Algiers, Sep 24 (AP/UNB)— A meeting of OPEC and its allies ended without any decision to further increase oil output despite President Donald Trump's call for lower prices.
Members of the Organization of the Petroleum Exporting Countries met on Sunday in Algiers with non-members including Russia.
The committee said in a statement that it was satisfied "regarding the current oil market outlook, with an overall healthy balance between supply and demand."
It also urged "countries with spare capacity to work with customers to meet their demand during the remaining month of 2018."
Trump has been calling publicly for OPEC to help lower prices by producing more.
"We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices!" he tweeted on Thursday.
The price rise is notably caused by a recent drop in Iran's supply because of U.S. sanctions.
OPEC and Russia have capped production since January 2017 to bolster prices. Output fell below those targets this year, and in June the same countries agreed to boost the oil supply.
Saudi Arabia Energy Minister Khalid al-Falih told reporters that participating countries have provided over the last three months "a lot of supply to offset decreases" in Iran, Venezuela and Mexico. "Markets are quite balanced today, there's plenty of supply to meet any customer that needs it."
Also Sunday, OPEC released its World Oil Outlook 2040 report.
The cartel says that China and India will drive growth in energy demand through 2040, and that oil will continue to remain the biggest source of energy despite a global push for cleaner resources. Oil demand is forecast to increase by 14.5 million barrels a day to a total of 111.7 million barrels in 2040, driven by an expanding middle class and economic growth in developing countries.
The U.S., which isn't an OPEC member and has in recent years seen a renewed boom in shale oil, will continue to grow as a crude producer, peaking in the late 2020s. That suggests OPEC's power to influence the market will be tempered by U.S. production for about another decade.
Dhaka, Sep 23 (UNB) - A five-day long training course on ‘Foreign Exchange and International Trade’ organised by Al-Arafah Islami Bank (AIBL) was started on Sunday at its Training and Research Institute.
Managing Director of the Bank Md Habibur Rahman inaugurated the course as chief guest, said a press release.
Principal of the Institute and Executive Vice President Md Abdur Rahim Duary, Vice President of AIBTRI Touhid Siddique, Assistant Vice President Md Anisul Islam Mahmud were also present in the training course.
Chief Guest, Managing Director Md Habibur Rahman discussed the importance of foreign trade and instructed all to acquire a deeper knowledge in this regard. He said that foreign trade transactions carry special significance for the bank.
Dhaka, Sept 23 (UNB) – Bangladesh has invited Qatari investors to invest in Bangladesh saying the government is ready to offer one or more Special Economic Zones for Qatari investors exclusively which they can develop and operate as per their own desires and needs.
“Qatari business leaders can take advantage of the most liberal investment policy of Bangladesh among the South Asian countries and the comparative advantage in terms of market access, trainable and competitive youth workforce and competitive wages,” said State Minister for Foreign Affairs M Shahriar Alam.
He invited them to invest in capital market, energy, telecommunications and IT, petrochemicals, pharmaceuticals, ship building, agro-processing, human resource development, water and marine and other infrastructure projects, hi-tech manufacturing and microprocessors in Bangladesh.
The State Minister was addressing a seminar on ‘Foreign Direct Investment Opportunities in Bangladesh’ at the Ritz Carlton Hotel in Doha on Saturday as the chief guest.
Bangladesh Forum Qatar in cooperation with the Qatar Financial Centre (QFC) organised the seminar, said a PID handout on Sunday.
The State Minister said Bangladesh already crossed the LDC threshold in March this year and is on the track to be a developed country by 2041.
He cited few examples of global thinktanks and research organisations which made very positive statements about the consistent economic progress of Bangladesh and her bright position in future in the global economy.
The State Minister told the Qatari business leaders that there are eight fully operational EPZs in Bangladesh and 100 Special Economic Zones are under process in different parts of the country.
He said Bangladesh Government is ready to offer one or more Special Economic Zones for Qatari investors exclusively which they can develop and operate as per their own desires and needs.
Bangladesh Ambassador to Qatar Ashud Ahmed highlighted that the growing Bangladeshi community in Qatar has been contributing not only to people to people contacts between two countries but also contributing to the development of trade and investment.
He said Bangladesh Embassy is always ready in patronising such an initiative. He expressed his optimism that such initiatives by the Bangladeshi community in Qatar would provide excellent platform for projecting Bangladesh’s investment potentials among the Qatari business leaders and investors and contribute to the strengthening bilateral relations of two brotherly countries.
Chief Executive Officer of the Qatar Financial Centre (QFC) Yousuf Al Jaida commented that the seminar was an eye-opener for Qatari Business leaders and prospective investors who did not know much about Bangladesh, particularly what Bangladesh can offer for the Qatari investors.
