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24.06.2008 Business & Finance

Tit-bits around the world

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Oil prices top $130bpd inspite of Saudis pledge of more oil

Saudi Arabia's pledge, in advance of Sunday's global oil summit in Jeddah, to raise production by 500,000 barrels per day marks a significant break with recent Saudi and Opec policy.
Until recently, Opec's key producer had stuck to its familiar position that the market is well supplied and that the price of oil would not respond to additional production. Oil prices at $135 per barrel provoked a sea change in Riyadh as the Kingdom acknowledged that high oil prices are hurting the global economy.

Colin Bruce gets new post
Colin Bruce, the World Bank's Country Director for Kenya, Comoros, Rwanda, Eritrea, Somalia, & Seychelles, has been named the Bank's Director of Operations and Strategy for Africa. He moves from Nairobi to Washington to take up a position the Financial Times calls the “de facto number two in the bank's Africa hierarchy.” Obiageli Ezekweseli is the Bank's Vice-President for Africa, the highest-ranking Africa-focused position.

Africa's GDP to top 6%
The organization for Economic Cooperation and Development (OECD), United Nations Economic Commission for Africa (UNECA) and the African Development Bank (AfDB) have predicted that the continent's (Africa) Gross Domestic Product (GDP) would top 6% this year, inspite of the numerous economic challenges that have bedeviled the continent. The aforementioned three organizations have also agreed on a joint launch of the “African Economic Outlook”. AfDB's Chief Economist, Louis Kasekende however cautioned that the current food crisis and the increased inflation it is likely to cause may derail growth projection.

“There is a big risk to unwinding progress made by many countries in attaining the MDGs, especially the likelihood of pushing millions back into poverty, if the current high food prices persist”, he added.

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