more than $100 in mid-2014.

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Nissan's Ghosn to Head Mitsubishi Motors

Nissan chief Carlos Ghosn will become chairman of Mitsubishi Motors after Japan's number two automaker announced a major investment in its scandal-hit rival, a report said Wednesday.

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Tunisia Reaps Rewards from Record Date Exports

Tunisia said Tuesday it exported a record 110,000 tonnes of dates in 2015-16, a 10 percent increase on the previous year and a rare boost for the struggling economy.

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British Inflation Surges as Weak Pound Starts to Bite

British annual inflation surged to a near two-year high of 1.0 percent in September, official data showed Tuesday, as a tumbling pound raised prices of imported goods and attracted tourists.

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Cash-Hoarding China Official Jailed for Graft

A former Chinese official who stockpiled so many millions at his home that money-counting machines reportedly broke when authorities tried to count the hoard was given a heavy prison sentence for corruption Monday, official media said.

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Iran Oil Production to Hit 4m bpd by March

Iran said Monday its oil production capacity will hit four million barrels per day by March after it was exempted from an informal agreement among OPEC members to lower output to boost prices.

"Our production capacity was 3.8 million (bpd) after the first half of the year. We will take it to 4.03 million by the end of the year" in March 2017, Oil Minister Bijan Namdar Zanganeh said at a conference for local and international energy companies. 

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Loan Growth, Trading Boost Bank of America Profits

Bank of America reported higher third-quarter profits Monday behind strong performance in trading and overall loan growth.

Net income rose in all four of Bank of America's operating divisions, with the consumer banking business boosted by increased mortgage production and global markets lifted by strong performance in fixed income, currencies and commodities trading.

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Falling Pound Lights Up Dollar Signs in Sales Supremo

There may have been much negative press about the dramatic fall in the pound's value but for Tattersalls chairman Edmond Mahony it augurs well for his business.

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