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Falling prices push steelmaker ArcelorMittal annual loss to $7.9bn PARIS: ArcelorMittal said Friday falling commodity prices pummelled its performance last year, pushing its net loss to almost $8.0 billion (7.1 billion euros) but the world's largest steelmaker said it was making progress on cutting costs.The net loss of $7.95 billion in 2015 compared with a net loss of $1.86 billion in 2014.Over half of the loss was due to writing down in its books the value of its mining operations to reflect the currently lower value of its iron ore, but even excluding exceptional items ArcelorMittal was $300 million into loss, compared to $400 million in 2014.Chief executive Makshmi Mittal acknowledged in a statement that "2015 was a very difficult year for the steel and mining industries... Prices deteriorated significantly during the year as a result of excess capacity in China".However, he said the mining business "is fully focused on adapting to this low price environment and has reduced ...

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Pakistan reaffirms unflinching support to heroic struggle of people of Indian Occupied Kashmir: President ISLAMABAD: President Mamnoon Hussain has said that the government and the people of Pakistan solemnly reaffirmed their unflinching and continued moral, diplomatic and political support to the heroic struggle of the people of Indian Occupied Jammu and Kashmir."We, along with the free people across the globe, salute the brave, valiant and courageous men, women and youth of Indian Occupied Jammu and Kashmir who laid their lives for the sacred cause of freedom in the last ...

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US Defense chief welcomes Saudi offer on troops in Syria NELLIS AIR FORCE BASE: US Defense Secretary Ash Carter welcomed on Thursday a Saudi offer to participate in any ground operations in Syria launched by the US-led coalition.Carter said increased activity by other countries would make it easier for the United States to accelerate its fight against Islamic State militants."That kind of news is very welcome," he told reporters while on a visit to Nellis Air Force Base in Nevada.Carter said he looks forward to ...

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Pakistan committed to just, peaceful resolution of Kashmir dispute: PM ISLAMABAD: Prime Minister Muhammad Nawaz Sharif has said Pakistan is committed to a just and peaceful resolution of the Jammu and Kashmir dispute based on UN resolutions."Pakistan reminds the international community of its responsibilities in the matter and urges it to fulfill its promise made with the people of Jammu and Kashmir 68 years ago," the Prime Minister said in his message on the occasion of Kashmir Solidarity Day, being observed throughout the world on ...

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IMF chief sees risks in emerging-markets slowdown WASHINGTON: International Monetary Fund chief Christine Lagarde warned Thursday that the slowdown in emerging-market economies could lead to rising inequalities in the global economy.In the wake of China's cooling economy and the steep fall in commodity prices, the emerging-market economies are seeing growth falter and are facing "a new, harsh reality," Lagarde said in a speech at the University of Maryland."Growth rates are down, capital flows have reversed, and medium-term prospects have deteriorated sharply," the ...