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JSW curbs coal production, investment hit by lower coal prices WARSAW: Poland's JSW, the largest coking coal miner in the European Union, cut its 2014 production target by 9 to 12 percent and slashed investment in an effort to regain profitability after steep falls in coal prices.State-controlled JSW, which swung to a net loss of over $100 million in the first half of the year, said in a statement late on Friday it planned to produce 13.8 million to 14.0 million tonnes of coal in 2014.The new goal was not comparable with its earlier target of 13.8 million tonnes, because that figure did not include an expected 1.5-1.6 million tonnes of coal to be produced by the Knurow-Szczyglowice mine, which JSW bought in April from another state-controlled miner, Kompania Weglowa.Without the added output of the Knurow-Szczyglowice mine, JSW's coal production would fall by 9-12 percent by comparison with the earlier target.JSW also said it planned to reduce 2014 investment in ...


Oil rises above $86 as investors say market oversold LONDON: Brent crude oil rose above $86 a barrel on Friday, bouncing from near four-year lows as investors bought back into a market they said was oversold, and as fighting in Iraq increased political risk.Oil has lost more than a fifth of its value since June on heavy oversupply, signs of weak demand growth and indications that key oil producers, particularly Saudi Arabia, have a limited appetite to intervene on prices. "Prices have likely overshot ...

Oil market rebounds LONDON: World oil prices rebounded Friday on bargain-buying, a day after the US benchmark fell below $80 for the first time in more than two years.However, the overall mood remained clouded by a supply glut in and concerns over demand caused by a slowdown in major European economies and China.US benchmark West Texas Intermediate for November added $1.29 to $83.99 a barrel.Brent North Sea crude for delivery in November won $1.24 to stand at $87.06.WTI ...

Oil rebound extends in Asia SINGAPORE: Oil prices extended a minor rally on bargain-buying Friday, a day after the US benchmark fell below $80 for the first time in more than two years.However, the overall mood remained clouded by a supply glut in and concerns over demand caused by a slowdown in major European economies and China.West Texas Intermediate (WTI) for delivery in November was up 60 cents at $83.30 a barrel in late-morning trade and Brent rose 74 cents ...

Oil rises above $87 as investors say market oversold LONDON: Brent crude rose more than a dollar to above $87 a barrel on Friday, bouncing from near four-year lows as investors bought back into a market they said was oversold in the short term.Oil has lost more than a fifth of its value since June on heavy oversupply, signs of weak demand growth and indications that key oil producers, particularly Saudi Arabia, have a limited appetite to intervene on prices."Prices have likely overshot to ...

US oil to retrace to $81.70 SINGAPORE: US oil is expected to retrace further to $81.70 per barrel and then rise towards $82.89 as indicated by its wave pattern and a Fibonacci retracement analysis.The sharp gain from the Oct. 16 low of $79.78 was driven by a wave (4), the fourth wave of a five-wave cycle that developed from the Sept. 30 high of $94.90.This wave will consist of three waves, so far, only the first wave labelled a has completed ...

Brent oil may retrace to $85 SINGAPORE: Brent oil faces resistance at $86.67 per barrel and may retrace to the Oct. 16 high of $85 to fill a gap on the daily chart.The resistance has been identified as the 76.4 percent Fibonacci projection level of a downward wave C that started at the June 19 high of $115.71 and it may stop oil from rebounding further.Even though the gap on the daily chart has been caused by a switch from the ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJuly-June
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln