Tunisia’s tourism heads are seeking to attract more visitors as the country’s tourism sector struggles following major terror attacks that took place last year. “Tunisia is safe,” Tourism Minister Selma Elloumi Rekik said at the ITB travel fair in Berlin on Thursday.
“Of course there are some places that are dangerous. But there are areas that are 100 percent safe.” Tunisia has adopted a number of security measures since last summer, including hiring a security consultant to draw up a handbook for tourism-related operations like as hotels and museums. Tunisia is also cooperating more closely with Britain, France, and Germany on security measures as it seeks to attract more tourists. However, the Foreign Office in London still advises against all but essential travel to Tunisia. “The threat from terrorism in Tunisia is high. Further attacks remain highly likely, including against foreigners,” the office says. [Reuters, 3/10/2016]
India is in talks with countries in the Middle East for a scheme under which they can exchange crude oil for food. Indian Oil Minister Dharmendra Pradhan said Friday that the country is in talks with the United Arab Emirates (UAE) and several other countries for an oil-for-food program. Pradhan said, ‘[Middle East countries] can invest in the strategic oil storages we are building. They can also store their oil here, the condition being that the first right of use on two-third of oil stored would be of India.” Pradhan said that the UAE’s national oil company Adnoc has agreed to store crude oil in India. India imports 80 percent of its oil needs and about 60 percent of its oil imports are from the Middle East. In exchange, India “can get an assured export market for our farmers,” he said. [Reuters, 3/11/2016]
The Egyptian pound strengthened on the black market after the Central Bank of Egypt (CBE) eased restrictions on foreign-currency transactions. The pound traded at 9.684 per dollar, improved from 9.763 on Tuesday but still much weaker than the official rate of 7.830 per dollar. The CBE on Wednesday removed the withdrawal and deposit cap for companies that import basic commodities, a day after it removed limits for individuals. Meanwhile, Egypt’s stocks completed a trading week of gains on Thursday after the main index approached a three-month high amid foreign and local purchases. “The Central Bank’s new decisions to lift foreign currency caps on deposits and withdrawals by individuals and corporations have relatively bolstered the investors confidence toward banks,” Vice Head of Securities at the Cairo Chamber of Commerce Eissa Fathy said. [Bloomberg, 3/10/2016]
Glencore has paid Iraqi Kurdistan $300 million in an advance for oil as it seeks to compete with trading houses for profitable business despite disruptions and political instability. Glencore recently made a prepayment to the Kurdistan Regional Government (KRG), which will start allocating the company crude starting mid-year. Glencore’s oil trading division has come under increased pressure to generate more profit after a collapse in metal and coal prices damaged profit at its mining division. The KRG said on Monday it had received $100 million in February from a new prepayment commitment, without saying where it came from. [Reuters, 3/11/2016]
Also of interest
IEA says oil may have bottomed as non-OPEC producers cut output | Reuters
Kuwait raises April crude price for Asia, narrows gap to Saudi grade | Reuters
Saudi Arabia to keep April crude supply to Asia steady | Reuters
Egypt’s financial crisis hits the rich | NYT
Egypt PM meets with Iraqi oil, Jordanian energy ministers | SIS
European Parliament approves duty-free imports of Tunisian olive oil | European Parliament
Hungary to grant Tunisia credit line to boost development | TAP
Tunisia’s trade deficit drops 13.2 percent in last two months | TAP
Tunisia’s inflation falls to 3.3 percent in February | TAP
Tunisia mounts charm offensive to save tourism sector
Tunisia’s tourism heads are seeking to attract more visitors as the country’s tourism sector struggles following major terror attacks that took place last year. “Tunisia is safe,” Tourism Minister Selma Elloumi Rekik said at the ITB travel fair in Berlin on Thursday. “Of course there are some places that are dangerous. But there are areas that are 100 percent safe.” Tunisia has adopted a number of security measures since last summer, including hiring a security consultant to draw up a handbook for tourism-related operations like as hotels and museums. Tunisia is also cooperating more closely with Britain, France, and Germany on security measures as it seeks to attract more tourists. However, the Foreign Office in London still advises against all but essential travel to Tunisia. “The threat from terrorism in Tunisia is high. Further attacks remain highly likely, including against foreigners,” the office says. [Reuters, 3/10/2016]
India is in talks with countries in the Middle East for a scheme under which they can exchange crude oil for food. Indian Oil Minister Dharmendra Pradhan said Friday that the country is in talks with the United Arab Emirates (UAE) and several other countries for an oil-for-food program. Pradhan said, ‘[Middle East countries] can invest in the strategic oil storages we are building. They can also store their oil here, the condition being that the first right of use on two-third of oil stored would be of India.” Pradhan said that the UAE’s national oil company Adnoc has agreed to store crude oil in India. India imports 80 percent of its oil needs and about 60 percent of its oil imports are from the Middle East. In exchange, India “can get an assured export market for our farmers,” he said. [Reuters, 3/11/2016]
