Monthly Archives: November 2016

Bahrain issued bonds worth $755 million




Bahrain issued bonds worth $755 million

Bahrain issued bonds worth $755 million raises the Central Bank of Bahrain (the central bank), bonds worth 285 million dinars (755 million dollars) for subscription, through the Bahrain stock exchange, in order to provide funding to cover the country’s public budget deficit Continue reading

“Aramco” Saudi oil shipments not sent to Egypt for the second month




“Aramco” Saudi oil shipments not sent to Egypt for the second month

“Aramco” Saudi oil shipments not sent to Egypt for the second month in Egyptian media said on Sunday, that the Saudi company, “Aramco”, failed to supply Egypt’s need of oil derivatives, Novmr during this, the second month in a row Continue reading

Moderate statements from Trump stepping up the dollar and oil




Moderate statements from Trump stepping up the dollar and oil

Moderate statements from Trump stepping up the dollar and oil slightly crude oil prices resumed and the dollar index on Wednesday to climb again after a moderate comments from US President-elect Donald Trump towards the local community and the world, but they remain lower than the closing price Tuesday Continue reading

Stealing millions from the British bank Tesco

Stealing millions from the British bank Tesco

Stealing millions from the British bank Tesco

Stealing millions from the British bank Tesco

Stealing millions from the British bank Tesco”unprecedented” British Tesco Bank confirmed that the 2.5 million pounds (three million dollars) were stolen from nine thousand customer accounts over the weekend, in what experts described as the first electronic mass piracy of accounts in the Western Bank

The bank – the banking arm of the Foundation Tesco British working in the retail sector – that all banking operations currently taking place normally, after that kept him out of this theft to stop online transactions on the last Monday.

CEO Benny Higgins said – in a statement – “We hail the amount of money to the customer accounts that were stolen, and we raised the ban on Internet transactions, and customers can use their accounts as normal.

” Bank confirmed that customer data was not compromised.

And experts in Internet security warned that small banks such as Tesco are at greater risk of a major economic institutions allocate a larger budget for Internet security.

For example, JP Morgan revealed that she spends about six hundred million dollars a year to secure itself from electronic attacks.

reports said that cyber attacks on economic institutions in Britain rose from only five in 2014 to more than 75 this year.

But officials at the banks and providers of Internet security services say there are many attacks are not reported.

IMF will lend Egypt $12 billion

IMF will lend Egypt $12 billion

IMF will lend Egypt $12 billion

IMF will lend Egypt $12 billion

IMF will lend Egypt $12 billion,  International Monetary Fund approved Friday a loan of $ 12 billion over three years to Egypt, which has pledged to implement a series of reforms, as amended agency Standard & Poor’s outlook for the future of Egypt’s debt from negative to stable

The IMF said in a statement late Friday that its Executive Board approved a loan to Egypt worth $ 12 billion three-year agreement to support the country’s economy.

They added that they would be allowed to give Egypt the first slice of the loan worth 2.75 billion dollars, to be distributed to the remaining duration of the program, which will undergo a five audits, while Egypt has pledged to implement in exchange for a series of economic reforms is popular.

On the other hand amended agency Standard & Poor’s credit rating outlook for future sovereign debt, Egypt, from negative to stable, but it kept classified “My negative” for the debt of foreign and local currency long-term and “B” in the short term.

And the agency said in a statement that the increase in inflation in Egypt in the near term due to the devaluation and the reduction of subsidies with raising interest rates will put pressure on domestic consumption and may cause social unrest.

And the agency made it clear that their ratings for Egypt is still restricted as a result of “fiscal deficit is large-scale, public debt, and high levels of low-income and fragile institutions and society,” while predicted that the Egyptian economy begins to grow again in 2018 and 2019 as a result of the inflow of investments and an increase in domestic consumption.

Morocco and Ethiopia planned to build a $2.5 billion fertilizer plant

Morocco and Ethiopia planned to build a $2.5 billion fertilizer plant

Morocco and Ethiopia planned to build a $2.5 billion fertilizer plant

Morocco and Ethiopia planned to build a $2.5 billion fertilizer plant

Morocco and Ethiopia planned to build a $2.5 billion fertilizer plant

The Ethiopian government announced its intention to build a factory for the manufacture of fertilizers in partnership with Sharif compound of Moroccan phosphate (government), a financial cost of $ 2.5 billion

The director of chemical inputs and Construction Industry Development Institute (a government), “Samuel halala” in a press statement quoted by local media on Tuesday that the plant, which will be built in partnership, will be built in the “chenille” area on the border between the city of Dire Dawa and territories Somalia Ethiopian east management Ethiopia .

