Aug

23

Japan`s economic package to reach 73 billion dollars: report

Filed Under Economy | Posted By Jennifer Sullivan | Leave a Comment

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A report claimed that Japan is ready to reveal a motivational package worth eight bretrillion Yen (73 billion dollars) in a bid to increase the economy. The Yomiuri Shimbun newspaper said that Economic fiscal policy minister Kaoru Yosano released a draft of the formulated measures to Prime Minister Yasuo Fukuda and Finance Minister Bunmei Ibuki.

In early August, Fukuda structured Yosano to make a package to expand economic growth and help small businesses, farmers and fishermen hit by increasing the price of oil.

The measures are also formulated to cut down expressway tolls to help young job searchers and increase the medical services of nation for the elder people.

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Aug

21

Egypt’s crude oil and gas reserves hit record levels

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Abdallah al-Alim Taha the Head of the Egyptian General Petroleum Corporation (EPGC) recently said that Egypt’s reserves of crude oil and natural gas have hit a record level.

According to him, the country’s confirmed reserves of crude oil.

He said, we have reached the all-time record of 4.2 billion barrels, representing an increase of 221 million barrels compared to the previous year.

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Aug

19

Asian Stock valuations lowest in more than 10 years

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A longer than estimated hold up in Asia has hard pressed stock market valuations to the lowest in more than 10 years. The crude prices and inflation are sky rocketing as MSCI Asia Pacific Index is right now dealing at a price to earnings several of 13.8 per cent which is the lowest since 1995.

Indeed, the known brokerage house Citigroup is worried over further money outflows from Asia and claims Global and Emerging Market funds are experiencing consistent redemption stresses around $2.9 billion.

China has twice whammy even as stocks down in Shanghai and Goldman Sachs is likely to expect China’s economy to drop because of the industrial blackouts for the Olympics.

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Aug

8

Iraq searching for oil in last two decades

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The oil minister said that first time in two decades that Iraq is searching for oil. Iraq has 115 billion barrels of proven oil reserves, the third largest in the world, but the government believes the country’s actual oil reserves may be three times as high.

Asim Jihad, spokesman for Oil Ministry, said it had trained three teams of geophysicists, geologists and engineers and would kick off exploration in the Gharraf field in Nassiriya in southern Iraq.

He added, “Tomorrow, the equipment will be turned on to start the first oil exploration for 20 years, at a ceremony which will be attended by the oil minister and senior officials,”

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Aug

4

Oil prices high jump $126

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Oil prices more than USD 126 in Asian trade on Monday over fresh worries about Iran’s disputed nuclear programme and a new storm brewing in the Gulf of Mexico.

In morning trade, New York’s main contract, light sweet crude for September delivery, jumped USD 1.12 to USD 126.22 a barrel from its close of USD 125.10 on Friday.

Brent North Sea crude for September delivery was up 82 cents at 125.00.

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Jul

22

Oil prices rally on US weather, Iran concerns

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Oil prices rose on Monday on news of stormy weather which could threaten energy facilities in the US Gulf of Mexico, and after fruitless talks between the US and crude producer Iran.

After heavy losses last week that were linked to fears of slowing global growth and lowering demand, oil prices remained far below the record highs of about USD 147 per barrel that were struck earlier this month.

New York’s main contract, light sweet crude for August delivery, rose by USD 1.2 to USD 130.50 a barrel.

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Jul

12

Oil price hits record high above $147 on Iran, dollar concerns

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Oil prices hit fresh record highs on Friday, boosted by weakness in the dollar and simmering tensions over key producer Iran which pushed the London Brent contract above USD 147.

Brent north sea oil for august delivery jumped as high as USD 147.25, beating the previous record of USD 146.69 set on July 3. Continue reading…



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Jul

8

Obama, McCain set to duel over economy

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The US Presidential candidates will duel over the economy this week, with Republican Senator John McCain touting proposals he says will stimulate job growth and Democratic Senator Barack Obama discussing economic security for families.

McCain, an Arizona Senator who has wrapped up his party’s nomination, will embark on a tour of Colorado, Pennsylvania, Ohio, Michigan and Wisconsin — all toss-up states in the November election to win the White House.

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Jul

7

Bush says backs strong dollar policy

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Bush said after meeting Japanese Prime Minister Yasuo Fukuda, ‘‘our economy is not expanding as fast as we wish to. We had experienced the positive development in the first quarter and we will see what will happen in the second quarter.’’

The US economy rose at a 1 percent annual rate in the first quarter amid mounting oil and commodity prices. Because of consistent weakness, the Labour Department told that US employers reduced jobs for the sixth straight month in June.

The Bush administration has come under pressure from abroad to take action to balance the weak US dollar, another issue is expected to crop up during the G8 meetings at the lakeside resort of Toyako July 7-9. Continue reading…



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Jul

4

Oil eases modestly as dollar strengthens

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Oil prices mounted to a new high near $146 a barrel, increasing the previous day’s record-shattering rally before easing somewhat as the dollar earned ground against the euro. Light, sweet crude for August delivery contained 80 cents to $144.37 on the New York Mercantile Exchange. In London, Brent crude futures expanded to a trading record of $146.69 a barrel on the ICE Futures exchange.

Prices backed off, although, after the European Central Bank did not show more rate increment. That decision, which followed broadly are likely to quarter-point rate increase meant to inflation in the 15-nation euro zone. Several investors purchase commodities like oil as a hedge against inflation when the greenback lowers down and decreasing dollar creates oil less expensive to investors overseas.

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