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RPT-UPDATE 2-Weak exports, spending drag Philippine Q1 growth to 6-year low

MANILA, May 28- Philippine economic growth unexpectedly slowed to a six-year low in the first quarter, but the central bank said it would not ease policy as consumer and public spending were set to pick up. Still, economists doubted Manila's 7-8 percent growth target for the full year could be met without additional interest rate cuts or a sharp increase in fiscal...
Source: Reuters | By: Karen Lema
UPDATE 1-Daughter to control Australia mine magnate Rinehart's $3bln trust

*Gina Rinehart's eldest daughter Bianca to control trust. SYDNEY, May 28- Australian iron ore magnate Gina Rinehart's eldest daughter has been granted control of the $3 billion dollar family trust following the family's long-running legal battle. The order in the New South Wales state Supreme Court said Bianca Rinehart had demonstrated the ability to...
Source: Reuters | By: James Regan
Sour is the new sweet: OPEC's view of oil quality dilemma

LONDON, May 28- The U.S. shale oil boom is turning global crude pricing on its head with the historical notion that light grades shall be priced at a premium to heavy ones quickly disappearing, according to predictions from producer group OPEC. The trend will have big implications for global oil flows, reducing revenues of light-oil-producing nations such as...
Source: Reuters
OPEC sees rivals boosting oil output despite weak prices

*Low oil prices have yet to depress non- OPEC production. A draft report of OPEC's long-term strategy, seen by Reuters ahead of the cartel's policy meeting in Vienna next week, forecast crude supply from rival non- OPEC producers would grow at least until 2017.. "Since June 2014, oil prices have experienced a significant reduction, reaching levels even lower than the...
Source: Reuters
OPEC SAYS 'EVEN SEVERE LOW PRICE' WILL NOT RESULT IN OUTPUT CUTS FROM PRODUCING NON-OPEC FIELDS - DRAFT REPORT

OPEC SAYS' EVEN SEVERE LOW PRICE' WILL NOT RESULT IN OUTPUT CUTS FROM PRODUCING NON-OPEC FIELDS- DRAFT REPORT.
Source: Reuters
OPEC EXPECTS DEMAND FOR ITS CRUDE TO FALL FROM 30 MLN BPD IN 2014 TO 28.2 MLN BPD IN 2017, TO RISE TO ALMOST 40 MLN BPD BY 2040 - DRAFT REPORT

OPEC EXPECTS DEMAND FOR ITS CRUDE TO FALL FROM 30 MLN BPD IN 2014 TO 28.2 MLN BPD IN 2017, TO RISE TO ALMOST 40 MLN BPD BY 2040- DRAFT REPORT.
Source: Reuters
UPDATE 1-India tipped to overtake China in Modi's first year despite sluggish feel

Celebrating his first year in office, Prime Minister Narendra Modi has basked in the success of transforming India into the fastest growing major economy. "The economy is not as strong as the GDP numbers might suggest," said Shilan Shah, India Economist at Capital Economics. If India was doing so well there might be far less need for the central bank to lower...
Source: Reuters | By: Rajesh Kumar Singh
UPDATE 1-Plunge in Thai April factory output shows continuing economy woes

BANGKOK, May 28- Thai factory output tumbled more than expected in April, the latest evidence that the country's key economic engines remain wobbly and the junta is struggling to move the economy forward. With exports and domestic demand still weak, Southeast Asia's second-largest economy has not regained traction one year after the army took power to end...
Source: Reuters | By: Orathai Sriring and Kitiphong Thaichareon
This historic biotech hub faces threat from US

As Vienna's life science companies grow, the very sector the city has worked so hard to build risks falling behind rivals across in the U.S.
Source: CNBC.com
Myanmar scraps proposed 5 pct tax on phone cards as telecoms boom

YANGON, May 28- Myanmar scrapped a proposed 5 percent tax on mobile phone top-up cards after lawmakers voted against the levy, the state-owned Global New Light of Myanmar newspaper said on Thursday, as one of the world's once least connected nations fast catches up. Following the reforms, people in Myanmar have been buying smartphones and topping them up en masse.
Source: Reuters | By: Timothy Mclaughlin