Chad settles oil taxes dispute
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Chad resolves a row with two foreign oil companies after they agree to pay millions in overdue taxes.
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British pharmaceutical group GlaxoSmithKline said it had settled a tax dispute with the US government at a cost of about 3.1 billion dollars (2.44 billion euros) to GSK.
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Merck & Co. Inc.  has agreed to pay $2.3 billion to settle a tax dispute with the U.S. Internal Revenue Service, the drugmaker said on Wednesday, but other tax disputes with U.S. and Canadian authorities totaling $3.26 billion remain unresolved.
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NEW YORK -- Oil prices settled at the highest level in more than two months yesterday, as concerns over declining product supplies outweighed traders' worries about volatile global stock markets.
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Oil prices slid from record highs above  $50 a barrel Wednesday as the U.S. government reported a  surprise increase in crude stocks and rebels in Nigeria's  oil-rich delta region agreed to a preliminary cease-fire.
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Iraqi officials said Friday that a U.S.-backed draft oil law will soon be returned to the Cabinet for approval after Kurds agreed to a compromise revenue-sharing measure. But they said many key sticking points remain unresolved &#151; and not even addressed &#151; in the watered-down legislation.
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ST. JOHN'S, Nfld. (CP) - Ottawa and Newfoundland have agreed to disagree over offshore oil royalties.
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The largest American natural gas pipeline operator settled allegations of involvement in illegal payments under the United Nations oil-for-food program in Iraq.
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WASHINGTON, Feb. 14  â Merck & Company agreed Wednesday to pay $2.3 billion to resolve several tax disputes, the Internal Revenue Service said.
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An agreement to end two decades of civil war in Sudan not only brings the opportunity for millions of people to return home and begin new lives, it also gives investors an opening in a needy country with large oil reserves.
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The deal is part of a new international agreement to forgive 80 per cent of Iraq&#39;s international debt, amounting to a total of about $150 billion.
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Chad will appoint auditors to investigate oil production by a US-Malaysia consortium after President Idriss Deby&#39;s office accused the companies of cheating Africa&#39;s newest oil producer out of much-needed foreign currency, an official said Friday.
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A Nigerian community, which forced ChevronTexaco to shut in 20,000 barrels per day of crude for weeks, has ended its dispute with the U.S. oil giant, saying it can resume production.
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Looking to end the crisis in Darfur, France won agreement on Thursday from three involved African nations that they would not support armed rebel movements on each other's territories.Comment
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N'DJAMENA  - Six French aid workers sentenced to hard labor in Chad for trying to kidnap 103 children will be returned to France on Friday under an accord between the two states, a Chad justice ministry official said.
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Oil prices slid from record highs above $50 a barrel Wednesday as the U.S. government reported a surprise increase in crude stocks and rebels in Nigeria's oil-rich delta region agreed to a preliminary cease-fire with the government.
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French officials sought on Wednesday to ease tensions with Chad after President Nicolas Sarkozy offended local sensibilities by promising to bring home a group of Europeans accused of abducting 103 African children.