Wednesday, Dec 03, 2008
The following is a list of top 10 business stories published by Zawya Dow Jones on Wednesday at 0830 GMT.
1.SAUDI FINDS TRACES OF MELAMINE IN NESTLE MILK POWDER
Saudi Arabia's Food & Drug Authority has found "highly harmful" traces of melamine in some Nestle S.A. (NESN.VX) milk products.
In a statement posted late-Tuesday on its Web site, the authority said it has detected melamine in four different products of China-made Nestle milk powder, and one product of Malaysia-made Nestle chocolate wafer.
By Majdoline Hatoum
2.SABIC MAY LOWER PETCHEM PRODUCTION ON PRICE FALL - CEO
Saudi Basic Industries Corp. (2010.SA), the world's largest petrochemical maker by market value, will shutdown plants and cut back output if the global economic crisis weighs on demand, the company's chief executive said Wednesday.
"We look at our costs worldwide and whenever we see opportunities for improvement of our business we'll do so, either by lowering production or shutdowns if necessary," Mohamed Al Mady told Zawya Dow Jones on the sidelines of a petrochemicals conference in Dubai.
By Oliver Klaus
3.OPEC WILL CUT OIL OUTPUT AT ALGERIA MEET-AL ATTIYAH
The Organization of Petroleum Exporting Countries, producer of almost 40% of the world's oil, will cut production at its next meeting this month in Algeria to help revive declining prices, a senior minister from the group said Wednesday.
Qatar's energy minister Abdulla Bin Hamad Al Attiyah said Wednesday that told reporters on the sidelines of a conference in Dubai that the cartel will "definitely" cut production levels at the meeting due to take place in Oran, Algeria later this month.
By Reem Shamseddine
4.QATAR ON SCHEDULE TO DOUBLE LNG OUTPUT BY 2010
Qatar is on track to more than double its production capacity of liquefied natural gas, or LNG, to 77 million tons a year by 2010 despite falling energy prices, the country's energy minister said Wednesday.
"From December to 2010, we will add 46 million tons a year of LNG," Abdulla Bin Hamad Al Attiyah said at a Dubai conference, adding that this would make the Persian Gulf state the world's top LNG exporter.
By Oliver Klaus
5.KUWAIT CTRL BK URGES KUWAITI BANKS TO MERGE
Kuwait Central Bank Governor Sheikh Salem Abdulaziz Al Sabah is urging Kuwaiti banks to merge with other local and international lenders to meet the challenges brought about by the ongoing global financial crisis, Al Arabiya TV reports Wednesday.
By Tahani Karrar
6.QATAR EXEC SEES ASIA BUYING LESS JANUARY CRUDE
Asia's oil refiners have been asking for less crude due to poor demand for refined products and in response, Qatar will maintain a 3%-5% cut on term supply volumes in January, the chief executive officer of state-owned Qatar Petroleum International said Wednesday
By Yee Kai Pin
7.NO SIGNS OF SAUDI DAR AL ARKAN BUSINESS SLOWING -CFO
Dar Al Arkan Real Estate Development Co (4300.SA), one of Saudi Arabia's biggest property developers, Tuesday said it's yet to see signs of a slowdown in business and it continues to develop long-term projects.
"We have the liquidity to continue our progress and all the funds required," Chief Financial Officer Benoit Bellerose told reporters at the Saudi Arabia Investor conference in London.
By Tim Falconer
8.TATWEER AWARDS AED582M CONTRACT TO UAE'S NASR
Tatweer Dubai said Wednesday it awarded a 582 million U.A.E. dirham ($158.4 million) contract to the U.A.E.'s Al Nasr Contracting Co. for infrastructure works at its Tiger Woods Dubai golf project.
By Stefania Bianchi
9.KUWAIT URGES BKS TO LEND GLOBAL $1B FOR COMMITTMENTS
Kuwait's central bank has asked local banks to contribute to a $1 billion loan for Global Investment House to enable it to meet immediate commitments, Kuwait-based Al Qabas daily reports Wednesday.
Loans owed by Global total 806 million Kuwaiti dinars ($2.93 billion), 60% of which are due to foreign banks and the remainder in bonds issued locally, the paper reports, citing people familiar with the situation.
By Beirut Bureau
10.DUBAI'S $39B NAKHEEL WON'T DISMISS IPO FOR FUNDING
Nakheel, the Dubai-based real-estate developer with assets worth $39 billion, doesn't rule out the option of an initial public offering to raise liquidity.
"A company as large as Nakheel is constantly exploring a number of capital raising options, be it traditional debt issues, private equity, real estate investment trusts and direct project financing from banks," a Nakheel spokesperson told Zawya Dow Jones.
By Oliver Klaus
-Dubai Bureau, Dow Jones Newswires; +9714 3748044; djnews.dubai@dowjones.com
Copyright (c) 2008 Dow Jones & Company, Inc.
(END) Dow Jones Newswires
03-12-08 0836GMT
