Economy
Gold traded steady above US$1,700 an ounce on Monday, as a drop in the US unemployment rate did little to dampen the outlook for easy monetary policy, which is expected to be reaffirmed at a Federal Reserve meeting later this week.
Brent crude held above US$107 a barrel on Monday, snapping five straight days of losses, as promising data from the world's top two oil consumers revived hopes for growth in demand in a well-supplied market.
The Lebanese economy grew by just 1 percent in 2012, a leading bank has said. BlomBank predicted a fall from the 2.1 percent reached in 2010, to just 1 percent, and expected just 1.9 percent growth in 2013. The government has previously forecast slightly higher growth figures.
Lebanese banks’ Syrian subsidiaries recorded a sharp 69.42% annual drop in net profits to around SYP 526.14 million ($7.59 million) in the first three quarters of 2012 comparing to SYP 1.72 billion up to September 2011, according to a new report by Credit Libanais.
Ecuador has quietly withdrawn its candidacy for the post of OPEC secretary general, a decision that leaves OPEC’s top three producers–Saudi Arabia, Iraq and Iran – fighting for the role.
Iraq is planning to increase its crude oil production to 3.7 million barrels a day next year from current production capacity of 3.4 million barrels a day, the country's oil minister has said.
Arab states agreed to provide the Palestinian Authority with a US$100m monthly "financial safety net" to help President Mahmoud Abbas's government cope with an economic crisis after the United Nations granted de facto statehood to Palestine.
UAE nationals in Dubai will be given access to social benefits under a new law passed by the emirate’s ruler, the latest step by authorities to help citizens’ deal with their debts.
Companies
Bahrain's Shura Council has announced plans to spend BD580m ($1.54bn) over two years to building 16,000 residential units in the kingdom.
Rental rates in Dubai rose by an average of 17 percent over the last 12 months, with some of the most popular areas rising by nearly a quarter, according to research by real estate consultancy CBRE.
