Saudi Arabia announces budget surplus

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Source: BBC

Saudi Arabia announced $81.6bn budget surplus this year, being a two times higher income as compared to initial forecast. Revenues jumped to $296bn as compared to $184bn expected. More than 90% of the revenue growth was contributed by oil exports.

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Tue, 27 Dec 2011 12:11:34 GMT

China's copper imports from Japan increases by 30% last month

China's copper imports from Japan increased by almost one third in November. Copper cathodes imports rose by 40% to 44,532 tonne while imports of refined copper soared by 35% to 46,278 tonnes. China took advantage of lower copper prices; LME Copper decreased from $10,000/tonne in the beginning of 2011 to $8000/tonne. Arbitrage opportunities between London and Shanghai exchanges also supported demand of copper.

Tue, 27 Dec 2011 12:07:48 GMT

Samsung purchases Sony's stake in LCD venture

Samsung Electronics buys out the entire stake of Sony Corp. in the LCD joint venture. Samsung will pay $939m in cash for Sony's stake. The sale followed Sony's restructuring of its TV operations that have made loss for seventh consecutive year. After acquiring the stake Samsung will become number one manufacturer of TVs and screen panels.

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