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Oil rises on Venezuela export concerns

LONDON, June 06 (Reuters): Oil prices rose on Wednesday after Venezuela raised the prospect of a halt to some crude exports, but gains were capped by reports that the US government had asked Saudi Arabia and some other OPEC producers to increase output.Falling Venezuelan oil production helped push up global...

ZTE signs preliminary deal to lift US ban

BEIJING, June 06 (Reuters): ZTE Corp has signed an agreement in principle that would lift a US Commerce Department ban on buying from US suppliers.This will allow China's No. 2 telecommunications equipment maker to get back into business, according to sources familiar with the matter.ZTE ceased major operations since the...

Market witnesses strong demand from blenders

There was more teas on offer this week which met with a very strong demand from the major blenders who competed strongly for all varieties at the tea market on Tuesday, said a statement. Loose tea buyers lent more support than last week. As a result, prices appreciated quite considerably.Dusts...

British govt gives go-ahead to Heathrow airport expansion

LONDON, June 06 (AFP): Britain's government on Tuesday gave the go-ahead to building a third runway at London Heathrow, Europe's busiest airport, a long-awaited decision that has stoked decades of division and debate."The time for action is now," Transport Secretary Chris Grayling said after cabinet ministers approved the move, which...

China steel exporters eye new buyers in Africa, S America

MANILA, June 06 (Reuters): Chinese steelmakers are seeking new export destinations in Africa and South America as shipments to their biggest overseas buyers in Southeast Asia fall by double digits, with new US trade actions threatening to kill off some markets entirely.China, the world's largest maker, consumer and exporter of...

Angola to change diamond sector to attract investment

LUANDA, June 06 (Reuters): Angola will make changes to how its secretive diamond industry works in order to attract more investment, increase production and secure higher government revenue, President João Lourenço said on a visit to Antwerp, Belgium.Africa's second-largest crude producer is trying to open up and diversify its economy...

Gold edges higher on soft dollar

LONDON, June 06 (Reuters): Gold edged higher on Wednesday, propped up by a weaker dollar, but it was unlikely to make a significant move before an expected US rate hike next week and amid trade tensions.Spot gold was up 0.1 per cent at $1,296.96 per ounce at 0900 GMT while...