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Brent hits four-year low after OPEC, dollar gains NEW YORK: Brent crude touched fresh four-year lows on Friday, knocking down both energy-related shares and currencies after OPEC's decision a day earlier not to cut output reinforced prospects of an oil supply glut around the world. The dollar mostly strengthened following the decision by the Organization of Petroleum Exporting Countries on Thursday, a move that slammed commodity currencies like the Norwegian crown, which fell to five-year lows against the greenback and the euro. Euro zone government bond yields held near record lows as the falling energy prices pulled down consumer price growth across the bloc and raised the chances of more stimulus from the European Central Bank on increased deflation fears. European shares snapped a five-day winning streak and the S&P 500 slipped from record highs as the price of energy shares fell across the board on both sides of the Atlantic. But other equity sectors rose, lifting the ...


Brent hits new 4 year low after OPEC decides against output cut SINGAPORE: Brent crude held above $72 a barrel on Friday after hitting a new four year low earlier in the day after OPEC decided not to cut oil output to support prices. OPEC's decision, which came after Saudi Arabia blocked calls from poorer members of the Organization of the Petroleum Exporting Countries for output reductions, led to a rout in oil prices on Thursday.Saudi Arabia and OPEC had "relinquished" their role to balance the market ...

Middle East Crude: Oman-Dubai price gap narrows SINGAPORE: Cash Dubai and Oman prices went in opposite directions in the Middle East crude market on Friday, narrowing the gap between the two benchmarks at the end of the trading month.Cash Oman cooled from $70.90 a barrel at the start of trading to $70.60 a barrel at the end, traders said. Unipec will deliver an Oman cargo to Chinaoil after selling 36 partials in the Platts window on Friday, they said.Cash Dubai strengthened after ...

Turkish markets rally, airlines surge, on oil price slide ISTANBUL: Turkish shares and bonds hit their highest levels since mid-2013 on Friday, with airlines surging in particular, after a slump in oil prices raised hopes of lower inflation and interest rate cuts. The two-year benchmark bond yield dropped to 7.49 percent, its lowest since July 2013, while the 10-year benchmark yield fell to 7.71 Istanbul's main share index ended the morning session up 0.93 percent at 85,479.04 points, having hit its highest level since ...

South Africa's petrol price to drop by 5.2pc on December 5 JOHANNESBURG: The retail price of 95-grade petrol in South Africa will drop by 69 cents or 5.2 percent a litre from next Wednesday, while wholesale diesel will decrease by 4.6 percent, local radio said on Friday. Petrol will cost 12.47 rand ($1.13) a litre while the wholesale diesel price will be 11.31 rand in the main Gauteng inland region. Copyright Reuters, 2014

Oil steadies near 4-year low as glut looms after OPEC LONDON: Brent crude oil steadied below $73 a barrel on Friday after hitting a fresh four-year low in the wake of OPEC's decision not to cut output, a move investors said would leave oil markets heavily oversupplied. Saudi Arabia blocked calls on Thursday from poorer members of the Organization of the Petroleum Exporting Countries for output reductions, triggering a rout in oil markets."We are seeing continued oversupply," said Bill Hubard, chief economist at Markets.com. "I ...

Oil extends losses in Asia after OPEC maintains output SINGAPORE: Oil extended losses in Asian trade Friday after the OPEC cartel refused to cut production despite a global glut that has sent prices slumping to four-year lows, with analysts warning of further falls to come.US benchmark West Texas Intermediate (WTI) for January delivery was at $68.08 a barrel in afternoon trade, down 97 cents from its settle price in electronic trading in New York on Thursday. US floor trading was closed due to the ...


 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln