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Posts tagged: growth

West Qurna-2 Drives Growth at Lukoil

By , November 20, 2014 5:22 pm

West Qurna-2 Drives Growth at Lukoil

In the first 3 quarters of 2014, the production of marketable hydrocarbons at LUKOIL Overseas (the operator of LUKOIL’s international upstream projects) reached 70 million barrels of oil equivalent – a 44 percent year-on-year increase and a new record for LUKOIL’s upstream operations abroad. Oil production more than doubled to reach over 6.5 million tons in January-September 2014.

The launch of the West Qurna-2 field in Iraq this March was largely responsible for the record production increase. The field was producing 325 thousand barrels per day on average at the end of September and cumulative production exceeded 46 million barrels of oil (LUKOIL’s share was 26.7 million barrels).

The project is on the upswing: the initial field development phase – Mishrif Early Oil – will bring the production level to 400 thousand barrels per day. Moreover, the final investment decision has been made on the next phase – Mishrif full field development – which aims to bring the production level to 550 thousand barrels daily. The return of investments is going ahead as planned: as part of the cost recovery, four tankers were shipped in August and September 2014 with over 6 million barrels of oil.

(Source: Lukoil)

Iraq Business News

Pound Sinks as UK Growth Loses Momentum

By , November 12, 2014 9:25 am

UK coins on banknotesThe Great Britain pound sank today after the Bank of England predicted that economic growth and inflation will decelerate in the near future. UK employment data turned out be worse than analysts have expected, adding to pressure on the sterling.

The BoE released quarterly Inflation Report today, and it was not particularly optimistic. The report said:

Growth is projected to be a little weaker than in August. It slows slightly in the near term, settling back to around historical average rates, underpinned by a gradual pickup in demand abroad and a revival in productivity and real household income growth at home.

As for consumer prices, the outlook was also not particularly good:

Inflation has fallen further below the MPC’s 2% target, reflecting the impact of lower food, energy and import prices and some continued drag from domestic slack. Inflation is expected to remain below the target in the near term, and is more likely than not to fall temporarily below 1% at some point over the next six months.

Released earlier, the employment report disappointed economists. Claims for unemployment benefits fell less than was expected. The unemployment rate remained the same while analysts predicted a small decrease.

GBP/USD tumbled from 1.5917 to 1.5814 as of 15:25 GMT today, trading near the lowest level since September 2013. GBP/JPY sank from 184.27 to 182.09. EUR/GBP advanced from 0.7833 to 0.7887 after falling to 0.7801 earlier.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

Forex News

Euro Mostly Lower as Germany Cuts Growth Forecast

By , October 15, 2014 3:54 am

One euro coinEuro is losing ground against some of its counterparts as the latest economic data is released throughout the 18-nation currency zone. Even though Germany’s CPI reading met expectations, the country had to slash its growth forecast.

The latest CPI data out of Germany indicates that inflation remains at 0.8 per cent month-to-month. This was an expected reading, so it’s not out of character and has little bearing on the euro’s performance today.

However, the news that policymakers have lowered the growth forecast for Germany is a different story. Germany is revising its expectations to 1.2 per cent annual growth for 2014 and for 2015. This is a change from an expected 1.8 per cent for 2014 and 2.0 per cent for 2015.

With this change in growth forecast for Germany, it is apparent that the rest of the eurozone could be affected, since Germany is the largest economy in the 18-nation currency region, and generally considered the economic leader. The news is weighing a bit on the euro, causing it to fall against the dollar and the pound, which are both poised for more positive changes in the near term.

At 10:25 GMT EUR/USD is down to 1.2645 from the open at 1.2648. EUR/GBP is down to 0.7937 from the open at 0.7959. EUR/JPY is up to 135.6620 from the open at 135.5100.

If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.

Forex News

New Zealand Economic Growth Lifts NZD

By , September 18, 2014 1:31 am

A heap of NZD billsThe New Zealand dollar advanced today with the help of a positive report about nation’s economic growth. The kiwi managed to reverse earlier losses and rally versus its US counterpart but is far from erasing yesterday’s huge drop.

