Latest News

Qatar to proceed with $2bn refinery in Tunisia

TUNIS: Qatar has revived plans to build a $2 billion oil refinery in Tunisia after years of delays, Qatari and Tunisian officials said on Tuesday, potentially expanding the North African country's refining ... Read more

Wednesday, 16 May 2012 12:17AM

Stress indicators rise on Greek uncertainty

Thursday, 17 May 2012 01:19

NEW YORK/LONDON: Uncertainty about Greece's future in the euro nudged some indicators of money market stress higher on Wednesday, though still far short of last year's levels in a banking system saturated with central bank cash. Worries have intensified over Greece as it heads towards a new election next month that could hand power to leftists opposed to terms of an international bailout. Another growing concern is the possible cost of fixing Spain's banking system. The concern ...

German ten year borrowing rate falls to record low level

Wednesday, 16 May 2012 15:31

PARIS: The interest rate which Germany must pay to borrow money for 10 years fell to the lowest level ever in early trading on Wednesday, reflecting deep concern about the prospect of new Greek elections. The benchmark German 10-year Bund attracted funds as a haven against strains in the eurozone, with the effect that the interest rate fell to 1.434 percent from 1.469 percent at the close of trading on Tuesday. The Bund's rate then rose slightly ...

Japan's machinery orders down 2.8pc in March

Wednesday, 16 May 2012 11:28

TOKYO: Japan's core machinery orders fell 2.8 percent in March from the previous month, official figures showed Wednesday, matching market expectations. The core private-sector data, which exclude volatile demand from power companies and for ships, turned down after two months of increases, according to the Cabinet Office. In the January-March quarter, core orders rose by 0.9 percent from the previous quarter. The orders are forecast to increase 2.5 percent in the April-June term, the office said, citing ...

FCC profit drops 59pc, misses forecasts

Friday, 11 May 2012 11:38

MADRID: Spanish builder FCC registered a 59 percent fall in net profit in the first quarter of the year, hit hard by falling revenues at home where the economy slumped into a recession. Net profit in the first three months of the year was 16.6 million euros ($21.5 million) below analysts' expectations for 19 million euros in a Reuters poll. The company saw its first-quarter earnings before interest, tax depreciation and amortisations (EBITDA), fall by 13.8 percent ...

Iceland central bank raises key rate to 5.5 percent

Wednesday, 16 May 2012 15:39

REYKJAVIK: Iceland's central bank raised its key interest rate by a half-point on Wednesday, taking it to 5.5 percent, the bank said in a statement. "Inflation has been higher than was forecast in February and the inflation outlook has deteriorated, in part because of a weaker krona," the Sedlabanki said. "Other things being equal, the outlook is for inflation to remain above the inflation target longer than was forecast in February, particularly if the krona remains weak," ...

Gold rush sweeps Latin America, Amazon suffers

Wednesday, 16 May 2012 13:06

SANTIAGO: A new gold rush is sweeping through Latin America with devastating consequences, ravaging tropical forests and dumping toxic chemicals as illegal miners fight against big international projects. With international market prices for metals high, informal "wildcat" mining has been on the rise in recent years in countries like Bolivia, Colombia and Peru, itself one of the largest producers of silver, copper and gold. Mining investments in those countries are expected to reach some $300 billion in ...

Bonds supported as Greece fears grow

Wednesday, 16 May 2012 12:59

TOKYO: US Treasuries were firmly supported in Asia on Wednesday, with 10-year yields stuck near a seven-month low as investors look for a safe haven on worries Greece may be inching closer to an eventual exit from the euro zone. The 10-year notes yield stood at 1.762 percent , compared to 1.770 percent at the end of US trade on Tuesday, when it fell to as low as 1.760 percent, its lowest since early October. Market players ...

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