Reuters Iraq’s prime minister said the country has not yet reached its full oil market share, suggesting his government would not restrain crude output as part of any possible OPEC agreement to lift prices. “And the capping, we are not open to that because Iraq is still below what it should produce,” Haider al-Abadi told reporters, responding to a ...

  Reuters Iran is sending positive signals that it may support joint action to prop up the oil market, sources in OPEC and the oil industry said, potentially aiding efforts to revive a global deal on freezing production levels at talks next month. OPEC’s third-largest producer has been boosting output after the lifting of Western sanctions in January. Tehran refused ...

Emirates Business In the lead up to the public holidays marking Eid Al Adha in September, the Turkish Ministry of Culture and Tourism is looking to visitors from Gulf countries to offset the recent slump in the nation’s tourist numbers. Tourism is a critical source of Turkey’s GDP – the sector generated USD 35.1 billion in revenues in 2015 – ...

  Bloomberg Qatar Investment Authority, the sovereign wealth fund of the Middle Eastern country, bought a 9.9 percent interest in Empire State Realty Trust, owner of New York’s Empire State Building. The fund purchased 29.6 million newly issued Class A common shares at $21 each, and will have a 9.9 percent economic and voting interest in the real estate investment ...

  WAM Two financing agreements, with a value of more than US$ 1 billion, were signed on Tuesday between the Government of the Kingdom of Bahrain and the Kuwait Fund for Arab Economic Development (KFAED). Sheikh Ahmed bin Mohammed Al Khalifa, the Bahraini Minister of Finance, and Hamad Suleiman Al Omar, Deputy Director-General of the Fund, signed the agreements, which ...

  Reuters Egypt plans to end fuel subsidies within three years and is aiming to increase fuel prices to 65 percentof their actual cost during the 2016/17 fiscal year, two government sources said. Struggling to revive its economy after an uprising in 2011 shook investor confidence and drove tourists and foreign investors away, Egypt has been trying to cut spending ...

  Bloomberg PetroChina Co., the country’s biggest oil and gas producer, posted its smallest half-year profit since it was publicly listed in 2000 as the crash in oil prices continues to drag on earnings. Net income dropped 98 percent to 531 million yuan ($80 million), the state-run explorer said in a statement to the Hong Kong stock exchange on Wednesday. ...

  Bloomberg APA Group Ltd., Australia’s largest natural gas infrastructure business, is seeking to buy distressed pipelines that transport the fuel in the U.S., as it targets expansion opportunities overseas. The Sydney-based company that owns pipelines that transport over half of Australia’s natural gas supplies is seeking U.S. assets as operators there face increasing pressure over whether their contracts with ...

  Bloomberg Singapore is reviewing the rules for venture capital firms as it attempts to draw more capital to the country’s financial technology startups, according to the head of Singapore’s central bank. Though Singapore rivals other major fintech centers such as Silicon Valley, London or New York in terms of startup activity and innovation, it still lags behind in terms ...

  Bloomberg China Coal Energy Co. swung to a profit as it maintained steady sales while production and costs fell. Net income during the first half of the year was 225 million yuan ($34 million) from a 1.07 billion yuan loss a year ago, the Beijing-based coal producer said in a statement to the Hong Kong stock exchange. Revenue fell ...