A Call for Disengaging With the Dollar

It seems that the weakness of the U.S Dollar has started to have international political impact towards the U.S. and especially by those countries which oppose the American policy worldwide. The call came first from Venezuela and Iran to give up dealing with the Dollar as an international currency, in a political and economic response to the pressures exercised by the U.S. on both countries. President, Hugo Chavez expects that there will be no dealing by the Dollar anymore, because the value of the American Dollar continues to decline, and threatened to drop more in the future. Chavez goes on to say that it is natural to see the collapse of the American empire with the collapse of the U.S. Dollar.
On the other side, Iran called lat year to establish a stock market for oil in Asia and to deal by the Euro instead of the Dollar in a pre-emptive step to face the American pressures , and also in a step to give up dealing with the Dollar as a main currency in the international dealings , and especially dealings in the oil industry , taking into consideration that Iran and Venezuela are among the main countries in the field of producing oil in the world , and which are taking firm and opposite stands towards the U.S., the thing which will make their stand stronger towards such practices.

Kuwait’s Stock Market Records an Increase of 0.61%

Kuwait’s Stock Market has managed to preserve its rising line, recording a rise of 0.61% backed by all sectors of the market which all recorded a considerable rise specially the investment sector. The value of dealings has jumped from 168.7 million shares to 339.6 million shares.

12%, Iran’s Share of Petrochemical Company in the Middle East, and 50% for Saudi Arabia

The Director of the Projects of the Iranian National Petrochemical Industries Company said on the meeting of dealing of oil industry in Iran that Iran’s share of producing petrochemicals in the Middle East has exceeded 12%, opposite to 50% for Saudi Arabia and the remaining 37% for other countries in the Middle East.

$200 bn, The Volume of the Expected Trade Exchange between Iran and China

The Iranian Assistant Minister of Roads and Transportation said, on the sideline of the ceremonies for signing four cooperation memorandum of understanding in the field of land and marinal transportation and railways with China yesterday, that Iran is determined to increase the volume of the trade exchange with China to reach $200 bn during the coming ten years.

The Increase of the Number of Tourists to Turkey by 25% Last Month

The number of the tourists to Turkey has risen by 25.6% reaching 2.15 million persons in October. The Turkish Institute of Statistics say that the number of the tourist during the first ten months has risen by 18.3% reaching 21.1 million tourists.

The Decline of the Profits of the Egyptian Alexandria Bank by 72%

Alexandria Bank, affiliated by the Italian Antessa San Paulo, said that his net profits have reached about $104.86 m during the first nine months of this year with an increase of 72% compared to the same period of last year.

Small Indexes

- Prices of the American dollar have dropped to their lowest level ever opposite to the European Euro at morning dealings in Asia, reaching a new hit record by 1.4836 dollar from 1.8414 dollar.
- Prices of the future dealings of the American crude oil have jumped into a new record coming closer to $100, recording 99.29 dollars per barrel at morning dealings in Asia in February.
- Statistics show that 35% of the international education institutions are still using the English language opposite to 11% for French, 9% for German, 5% for Chinese, and 3% for the Japanese and Russian languages.

Companies’ Indexes

- The price of the share of Diyar’s Company, which was ranked first in Dubai Stock market in terms of value, has dropped by 2.7% reaching 2.88 dirhams.
- The Kuwaiti Real Estate Center Fund has achieved since its establishment in 2002 an accumulated annual revenues estimated at 13.6%, as well as a regular monthly cash money estimated at 6.6% annually.

Bids & Contracts

- The Council of the Palestinian Deir Jrer village has signed an agreement with the Japanese government for financing the establishment of new summer classrooms in the secondary school in the village for girls. The Japanese government will finance according to the agreement building five new summer classrooms in the school.
- Israel and Liberia have signed a cooperation agreement for exploring Diamond in Liberia which was under embargo till April 2007 prohibiting it to sell the precious stones which their revenues were used for financing the war.

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.