Saturday 28 February 2015
 
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Spending

Oil tops $60, industry spending cuts support

Oil rose above $60 a barrel on Friday for the first time this year, bringing its gain this week to almost four per cent, supported by signs that deeper industry spending cuts may curb excess supply. Also supporting oil, growth in

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Brent holds above $59, up more than 3pc on week

Benchmark Brent crude held above $59 in Asia on Friday, up more than three per cent this week as news of deeper industry spending cuts and a sinking US dollar revived buying. Brent crude for April delivery was trading up 48 cents

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GCC to go on spending spree despite oil slump

Gulf governments will continue to spend on mega projects, development programs, and social welfare initiatives despite the sharp drop in the price of oil in the second half of 2014, said two leading economists at a seminar hosted by Asiya Invest

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GCC to go on spending spree despite oil slump

Gulf governments will continue to spend on mega projects, development programs, and social welfare initiatives despite the sharp drop in the price of oil in the second half of 2014, said two leading economists at a seminar hosted by Asiya Invest

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Total plans to cut spending over cheap oil

The chief executive of Total said the French oil company would slash spending on exploration by 30 per cent this year due to the drop in the price of oil. Patrick Pouyanne told the daily Le Monde that "these past two

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Kuwait cuts spending plan as oil prices hit exports

Kuwait's finance ministry has slashed spending and projected a big deficit in a draft budget for the next fiscal year, as plunging oil prices hit its export revenues. The draft budget for the year starting in April envisages s

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GCC may cut government spending programmes

Gulf states, which pump a quarter of the world's daily oil supply, may see record government spending programmes curtailed in this year's budgets. This is due to a more than 50 per cent decline in crude prices which may ma

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Most Gulf markets rally; Industries Qatar tumbles

Most Gulf stock markets maintained their positive momentum on Sunday, supported by good corporate news, but major petrochemical producer Industries Qatar tumbled and dragged down the Doha bourse after announcing a dividend cut. In

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Oman stays firm, says no specific plan to cut spending

Oman has no specific plans to reduce state spending this year, its minister for financial affairs said on Wednesday, despite the plunge in oil prices to well below the level assumed in its government budget. "There are no spe

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Bahraini panel to address illegal spending

A team of Bahraini government officials has been formed to address violations detailed in the latest National Audit Office report. It will be headed by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Su

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