“arc” of the space said that will be built by the factory, estimated at 100 hectares and will produce 1.1 million metric tons of urea, and 1.5 million metric tons of fertilizers per year.

Ethiopia and Morocco, will begin construction of compound fertilizer, after studying the design is complete, the next year, and will be built within three years.

Ethiopia imports one million metric tons of fertilizers per year.
And according to the “Samuel halala”, financing for construction of the plant would be completed by acquiring 60% of the project cost from the banks in the form of loans, while the Ethiopian government and al-Sharif compound phosphate Moroccan will cover the remaining 40%.

And Sharif compound phosphate plan to invest $ 18 billion between 2010 and 2025, and to double the production of phosphate fertilizer manufacturing and the expansion of the phosphoric acid market position.

The planned and adopted by Sharif compound, to increase the production of phosphate from 30 million tons currently to 50 million tons in 2017, increased fertilizer production from 3.5 million to 10 million tons.

Russian talk about agreement with OPEC

Russian talk about agreement with OPEC

Russian talk about agreement with OPEC

Russian talk about agreement with OPEC

Russian talk about agreement with OPEC confirmed Russia on the possibility of reaching an agreement with the Organization of Petroleum Exporting Countries (OPEC) on the production ceiling, at a time when talk of a proposal by OPEC to install Iran is producing at less than four million barrels per day levels being

And Russian Energy Minister Alexander Novak said he has increased confidence in the possibility of an agreement between Moscow and OPEC reached regarding production to support international oil prices .

Novak mention today – after meeting with his counterparts in OPEC countries – that a meeting fruitful with the Saudi Energy Minister Khalid al-Falih in the capital, Doha which is hosting a summit of gas exporting countries.

The Russian minister and he told reporters that the installation of the production of the options under discussion, but declined to go into details or disclose the level at which production may be installed him.

And predicted that oil demand will continue to grow, indicating that the installation of production that can contribute to restoring market balance.

Novak said he confident that OPEC can reach an agreement on the thirtieth of November, the current in Vienna, when the group meets to put the final touches on an agreement in principle regarding the production, pointing out that Russia is important is that the organization is committed to their agreements.

Meanwhile, an informed source said that OPEC members proposed to rein in Iran’s oil production at 3.92 million barrels per day, in the framework of an agreement to limit the production of the entire organization.

The source said in a statement to Reuters that Iran has not yet responded to this proposal, at a time when it sent mixed signals, saying it would accept a freeze production at between 4 and 4.2 million barrels a day.

This means a figure that OPEC members may be approaching a consensus on production Iran.

It was Qatar’s Energy Minister Mohammed Saleh Al Sada said in Doha meeting that required of Iran and Iraq is to stabilize oil production at the currently levels .

In the time when Saudi Arabia’s Energy Minister Khalid al-Falih said that access to the activation of the ceiling of 32.5 million barrels per day of oil will accelerate the recovery will be for the benefit of producers and consumers

The Gold falls to the lowest level in five months on dollar strength

The Gold falls to the lowest level in five months on dollar strength

The Gold falls to the lowest level in five months on dollar strength

The Gold falls to the lowest level in five months on dollar strength

The Gold falls to the lowest level in five months on dollar strength resumed Gold futures prices on Monday, climb again after it touched at the beginning of today’s trading the lowest level in five and a half months.

And the form of the rise of the US dollar to its highest level in 11 months, double the yellow metal worker, in the wake of expectations of improvement in the US economy and raise interest.

Traders expect that the new US president, “Donald Trump” economic policies, pushes to impose restrictions on cross-border trade, which means an end to the declining rates of inflation in the country during the coming period, as well as expectations of increased spending.

The Gold fell in futures transactions, to US $ 1212.5 this morning, the lowest level since the beginning of last June, before picking up his breath later and climb to $ 1224.3 By the time (10:25 GMT).

The price of gold climbed to US $ 1334, last Wednesday, with the announcement of the victory of the Republican candidate in the US election.

Gold prices are affected negatively the dollar aggressively,  and that pushes the dealers to go to investment funds denominated in US currency.