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Friday, 3 August 2012

Oil export sanctions cost Iran $133 million a day - The National

Iran is paying a high price for its refusal to abandon its nuclear programme with sanctions aimed at oil exports costing the country US$133 million (Dh488m) a day.

Since tough US and European Union measures came into full effect last month, Iran's crude exports halved to about 1.1 million barrels a day (bpd), Bloomberg data show.

After four rounds of UN sanctions had failed to make an impact on sales, the new round targets the payment mechanisms of the oil trade with Iran and the insurance of oil tankers carrying Iranian product.

Gulf’s booming airlines forge new links abroad |

During a demonstration flight of Boeing’s new 787 high above the UAE this summer, one of the plane-maker’s representatives jokingly asked an Etihad Airways executive what was next on the airline’s shopping list.
It wasn’t planes he was talking about, but chunks of other airlines. Abu Dhabi-based Etihad has snapped up stakes in four different carriers just since December, prompting speculation in aviation circles of more deals to come.

Turkey: trade figures mask deeper problems | beyondbrics

At first glance, newly released figures for Turkey’s foreign trade suggest the country’s economy is holding up well despite the travails of its neighbours in Europe.

But as ever the devil is in the detail and hidden away in the numbers are some more uncomfortable indications that darker days lie ahead for the Turkish economy.

Figures from TUIK, the statistics office, show a 30 per cent reduction in Turkey’s trade deficit, from $10.3bn in June 2011 to $7.2bn in June this year. Other figures from TIM, the Turkish exporters’ association, show exports for the 12 months to July reaching $142.6bn, a healthy 12.3 per cent up on the previous twelve months.

Kuwait's foreign assets worth $320bn, says Fitch - Banking & Finance -

Kuwait's foreign assets are estimated to be worth more than $320bn, equivalent to nearly double the Gulf state's GDP, Fitch Ratings has said in a new report.
It said the assets resulted from double-digit budget surpluses registered every year since 1999 thanks to receipts from the country's large oil reserves, which make up 6.1 percent of total world oil reserves.
Fitch has affirmed Kuwait's long-term foreign and local currency issuer default ratings at 'AA', with stable outlooks on both.