Kuwait oil price up $1.95 to $42.51 pb
The price of Kuwaiti oil went up by $1.95 to $42.51 per barrel on Monday after being at $40.56 pb last Friday, said a statement by Kuwait Petroleum Corporation (KPC) yesterday. At the global level, the price of oil was up due to expectations that major OPEC members and other international players will aim at reducing oil production by next week. The price of Brent crude was up by $2.04 to settle at $48.90 per barrel. The West Texas Intermediate also followed suit, going up by $1.80 to $47.49 pb. Meanwhile, the OPEC daily basket price rose Monday by $2.00 to stand at $44.34 a barrel, compared with USD 42.33 last Friday, the organization said yesterday. OPEC bulletin published that the annual rate of its basket price for 2015 was $49.49 pb.
US dollar stable against KD at 0.304
The exchange rate of the US dollar was stable at KD 0.304 while the rate of the euro went up to KD 0.323 compared with numbers yesterday, said the Central Bank of Kuwait (CBK) yesterday. According to the CBK, the rate of the Sterling Pound was up to KD 0.380 while the rate of the Swiss France was stable at KD 0.301. The Japanese yen stood firm at KD 0.002.
Bahrain’s Arcapita buys US housing schemes
Investment management firm Arcapita said yesterday it had acquired a privately-held portfolio of three housing schemes for senior citizens in the United States for around $110 million. The “senior living communities”, located in the metropolitan areas surrounding Washington DC and Atlanta, follow the Bahrain-based company’s acquisition of three similar schemes in Colorado for a total of $87 million earlier this year. The properties will be managed by an affiliate of Arbor Company, a community management company, it added.
Etihad sets pricing guidance for sukuk
Etihad Airways has set final pricing guidance of around 215 basis points above midswaps for its planned sukuk, expected to be at least $500 million in size, according to one of the banks arranging the transaction. The Islamic bond, which once completed will be Etihad’s debut USdollar debt sale, received orders of up to $1.3 billion, the bank said yesterday. Order books are expected to close as early as later in the day, it added. Initial guidance, released on Monday, was in the low-to-mid 200 basis points range over midswaps. HSBC, JP Morgan and National Bank of Abu Dhabi are the sukuk arrangers. They are joined by Abu Dhabi Islamic Bank, Dubai Islamic Bank and First Gulf Bank as bookrunners. The bond is expected to price this week, as reported by Reuters on Monday.
Morocco inflation eases to 1.6% year/year in Oct
Morocco’s annual consumer price inflation eased to 1.6 percent in October from 2.3 percent in September due to a slowing in food price rises, the High Planning Authority said yesterday. Annual food inflation eased to 2.2 percent from 4 percent in the previous month, while nonfood price inflation rose slightly to 1.2 percent in the 12 months to October from an annual 1.1 percent in September. Education costs rose 2.8 percent, but communications were 0.3 percent less expensive, the agency said without giving details. On a month-on-month basis, the consumer price index eased to 0.3 percent in October, down from 0.7 percent in September as food price inflation fell to 0.8 percent from 1.1 percent.