Main headlines

December 27, 2012

Bahrain to sell oil at $90 a barrel, lower than predictions of $100 from OPEC
07:18 GMT

Oil prices included in Bahrain’s 2013-2014 state budget and estimated at $90 per barrel are feasible and reflect market predictions, said a government official, Despite OPEC expecting prices to be $100 or more.

Jordan's economic plans have been praised by the IMF despite government actions causing widespread protests
07:05 GMT

The International Monetary Fund (IMF) has said that Jordan performed well in terms of corrective economic measures this year despite a multiplicity of challenges, an IMF statement said.

Three Egyptian banks have been downgraded by Standard and Poors' rating agency
05:00 GMT

Rating agency Standard & Poor's downgraded three major Egyptian banks on Wednesday because of risk related to government bonds they hold.

December 26, 2012

Stock markets across the region suffered a bad day yesterday
14:02 GMT

Egypt’s bourse fell on Tuesday due to a weak outlook for economic policy, and all other Gulf markets also declined as investors booked profits ahead of the year-end.

Money supply in the UAE is up, with further liquidity expected in 2013
13:14 GMT

The UAE Central Bank said on Monday the money supply M0 (currency in circulation plus currency at banks) increased 4.4 per cent to Dh57.2 billion at the end of October from Dh54.8 billion a month earlier.

Iran is planning a military exercise for the Strait of Hormuz
12:26 GMT

Iran is planning naval maneuvers in international waters near strategic Strait of Hormuz, where one-fifth of world oil supply passes.

Iraq's semi-autonomous Kurdish region has halted oil exports due to a row over payments
12:14 GMT

An Iraqi Kurdish official said on Tuesday that the country’s self-ruled northern Kurdish region has suspended oil exports over a payment row with Baghdad, a development that could add to already souring relations between the Kurds and the Arab-led central government.

Kuwait's oil exports to South Korea are booming
11:46 GMT

Kuwait's crude oil exports to South Korea in November surged 74.4 percent from a year earlier to 14.06 million barrels, or 469,000 barrels per day (bpd), latest data released by the state-run Korea National Oil Corporation showed.

Iran claims to have rebuffed a new cyber attack
11:29 GMT

A power plant and other industries in southern Iran that were targeted by Stuxnet computer worm has been successfully rebuffed and prevented from spreading.

The UAE currently has a visa amnesty for illegal or undocumented workers
10:09 GMT

The UAE government has issued a warning to all illegal residents who are not planning on using the two-month amnesty period that they will face sanctions after the amnesty period ends on February 4.

Gas prices in Lebanon are continuing an upwards trend
09:59 GMT

Gasoline prices in Lebanon continued to rise slowly for the fourth week Wednesday, the weekly price update shows.

Egypt's President is increasing controls on foreign currency
09:46 GMT

Travelers to and from Egypt will not be allowed to have more than $10.000 or its equivalent on them. Egyptian President Mohamed Morsi modified the central bank law in order to tighten foreign currency transfers from and to Egypt.

Jordan has one million illegal guest workers
09:20 GMT

Jordan's labour ministry estimates that there are over one million illegal guest workers in Jordan, Minister of Labour Nidal Katamine said on Monday.

December 25, 2012

Christmas 2012 has gone all digital
06:00 GMT

Let’s hope Father Christmas has an email account because the country’s children – as young as 6 years old – have gone digital. IPods, iPads and iPhones topped this year’s holiday wish lists.

New taxes in Egypt were not at the behest of the IMF, the finance minister claims
04:00 GMT

Egypt's Finance Minister, Momtaz El-Said, claims that the tax changes will not affect the poor, and are also not part of the austerity program imposed by the IMF