Middle East


  • SINGAPORE, Aug 22- Asia petrochemicals firms are building tanks and retooling plants to store and process liquefied petroleum gas imported from the United States, counting on a flood of supply from the shale boom to replace costlier naphtha as a raw material.

  • DUBAI, Aug 21- Saudi Arabia's stock market regulator proposed rules on Thursday for opening the $580 billion market to direct investment by foreign institutions, including a 10 percent cap on foreign ownership of the market's value. The Saudi Capital Market Authority published the draft rules on its website on Thursday.

  • *Platinum falls to 3- month lows. LONDON, Aug 21- Gold slid around 1 percent to its lowest in two months on Thursday, extending losses to a fifth session on a firm dollar and after slightly better than expected U.S. jobless claims fed expectations for an early interest rate hike.

  • *Libya restarts crude oil exports from biggest port. Libya has resumed exports from its largest port, helping push its oil output to the highest level for months, while top exporter Saudi Arabia raised its output in July to 10 million barrels per day.

  • ABU DHABI, Aug 21- Banking group Standard Chartered is liable to legal action in the United Arab Emirates after it agreed to close some customers' UAE accounts in an anti-money laundering settlement with U.S. regulators, the UAE central bank said on Thursday.

  • *Saudi Arabia pumps 10 million bpd in July. The world's top two crude oil benchmarks have fallen by more than $10 a barrel since June on a build-up of supply in the Atlantic Basin and diminishing worries over the risk that conflicts in the Middle East would hit oil production.

  • Stocks advance to put S&P 500 at a record high Thursday, 21 Aug 2014 | 4:34 AM ET

    Hewlett-Packard rose after delivering better results, while Sears plunged after reporting that its loss doubled from a year ago. Hewlett-Packard was the biggest gainer among the major indexes. The technology giant rose $1.88, or 5.4 percent, to $37.00 after reporting better-than-expected results and its first sales increase in nearly three years.

  • *Saudi Arabia pumps 10 million bpd in July. Libya has resumed exports from its largest port, helping push the country's oil output to its highest for months, while top exporter Saudi Arabia raised its output in July to 10 million barrels per day.

  • DUHOK, Iraq/ ANKARA, Aug 21- Crude oil flow on Iraqi Kurdistan's pipeline to Turkey has resumed after upgrade work was completed and is now running at an increased rate of 200,000 barrels per day, industry sources and Turkish officials told Reuters on Thursday.

  • *China Jan-July imports from Iran at 617,670 bpd, up 47 pct. BEIJING, Aug 21- China's crude imports from Iran expanded 40.6 percent in July from a year ago, customs data showed on Thursday, as Tehran's largest oil client stayed with the elevated shipment levels that began late last year.

  • *Gold drops for a fifth straight session. SINGAPORE, Aug 21- Gold extended losses to a fifth session on Thursday, sliding 1 percent to its lowest in two months, after the U.S. dollar strengthened on indications from the Federal Reserve that it could raise interest rates sooner than expected. "Gold had already been under pressure from the dollar.

  • SINGAPORE, Aug 21- Gold extended losses to a fifth session on Thursday to trade near a two-week low after the U.S. dollar strengthened on indications from the U.S. *Spot gold fell 0.2 percent to $1,289.66 an ounce by 0020 GMT, after hitting a two-week low of $1,287.83 in the previous session. U.S. gold was down about $4 to $1,290.80.

  • DIARY - Emerging Markets Economic Events to Sep 3 Wednesday, 20 Aug 2014 | 8:02 PM ET

    Aug 21- For other related diaries, please. NEW DELHI- Indian Finance Minister Arun Jaitley will attend a banking event in New Delhi. NEW DELHI- RBI Deputy Governor Rama Subramaniam Gandhi will participate in a panel discussion on G20- 0830 GMT.

  • LONDON, Aug 20- If bad economic news continues to translate into good news for investors, any sharp acceleration of the world economy from here could well kill off the long-running equity bull market.

  • Libya's largest oil depot begins exports Wednesday, 20 Aug 2014 | 1:43 PM ET

    CAIRO— Libya's largest export terminal begun loading a tanker Wednesday destined for Italy, its first shipment after a yearlong blockade over disputes between the central government, rebels and protesters, the country's oil corporation said. The National Oil Corp. said on its website the tanker has been loading 600,000 barrels since early Wednesday.

  • Fading volatility promises long period of gold stagnation Wednesday, 20 Aug 2014 | 1:04 PM ET

    LONDON, Aug 20- Ultra-calm trading conditions in gold are becoming self-perpetuating as a persistent lack of volatility frustrates investors seeking a return, pushing them further away from a market that analysts say could be becalmed for years.

  • UPDATE 6-U.S. crude oil rises on expiry, EIA stock draw Wednesday, 20 Aug 2014 | 10:45 AM ET

    LONDON, Aug 20- U.S. crude oil rose by more than $1 a barrel ahead of the September contract's expiry on Wednesday and as crude stocks in the United States posted a sharp fall, while Brent bounced off a 14- month low to reach $102.

  • LONDON, Aug 20- Gold prices steadied after a two-day losing streak on Wednesday, as equity markets dropped but remained well below the $1,300 mark as the dollar hit its highest in nearly a year against a currency basket on growing optimism over the U.S. economy.

  • Dubai's Nakheel to pay $2.1 billion in debt early Wednesday, 20 Aug 2014 | 8:33 AM ET

    DUBAI, United Arab Emirates— Dubai's developer Nakheel behind the famed man-made palm-shaped islands said Wednesday it is repaying 7.9 billion dirhams, or roughly $2.15 billion this month— nearly four years before the last installment is due.

  • Outgoing president Abdullah Gul said on Tuesday that Foreign Minister Ahmet Davutoglu was likely to take over as chairman of the party and become the next prime minister, rekindling speculation about the shape of the new cabinet.