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Standard Chartered settles Iran money probe for $340m

A British bank accused of scheming with the Iranian government to launder billions of dollars will be subject to two years of monitoring at its New York branch and will permanently install personnel to oversee and audit offshore monitoring as part of a $340 million settlement with financial regulators.

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Kuwait Energy starts output at Egypt field

KUWAIT CITY - Kuwait Energy and its main partner in Egypt, the Egyptian General Petroleum Corporation, on Wednesday announced that they have begun production of oil and gas condensate in four wells within the Abu Sennan concession.

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Businesses remain upbeat

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Businesses remain upbeat

Exporters, manufacturers and retailers remained upbeat about prospects for the third quarter as they geared up for busier days ahead with increased sales and profits, the Dubai Department of Economic Development, or DED, said on Tuesday.

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ABC Islamic Bank posts $4m H1 profit

MANAMA- ABC Islamic Bank on Tuesday announced that its net profit for the first half of 2012 was $4 million compared to $5.1 million for the same period in 2011, which included a non-recurring one-off revenue item of $1.3 million.

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Indian PM urges steps to boost economy

NEW DELHI — India’s national security is at risk if urgent steps are not taken to boost economic growth, attract new investment in infrastructure and legislate against corruption, Prime Minister Manmohan Singh said Wednesday.

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