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Brazil's Petrobras overpaid up to $1.2bn in kickback transactions BRASILIA: Petrobras may have overpaid as much as 1.2 billion dollars in transactions being investigated for potential kickbacks, Brazil's national accounting office said Tuesday.The alleged graft issue at the state oil giant and elsewhere was used against President Dilma Rousseff in her reelection campaign but did not stop her from winning -- while promising she would fight corruption harder.Voters did not blame Rousseff -- who was on Petrobras' board at the time -- in two rounds of voting in which she prevailed last month."We have demonstrated that there was overbilling (at the) Pasadena (refinery). And we found evidence this happened with other major projects, all of which were worth a total of almost 1.2 billion dollars," said Augusto Nardes, head of the government's accounting arm, known as the TCU.The Pasadena refinery case alone cost Petrobras 317 million dollars, Nardes said.With Rousseff board chair at the time, Petrobras in 2006 approved ...

Oil falls further on dim prospect of OPEC output cut LONDON: Crude prices fell further Tuesday on dimming prospects of a production cut by the OPEC oil cartel despite a global supply glut, analysts said. Brent North Sea crude hit a four-year low at $81.23 a barrel. The contract for delivery in December later recovered to $81.88 in London midday deals, though still down 46 cents compared with Monday's close.US benchmark West Texas Intermediate (WTI) for December lost 23 cents to $77.17 a barrel.WTI had ...

Asia-Pacific Crude unsold supply weighs, focus shifts to January SINGAPORE: The Asia-Pacific crude market stayed weak on Tuesday as unsold supply weighed while traders shift their focus to January trade.Four North West Shelf (NWS) cargoes will be available in January, steady from the previous month, a trader said, citing a preliminary loading programme.Woodside has a cargo loading on Jan. 1-5 while BP and Petro-Diamond have one each on Jan. 11-15 and Jan. 17-21, respectively. Chevron's cargo will load on Jan. 25-29.The intensifying political strife ...

Middle East Crude DME Oman slips below $80, lowest in just over 4 years SINGAPORE: The Middle East crude market remained weak on Tuesday, with DME Oman hitting the lowest in just over four years, while Iraq and Kuwait kept their prices to Asia at wide discounts to a similar Saudi grade.Oman crude futures on the Dubai Mercantile Exchange (DME) slipped below $80 a barrel on Tuesday to the lowest in just over four years.Maersk and Unipec have started offering al-Shaheen crude for January loading although no deals were ...

Brent oil falls to $82 after hitting four-year low LONDON: Brent crude traded close to $82 per barrel on Tuesday after hitting a four-year low, as a firm dollar and robust production from U.S. shale oilfields outweighed a drop in Libyan output.Brent for December fell $1.11 to $81.23 per barrel, its lowest since October 2010, and was around $82 by 1045 GMT. U.S. crude was down 20 cents at $77.20 per barrel.The U.S. dollar hit a seven-year high against the yen and was up ...

UK gas prompt prices slip on mild November weather outlook LONDON: Prompt natural gas prices in Britain eased on Tuesday on expectations of weaker demand following forecasts for continued mild weather and above-average temperatures this month.Prices for within-day delivery were trading at 53.55 pence per therm at 1011 GMT, down 1.45 pence since their last settlement. Prices for delivery on Wednesday were down 0.70 pence at 53.50 pence per therm."An increase in the temperature forecast from the end of this week going forward has led ...

Brent crude oil falls more than $1 to 4-year low of $81.23 LONDON: Brent crude oil futures fell by more than $1 on Tuesday to a four-year low of $81.23, as a strong dollar and robust production from US shale oil fields weighed on prices.The US dollar hit a 7-year high against the yen and was up 0.2 percent on the day against a basket of currencies. Production from shale oil fields in the United States showed no signs of slowing despite falling prices, the Energy Information ...


Index Closing Chg%
Arrow DJIA 17,827.75 0.07
Arrow Nasdaq 4,787.32 0.61
Arrow S&P 2,072.83 0.28
Arrow FTSE 6,729.17 0.03
Arrow DAX 9,915.56 0.55
Arrow CAC-40 4,373.42 0.20
Arrow Nikkei 17,383.58 0.14
Arrow H.Seng 24,111.98 1.12
Arrow Sensex 28,386.19 0.17

Banking Review 2013

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