Oil Prices Exceed the Limit of $90 for the First Time in History

The weakness of the American currency pushed the investors by other currencies to increase their investments in oil and gold with the aim of taking advantage of the difference of prices, which resulted in the rise of prices of these raw materials. The oil prices had exceeded the limit of $90 for the first time in history as a result of this step for few hours in New York stock market, before dropping slightly once again, in parallel with the drop of the American dollar’s prices opposite to the Euro. In comparison with the first oil jump in terms of prices at the beginning of the 1980s of the last century, during which the prices of one barrel reached $38 backed by the strong American currency, the current average of inflation necessitates oil prices to reach a margin of 96-101 dollar to reach the level that they previously reached at that time.
Moreover, platinum prices reached their highest level ever by $1450 per ounce, whereas gold prices came closer to their highest level in 28 years. Metals’ prices have also change as a result of the dollars’ weakness and the rise of oil prices as well as the increase of political tension.

"Gaz de France" Intends To Take Decision With Regard to the Algerian "Touat" Gas Field

The Deputy of the Senior Executive Directors at the French "Gaz de France" Company said that the company will take its final decision with regard to the Algerian "Touat" gas field by the end of this year. It is worth mentioning that the company was granted concessions to explore gas in this field in 2003, but the project stopped since that time.

Profits of the Kuwaiti Trade Bank Increase by 28%

The Kuwaiti Trade Bank announced yesterday that its profits in the third quarter of this year have increased by 28.3 due to investment profits gained at the prosperous local stock market as well as the increase of the dealings of the foreign exchange rate.

Al Emirat Islamic Bank Gains 144 million Dirhams

Al Emirat Islamic Bank said that its profits in the third quarter of 2007 reached 144.4 million dirhams, with an increase of 88% compared to the profits achieved during the same period of last year, which reached 77 million dirhams and with an increase of the total revenues from 360 million dirhams during the first quarter of 2006 to 654 million dirhams during the third quarter of 2007 with an increase of 2%.

Unexpected Amount of $1 billion of Kuwaiti Investments in Turkey

Member of the Kuwaiti-Turkish Administrative Board for Business, Amin Shakmark, expected the Kuwaiti investments in Turkey to rise from $700 m to $1 bn very soon, pointing out that most of these investments will be rendered to the private sector, on top comes the Kuwaiti Financing House, the International Investor Company, as well as a number of individual investments by Kuwaiti investors and businessmen.

Uzbekistan Seeks to Join the Project of Turkmenistan, Kazakhstan, and Iran Railway

Uzbekistan’s President Islam Karimov said in a statement, following his meeting with Turkmenistan’s President, Qurban Koli Berdi Mahmadof, that his country seeks to join the project of connecting the railways of the three countries Kazakhstan, Turkmenistan and Iran. It is worth mentioning that the initial agreement for laying the railway between the three countries was signed on the sidelines of Tehran’s meeting for the countries of the basin of Caspian Sea held in Tehran last Tuesday.

The Biggest Chinese Bank Intends to Expand in the Middle East and Russia

Chairman of China’s Industrial and Trade Bank, the biggest Chinese Bank has revealed lately the bank’s intention to open new branches in al Doha, Dubai, Moscow, and Sydney pointing out that the Middle East region achieves rapid growth rate as well as enjoying big capitals and great opportunities.

Small Indexes

- Ministry of Social Affairs in Mauritania said that it will launch the program of supporting the abilities of the civil society and good governance financed by the 9th European Fund with a total value of 5.4 million Euro throughout 30 months.
- Oil prices have exceeded on Friday for the first time in history the limit of $90, for a few hours during the Asian dealings via New York stock market.
- The Russian statistics commission said that the number of the unemployed in Russia, according to September’s estimates, has reached 4.5 million persons which equals 6% of the number of the active workers in the country.
- Euro prices has hit a record opposite to the US dollar on Friday, jumping to $1.4320 in the electronic dealings. It is worth mentioning that this is the highest level reached by Euro since 1990.

Exhibitions

- Dubai will host between 29-31 of October the activities of Dubai exhibition for seafood 2007, organized by "Orange Fairs Aid Events" at Crown Plaza Dubai Hotel.

Bids

- The French "Total" Company for Gas and Oil said that it won 12 concessions in American deep water at Mexico pay for exploring oil and gas.

Companies’ Indexes

- The financial manager of the Moroccan real estate general company said that the company excepts an increase of its selling and annual profits by 30% starting from 2011 following the completion of work at a number of big projects.
- The Tunisian Housing Bank, the fifth biggest bank in the country in terms of market value, said that it achieved an increase of 16% of revenues during the third quarter of this year thanks to improvement of the margin of interests and commissions.
- BBC World Wide, the Commercial Arm of the "British Broadcast Corporation", said that the international BBC web site will start publishing commercial advertisements as a part of the attends to bridge the gap of deficit of BBC’s budget estimated at 1 billion sterling’s.

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.