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But trouble for the joint venture mounted with a sharp drop in crude oil prices
-- from mid-July highs of nearly $150 per barrel to under $40 currently. The declining oil prices have hit Kuwait and its oil-rich Gulf Arab neighbors hard. The Kuwaiti stock exchange has fallen by about 35 percent since the beginning of the year, and some investors have criticized the government for what they said was a lack of action to stave off the impact of the global meltdown. Dow has also faced difficulties, announcing earlier this month that it was cutting about 11 percent of its work force, closing 20 plants and selling off several businesses to cut costs amid the financial downturn.
[Associated
Press]
Copyright 2008 The Associated Press. All rights reserved. This
material may not be published, broadcast, rewritten or
redistributed.
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