September, 2016

• 22 September

  Largest US gasoline pipeline to restart after Alabama leak

  

    Bloomberg The largest US gasoline pipeline returned to service by the end of the day Wednesday, easing almost two weeks of curtailed shipments that drove up pump prices and caused hundreds of stations to run out of fuel in the East and Southeast. Once Colonial Pipeline Co. restarts its main line, many shipments will be rerouted to southern locations ...

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• 22 September

  Egypt flip-flop has wheat market saying ‘you go first’

  

    Bloomberg For the second time this year, Egypt changed and then quickly reversed its import standards for wheat, leaving traders skeptical about doing business with the world’s largest buyer. Egypt canceled its zero-tolerance policy on a common type of fungus known as ergot on Wednesday, less than a month after reinstating the ban and rejecting cargoes from Romania to ...

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• 22 September

  Saudi meets Iran for oil talks before Algiers next week

  

    Bloomberg OPEC members Saudi Arabia and Iran, whose rivalry derailed an oil supply accord earlier this year, met in Vienna a week before the organization holds talks in Algeria. The two oil producers, along with fellow OPEC member Qatar, met at the headquarters of the Organization of Petroleum Exporting Countries in Vienna, according to three people familiar with the ...

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• 22 September

  Egypt’s three mobile operators shun 4G licences

    CAIRO / Reuters Egypt’s three established mobile phone operators have declined to buy fourth-generation (4G) service licences, two Egyptian telecoms officials said on Thursday. The companies, Vodafone, Orange and Etisalat, did not respond to repeated requests for comment. The Egyptian officials declined to be named as no official announcement had yet been made. The Egyptian government is selling four ...

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• 22 September

  Oil extends gain as US inventories drop

    Bloomberg Oil extended gains after weekly government data showed US inventories dropped to the lowest since February, trimming stockpiles at the highest seasonal level in at least three decades. November futures rose as much as 1.2 percent in New York after advancing 2.9 percent on Wednesday. Inventories fell by 6.2 million barrels last week, according to the Energy Information ...

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• 22 September

  Saudi Binladin says government started to pay dues

    Reuters The Saudi finance ministry has resumed payments to Saudi Binladin Group (SBG), the kingdom’s biggest construction firm, for its work on government projects, Saudi Okaz newspaper reported on Thursday, citing an adviser to the chairman. SBG was hard hit last year as low oil prices forced the government — its chief customer — to cancel or suspend projects ...

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• 22 September

  Iraq sees now as ‘right time’ for OPEC to reach oil-output deal

    Bloomberg Now is the right time for OPEC to reach an agreement on oil output, and crude prices may fall if its members fail to take a decision when they meet next week in Algiers, Iraq’s governor to the producer group said. Conditions in the oil market are better than in April when members of the Organization of Petroleum ...

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• 21 September

  BoJ gives equities a boost before Fed decision

  

    AFP Stocks got a boost on Wednesday after Japan’s central bank overhauled its stimulus programme as markets awaited the outcome of the Fed’s policy meeting. Wall Street opened higher, with the Dow adding 0.5 percent. Meanwhile in Europe, London’s benchmark FTSE 100 index edged up 0.1 percent as the OECD slashed its growth forecast for Britain owing to the ...

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• 21 September

  Gulf mixed with Saudi outperforming peers, Egypt loses steam

    Reuters Bourses in the Gulf were mixed on Wednesday with Saudi Arabia’s bourse supported by the petrochemical sector while Egypt lost steam as local and regional funds exited positions. Saudi Arabia’s index rose 0.4 percent in moderate trade as Brent prices firmed over $46 a barrel. Saudi Basic Industries, the petrochemical heavyweight, climbed 0.9 percent. The insurance sub-index, usually ...

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• 21 September

  First berth for VLCC tankers at AED650 million launched

    FUJAIRAH / WAM H.H. Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah, opened on Wednesday afternoon the UAE’s first berth for very large crude carriers (VLCC) on the Indian Ocean seaport of Fujairah, at cost of AED650 million. The Ruler of Fujairah stressed the keenness of the UAE, led by President His Highness Sheikh ...

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