Lifting the Subsidies … The Red Day

Talks about lifting the subsidies with regard to fuel are still the centre of discussion among the Syrian people, citizens, economists, syndicates of labor, and those who are interested in public affairs.
The question that keeps igniting this talk is : as it the case now, and before the lifting of subsidies on fuel , there is an uncontrolled surge of prices, so how is it going to be after the increase of the fuel prices in relation to the industrialists and farmers ?
There are those who say that the prices will double once again, and that there will be a market which will make the economy witness an endless inflation crisis . Moreover, they add that even the incomes and salaries were doubled they, it will not be sufficient due to the increase of prices , and that that might lead to an inflation recession embodied in a big surge of prices and a weakness in terms of demand . So is the lifting of subsidies of fuel will be the red day for the Syrian economy?

The Syrian " Olive Oil " Wins the Prize of the Best Olive Oil in Olive-x Exhibition

Prizes of the competition of the best olive oil within the context of "Tasting Competition" were announced during the activities of the International Exhibition of Olive Oil "Olive x -2008".
The Syrian " Al-Sahel" Olive Oil Company was awarded the first prize winning 98% of the total mark . It is worth mentioning that the competition was held for the 6th year consecutively during the activities of "Olive –X" Exhibition which was held on the Fairgrounds in Damascus between 17- 20 of this month.

123 Tourist Projects for Investment In Syria

Syrian Minister of Tourism, Dr. "Saddallah Agha al-Qalla" has said that his ministry will offer 123 projects during the International Tourist Investment Meeting held in Syria between 29-30 of this month in Damascus with the participation of 550 Arab and foreign investment bodies from 15 countries among them Kuwait.

The Increase of the profits of "Masqat " Bank by 40 %

" Masqat" bank, the biggest bank in the Sultanate of Oman, said that its profits hit a record during the first quarter of this year, adding that among the factors that backed the growth of the economy of the oil- producing country, were loaning and the prosperous stock market.
In a statement, the bank said that its net profits during the first three months till the 31st of March have risen by about 40 %, reaching 26,5 Million Riyals , which equals 99 Pisa per share compared to 19,06 Million Riyals during the same period of last year , adding that the net revenues of the interests have risen by 31% , reaching 37 Million Riyals , and that the other net revenues regardless the interests have risen by two times more , reaching 17,9 Million Riyals.

Syria Hands Iraq 701 Smuggled Antiquities that were Stolen

Syrian Minister of Culture " Riyad Nassan Agha and his Iraqi counterpart, Mohammed Abbas al-Uraibi have signed the protocol for handing Iraq over 701 Iraqi antiquities that were smuggled inside the Syrian territories . Dr. Nassan Agha" has called upon all world countries, the UNISCO , and the concerned international organizations and bodies to work for restoring all the Iraqi antiquities that were stolen under the sight of the American occupation troops , which were securing at the same time the Iraqi Ministry of Oil. He concluded by saying that Syria stands with the brotherly Iraqi people in better and worst and it calls for working towards returning all the stolen Iraqi antiquities as Syria does towards the Iraqi people and the brotherly country of Iraq.

The Conference and Exhibition of the Trade Of E-Dealings in Bahrain

The activities of the Conference and Exhibition " Forex-2008" have started yesterday at the Bahraini capital " al-Manama".
Chairwoman of the organizing Company " Arab- Com", " Katia Tiyar" has said in an opening speech that the trade of E- dealings is considered the biggest and the most important trade in the world nowadays, as the daily volume of dealing is estimated at $ 3,4 Trillion , which is 20 times bigger than the volume of dealings at New York stock market.

Small Indexes

- The governor of the Saudi Establishment for Arab Monetary " Hamed al-Siari" has expected the averages of inflation in the Kingdom to reach more than 100 % in the coming period.
- The Egyptian Chamber of Tourist Facilities has signed the special protocol aiming at establishing a regional Union for the restaurants of the Mediterranean countries (the Euro- Mediterranean Union for Restaurants ).

Companies Indexes

- Boeing has said that its profits during the first quarter of this year have risen by 38% , exceeding expectations by backing the increase of the delivery of its trade planes.
- The American "Lockheed Martin" Company for Military Industries has said that its profits during the first quarter of the year have risen by 8% due to the contracts of selling computer systems for the American government and developing a new space ship for the benefit of NASA.
- Volkswagen Cars Company, the biggest cars producer in Europe has said that its net profits declined slightly before paying the taxes by 47% in addition to an overall decline in terms of the volume of business.

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