Business

McDonald’s Sells Singapore, Malaysian Franchise to Saudi Group

Dec 2 – McDonald’s Corp said on Friday it had sold the franchise rights for its restaurants in Singapore and Malaysia to Saudi Arabia’s Lionhorn Pte Ltd as part of a plan to move away from direct ownership in Asia. The fast-food chain said it transferred its ownership interest in 390 restaurants, more than 80

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Saudi Aramco Inaugurates $800 mln Cultural Center in Dhahran

By Reem Shamseddine DHAHRAN, Dec 2- Saudi Aramco opened an $800 million cultural center in Dhahran on Thursday, underlining the wide range of commitments the world’s biggest oil company has made as the kingdom tries to transform its economy. Saudi Arabia’s sweeping plans to reduce its dependence on oil revenue involve boosting the private sector

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China Says Total Overseas Development Aid Tops $58 bln

BEIJING, Dec 1  – China has given around 400 billion yuan ($58.01 billion) in development aid to 166 countries and international organisations over the past six decades, the government said on Thursday, less than the European Union and its members gave for just last year. China only began offering details of its foreign aid, which

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Oil Jumps Over 10 Pct as OPEC Finalizes Output Cut Deal

By Jessica Resnick-Ault NEW YORK, Nov 30  – Oil prices soared more than 10 percent on Wednesday to the highest in a month as some of the world’s largest producers agreed to curb production for the first time since 2008 in a bid to support prices. Crude prices were also on track to have risen

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OPEC Agrees First Output Cut Since 2008, Details Unclear

By Ahmad Ghaddar, Alex Lawler and Rania El Gamal VIENNA, Nov 30  – OPEC has agreed its first limit on oil output since 2008, an OPEC source told Reuters after Saudi Arabia said it was prepared to accept “a big hit” on production and agree to arch-rival Iran freezing output at pre-sanctions levels. Brent crude futures

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Oil Jumps 8 Percent on Prospects for Big OPEC Output Cut

By Karolin Schaps and Amanda Cooper LONDON, Nov 30  – Oil prices jumped more than 8 percent on Wednesday to a five-week high as some of the world’s largest oil producers gathered in Vienna to try to agree a production cut that could be bigger than expected. Brent crude futures for delivery in January were

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Saudi Signals Compromise For Iran as OPEC Debates Output Cut

By Ahmad Ghaddar, Alex Lawler and Rania El Gamal VIENNA, Nov 30 – Saudi Energy Minister Khalid al-Falih said on Wednesday OPEC was close to clinching a deal to limit oil output, adding Riyadh was prepared to accept “a big hit” on its own production and agree to arch-rival Iran freezing output at pre-sanctions levels.

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OPEC Begins Debate On Oil Cuts Amid Deep Disagreement

By Rania El Gamal and Alex Lawler VIENNA, Nov 30 – OPEC began on Wednesday debating a deal to curtail oil production in an effort to prop up the price of crude, with Iran and Iraq resisting pressure from Saudi Arabia to participate fully in any action. Ministers from the Organization of the Petroleum Exporting

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