New Zealand gross domestic product expanded 0.7 percent in the second quarter of this year. While the growth was slower than the first quarter’s 1.0 percent, the actual value was a bit above the analysts’ projections of a 0.6 percent expansion.

Most currencies fell against the US dollar yesterday after the release of the Federal Reserve policy statement. The New Zealand currency was among such losers, touching the lowest level since February. Today, the kiwi struggled at the start of the session but managed to rally on the back of the positive economic data.

NZD/USD advanced from 0.8096 to 0.8109 as of 7:03 GMT today after touching the low of 0.8078 earlier — the weakest rate since February 4. EUR/NZD slipped from 1.5887 to 1.5845 before trading at 1.5884. NZD/JPY rose from 87.73 to 88.13.

If you have any questions, comments or opinions regarding the New Zealand Dollar, feel free to post them using the commentary form below.

Forex News

Chilean Peso Ignores Negative Revision to Growth Projections

By , September 3, 2014 9:23 pm

Some Chilean peso banknotesThe Chilean peso rose with other currencies of emerging markets thanks to the positive risk sentiment among Forex market participants. It allowed the currency to ignore a downward revision to the projected economic growth by the nation’s central bank.

Hope for cease-fire in Ukraine brought risky currencies of emerging markets up, allowing some of them to ignore negative domestic fundamentals. One of such currencies was the peso, which shook off the quarterly Monetary Policy Report from the Central Bank of Chile that predicted growth by 1.75–2.25 percent for this year, down from the 2.5–3.5 percent range in the previous estimate. At the same time, the bank raiised the inflation projection a little.

USD/CLP went down from 589.05 to 588.60 as of 2:07 GMT today.

If you have any questions, comments or opinions regarding the Chilean Peso, feel free to post them using the commentary form below.

Forex News

Almost as Surprising as Islamic State’s Explosive Growth: Its Baath Military Leadership

By , August 28, 2014 9:53 am
Top members of the Islamic State met at the U.S. detention center Camp Bucca in Iraq. (Photo: demostene35 / Flickr)

Top members of the Islamic State met at the U.S. detention center Camp Bucca in Iraq. (Photo: demostene35 / Flickr)

At the New York Times, Ben Hubbard and Eric Schmitt report that Islamic State (which the Times still calls ISIS) chief Abu Bakr al-Baghdadi “handpicked many of his deputies from among the men he met while a prisoner in American custody at the Camp Bucca detention center a decade ago.” They continue:

He had a preference for military men, and so his leadership team includes many officers from Saddam Hussein’s long-disbanded army.

They include former Iraqi officers like Fadel al-Hayali, the top deputy for Iraq, who once served Mr. Hussein as a lieutenant colonel, and Adnan al-Sweidawi, a former lieutenant colonel who now heads the group’s military council.

The pedigree of its leadership … helps explain its battlefield successes: Its leaders augmented traditional military skill with terrorist techniques refined through years of fighting American troops, while also having deep local knowledge and contacts. ISIS is in effect a hybrid of terrorists and an army. … it fights more like an army than most insurgent groups, holding territory and coordinating operations across large areas.

Michael Knights of the conservative Washington Institute for Near East Policy, told Hubbard and Schmitt that “it was no surprise that so many officers from Mr. Hussein’s era had joined ISIS. Discontent in the military was widespread near the end of his rule, and underground Islamist movements were gaining strength, even inside the military.

In other words, the Middle East is still suffering the effects of Coalition Provisional Authority Order Number 2 issued by CPA administrator Paul Bremmer and the Defense Department, which ordered the Iraqi military Saddam Hussein disbanded.

Foreign Policy In Focus

Growth Forecast Weighs on Kiwi

By , August 19, 2014 5:54 am

Some coins on NZD notesNew Zealand dollar is mostly lower today, following the latest growth forecasts. Kiwi is down as GDP forecasts for the year are adjusted downward, and due to the release of the latest producer prices information.

Back in July, the New Zealand dollar hit record highs. Now that is all over as concerns about future growth weigh on the kiwi. The latest GDP forecasts indicate that growth will be slower than expected going forward, and that has many currency traders disappointed in the Down Under currency.

