Business Live: Oil shares slide - BBC News:
"After a 4% jump on Thursday, North Sea Brent crude has fallen back 1.4% today, to trade at $49.27 per barrel.
Even after today's fall, oil prices are still having a strong week, up 5%.
That's taken its toll on oil companies. BP and Royal Dutch Shell shares are down 0.6%. On the FTSE 250 Tullow Oil is down 3%.
Oil prices rose on Thursday after data showed a surprisingly big fall in reserves of US oil."
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Friday, 9 September 2016
UAE auditors uncover embezzlement of Dh40m from state treasury | The National
UAE auditors uncover embezzlement of Dh40m from state treasury | The National:
"Abu Dhabi auditors have fined a group of public employees over the embezzlement of more than Dh40 million from the state treasury.
The State Audit Institution said on Thursday that the public employees, who were supported by private entities in the misuse of public funds, were ordered to return the funds in addition to paying another Dh40 million in fines.
The institution did not reveal details about the employees and entities involved in the case, but said it had received the Dh80 million from the suspects."
'via Blog this'
"Abu Dhabi auditors have fined a group of public employees over the embezzlement of more than Dh40 million from the state treasury.
The State Audit Institution said on Thursday that the public employees, who were supported by private entities in the misuse of public funds, were ordered to return the funds in addition to paying another Dh40 million in fines.
The institution did not reveal details about the employees and entities involved in the case, but said it had received the Dh80 million from the suspects."
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Exclusive: Iranian oil output stagnates for third month amid OPEC bargaining | Reuters
Exclusive: Iranian oil output stagnates for third month amid OPEC bargaining | Reuters:
"Iran's steep oil output growth has stalled in the past three months, new data showed, suggesting Tehran might be struggling to fulfill its plans to raise production to new highs while demanding to be excluded from any OPEC deals on supply curbs.
Iran's oil output soared to 3.64 million barrels per day in June from an average of 2.84 million bpd in 2015 following the easing of Western sanctions on Tehran in January, adding to a global crude glut which has slashed oil prices.
But since June, output has stagnated and reached just 3.63 million bpd in August, according to fresh OPEC data based on secondary sources, which include consultants and industry media, and seen by Reuters. Iran also told OPEC it produced 3.63 million bpd in August, according to an OPEC source.
"
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"Iran's steep oil output growth has stalled in the past three months, new data showed, suggesting Tehran might be struggling to fulfill its plans to raise production to new highs while demanding to be excluded from any OPEC deals on supply curbs.
Iran's oil output soared to 3.64 million barrels per day in June from an average of 2.84 million bpd in 2015 following the easing of Western sanctions on Tehran in January, adding to a global crude glut which has slashed oil prices.
But since June, output has stagnated and reached just 3.63 million bpd in August, according to fresh OPEC data based on secondary sources, which include consultants and industry media, and seen by Reuters. Iran also told OPEC it produced 3.63 million bpd in August, according to an OPEC source.
"
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India’s stock market is waving goodbye to speculators - FT.com
India’s stock market is waving goodbye to speculators - FT.com:
"As foreign direct investment into India has surged over the past decade, by far the biggest source of funds has been the tiny Indian Ocean state of Mauritius.
The island nation's outsized role in India's economy stems from a 1983 bilateral tax treaty, which exempts Mauritius-based companies from capital gains tax on Indian investments.
Foreign investors around the world — from private equity groups to multinational corporations such as GlaxoSmithKline — have enthusiastically embraced the tax loophole, pumping tens of billions of dollars into India through subsidiaries in Mauritius."
'via Blog this'
"As foreign direct investment into India has surged over the past decade, by far the biggest source of funds has been the tiny Indian Ocean state of Mauritius.
The island nation's outsized role in India's economy stems from a 1983 bilateral tax treaty, which exempts Mauritius-based companies from capital gains tax on Indian investments.
Foreign investors around the world — from private equity groups to multinational corporations such as GlaxoSmithKline — have enthusiastically embraced the tax loophole, pumping tens of billions of dollars into India through subsidiaries in Mauritius."
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