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Cutting fossil subsidies must to advance renewables: agency PARIS: Renewable energy, essential for meeting global CO2 emission targets, needs a stable regulatory framework, a cut in fossil fuel subsidies and more interconnected power grids to develop, a global energy agency said Sunday.The development of renewable energy will lead to a "new industrial paradigm" for electricity production, as it should expand by 70 percent globally between 2011 and 2030, according to the International Renewable Energy Agency. IRENA said cutting, or even cancelling, subsidies to energy produced with fossils would significantly reduce the cost of financing renewable projects. "Renewable energy investors need stable and predictable policy frameworks, which recognise the system-level benefits renewable energy can bring," IRENA said."They need a level playing field, including cutting back on the substantial subsidies currently enjoyed by fossil fuels worldwide," it said.IRENA also called for a "supportive grid infrastructure," arguing that the industry needs more regional interconnections to "take advantage of synergies between different ...

Statoil Arctic oil well halted after environmental challenge OSLO: Norwegian oil company Statoil has had to stop drilling at the Arctic Pingvin prospect because of an appeal against its environmental permit, North Energy, a partner in the project, said on Friday. "The top hole on Pingvin has been drilled," North Energy said in a statement. "The timing of a resumption of drilling on the Pingvin prospect will depend on how long it takes to settle the appeal and the decision reached." Environmental groups ...
EU carbon rebounds from three-week low on speculative buying LONDON: European carbon prices closed 2.8 percent higher on Friday on speculative buying, rebounding from a three-week low touched earlier in the day. Front-year EU Allowance futures, trading on ICE, closed up 17 cents at a session high 6.30 euros/tonne, erasing earlier losses that saw the contract trade as low as 6.06 euros. Traders said Friday's gains were fuelled by short covering, as well as buying by some market participants looking for yield. Healthy liquidity ...
Global LNG: Asian prices rise amid tenders MILAN: Asian spot liquefied natural gas (LNG) prices rose this week as demand firmed for October deliveries, although trading activity stayed thin. Spot LNG prices for October delivery rose to around $13.30 per million British thermal units (mmBtu), from around $12.80 per mmBtu last week, sources said. Prices have rebounded in recent weeks after dropping close to 50 percent since February to as low as $10.50 per mmBtu. Exxon Mobil's Papua New Guinea LNG export ...
Enel CEO says delisting Endesa one of options on table CERNOBBIO: Italy's biggest utility Enel will decide what to do with its stake in Spanish utility Endesa in the next 30 days and delisting the unit is one of the options, the group's CEO said on Friday. State-controlled Enel owns 92 percent of Endesa and is looking at what to do with its stake in the group. "The options on the table are three: increase the free float, delist the company or do nothing," Francesco ...
Russia's Rosneft plans to start oil output at Sakhalin Arkutun-Dagi field this month MOSCOW: Rosneft, Russia's top oil producer, plans to start oil production at the Sakhalin Arkutun-Dagi offshore field this month, the company said in a statement on Friday. The Arkutun-Dagi offshore field is part of the Sakhalin-1 project led by US ExxonMobil. The field is expected to add 90,000 barrels per day within three years to Russia's total output, which currently stands at around 10.5 million bpd. Copyright Reuters, 2014 ...
Oil steadies near $102, heads for weekly drop on dollar LONDON: Brent crude oil steadied near $102 a barrel on Friday, heading for a third weekly drop in four as a strong dollar depressed demand, though data showing lower crude stocks in the United States kept a floor under prices. Oil prices on both sides of the Atlantic fell nearly $1 on Thursday as a surprise cut in interest rates by the European Central Bank led to a spike in the US dollar, making it ...


Index Closing Chg%
Arrow DJIA 18,203.37 0.47
Arrow Nasdaq 4,979.90 0.56
Arrow S&P 2,107.78 0.45
Arrow FTSE 6,889.13 0.74
Arrow DAX 11,280.36 1.14
Arrow CAC-40 4,869.25 0.98
Arrow Nikkei 18,815.16 0.06
Arrow H.Seng 24,702.78 0.74
Arrow Sensex 29,593.73 0.46

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln