Oil prices slide in Asian trade
SINGAPORE: Oil prices headed down in Asian trade Thursday despite a dip in US crude reserves as distillate and gasoline inventories unexpectedly rose, analysts said.
New York”s main contract, light sweet crude for delivery in September, fell 22 cents to 82.25 dollars a barrel in the afternoon. Brent North Sea crude for September delivery shed 14 cents to 82.06 dollars.
Oil markets were hit by data from the US Department of Energy late Wednesday showing a sharp increase in US distillate and gasoline inventories even as crude stockpiles fell more sharply than expected, analysts said.
Oil prices edge down in Asian trade
SINGAPORE: Crude prices edged down in Asian trade Tuesday as traders fretted over performances by the US retail and corporate sectors, analysts said.
New York”s main contract, light sweet crude for August delivery, fell 36 cents to 74.59 dollars a barrel in the afternoon. Brent North Sea crude for August shed 38 cents to 73.99 dollars.
Oil extends falls in Asia trade
SINGAPORE: Oil fell further in Asian trade on Thursday as concerns lingered over rising gasoline stockpiles and weaker than expected US jobs data, analysts said.
New York”s main contract, light sweet crude for August delivery dropped 77 cents to 74.86 dollars a barrel.
Brent North Sea crude, also for August delivery, fell 50 cents to 74.51 dollars.
Both contracts closed lower Wednesday as investors reacted to an unexpected jump in US gasoline stocks and a report showing the US private sector created less jobs than expected in June.
The US Department of Energy said Wednesday that gasoline stockpiles rose by 500,000 barrels in the week ending June 20, while analyst predictions had been for a fall of 400,000.
A rise in oil inventories is seen as a sign of weak demand and the weekly US energy report is widely watched because Americans are the world”s biggest oil consumers.
Oil prices on firm footing before US energy report
LONDON: World oil prices rose slightly on Wednesday as traders awaited the latest snapshot of American crude inventories for clues on the state of demand in the world”s biggest energy-consuming nation.
New York”s main contract, light sweet crude for delivery in August, rose 85 cents to 76.79 dollars a barrel.
Brent North Sea crude for August added 78 cents to 76.22 dollars per barrel in early afternoon London trade.
“Today, the main focus for the energy market will switch to the weekly oil inventories report,” said Sucden analyst Myrto Sokou.
“US employment figures and Chicago PMI data for June could also draw investors” attention, as the US consumer confidence figures yesterday were quite poor.”
Later on Wednesday, at 1430 GMT, the US government”s Department of Energy will publish its weekly report on oil reserves for the week ending June 25.
Crude oil inventories are expected to fall by 900,000 barrels, according to analysts polled by Dow Jones Newswires. Gasoline or petrol stockpiles are seen falling by 400,000 barrels.
Oil rises in Asia
SINGAPORE: Oil prices rose in Asian trade Monday as a major tropical storm churned towards the oil-producing Gulf of Mexico region, analysts said.
New York”s main contract, light sweet crude for August delivery climbed 36 cents to 79.22 dollars a barrel while London”s Brent North Sea crude for August rose 36 cents to 78.48 dollars.
Prices jumped last week as the market fretted about the potential impact of Tropical Depression Alex on global energy supplies, pushing the New York contract 2.35 dollars higher on Friday.
BP chief admits ”not prepared” for spill
LONDON: BP chief executive Tony Hayward admitted Thursday that the oil giant had not been prepared for a deep-water leak, as its latest bid to contain the Gulf of Mexico spill hit a snag.
“What is undoubtedly true is that we did not have the tools you would want in your tool-kit,” Hayward told the local newspaper.
Although he said BP had been “very successful” in keeping oil away from the coast, he accepted it was “an entirely fair criticism” to say the firm had not been fully prepared for a deep-water oil leak.
“After the Exxon Valdez spill in 1989, the industry created the Marine Spill Response Corporation to contain oil on the surface. The issue will be to create the same sub-sea response capability,” he said.
The oil spill caused by an April 20 explosion at the Deepwater Horizon rig, which killed 11 workers, is closing in on the Florida coast.
BP”s latest effort to contain the spill, now the worst in US history, involved using a saw to cut through the fractured riser pipe, but this became stuck.
Oil prices soar in Asian trade
SINGAPORE: Oil prices soared in Asian trade Thursday after positive US economic data sparked a rally in global stock markets, analysts said.
New York”s main contract, light sweet crude for delivery in July rose 1.34 dollars to 74.20 dollars a barrel while London”s Brent North Sea crude for July was up 1.20 dollars to 74.95 dollars.
Asian stock markets were up Thursday led by Japanese shares, which closed 3.24 percent higher, while Hong Kong shares surged 1.84 percent by the break.
