Saudi Said to Freeze Trading Accounts As Part of Purge
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FEWER OFFERS | Page 2 GAS GIANT | Page 5 Wheat traders Santos says cautious on no to $7.2bn Egypt feud approach Friday, November 17, 2017 Safar 28, 1439 AH RISING PRICES, STILL WAGES: Page 12 Britain’s shoppers GULF TIMES rein in spending in fi rst yearly BUSINESS drop since 2013 Qatar CPI inflation up 0.3% month-on-month in October Qatar’s cost of living, based on recovery in global commodity prices equipment segment, which has a Transport, which has a 14.59% bearing, The CPI of October 2017, excluding level and showed a 2% plunge year- consumer price index (CPI), edged up and the implementation of a value 7.7% weightage, saw its index gain 1% saw its group index grew 0.5% this “housing, water, electricity, gas and on-year. 0.3% month-on-month this October added tax are expected to moderate month-on-month in October this year; October against September 2017 other fuels” showed an increase of 0.7% Education, with a 5.75% weightage, saw on higher expenses towards dining Qatar’s inflation over the medium term. while it was down 0.3% year-on-year. level but reported a higher 7.8% jump on a monthly basis and 1.3% on a yearly its index gain 0.4% in October year-on- out, furniture and health, according to The index of Restaurants and Hotels, Food and beverages, which has a on a yearly basis. The sector has the basis. year and tread a flat course on monthly off icial estimates. which has a 6.08% weight, shot up 2% weight of 12.58% in the CPI basket, direct linkage to the dismantling of Miscellaneous goods and services, basis. The CPI inflation showed a 0.2% jump month-on-month in October 2017; even witnessed a 0.9% gain in its group the administered prices in petrol and which has a 5.69% weight, saw its index Communication, which carries 5.87% year-on-year in October this year, the as it was flat on a yearly basis. index on a monthly basis and by a diesel. decline 0.4% month-on-month and 1.1% weight, saw its group index tread a flat Ministry of Development Planning and The index of health, which carries a higher 4.9% year-on-year. However, housing, water, electricity and on a yearly basis. path against September 2017 level but Statistics data suggest. 1.79% weight in the CPI basket, soared Clothing and footwear, which carries other fuels – with a weight of 21.89% in Recreation and culture, which has down 1.1% year-on-year. The International Monetary Fund had 1% this October on a monthly basis and a 5.11% weight, saw its index rise 0.8% the CPI basket – saw a 0.4% month-on- a 12.68% weight in the CPI basket, Tobacco, which has a 0.27% weight, said during 2017–18, subsidy cuts, 3.6% on a yearly basis. month-on-month in October 2017 but month fall in its index in October this saw a marginal 0.1% fall in index in stood unchanged both annually and increase in public fees, a moderate The furniture and household was down 0.5% on a yearly basis. year and 5.4% on a yearly basis. October from the previous month’s monthly in October this year. Turkish, Iraqi offi cials discuss resuming Kirkuk oil exports Reuters Baghdad Turkish energy delegation has met with Iraqi top oil offi cials in Baghdad to discuss A issues including the resumption of Kirkuk oil exports via the Turkish port of Ceyhan, Iraq’s oil ministry said in a statement yesterday. Exports from oilfi elds in Kirkuk have been on hold since Iraqi government forces took control of them from the Kurds last month in retaliation for a Kurd- A Saudi investor monitors shares prices at the Saudi Stock Exchange, or Tadawul, in the capital Riyadh (file). The Capital Market Authority is asking brokerages to suspend the accounts of dozens ish referendum on independence which was widely of princes, billionaires and off icials being held so they’re unable to buy or sell shares on the Tadawul, according to three people familiar with the matter. opposed by Turkey, Iran and Western powers. “A high level Turkish energy delegation met with senior oil offi cials, including offi cials from state-run SOMO, to discuss ways to restart Kirkuk oil exports,” the statement said. Baghdad’s meeting was attended by senior of- fi cials from the Turkish energy ministry, state- owned energy company TPAO and Turkish pipe- line operator Botas, according to the oil ministry. Saudi said to freeze trading “The two parties discussed fi nancial and techni- cal issues which delay Kirkuk oil exports resump- tion. The talks are to be completed in Ankara,” the statement said. Iraqi oil offi cials accuse Kurdish authorities of not responding to requests made by the oil minis- try to use the Kurdish pipeline to resume exports accounts as part of purge from Kirkuk. Iraq needs at least