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Oil price drop means great opportunity, but don't rush in NEW YORK: Billionaire investor Carl Icahn, whose own portfolio is stocked with oil companies, said on Thursday that he expects the price of oil to fall further but expects it to recover in the future as the demand for oil is bound to increase. "I believe that oil will go lower," he said in an interview on CNBC, calling oil a "great opportunity." But, he added, "I wouldn't rush in now on oil." Crude prices have collapsed by more than half since June, sending share prices for many energy companies sharply lower. Icahn likes to underscore his long investment horizons and noted that in the end his investments often pay off handsomely. One of those is a bet that the euro would fall against the dollar, something that he said he grit his teeth over when the European currency was rising.Copyright Reuters, 2015


Citgo Petroleum confirms assets no longer for sale HOUSTON: Citgo Petroleum confirmed on Thursday its assets are no longer for sale after parent company PDVSA of Venezuela decided to cancel the offering despite receiving several bids, according to Thomson Reuters IFR. At a conference held for investors, Citgo officials also announced details of a plan to raise $2.5 billion through a mix of bonds and a loan. The money would be transferred to state-run PDVSA, which is suffering a cash shortfall because of ...

Oil drops below $49 after ECB announces bond buying LONDON: Brent crude oil fell below $49 a barrel on Thursday after the European Central Bank said it would start buying government bonds, a move which could push the dollar to new highs and put downward pressure on commodities.Exceeding market expectations, ECB President Mario Draghi said the bank would buy 60 billion euros ($69 billion) of government bonds a month until the end of September 2016 to support the flagging euro zone economy.Brent crude futures ...

Oil prices rise before ECB meeting, US supply report LONDON: Oil prices rose Thursday as dealers awaited a much-anticipated European Central Bank (ECB) policy meeting and the release of the latest US supply report, analysts said. US benchmark West Texas Intermediate for delivery in March climbed eight cents to $47.86 a barrel.Brent North Sea crude for March won 37 cents to $49.40 a barrel. Expectations are high that the Thursday meeting of the ECB will see it unveil a programme of asset-purchasing, or quantitative ...

Oil prices slip ahead of ECB bond buying decision LONDON: Brent crude oil dipped towards $48 a barrel on Thursday ahead of an expected decision by the European Central Bank (ECB) to start buying bonds, a move which could push the dollar to new highs and put downward pressure on commodities.The ECB's Executive Board has proposed a programme that would allow it to buy 50 billion euros ($58 billion) of bonds a month starting in March, a euro zone source said. The expected stimulus ...

Middle East Crude-Das premium surges on Shell bids SINGAPORE: The Middle East crude market rose on Thursday, buoyed by strong bids by Shell for Abu Dhabi's Das Blend.Shell first bid for March-loading Das at 80 cents a barrel above its OSP, before raising it to 90 cents on the window, traders said. The grade was last traded in the physical market at a premium of about 30 cents.The crude's value may have been boosted by the strength in naphtha, the trader said. Naphtha ...

Oil prices above $49 ahead of ECB bond buying move LONDON: Brent crude oil crept above $49 a barrel on Thursday ahead of an expected decision by the European Central Bank (ECB) to start buying bonds, a move which could push the dollar to new highs and put downward pressure on commodities.The ECB's Executive Board has proposed a programme that would allow it to buy 50 billion euros ($58 billion) of bonds a month starting in March, a euro zone source said. The expected stimulus ...


 



 
Index Closing Chg%
Arrow DJIA 16,528.03 0.69
Arrow Nasdaq 4,776.51 1.07
Arrow S&P 1,927.18 0.84
Arrow FTSE 6,247.94 0.90
Arrow DAX 10,259.46 0.38
Arrow CAC-40 4,652.95 0.47
Arrow Nikkei 18,890.48 1.28
Arrow H.Seng 21,670.58 0.27
Arrow Sensex 26,283.09 0.41





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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