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Italy's Eni makes mega gas discovery off Egyptian coast ROME/MILAN: Italian energy group Eni said on Sunday it had discovered potentially one of the world's largest natural-gas fields off the Egyptian coast, predicting the find could help meet Egypt's gas needs for decades to come. "According to the well and geophysical data available, the field could hold a potential of 30 trillion cubic feet of lean gas in place," Eni said in a statement. It said the discovery well was located off Egypt's Mediterranean coastline at a depth of 1,450 metres (4,757 ft) with the prospective Zohr field covering an area of about 100 square kilometres (60 square miles). "Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea and could become one of the world's largest natural-gas finds," it said, adding that it had full concession rights to the area. The find follows other significant gas discoveries in the Mediterranean in recent years, ...


Chinese machine maker Sany sees H1 earnings drop 75pc BEIJING: Major Chinese construction machinery maker Sany Heavy Industry Co Ltd on Sunday reported a 75.6 percent fall in its first half earnings amid a sustained downturn of the domestic market. Net income in January-June came to 334.8 million yuan ($52.42 million), compared with 1.4 billion yuan a year earlier, according to a stock exchange filing. Encouraged to expand after Beijing fired up a $644 billion stimulus package in 2008, Chinese heavy equipment makers are ...

Suzuki to buy back shares as Volkswagen row settled TOKYO: Japan's Suzuki Motor said on Sunday it plans to buy back its shares sold to Volkswagen after an international arbitration court settled a dispute between the two automakers. The ruling came four years after the Japanese small car maker attempted to end an alliance with the German auto giant, which has refused Suzuki's repeated demands to sell back the 112.21 million shares, or 19.9 percent of Suzuki. Arbitrators at the International Chamber of Commerce ...

Fed's Fischer says still undecided on whether to hike in September WASHINGTON: The US Federal Reserve is waiting to see how data and markets unfold over the coming weeks before deciding whether to raise interest rates at its September meeting, Vice Chair Stanley Fischer said on Friday. "It's early to tell," Fed Vice Chairman Stanley Fischer told CNBC, asked if he felt the case for a September rate hike was less compelling after recent market volatility. "We're still watching how it unfolds. So I wouldn't want ...

Bank of China says faces margin pressure in H2 from rate liberalisation BEIJING: Bank of China Ltd said on Friday it faces margin pressure in the second half of this year from interest rate liberalisation, an official said at a press conference. Bank of China Vice President Zhang Jinliang also told a results briefing that the weak trade sector hurt the lender's fee income in the first half. Copyright Reuters, 2015

Mauritius 182-day Treasury bills yield rises to 1.80pc PORT LOUIS: The weighted average yield on Mauritius' 182-day Treasury bill rose to 1.80 percent at an auction on Friday from 1.54 percent at the previous sale on Aug. 7, the central bank said. The Bank of Mauritius said it sold all the 600 million Mauritius rupees ($17.12 million) worth of securities it had offered. It said it had received bids worth 1.655 billion rupees at yields ranging from 1.59 percent to 2.50 percent. Copyright ...

Nokia agrees on ‘Shanghai Bell’ joint venture with China Huaxin HELSINKI: Finnish telecom equipment maker Nokia said it had agreed to create a Chinese joint venture with Huaxin in a move that could pave the way for China's approval for Nokia's proposed takeover of Alcatel-Lucent . The joint venture, to be named Nokia Shanghai Bell, will be built upon a similar, long-time joint venture between France's Alcatel-Lucent and China Huaxin, which is a state-owned Chinese investment company. According to a memorandum of understanding, Nokia said ...


 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln