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European Stocks Slip on China Fears, UK Growth Downgrade

European stocks fell on Wednesday due to concerns over the growth outlook for China and the Eurozone, and after official data showed the British economy shrank more than previously thought.

London's FTSE 100 index of top shares slid 0.28 percent to 5,852.84 points in morning deals and Frankfurt's DAX 30 shed 0.40 percent to 7,050.87 points.

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ECB Loans Not Yet Boosting Lending to Private Sector

Eurozone banks appear reluctant to lend out to the private sector the vast amounts of cheap cash they recently borrowed from the European Central Bank, data showed on Wednesday.

The ECB calculated in regular monthly data that growth in loans to the private sector slowed to just 0.7 percent in February from 1.1 percent the previous month.

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Oil Prices Edge Up Before U.S. Data

World oil prices crept higher on Tuesday, as dealers awaited key economic data in top crude consumer the United States, and eyed the weak dollar and new supply tensions in Sudan.

In late morning deals in London, Brent North Sea crude for delivery in May added just two cents to $125.67 a barrel.

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World Bank Says Russia Must Face Up to Economic Challenges

Russia is enjoying a period of solid growth but must tackle several challenges to overcome its dependence on oil exports and improve long-term output, the World Bank said on Tuesday.

Just over one month before Vladimir Putin returns to the Kremlin for a new six year term where he has promised to implement genuine economic reform, the Bank said Russia's economy was still suffering from weaknesses.

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Japan's Hitachi to Chop Annual Costs by $5.43 Billion

Japanese high-tech firm Hitachi on Tuesday said it plans to slash its annual costs 5.0 percent by 2015, or about $5.43 billion a year, to compete with rivals including General Electric.

The announcement by Hitachi, whose products range from microchips to railways, comes after the company said last month that its nine-month net profit dived more than 61.0 percent year-on-year, amid a strong yen and weaker demand from Europe and China.

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Kurds Say Will End Oil Exports if Iraq Keeps Funds

Iraq's Kurdistan region threatened on Monday to stop oil exports, and argued the central government did not have the right to sign a deal with British firm BP to develop a giant oilfield in disputed land.

The moves were the latest in a long-running dispute over energy contracts and revenues between Baghdad and the autonomous region, with the two sides squabbling over payments, revenue-sharing and Baghdad's refusal to recognize dozens of contracts Kurdish officials have signed with foreign energy firms.

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ArabNet Digital Summit 2012 to Open Thursday with Participation of 140 Speakers, 1,500 Attendees

Under the patronage of the President of the Republic of Lebanon, Michel Suleiman, represented by the Minister of Telecommunications, Nicolas Sehnaoui, and with the participation of H.E. Riad Salameh, Governor of the Central Bank of Lebanon, the third annual ArabNet Digital Summit is set to open on Thursday, March 29th at the Grand Habtoor Hotel, Beirut. The Summit is the largest gathering of entrepreneurs and digital professionals in the web and mobile industries in the Arab region and is expected to attract 1,500 attendees for five action packed days of innovation, entrepreneurialism and best practice sharing between regional and global leaders.

In collaboration with the Central Bank of Lebanon and strategic partnerships with Bank Audi, STC, and MBC Group—the summit will feature discussions and lectures involving 150 internationally renowned speakers covering the latest trends and topics in the industry, particularly in relation to the opportunities and challenges created in various industries by the digital revolution. This will include the future of news, television, advertising and digital marketing, as well as mobile applications, online gaming, e-commerce, and other important fields.

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Italy's ENI Says Discovers Giant Mozambique Gas Field

Italian energy major ENI said on Monday it had uncovered a giant natural gas field off the coast of Mozambique bringing the total estimated reserves in the area to 40 trillion cubic feet (1.1 trillion cubic meters).

ENI said it had made the "giant natural gas discovery" in Area 4 of the offshore Mamba complex, where it is the operator with a 70-percent stake alongside Portugal's Galp Energia, South Korea's KOGAS and Mozambique's ENH.

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S&P Warns Russia on Oil Price Risks

Standard and Poor's warned Monday it may cut Russia's debt rating in case of a drop in the price of oil because of its "huge impact" on the economy and president-elect Vladimir Putin's campaign promises.

The global ratings agency said a $10 decline in the global price of oil would lead to a 1.4-percent of gross domestic product drop in government revenues.

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European Stocks Diverge, Madrid Hit by Election Setback

European stocks diverged Monday, lifted partly by rising German business confidence, but Madrid was hit by a surprise electoral setback for the Spanish government amid new strains over the Eurozone debt crisis.

In late morning trade, London's FTSE 100 benchmark index of top shares rose 0.38 percent to 5,876.77 points and Frankfurt's DAX 30 added 0.36 percent to 7,020.98, while in Paris the CAC 40 was flat at 3,476.24 points.

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