February, 2016

• 16 February

  Saudi Arabia, Russia agree oil output freeze

  

  Doha / AFP Energy giants Saudi Arabia and Russia agreed on Tuesday to freeze oil output to try to stabilise the market if other major producers do the same, Qatar’s oil minister said. The Saudi and Russian oil ministers, along with their Venezuelan and Qatari counterparts, “agreed to freeze the production at (the) January level provided that other major producers ...

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• 16 February

  Oil spills in Peruvian Amazon hit wildlife

  AFP Two recent oil pipeline spills in Peru’s part of the Amazon hit areas rich in wildlife and it will take them a year to recover, the government said Monday. The spills released a total of 2,000 barrels of petroleum, Energy and Mining Minister Rosa Maria Ortiz said. She and other government officials flew over one of the areas blackened ...

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• 16 February

  Cameron’s ‘Brexit’ diplomacy revives 2011 banking spat

  

  Bloomberg When British Prime Minister David Cameron rushed to Paris late on Monday to lobby the French leader over safeguards for London’s banks, the latest in a long line of disputes between the two countries had been five years in the making. French President Francois Hollande is leading a group of euro-area countries unhappy with U.K. demands to shield its ...

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• 16 February

  EU’s Juncker rules out Brexit, says no ‘plan B’

  Brussels / Bloomberg European Commission chief Jean-Claude Juncker refused on Tuesday to entertain the idea of a British exit from the European Union, saying there is no “plan B” ahead of talks with British Prime Minister David Cameron. Juncker, head of the EU executive, said he expected Britain to stay in 28-nation bloc as “a constructive and active member.” “If ...

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• 16 February

  ‘Brexit’ to put $670bn of UK trade at risk

  Alex Morales / Bloomberg A British departure from the European Union would put at risk 466 billion pounds ($670 billion) of U.K. trade with nations in Europe and beyond, according to a report published on Tuesday by the Centre for Economic and Business Research. Britain’s membership of the bloc gives it “easy” access to trade with the other 27 member ...

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• 16 February

  Poland plans growth boom with $254bn investment programme

  

  WARSAW / Bloomberg Poland’s new government plans to harness 1 trillion zloty ($254 billion), or nearly half of the country’s annual economic output, for investment in manufacturing and innovation to help the nation catch up with richer European Union neighbours. The government is due to discuss the proposal, drafted by Development Minister Mateusz Morawiecki, the former chief executive officer at ...

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• 16 February

  British inflation hits one-year high in Jan

  London / AFP Britain’s annual inflation rate rose in January to its highest level for a year, buoyed by the higher prices for clothing and alcohol, official data showed Tuesday. The 12-month Consumer Price Index (CPI) rose by 0.3 percent last month, after registering 0.2 percent in December, the Office for National Statistics (ONS) said in a statement. Alcohol and ...

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• 16 February

  Putin’s reward for doing a deal with OPEC overshadowed by risks

  

  MOSCOW / Bloomberg Neither a recession nor a collapse in revenue has yet been enough to convince Russian President Vladimir Putin that it’s time to join with OPEC in cutting oil output to boost prices. His reasons may be pragmatic rather than political. As Russia’s oil minister meets his Saudi Arabian counterpart in Doha on Tuesday, the world’s second-largest crude ...

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• 16 February

  Emirates Securities Market Index up by 0.92 percent

  

  ABU DHABI / EMIRATES BUSINESS The Emirates Securities Market Index has increased by 0.92% to close at 4161.49 points. Accordingly the Market Capitalization has gained AED6.16 Billion attaining AED675.05 Billion. A total of 0.64 Billion Shares were traded with a total value of 0.75 Billion AED during the trading session of 16-02-2016 through 8512 transactions. The number of companies which has been ...

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• 16 February

  Oil rebounds, Asia stocks go up

  

  Hong Kong/ AFP Asian markets extended their rally on Tuesday as hopes were raised that major oil exporters Russia and Saudi Arabia could agree action to ease a global supply glut, and authorities will step in to boost growth in major economies. Gains on European markets also gave investors confidence to buy again as Shanghai surged more than three percent ...

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