three months to repair an old Bloomberg ing not to be identifi ed because the informa- weeks. A spokesman for Tadawul declined to almost $19bn from stock markets in the region pipeline which was shipping Kirkuk crude to Cey- Dubai tion is private. comment, while offi cials at the CMA didn’t in the fi ve days through last Thursday. Gulf han port in Turkey, SOMO has said. The kingdom last week said Saudi Arabian immediately respond to requests for com- individuals and institutions sold a net 771mn The main 600,000 bpd Kirkuk-Ceyhan pipeline Monetary Agency, or SAMA as the central ment. riyals ($206mn) worth of Saudi shares last had been offl ine since March 2014 following insur- audi Arabia’s market regulator has fro- bank is known, had frozen the bank accounts In addition, the UAE central bank is said to week, the most since at least October 2015, gent attacks. zen the trading accounts of individuals of individuals being investigated, but not have asked fi nancial institutions to provide when Bloomberg began tracking the data. Oil Minister Jabar al-Luaibi earler this week said Sbeing detained or investigated as part of those of the companies they own or manage. information on the accounts of 19 Saudi citi- Based on investigations over the past three Iraq plans to increase production from oilfi elds in the kingdom’s crackdown on alleged corrup- Wealthy Saudis are moving assets out of the zens. The regulator asked to be informed of years, Saudi authorities estimate that at least Kirkuk to 1mn bpd and has visited the Bai Hasan tion, according to three people familiar with region to avoid the risk of getting caught up any accounts, deposits, investments, fi nan- $100bn has been misused “through system- and Avana fi elds to order work be accelerated to the matter. in the crackdown, people with knowledge of cial instruments, credit facilities, safe deposit atic corruption and embezzlement over sev- restore operations soon, the ministry’s spokesman The Capital Market Authority is asking the matter said. In Saudi Arabia, some are in boxes or fi nancial transfers linked to the peo- eral decades,” according to Attorney General said. brokerages to suspend the accounts of dozens talks with banks and asset managers to move ple, according to a circular seen by Bloomberg. Sheikh Saud al-Mojeb. A total of 208 indi- The oil ministry’s spokesman also said the Kurd- of princes, billionaires and offi cials being held money outside the country, the people said. The arrests, which include Prince Alwaleed viduals have been called in for questioning ish natural resources ministry is not cooperating to so they’re unable to buy or sell shares on the The Tadawul All Share Index fell 1% on bin Talal, one of the world’s richest men, so far and seven have been released without return “necessary material” that was removed by Tadawul stock exchange, the people said, ask- Wednesday, the most in more than three prompted a selloff across the GCC, wiping out charge. Page 2 Kurdish engineers before they fl ed the oilfi elds. IEA sees shale surge as biggest oil and gas boom in history Bloomberg ergy policy. US drillers have “weathered cally recovered by about 30% to 105bn needs,” Birol said at a press conference London the turbulent period of lower oil prices barrels. Forecasts for shale-oil output in London. That “will bring a lot of dol- since 2014 with remarkable fortitude.” in 2025 were bolstered by 34% to 9mn lars to US business.” While oil prices have recovered to bpd. US shale “has emerged from its Nevertheless, US shale output is expected The supply surge from US shale oil and a two-year high above $60 a barrel, trial-by-fire as a leaner and hungrier to decline from the middle of the next gas will beat the biggest gains seen in they’re still about half the level traded version of its former self, remarkably re- decade, and with investment cuts taking the history of the industry, the Interna- earlier this decade, as the global market silient and reacting to any sign of higher their toll on other new supplies, the world tional Energy Agency predicted. struggles to absorb the scale of the US prices caused by Opec’s return to active will become increasingly reliant once By 2025, the growth in American oil bonanza. It’s taken the Organization market management,” the IEA said. again on Opec, according to the report. production will equal that achieved by of Petroleum Exporting Countries and Reflecting the expected flood of supply, the The group, led by Middle East producers, Saudi Arabia at the height of its expan- Russia almost 11 months of production agency cut its forecasts for oil prices to $83 will see its share of the market grow to sion, and increases in natural gas will cuts to clear up some of the oversupply.