Oil prices slide under US$53

LONDON – World oil prices dived beneath US$53 per barrel yesterday, after the US government had revealed a sharp weekly increase in stocks of distillates, including heating fuel, analysts said.

London’s Brent North Sea crude for February delivery sank to US$52,60 per barrel in electronic trading – a low which was last witnessed on June 13 2005. The contract later stood at US$53,28.New York’s main oil futures contract, light sweet crude for delivery in February, tumbled to US$52,94 per barrel in electronic deals before the start of official trading.That also marked the lowest point since June 2005.The New York contract later pulled back to US$53,50 per barrel.Zim inflation reaches new high HARARE – The annual rate of inflation in Zimbabwe hit a new record high of 1 281 per cent in December, figures released by the central statistical office showed on Wednesday.The latest figure represented a rise of 182 percentage points on the November rate of 1 098 per cent, the figures showed.Zimbabwe is in the seventh year of an economic recession which has seen unemployment rise to more than 70 per cent and perennial shortages of basic goods like fuel and cooking oil and staples.Finance Minister Herbert Murerwa predicted last month that the inflation rate would recede to between 400 and 350 per cent in the later half of 2007.SA business confidence at new peak JOHANNESBURG – South Africa’s business confidence edged higher to a new peak in December, driven by solid economic growth, the South African Chamber of Business (SACOB) said yesterday.SACOB’s Business Confidence Index (BCI) rose to 103,5 index points from 103,2 in November, which was a recovery from 99,5 in October, its poll showed.The business body said in a statement that business confidence in Africa’s largest economy prevailed despite challenging political and social developments, including some of the highest levels of crime in the world.Thailand back tracks on investment law BANGKOK – Investors in Thailand were left in confusion yesterday over new rules on foreign investment, as the government appeared to back track on its second major policy change in less than a month.Thailand’s military-installed government on Tuesday approved new rules for foreign investors, limiting them to holding 50 per cent of the shares and 50 per cent of the voting rights in companies here.After initially warning that some 10 000 companies would be affected by the changes, authorities Wednesday insisted that only some 1 300 would be affected.Finance Minister Pridiyathorn Devakula told investors Wednesday that broad categories of companies would be exempted, including manufacturers and exporters.Thai media reported yesterday that foreign-controlled telecoms would also be grandfathered in, and only new investors would be affected.The contract later stood at US$53,28.New York’s main oil futures contract, light sweet crude for delivery in February, tumbled to US$52,94 per barrel in electronic deals before the start of official trading.That also marked the lowest point since June 2005.The New York contract later pulled back to US$53,50 per barrel.Zim inflation reaches new high HARARE – The annual rate of inflation in Zimbabwe hit a new record high of 1 281 per cent in December, figures released by the central statistical office showed on Wednesday.The latest figure represented a rise of 182 percentage points on the November rate of 1 098 per cent, the figures showed.Zimbabwe is in the seventh year of an economic recession which has seen unemployment rise to more than 70 per cent and perennial shortages of basic goods like fuel and cooking oil and staples.Finance Minister Herbert Murerwa predicted last month that the inflation rate would recede to between 400 and 350 per cent in the later half of 2007.SA business confidence at new peak JOHANNESBURG – South Africa’s business confidence edged higher to a new peak in December, driven by solid economic growth, the South African Chamber of Business (SACOB) said yesterday.SACOB’s Business Confidence Index (BCI) rose to 103,5 index points from 103,2 in November, which was a recovery from 99,5 in October, its poll showed.The business body said in a statement that business confidence in Africa’s largest economy prevailed despite challenging political and social developments, including some of the highest levels of crime in the world.Thailand back tracks on investment law BANGKOK – Investors in Thailand were left in confusion yesterday over new rules on foreign investment, as the government appeared to back track on its second major policy change in less than a month.Thailand’s military-installed government on Tuesday approved new rules for foreign investors, limiting them to holding 50 per cent of the shares and 50 per cent of the voting rights in companies here.After initially warning that some 10 000 companies would be affected by the changes, authorities Wednesday insisted that only some 1 300 would be affected.Finance Minister Pridiyathorn Devakula told investors Wednesday that broad categories of companies would be exempted, including manufacturers and exporters.Thai media reported yesterday that foreign-controlled telecoms would also be grandfathered in, and only new investors would be affected.