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Business News – Markets stories and financial news from Sky Sky News. Perth-primarily based oil and gasoline explorer TTE Petroleum has recruited former Liquefied Natural Gasoline boss Maurice Brand as part of a board restructure that includes the resignation of current chair Darren Levy and the movement of chief govt Paul Garner to a non-govt function.\n\nPrivately held tantalum miner World Advanced Metals has reported a $6.3 million web profit for the 12 months to June 2016, up from a $72.2 million loss in the previous 12 months, while its two Western Australian mine sites remained underneath care and maintenance.\n\nFor evidence that success can generally harm a business we want look no further than the political games taking part in out ahead of next 12 months’s state election, with the very real likelihood Western Australia’s greatest iron ore miners might be hit by a $5 per tonne penalty tax as a result of they’re too successful.\n\nSINGAPORE – Oil prices shot up more than 12 p.c, smashing trading volume information, after producer club OPEC and Russia minimize a deal to cut back output to drain a world supply glut, but analysts warned prices may recede as other producers stand by to fill the gap.\n\nTobacco large Philip Morris International (PMI) might be introducing a new line of Marlboro cigarettes to the Jamaican market, Marlboro 2.5. The introduction of the new and improved” cigarettes comes in opposition to a latest influx of tobacco distributors and manufacturers on the island as the companies try to fill a ten-12 months gap in local cigarettes after Carreras Ltd locked down its production plant in St Catherine to focus solely on distribution of its imported brands.

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