He said the seminar is a way forward to making partnership with Bangladesh.
Head of Business of the Qatar Investment Authority (QIA) Sheikh Abdul Aziz Al Thani met the Bangladesh State Minister as well as the BIDA Executive Chairman in a separate meeting before the seminar.
QIA expressed its interest to send a business delegation to Bangladesh receiving formal invitation from Bangladesh and work with BIDA to find out new avenues for Qatari investment in Bangladesh.
London, Sep 23 (AP/UNB) — Britain's Labour Party opened its annual conference on Sunday facing a huge choice — whether to change policy and call for a new referendum that could halt the country's departure from the European Union.
The support of the main opposition party would be a major boost to campaigners for a second vote on Brexit.
Ever since the U.K. voted in 2016 to leave the EU, Labour has said it will respect the result — but it wants a closer relationship with the bloc than the one that Prime Minister Theresa May's Conservative government is seeking.
Now, with EU divorce negotiations stuck and Britain due to leave the bloc in March, many Labour members think the left-leaning party must change its course.
"Labour have to come to a decision. The time has gone for sitting on the fence," said Mike Buckley of campaign group Labour for a People's Vote.
More than 100 local Labour associations have submitted motions to the conference, which starts Sunday, urging a "People's Vote" — a new referendum — with a choice between leaving on terms agreed by the government or staying in the EU.
Labour leader Jeremy Corbyn has long opposed the idea of such a vote. He told the Sunday Mirror newspaper "I'm not calling for a second referendum."
But, he said, if Labour's conference "make a decision, I will not walk away from it and I will act accordingly."
Deputy leader Tom Watson was even firmer. "We must back it if Labour members want it," he told The Observer newspaper.
Still, Labour faces a major political dilemma. Most of the party's half a million members voted in 2016 to remain in the EU, but many of its 257 lawmakers represent areas of the country that wanted to leave.
"For Labour to adopt a second referendum policy would spell political disaster in all those Labour seats that voted leave," said Brendan Chilton of the pro-Brexit group Labour Leave.
New York, Sept 21 (AP/UNB) – U.S. stocks moved broadly higher in early trading Friday, extending gains from a day earlier when the market climbed to all-time highs. Technology companies accounted for much of the market's gains. Retailers and other consumer-focused stocks also rose. Utilities and other high-dividend paying stocks lagged. Oil prices were headed higher.
KEEPING SCORE: The S&P 500 index rose 6 points, or 0.2 percent, to 2,937 as of 10:20 a.m. Eastern Time. The Dow Jones Industrial Average gained 39 points, or 0.2 percent, to 26,696. The Nasdaq composite climbed 8 points, or 0.1 percent, to 8,036. The Russell 2000 index of smaller companies picked up 3 points, or 0.2 percent, to 1,724. The Dow and S&P 500 each hit all-time highs Thursday.
BETTING ON TECH: Gains in technology stocks helped drive the market higher. Electronic Arts rose 1.8 percent to $115.47.
HIT THE STORES: Retailers and other consumer-focused stocks also took solid gains. Macy's added 1.7 percent to $35.77.
TARIFFS TROUBLE: Micron fell 3.7 percent to $44.37 after the chipmaker said its profits would be hurt by tariffs on Chinese imports that go into effect on Monday. The latest U.S. tariff hike on Chinese goods in a dispute over Beijing's technology policy involves an additional 10 percent tax on $200 billion of Chinese imports. The tariffs will rise to 25 percent on Jan 1. Beijing has said it would retaliate by imposing tariffs of 5 or 10 percent on $60 billion of U.S. goods including coffee, honey and industrial chemicals.
UNAPPETIZING RESULTS: United Natural Foods slumped 15.4 percent to $28.64 after the food distributor reported disappointing earnings and sales.
ENERGY: Benchmark U.S. crude gained 0.9 percent to $70.96 a barrel in New York. Brent crude, used to price international oils, added 1.1 percent to $79.05 a barrel in London.
BOND YIELDS: Bond prices were little changed. The yield on the 10-year Treasury held at 3.07 percent.
CURRENCY: The dollar rose to 112.67 yen from Thursday's 112.48 yen. The euro edged down to $1.1744 from $1.1776. The British pound weakened to $1.3072 from $1.3268 after British Prime Minister Theresa May said talks over exiting the European Union are at an impasse.
MARKETS OVERSEAS: In Europe, Germany's DAX gained 0.6 percent, while France's CAC 40 rose 0.9 percent. London's FTSE 100 index climbed 1.5 percent. Major indexes in Asia finished mostly higher. Hong Kong's Hang Seng gained 1.7 percent and Tokyo's Nikkei 225 rose 0.8 percent. Seoul's Kospi added 0.7 percent. Sydney's S&P-ASX 200 picked up 0.4 percent.