The Egyptian pound strengthened on the black market after the Central Bank of Egypt (CBE) eased restrictions on foreign-currency transactions. The pound traded at 9.684 per dollar, improved from 9.763 on Tuesday but still much weaker than the official rate of 7.830 per dollar. The CBE on Wednesday removed the withdrawal and deposit cap for companies that import basic commodities, a day after it removed limits for individuals. Meanwhile, Egypt’s stocks completed a trading week of gains on Thursday after the main index approached a three-month high amid foreign and local purchases. “The Central Bank’s new decisions to lift foreign currency caps on deposits and withdrawals by individuals and corporations have relatively bolstered the investors confidence toward banks,” Vice Head of Securities at the Cairo Chamber of Commerce Eissa Fathy said. [Bloomberg, 3/10/2016]
Glencore has paid Iraqi Kurdistan $300 million in an advance for oil as it seeks to compete with trading houses for profitable business despite disruptions and political instability. Glencore recently made a prepayment to the Kurdistan Regional Government (KRG), which will start allocating the company crude starting mid-year. Glencore’s oil trading division has come under increased pressure to generate more profit after a collapse in metal and coal prices damaged profit at its mining division. The KRG said on Monday it had received $100 million in February from a new prepayment commitment, without saying where it came from. [Reuters, 3/11/2016]
IEA says oil may have bottomed as non-OPEC producers cut output | Reuters
Kuwait raises April crude price for Asia, narrows gap to Saudi grade | Reuters
Saudi Arabia to keep April crude supply to Asia steady | Reuters
Egypt’s financial crisis hits the rich | NYT
Egypt PM meets with Iraqi oil, Jordanian energy ministers | SIS
European Parliament approves duty-free imports of Tunisian olive oil | European Parliament
Hungary to grant Tunisia credit line to boost development | TAP
Tunisia’s trade deficit drops 13.2 percent in last two months | TAP
Tunisia’s inflation falls to 3.3 percent in February | TAP
Tunisia’s tourism heads are seeking to attract more visitors as the country’s tourism sector struggles following major terror attacks that took place last year. “Tunisia is safe,” Tourism Minister Selma Elloumi Rekik said at the ITB travel fair in Berlin on Thursday. “Of course there are some places that are dangerous. But there are areas that are 100 percent safe.” Tunisia has adopted a number of security measures since last summer, including hiring a security consultant to draw up a handbook for tourism-related operations like as hotels and museums. Tunisia is also cooperating more closely with Britain, France, and Germany on security measures as it seeks to attract more tourists. However, the Foreign Office in London still advises against all but essential travel to Tunisia. “The threat from terrorism in Tunisia is high. Further attacks remain highly likely, including against foreigners,” the office says. [Reuters, 3/10/2016]
India, Middle East countries in talks on oil-for-food scheme
India is in talks with countries in the Middle East for a scheme under which they can exchange crude oil for food. Indian Oil Minister Dharmendra Pradhan said Friday that the country is in talks with the United Arab Emirates (UAE) and several other countries for an oil-for-food program. Pradhan said, ‘[Middle East countries] can invest in the strategic oil storages we are building. They can also store their oil here, the condition being that the first right of use on two-third of oil stored would be of India.” Pradhan said that the UAE’s national oil company Adnoc has agreed to store crude oil in India. India imports 80 percent of its oil needs and about 60 percent of its oil imports are from the Middle East. In exchange, India “can get an assured export market for our farmers,” he said. [Reuters, 3/11/2016]
Egypt’s pound gains in black market; stocks end week of gains
The Egyptian pound strengthened on the black market after the Central Bank of Egypt (CBE) eased restrictions on foreign-currency transactions. The pound traded at 9.684 per dollar, improved from 9.763 on Tuesday but still much weaker than the official rate of 7.830 per dollar. The CBE on Wednesday removed the withdrawal and deposit cap for companies that import basic commodities, a day after it removed limits for individuals. Meanwhile, Egypt’s stocks completed a trading week of gains on Thursday after the main index approached a three-month high amid foreign and local purchases. “The Central Bank’s new decisions to lift foreign currency caps on deposits and withdrawals by individuals and corporations have relatively bolstered the investors confidence toward banks,” Vice Head of Securities at the Cairo Chamber of Commerce Eissa Fathy said. [Bloomberg, 3/10/2016]
Glencore taps into Iraqi Kurdistan with $300 million oil deal
Glencore has paid Iraqi Kurdistan $300 million in an advance for oil as it seeks to compete with trading houses for profitable business despite disruptions and political instability. Glencore recently made a prepayment to the Kurdistan Regional Government (KRG), which will start allocating the company crude starting mid-year. Glencore’s oil trading division has come under increased pressure to generate more profit after a collapse in metal and coal prices damaged profit at its mining division. The KRG said on Monday it had received $100 million in February from a new prepayment commitment, without saying where it came from. [Reuters, 3/11/2016]
Also of interest
IEA says oil may have bottomed as non-OPEC producers cut output | Reuters
Kuwait raises April crude price for Asia, narrows gap to Saudi grade | Reuters
Saudi Arabia to keep April crude supply to Asia steady | Reuters
Egypt’s financial crisis hits the rich | NYT
Egypt PM meets with Iraqi oil, Jordanian energy ministers | SIS
European Parliament approves duty-free imports of Tunisian olive oil | European Parliament
Hungary to grant Tunisia credit line to boost development | TAP
Tunisia’s trade deficit drops 13.2 percent in last two months | TAP
Tunisia’s inflation falls to 3.3 percent in February | TAP