Not only is the latest growth data a cause for concern for the kiwi, but the latest dip in producer prices is also weighing. All of the latest data points to slower growth, and that isn’t good news for the kiwi, which is often supported by growth and higher commodity prices.

Indeed, the concerns about growth are strong enough that higher commodity prices aren’t doing much to help the New Zealand dollar. Even with gold back above $ 1,300 per ounce and oil prices gaining, the kiwi continues to struggling in Forex trading.

At 11:54 GMT NZD/USD is lower, dropping to 0.8458 from the open at 0.8479. AUD/NZD is higher, gaining to 1.1041 from the open at 1.0997. NZD/JPY is also down, dropping to 86.8350 from the open at 86.9750.

If you have any questions, comments or opinions regarding the New Zealand Dollar, feel free to post them using the commentary form below.

Forex News

Growth Forecast Weighs on Kiwi

By , August 19, 2014 5:54 am

Some coins on NZD notesNew Zealand dollar is mostly lower today, following the latest growth forecasts. Kiwi is down as GDP forecasts for the year are adjusted downward, and due to the release of the latest producer prices information.

Back in July, the New Zealand dollar hit record highs. Now that is all over as concerns about future growth weigh on the kiwi. The latest GDP forecasts indicate that growth will be slower than expected going forward, and that has many currency traders disappointed in the Down Under currency.

Not only is the latest growth data a cause for concern for the kiwi, but the latest dip in producer prices is also weighing. All of the latest data points to slower growth, and that isn’t good news for the kiwi, which is often supported by growth and higher commodity prices.

Indeed, the concerns about growth are strong enough that higher commodity prices aren’t doing much to help the New Zealand dollar. Even with gold back above $ 1,300 per ounce and oil prices gaining, the kiwi continues to struggling in Forex trading.

At 11:54 GMT NZD/USD is lower, dropping to 0.8458 from the open at 0.8479. AUD/NZD is higher, gaining to 1.1041 from the open at 1.0997. NZD/JPY is also down, dropping to 86.8350 from the open at 86.9750.

If you have any questions, comments or opinions regarding the New Zealand Dollar, feel free to post them using the commentary form below.

Forex News

Yuan Rises as Manufacturing Growth Beats Expectations

By , July 24, 2014 12:11 pm

A fan of 50-yuan billsThe Chinese yuan advanced today after the gauge of the nation’s manufacturing sector demonstrated an increase this month which was above economists’ projections.

The HSBC Flash China Manufacturing Purchasing Managers’ Index climbed from 50.7 in June to 52.0 in July, reaching the highest level in 18 months. The actual reading was above the median forecast of 51.2. The data eased concerns about economic slowdown in China, allowing the yuan to gain ground.

USD/CNY went down from 6.1987 to 6.1949 as of 19:23 GMT today.

If you have any questions, comments or opinions regarding the Chinese Yuan, feel free to post them using the commentary form below.

Earlier News About the Chinese Yuan:

Forex News

Fading Growth Momentum Makes Britain’s Currency Less Appealing

By , July 11, 2014 1:58 pm

A fan of Great Britain 10-pound notesThe Great Britain pound slid against most of its major peers today as Forex market participants are becoming increasingly concerned that growth momentum of the UK economy is waning, making the sterling less attractive as an investment vehicle.

Britain’s currency was under pressure lately as economic indicators painted much bleaker picture of the UK economic health than they were doing before. Today’s data did nothing to improve the traders’ sentiment towards the British currency as construction output shrank 1.1 percent in May from the previous month. This reading was nowhere near the expected increase by 0.8 percent.

Most of the pound’s strength relied on investors’ confidence in resilience of Britain’s economy, and the recent reports hurt that confidence significantly. While some analysts argue that the sterling remains in a bullish trend from a long-term point of view, in a shorter term the currency definitely lost its shine.

GBP/USD fell from 1.7132 to close at 1.7121. The currency pair demonstrated the first weekly drop since May. GBP/JPY ticked down from 173.60 to 173.47. EUR/GBP was up from 0.7943 to settle at 0.7948.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

Forex News