August, 2016

• 25 August

  Saudi holds China’s market share lead on record oil output

  

    Bloomberg Saudi Arabia kept its spot as China’s biggest oil supplier for the first seven months this year after pumping record output in July, even as Russia threatens to overtake the kingdom in their contest for sales to the world’s largest energy consumer. The biggest crude exporter shipped an average of 1.05 million barrels a day to China in ...

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• 25 August

  IMF OKs $723mn loan to Jordan

  

    Reuters The International Monetary Fund has approved a $723 million loan facility to Jordan in a three-year programme to support economic and financial reforms aimed at lowering public debt and accelerating growth, it said on Wednesday. The IMF said in a statement the first $72.3 million tranche was to be paid immediately, and the remaining amount would be disbursed ...

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• 25 August

  Sky Prime gets licence for domestic flights

  

    Reuters Sky Prime Aviation Services has become the latest aviation company in Saudi Arabia to be awarded a national air operator licence under an ongoing liberalisation of the kingdom’s aviation market. The company, which provides private jets, received the licence for chartered flights from Minister of Transport Sulaiman al-Hamdan during a ceremony in Riyadh, according to its Twitter feed. ...

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• 25 August

  Iran, Ecuador discuss ways to strengthen crude prices

    Reuters Iran and Ecuador discussed ways that the two countries can strengthen oil prices as Iran signals it may support joint efforts by exporters to prop up flagging crude. Iran has been boosting output since Western sanctions were eased in January. Tehran refused to join a previous attempt this year by OPEC plus non-members such as Russia to stabilize ...

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• 25 August

  Iran oil minister to join OPEC talks on market in Algeria

  

    Bloomberg Iran’s Oil Minister Bijan Namdar Zanganeh will join an informal meeting of OPEC members next month in Algiers, a state news service reported, ending uncertainty about whether OPEC’s third-biggest producer would participate. Producers from the Organization of Petroleum Exporting Countries will meet on the sidelines of an energy policy group in the Algerian capital next month to consider ...

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• 25 August

  UK consumer boom set to flag as Brexit ignites inflation

  

    Bloomberg For UK consumers, the good times might not keep rolling. Quickening inflation looks set to erode almost two years of real-wage growth, undermining the key driver of the economy. Data due Friday will probably show consumption helped growth accelerate to 0.6 percent in the second quarter, before the referendum on European Union membership. Still, there are challenges ahead ...

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• 25 August

  Spain’s economic growth stagnates

  

    AFP Spain’s economic growth stagnated in the second quarter, official data showed on Thursday, as the country remains mired in political limbo after two inconclusive general elections. The Ine statistics agency said that GDP expanded by 0.8 percent compared to the previous three months — slightly higher than the 0.7 percent estimate it had announced in July. The agency ...

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• 25 August

  Brexit threat: German companies may experience weaker growth next year

  

    AFP Germany is waking up to the threat of Brexit and could see weaker growth in 2017, analysts said on Thursday, after a key business confidence survey showed a sharp decline. The Ifo economic institute’s closely-watched index fell to 106.2 in August from its July level of 108.3, reaching its lowest point since December 2014. Analysts surveyed by Factset ...

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• 25 August

  Orders for US capital equipment climb most since January

    Bloomberg Orders for business equipment climbed in July for a second month, advancing the most since January and indicating US firms are becoming less reluctant to invest. Bookings for non-military capital goods excluding aircraft rose 1.6%, exceeding the most optimistic forecast in a Bloomberg survey, after a 0.5% June gain, Commerce Department data showed Thursday. Demand for all durable ...

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• 25 August

  Youth unemployment swelling worldwide: ILO

    AFP The number of unemployed young people is set to swell by 500,000 worldwide this year to reach 71 million, marking the first hike in three years, the UN said Wednesday. In a new report, the UN’s labour agency estimated that the global youth unemployment rate would reach 13.1 percent in 2016, up from 12.9 percent in 2015, and ...

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