Wednesday , October 18 2017

Business

Lower oil prices, incomes, more borrowings

This is the reality of the situation in all oil producing countries irrespective of how high or low their oil production rate is. Following the OPEC decision in November 2014 to let oil production cut loose and allow every member to freely produce, the oil prices began to decline, reaching …

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OPEC output at 2017 highs due to Kuwait, Saudi curbs – Nigeria, Libya exempted from cuts

LONDON, July 1, (RTRS): OPEC oil output has risen in June by 280,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, as a further recovery in supply from the two member countries exempt from a production-cutting deal offset strong compliance by their peers. High compliance by …

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Lloyds Bank stops trading in Qatari riyals’ – Qatar CDS hit 16 months high

LONDON, July 1, (RTRS): Britain’s Lloyds Banking Group said on Friday that it has stopped trading Qatari riyals and that the currency is no longer available for sale or buy-back at its high-street banks. A spokeswoman for the bank said a “third-party supplier” that carries out its foreign exchange service …

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New computer virus spreads from Ukraine to disrupt world business – Port terminals operation by Maersk disrupted

FRANKFURT/MOSCOW/KIEV, June 28, (Agencies): A cyber attack wreaked havoc around the globe on Wednesday, crippling thousands of computers, disrupting operations at ports from Mumbai to Los Angeles and halting production at a chocolate factory in Australia. The virus is believed to have first taken hold on Tuesday in Ukraine where …

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Kuwait stocks kicks off week on lackluster note – Ooredoo drops 30 fils; KIPCO ticks up

KUWAIT CITY, June 28: Kuwait stocks edged lower on Wednesday as it opened after the Eid-Al-Fitr holidays. The price index fell 3.03 pts in volatile trade to 6,769.06 pts even as the broader sentiment remained lackluster in absence of cues. The KSX 15 benchmark inched 0.05 pts higher to 920.26 …

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Despite weak oil, OPEC still pockets more dollars – Group looked at deepening crude cut, not in rush

LONDON, June 28, (RTRS): With world oil inventories swelling despite a global pact on cutting output and crude prices falling by a fifth in the past month, OPEC appears to be losing its battle to balance the market. But there is one crucial fight the oil-exporting group has been winning …

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Oil prices tumble to 15-month lows

Conflicting Views I Even FOMC members seem conflicted on the pace of tightening. New York Fed President William Dudley reinforced expectations of another interest rate hike this year stating that inflation should rebound alongside wages as the labor market continues to improve. Dallas Fed President Robert Kaplan on the other …

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Kuwait’s crude oil exports to China rises 5.6 percent

TOKYO, June 27, (KUNA): Kuwait’s crude oil exports to China in the first five months of this year grew 5.6 percent from the same period of 2016 to 326,000 barrels per day (bpd), government data showed. In May alone, Kuwait exported 318,000 bpd to the world’s second-largest oil consumer, down …

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IMF cuts US economic forecasts on Trump fiscal plan uncertainty – Economy seen to grow 2.1 pct in 2017 & 2018

WASHINGTON, June 27, (RTRS): The International Monetary Fund (IMF) on Tuesday cut its growth forecasts for the US economy to 2.1 percent for both 2017 and 2018, dropping its assumption that President Donald Trump’s tax cut and fiscal spending plans would boost growth. The IMF, after a review of US …

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Kuwait oil minister optimistic markets will slowly rebalance – OPEC, non-OPEC exceed targeted output cuts: Al-Marzouq

KUWAIT CITY, June 22, (Agencies): Kuwait’s Oil Minister Essam Al-Marzouq said on Thursday that he was optimistic that oil markets will gradually return to balance supported by the record compliance with the oil supply-cut pact by OPEC and non-OPEC. Says OPEC and non-OPEC oil producers reached the highest compliance level …

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