Wednesday, Dec 03, 2008
The following is a list of top 10 business stories published by Zawya Dow Jones on Wednesday at 1400 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.
"The authority warns against using these products by children, and advises against consuming it by other age groups," the statement said.
By Majdoline Hatoum
2.SABIC WILL LOWER 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, United Arab Emirates.
By Oliver Klaus and Reem Shamseddine
3.NOVA CHEMICALS SEEKS MIDEAST DEALS, EXPECTS 'LOUSY' 4Q
Nova Chemicals Corp. (NCX), the New York and Toronto listed plastics and chemicals maker, is eyeing investment opportunities in the oil-rich Middle East, the company's chief executive said Wednesday.
The company based in Calgary, Canada, is in talks with Arab Gulf companies to set up petrochemical facilities that will convert ethane, a natural gas derivative, into ethylene and then into polyethylene, which is used to make plastics, for export to Europe, Jeffrey Lipton told Zawya Dow Jones in an interview.
By Oliver Klaus and Reem Shamseddine
4.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
5.DUBAI PROPERTY PRICES TO FALL FOR FIRST TIME IN 4Q
Property prices in Dubai are likely to fall for the first time in the fourth quarter as the impact of the global financial crisis takes its toll on the city-state's real estate sector, Colliers International said Wednesday.
House price growth slowed to 5% in the third quarter, down from 16% in the second quarter, the U.K.-based real estate broker said in its quarterly housing report.
By Stefania Bianchi
6.SAUDI LEADS ALL GULF MARKETS HIGHER
Saudi shares led all Gulf markets higher Wednesday as investors hunted for bargains, traders said.
The Eid Al Adha holiday begins for most markets next week.
By Maria Abi-Habib and Nikhil Lohade
7.EGYPT'S INFLATION DROPS TO 20.9% IN YR TO NOVEMBER
Egypt's consumer inflation dropped to 20.9% in the year to November, the state-run statistics agency Capmas said Wednesday.
The figure is a fall from the 21.2% recorded in the year to October, a statement on the agency's Web site said.
By Maha El Dahan
8.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.
By Shikrallah Nakhoul
9.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.
By Oliver Klaus
10.MERRILL LYNCH SEES FURTHER WRITE DOWNS FOR EMAAR
Merrill Lynch expects Emaar Properties to recognize further goodwill write downs from its U.S. John Laing Homes unit.
By Stefania Bianchi
-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 1403GMT