Oil extends gains in Asia
SINGAPORE: Oil prices extended gains in Asian trade Monday after a rise in US home sales stoked optimism for a firmer rebound in the world”s biggest economy, analysts said.
New York”s main contract, light sweet crude for delivery in June, rose 41 cents to 85.53 dollars a barrel. Brent North Sea crude for June was up 35 cents to 87.60 dollars.
Sales of newly constructed single-family houses in the United States jumped by nearly 27 percent in March compared to the previous month, raising hopes the recovery was gaining traction.
IMF proposes global bank tax plans: report
LONDON: The International Monetary Fund has proposed two new global taxes on banks and other financial institutions to cover the cost of future bailouts, the BBC reported.
The measures would see all institutions pay a bank levy as well as a further tax on profits and pay, which would aim to protect against future financial meltdown, said the broadcaster Tuesday, citing IMF documents.
Governments of the Group of 20 advanced and developing countries — which account for more than 85 percent of the global economy — received the documents Tuesday, said the BBC.
Finance ministers would discuss the proposals this weekend, it added.
Insurers, hedge funds and other financial institutions would also be required to pay the taxes under the IMF proposals, despite the fact they were less implicated in the recent financial crisis.
This was to prevent banks reclassifying activities they currently carry out as other services — such as insurance or hedge-fund services — in an effort to avoid the levy.
The general levy, called the “financial stability contribution,” would start at a flat rate but would eventually be changed so businesses judged to be riskier paid more, said the broadcaster.
Several proposals have been put forward by different governments to cover the costs of future economic rescue packages, including a tax on financial transactions.
But many have been reluctant to unilaterally introduce taxes to pay for future bailouts, believing coordinated action is the only option.
If governments acted alone, it is feared that institutions would simply move their operations to places with less stringent financial regulation.
Britain has been pressing for the introduction of a global bank tax, and Finance Minister Alistair Darling welcomed the contents of the leaked IMF proposals.
“The recognition that banks should make a contribution to the society in which they operate is right,” he said.
Prime Minister Gordon Brown told the Financial Times newspaper earlier this month that the large economies were getting closer to a deal.
Britain, France and Germany were broadly agreed on the need for a levy, Brown told the paper, adding he hoped the United States would join them.
The leader said he wanted a deal to be struck at the G20 summit in Seoul in November.
No obligation exists to cede title of PTCL properties: Waqar
ISLAMABAD: Federal Minster for Privatisation Senator Waqar Ahmed Khan said on Tuesday that there was no contractual obligation to transfer titles of the state-land where the Pakistan Telecommunication Company Ltd. (PTCL) offices stand to private investors.
“It was not our contractual obligation to transfer or mutate the property in the name of PTCL,” he said. “However, the government intends to facilitate them and has approached provinces, who have agreed to do it on 50 per cent rate,” the minister informed the National Assembly’s Standing Committee on IT Telecommunication that met on Tuesday with Muhammad Barjees Tahir in chair.
The privatisation commission officials told The News that so far about 94 per cent of the land has been transferred to the PTCL.
The officials said that according to the Share Purchase Agreement (SPA), the government was required to provide clear titles of 100 per cent properties of PTCL (3,384 in number) by January 12, 2008.
A balance of 161 non-transferred properties, including 71 in Punjab and 45 in Sindh, remains outstanding. There are also private properties, which are under litigation and not under the control of federal or provincial governments, the officials said.
The government has so far been unable to resolve its issues with the UAE telecom giant Etisalat due to which, the latter has withheld $799 million privatisation proceeds.
The privatisation minister told National Assembly’s Committee that the present leadership would not compromise on transparency of the process. He assured that the matter would be resolved in an amicable manner and the government would get the $799 million, which were now over due.
The government since 2006 has received Rs26.95 billion dividend income, while Etisalat received Rs11.27 billion dividend income against its 26 per shareholding.
Last month, Senator Khan told the National Assembly that the privatisation of PTCL was not transparent and was made contrary to rules and procedures.
The house has also referred the subject matter to the National Assembly Standing Committee on Privatisation for probe.
Etisalat holds management control along with 26 per cent shares of PTCL, which was in 2006 for $2.6 billion.
The UAE firm has withheld the payment, saying that the government has failed to transfer properties in Punjab and Sindh provinces to the new management.
Although official quarters maintain that SPA requires the government to provide clear titles of 100 per cent of PTCL properties, Senator Khan urged the members of the Committee to form their opinion and recommendations. “We are the custodians of the assets of the people of Pakistan and our mandate is to work for welfare of the people of Pakistan.” he said.
He further informed that the then Minister highlighted all the irregularities committed during the privatisation process of PTCL and sent them to the Cabinet, which gave approval and validated the deal.
Earlier, the Chairman National Assembly’s Standing Committee Barjees Tahir observed that the country’s interest was not safeguarded in the PTCL deal.
