World oil prices slumped further on Thursday, in line with sliding global stock markets, and after the International Energy Agency lowered its outlook for global demand.

New York's main contract, light sweet crude for June, known as West Texas Intermediate (WTI), dived as low as $96.51 per barrel -- reaching a level last seen on March 16. It later stood at $96.70, down $1.51 from Wednesday's close.

Bahrain's oil company has fired almost 300 employees in recent weeks for taking part in anti-government protests and general strikes, according to the Gulf kingdom's energy minister.

Abdulhussain bin Ali Mirza, who also serves as the chief executive of the state-owned Bahrain Petroleum Company (BAPCO), said that 293 employees have been dismissed since the king declared martial law on March 15 to quell weeks of demonstrations.

HSBC launched deep cost cuts on Wednesday to save U.S.$2.5-3.5 billion (1.7-2.4 billion Euros) by 2013, in order to redeploy capital into fast-growing markets around the world.

The banking giant revealed the news in a strategic review published ahead of an investor day in central London, and just two days after it unveiled mixed first-quarter results.

Luxury car maker Jaguar Land Rover has launched a £1.0 billion ($1.6 billion) bond sale, the company's Indian parent Tata Motors said, as part of a drive to refinance debt and develop its operations.

A successful sale would highlight the profit-making firm's ability to raise debt without relying on the support of Tata Motors, India's leading vehicle maker.

InterContinental Hotels Group said on Tuesday that net profits jumped 28 percent to $69 million (48 million euros) in the first quarter on strong growth in China and the United States.

The company, which owns the InterContinental, Crowne Plaza and Holiday Inn chains of hotels, said its profit after tax for the three months to March 31 compared with net earnings of $54 million in the first quarter of 2010.

Perched atop a West Bank hill, the Binyamin region visitors center invites travelers to look past the military jeeps patrolling the surrounding area and enjoy nature, archaeological sites and bucolic vineyards.

Jewish settlers are promoting tourism to draw Israelis who might otherwise never set foot in the West Bank, an occupied area Palestinians want as part of a future state. Proponents hope that drawing visitors will help increase support for retaining the territory, while critics say the tourism campaign, like Jewish settlements, is a foothold that stands in the way of making peace.

Saudi Arabia is unlikely to boost oil production quickly to ease the rise of crude prices, because it needs high prices for its own increased spending, analysts at an international banking think tank said Tuesday.

After producing 8.6 million barrels a day in 2010, the world's leading oil supplier will only kick up production to about 8.9 million barrels this year, said analysts at the Washington-based Institute of International Finance.

The dollar strengthened against the euro in Asian trade Tuesday as markets reveled in the death of al-Qaida leader Osama bin Laden, analysts said.

One euro bought $1.4818 in afternoon Asian trade compared to $1.4824 in New York on Monday, Agence France Presse reported.

Kuwait's Global Investment House, a firm undergoing a debt restructuring plan, said on Monday its net loss in the first quarter of 2011 rose sharply compared with the same period the previous year.

The net loss in the January-March period rose 55 percent to 22 million dinars ($80 million) compared with a shortfall of 14.2 million dinars ($51.5 million), Global said in a statement posted on Kuwait Stock Exchange website.

German luxury car maker Daimler said Friday that its first-quarter net profit nearly doubled, and maintained a rosy outlook for the year amid strong demand for its Mercedes-Benz cars and also heavy trucks.

Daimler said net profit jumped to 1.18 billion euros ($1.75 billion) in the three months from January to the end of March, from 612 million euros in the same period of 2010.