Iraq Once Again Supplies Jordan with Oil

Iraq has started lately, and once again, supplying Jordan with oil in implementation of the agreement signed between the two sides last August.
The agreement stipulates that Iraq supplies Jordan with part of its oil needs estimated by 100.000 barrels a day with preferential prices, but the bad security situation in Iraq and the dangers land roads which connect the two countries together prevented the implementation of the agreement.
Moreover, the agreement stipulated that Iraq supplies Jordan with 100.000 barrels a day and to be increased in the future. It is well-known that until 2003, Jordan use to get most of its all needs from Iraq with preferential prices, in addition to an annual free of charge oil donation estimated by $300 m.
In return, Iraq used to get Jordanian-made goods according to the oil and trade protocol which was enforced between the two countries, but that stopped following the occupation of Iraq which forced Jordan to resort to international markets to get its needs.

The Final Stages of Transforming the Palestinian Monetary Authority Into a Central Bank

The Governor of the Palestinian Monetary Authority Dr. George al Abed has revealed that the first stage of the plan of the strategic transformation for developing the monetary authority has been completed, adding that a process of re-constructing the internal structure of the authority so that it becomes a central Palestinian Bank with full authorities.

Riad Salameh Says the Lebanese Banking Sector Has Not Been Affected by the Western Prices

The Governor of the Central Bank of Lebanon Riad Salameh told As-Safir newspaper that the Lebanese banking sector has not been affected by the crisis of the Western markets as well as the problem of the rising markets. Salameh added that this was due to the fact that the percentage of cash flow in the Lebanese market was very high, pointing out that the total value of the deposits is estimated by $68 bn till the end of last August 2007.

Kuwait and Emirates Decrease the Interest Prices

Kuwait and the UAE decreased the interest prices yesterday following its decline by fifty points in the US, which enhanced the opportunities of more rapid economic growth rate and inflation in the Gulf.

The Kuwaiti "Zain" Telecommunications Company Moves Its Location Into Bahrain

A well informed source has revealed that the giant Kuwaiti telecommunications group "Zain" has decided to move its location to Bahrain where it intends to run its international activities starting from next November due to the fact that Bahrain is considered a better choice and more preferable than Dubai.

Turkey Cancels the License of the Third Generation of Mobile Phones of "Turkcell" Company

The Turkish "Turkcell" company for the telecommunications of mobile phones said that the authorities have canceled the license of the third generation which the company was granted last week due to the absence of competition in the auction, pointing out that the company’s shares have risen together with the rise at the Turkish stock market.

The "Islamic Development Bank" Finances Building a Factory of Gas Turbine in Morocco

Al-Maghrib al-Arabi news agency said that the "Islamic Development Bank" has granted Morocco a loan estimated by $190m for building a factory of gas turbine for generating energy at Mohammedia city. The factory which will operate by a capacity of 300 megawatt, aims at increasing supplies of energy through using the natural gas which is more cost effective than cook and oil.

Three Hundred Million Dinars, the Total Value of Selling At Tourist Restaurants in Jordan

The volume of the selling of the tourist restaurants in Jordan has reached till the twenty second of last August 190.6 million dinars compared to 210.4 million dinars reached at last year. The Director of the Jordanian Society of the tourist restaurants expected the volume of the selling of the tourist restaurants to reach 300 million dinars during this year compared to 576.000 dinars of the volume of selling of last year.

Iran Exports Wheat for the First Time to the Sultanate of Oman

Iran and the Sultanate of Oman have concluded a deal according to which Oman will buy 160.0000 tons of the Iranian wheat to be delivered through four times. It is worth mentioning that Iran has announced lately that its ready to export the surplus quantities of this material to other countries.

The European Union announces its Conditions for Building the Foreign Network for Distributing Gas

Chairman of the European Union Commissionary José Manuel Barroso, said that the union will not allow foreign companies to buy totally or partially the network of distributing gas or electricity in the union unless these companies abide by the law of separating between the networks of distribution and production which is implemented on the companies of the European Union.

Small Indexes

- The Turkish President Abdullah Gül has called, in his first visit outside Turkey to the republic of the Turkish northern Cyprus, to left the sanctions imposed on this entity which is not recognized internationally.
- The Council of the American "Federal Reserve System" (The Central Bank) has decided to decrease the percentage of the main interest by 0.5% to become 4.75% in its first decrease within four years.
- Oil prices have hit a new record in the Asian dealings, as the American light crude oil reached the level of $82.33.
- Gold prices have risen by 1.7%, reaching their highest levels ever since 1980 following the decrease of the interest prices by the central bank by 50 points reaching 4.75%.
- Official statements showed yesterday that the direct foreign investments in Tunisia have jumped by 47% during the first 8 months of this year.

Companies Indexes

- "National Bank of Kuwait" is due to held its normal and non normal session dedicated for increasing the capital of the bank by 20% next Sunday at the main location of the bank.
- Russian and Venezuelan businessmen announced in Moscow the day before yesterday that the Russian "TNK-BP" company joint those companies who intend to work in Venezuela and specifically in the oil sector due to the great advantages granted by Venezuela to the Russian companies.
- The General Director of the Company of Planes Industry "Sukhoi" said at the economic forum of the far east held in "Khabarofsk" that the company intends to increase its production till 2010 compared to 2006 by 40% through increasing the civil products.
- "IBM" company said that it will offer a free of charge program for competing Microsoft office program, which is considered one of the most important sources of Microsoft’s profits. The program is called "Lotus Symphony" which includes a program for exhibiting texts and calculations..

Exhibitions & Conferences

- Abu Dhabi is due to host the 11th conference of the Gulf industrialists organized by the Ministry of Finance and Industry in cooperation with the Gulf Organization for Industrial Consultations between 20-21 of January 2008.

Indicators is a daily economic watch newsletter about the Near East, issued by New Orient News agency in Beirut, Lebanon. It is available on Voltairenet.org in Arabic and English. Also worth a read is Tendencies, the daily Near East political watch newsletter, available in Arabic, English and French languages.