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Saudi Arabia ups official oil prices amid signs of stronger demand LONDON/NEW YORK: Saudi Arabia raised the official selling prices (OSPs) for its oil deliveries to Asia and the United States on Tuesday, in the latest signal OPEC's largest exporter is seeing signs of stronger demand.The Kingdom raised all U.S.-bound crude prices by $1 a barrel and hiked extra-light crude oil to Asia by $1.40 a barrel, in a vote of confidence oil demand is growing in two of its biggest markets following the price crash since June.While the increase was largely anticipated by traders amid other signs of robust demand, it bolsters the impression Saudi Arabia is comfortable with the rebound in Brent crude to around $60 a barrel after hitting a six-year low of $45 in January.Saudi Arabia and other OPEC members sharply cut OSPs in 2014 as the group decided to fight fast-growing U.S. shale producers for market share, abandoning its policy of adjusting production to underpin prices.Saudi ...

Credit Suisse markets first self-led conduit CMBS since crisis NEW YORK: Credit Suisse has begun marketing a US$1.2bn conduit CMBS deal, its first self-led transaction since the financial crisis which comes as the Swiss bank revives its commercial real estate platform.The bond deal is the first since 2007 to pool commercial real estate loans from Credit Suisse's own publicly-registered shelf and whisper talk is expected Wednesday with pricing either late in the week or next Monday, one banking source said.The deal, called CSAIL 2015-C1, ...
JPMorgan to pay $50mn over improper mortgage practices WASHINGTON: JPMorgan Chase will pay $50 million as part of a national settlement agreement to compensate homeowners in bankruptcy over the use of robo-signing and other improper practices, the Department of Justice said on Tuesday.The settlement includes cash payments, mortgage loan credits and loan forgiveness to more than 25,000 homeowners, the department said in a statement.Between 2011 and 2013, JPMorgan Chase filed more than 50,000 mortgage payment change notices in bankruptcy courts that had not ...
Google boss meets EU competition regulator BRUSSELS: Eric Schmidt, head of US Internet giant Google, has had a first meeting with the EU's new top competition regulator to discuss a long-running probe into the company which could lead to a massive fine, officials said Tuesday.The 28-nation European Union began investigating Google in 2010 after complaints from rivals such as Microsoft that its search engine, the world's biggest, unfairly squeezed out competitors."I can confirm that Commissioner (Margrethe) Vestager met Schmidt and other ...
North Korea warns has power to conduct 'strike' on US GENEVA: North Korea's foreign minister warned Tuesday Pyongyang had the power to conduct a "pre-emptive strike" on the United States, following joint US-South Korea military drills earlier this week.Speaking before the UN Disarmament Conference in Geneva, Ri Su-yong said the military exercises that kicked off Monday were "unprecedentedly provocative in nature" and could spark a war."The DPRK (Democratic People's Republic of Korea) cannot but bolster its nuclear deterrent capability to cope with the ever-increasing nuclear ...
Kenyan president torches huge elephant ivory stockpile NAIROBI: Kenyan President Uhuru Kenyatta set fire to a giant pile of 15 tonnes of elephant ivory Tuesday, vowing to destroy the east African country's entire stockpile of tusks by the year's end.Burning of ivory is "part of Kenya's policy to put ivory beyond economic use," Kenyatta said as he lit a vast bonfire of the tusks -- which conservationists said was the largest ever burned in Africa -- adding that "we will burn the ...


Index Closing Chg%
Arrow DJIA 18,288.63 0.86
Arrow Nasdaq 5,008.10 0.90
Arrow S&P 2,117.39 0.61
Arrow FTSE 6,940.64 0.09
Arrow DAX 11,410.36 0.08
Arrow CAC-40 4,917.32 0.69
Arrow Nikkei 18,826.88 0.15
Arrow H.Seng 24,887.44 0.15
Arrow Sensex 29,459.14 0.33

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