Asian shares dropped after China increased gasoline and diesel prices for the second time in less than six weeks. Gold fell and oil snapped two days of gains in New York amid speculation supplies are rising.
The MSCI Asia Pacific Excluding Japan Index (MXAPJ) lost 0.3 percent as of 11:12 a.m. in Tokyo. The Shanghai Composite Index slid 0.8 percent, while Standard & Poor’s 500 Index futures were little changed. Australian bond yields rose while crude dropped 0.6 percent to $107.50 a barrel. Gold for immediate delivery slid 0.4 percent to $1,658.40 an ounce.
“Higher energy costs and falling profits may worry investors that the economy is slowing even further,” said Dai Ming, a fund manager at Shanghai Kingsun Investment Management & Consulting Co. in Shanghai.
KSA to import record high diesel volumes for summer
Saudi Arabia will import near record high diesel volumes this summer, as it gears up to beat the sweltering heat and meet rising travel needs during the fasting month of Ramadan, trade sources said.
UAE economy outperforms, says Emirates NBD Research
Commenting on the UAE's economic performance, Emirates NBD Research said, "The UAE’s real GDP growth reached 4.4 per cent in 2012, higher than our forecast 3.7 per cent, according to the latest data
Saudi Arabia 'one of the best-performing economies of the G-20'
“Saudi Arabia has been one of the best performing economies of the G-20 in recent years, with the average rate of real GDP growth during 2008-12 third behind China and India," the International Monet
200 foreign firms to share expertise at ‘Saudi Energy’
More than 200 foreign companies will take part in Saudi Energy 2013, organizers announced.
It will take place with the support of the Ministry of Water and Electricity at the Riyadh Exhibition Cente