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LONDON — Libor benchmark interest rates are no longer “fit for purpose” and must be changed or replaced, Britain’s regulator said on Friday as he set out proposals to restore their credibility.

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DUBAI — Saudi Arabia’s government is spending more than it should do if it wants to preserve the country’s oil wealth for future generations, the International Monetary Fund said in a report.

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The world could face a food crisis of the kind seen in 2007-08 if countries restrict exports on concerns about a drought-fuelled grain price rally, the UN’s food agency warned on Thursday, after reporting a surge in global food prices in July.

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China’s factory output growth slowed unexpectedly in July to its weakest in more than three years, underlining stiff global headwinds that may prompt policymakers to take more action to keep growth on track to meet a 7.5 per cent annual target.

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India’s industrial output shrank by a shock 1.8 per cent in June, data showed on Thursday, highlighting the challenge for new finance minister P. Chidambaram to reverse the nation’s sharp growth slowdown.

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Islamic insurance provider Abu Dhabi National Takaful Company, or Takaful, earned Dh11.75 million in net profit in the first six months of the year, 23 per cent higher than the same period a year earlier.

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Al-Futtaim Motors starts service campaign for Camry and Aurion

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Jabal Omar Development plans to open 10 hotel towers in the holy city in Makkah next year to accommodate Islamic pilgrims, the Saudi Arabian company’s executive general director said.

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My-HD Media, a Dubai based satellite-TV platform offering wide range of HD channels to audiences in the Middle East and North Africa, has signed a strategic long-term partnership with the MBC Group to distribute all seven MBC HD channels.

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