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Oil dives 3pc on surging dollar, renewed supply worries NEW YORK: Oil prices tumbled 3 percent on Thursday as a resurgent dollar erased gains from the past two sessions, setting the market up for its first weekly loss in five.Traders and investors also returned their focus to the oversupply in crude and gasoline after Wednesday's euphoria over the first U.S. crude drawdown in months.The dollar, on a downtrend since the start of May, jumped on optimism that Friday's U.S. employment report for April would show strength after upbeat weekly jobless claims. A stronger greenback makes dollar-denominated commodities less affordable for holders of the euro and other currencies."The dollar is definitely the driver in today's tumble, though people are also taking stock of the market's fundamentals and taking some profit after the incredible month of gains we've had," said Phil Flynn, analyst at the Price Futures Group in Chicago.North Sea Brent crude settled down $2.23, or 3.3 percent, at $65.54 ...

Shell declares force majeure on Nigeria crude exports because of leaks LAGOS: Anglo-Dutch oil giant Shell has halted crude exports from a key terminal in southern Nigeria because of a leak in a supply pipeline, a spokesman said Thursday."We declared force majeure on Forcados exports effective 6:00 pm Tuesday due to a series of leaks on the NPDC-operated Trans Forcados pipeline," Precious Okolobo said in a text message to AFP in Lagos.Force majeure is a legal term releasing a company from contractual obligations when faced with ...

Oil prices steady after highs LONDON: Oil prices steadied on Thursday, a day after reaching five-month high points following an unexpected drop in US crude inventories.US benchmark West Texas Intermediate (WTI) for June delivery dipped 13 cents to $60.80 a barrel.Brent North Sea crude for June rose 23 cents to stand at $68.70 a barrel in London midday deals.Brent had hit $69.63 and WTI reached $62.58 on Wednesday -- the highest levels this year.Crude stockpiles tumbled by 3.9 million barrels ...

Asia-Pacific Crude: Steady; July market could turn bearish SINGAPORE: The Asia-Pacific crude market held steady on Thursday with most June-loading cargoes committed, but some traders said the market could turn bearish as the contango play unwinds and crude comes out of storage. While the Middle East crude market has remained strong with Dubai swaps flipping into backwardation this week, the Asia-Pacific market has remained sluggish due to refinery closures and higher supply from within the region and of sweet grades from the North ...

Asia Distillates: Firm on supply cut from Japan, Australia SINGAPORE: Asian gasoil and jet fuel price premiums firmed on Thursday on supply cuts from Japan and Australia due to refinery maintenance, traders said.The benchmark 500ppm sulphur gasoil gained 5 cents to minus 12 cents a barrel over Singapore quotes while the jet fuel cash differential jumped 16 cents to minus 39 cents a barrel, Reuters data showed.Japanese refiner Cosmo Oil shut its 120,000-barrel-per-day No.2 crude distillation unit (CDU) at the 220,000-bpd Chiba refinery for ...

Oil heads towards 2015 highs despite ample supply LONDON: Brent crude oil headed up towards 2015 highs above $68 a barrel on Thursday after official data showed the first drawdown in US crude inventories since January, evidence the market there is balancing after months of heavy oversupply.US crude stocks fell 3.9 million barrels last week, the first drop in four months, the Energy Information Administration said on Wednesday. Stronger-than-expected demand growth and a slowdown in US crude supply has boosted oil prices by ...

Enel Green Power sees 2015 core earnings falling to 1.8bn euros MILAN: Italy's biggest renewable energy company Enel Green Power said it would spend 9.6 billion euros ($11 billion) over the next five years to grow its geographic footprint targeting mainly Brazil, Chile and Mexico. The company, controlled by utility Enel, expects its earnings before interest, tax, depreciation and amortisation (EBITDA) to fall to around 1.8 billion euros this year, from some 1.9 billion euros in 2014. EBITDA is expected to rise to around 2.1 billion ...


Index Closing Chg%
Arrow DJIA 18,232.02 0.29
Arrow Nasdaq 5,089.36 0.03
Arrow S&P 2,126.06 0.22
Arrow FTSE 7,031.72 0.05
Arrow DAX 11,815.01 0.42
Arrow CAC-40 5,142.89 0.07
Arrow Nikkei 20,264.41 0.30
Arrow H.Seng 27,992.83 1.70
Arrow Sensex 27,957.50 0.53

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln