The euro fell to a three-month low after Socialist Francois Hollande was elected president of France and as Greek voters flocked to anti-bailout parties, stoking concern austerity efforts in Europe may be derailed.
The 17-nation currency slid for a sixth day, its longest series of losses since September 2011, after German Chancellor Angela Merkel’s party had its worst election result in more than half a century in the state of Schleswig-Holstein. The yen and the dollar rose versus most of their major peers as Asian stocks extended a global rout, boosting demand for haven currencies.
“There are major concerns about the euro,” said Marito Ueda, senior managing director in Tokyo at FX Prime Corp. (8711), a currency margin company. “What’s common to both Greek and French voting is that people aren’t feeling good about austerity measures, which are the crux to a resolution of Europe’s debt problems.”
Gulf petchem production hits new high
Despite challenges, the petrochemical and chemical production in the Gulf region surged to more than 140 million metric tons (MT) during 2013, said an industry expert.
"The global sales re
Barwa Q3 net profit surges 43pc
Qatar-based Barwa Bank has registered a 43 per cent jump in its net profit for the third quarter which hit QR641 million ($176 million) compared to QR447 million ($123 million) for the same period la
Mena to develop $300bn water projects by 2022
The governments in the Middle East and North Africa (Mena) region are expected to spend an estimated $300 billion on water and desalination projects by 2022, said experts ahead of a major industry su
Opec keeps oil markets guessing on output move
Oil analysts are putting down markers on the Organisation of the Petroleum Exporting Countries' (Opec) meeting on November 27, when members will consider whether to cut output to shore up prices.
Dubai set to handle $200bn in projects
Five years after the crisis that nearly derailed Dubai’s expansion plans, financial experts believe the emirate can meet its long-term capital requirements to fund ambitious growth targets.