IRAQ: ‘ Repays $9-billion in arrears for 2014 to foreign oil companies ‘

#AceFinanceReport – IRAQ:Aug.25: Iraq has paid foreign oil companies $9 billion in remaining arrears for 2014 and will pay outstanding fees for 2015 in stages until the beginning of next year, Oil Minister Adel Abel Mehdi said.

He added that the ministry will work with foreign oil companies to find ways to reduce and link costs to oil prices. International firms including British Petroleum, Royal Dutch Shell, ExxonMobil, Eni, and Lukoil operate in Iraq’s southern oilfields under service contracts through which they are paid a fixed dollar fee for production.

That means that with the drop in oil prices, the amount of crude oil needed to pay foreign firms has roughly doubled. Oil companies have already proposed millions of dollars of budget cuts in response to the price drop.

[Reuters, 8/25/2015]

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@thehill WASHINGTON: ‘ US could hit $18.1 trillion debt limit in mid-November ‘ @AceFinanceNews

#AceFinanceReport – WASHINGTON:Aug.25: The United States will likely hit the $18.1 trillion debt limit around mid-November or early December, the nonpartisan Congressional Budget Office (CBO) predicted Tuesday.

The deadline is crucial for Congress, which must approve an increase in the government’s borrowing authority to prevent a first-ever default on the national debt.

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MARKETS: ‘ Egyptian stock market falls to lowest level in 2-years – Sunday report ‘

#AceFinanceReport – EGYPT:Aug.25: Egypt’s stock market fell to its lowest level in almost two years on Sunday. The 5.43 percent drop came after a steady fall last week amid an overall global slowdown.

“It’s a global sell-off; there’s lack of foreign investments, given the macroeconomic headwinds,” said Amr Elalfy, global head of research at Mubasher Financial Services. He added that while there were “great hopes and expectations” following Egypt’s economic development conference in March, “people are realizing now that most of them have not yet materialized and that these reforms take time.”

He also cited the delay in the formation of the parliament as contributing to doubt surrounding Egypt’s monetary policies, in addition to what foreign investors see as an over-valuation of Egypt’s currency.

[AP, 8/23/2015]

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CHINA: ‘ Central Bank cuts rates, reserve ratio to aid stumbling economy ‘

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BRITAIN: ‘ Competition watchdog clears Poundland-99p stores deal ‘

#AceFinanceReport – Aug.25: Britain’s competition watchdog said it was minded to approve Poundland’s acquisition of rival 99p Stores, after it discounted fears the combined 800-strong group would dominate the value market Reuters reported.

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MARKETS: ‘ Shanghai index plunges 7.6% but FTSE 100 bounces back ‘

#AceMarketsNews – Aug.25: The Shanghai composite index plunged 7.6% on Tuesday to close at 2,964.97. On Monday, China’s benchmark plummeted 8.5%, triggering a wave of major stock markets losses worldwide, including the Dow Jones industrial average, which fell 3.6%.

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