UPDATE 1-GE sees 30-40 pct growth in emerging markets

(Reuters) - GE sold $30 billion in the emerging economies of China,
India, Southeast Asia, Middle East and Africa, and Latin
America last year.




"By 2010, we're estimating sales of $50 billion," said GE
International's chief executive, Ferdinando Beccalli-Falco.


Read more at Reuters.com Mergers News

Egypt's CASE 30 Benchmark Index Advances to Record: World's Biggest Mover

(Bloomberg) -- Egypt's main stock index rose for an
eighth day, climbing to a record on speculation that the sale of
the state-owned Banque du Caire SAE will spur more international
investment.

Orascom Telecom Holding SAE, the largest mobile phone
company in the Middle East, and Orascom Construction Industries
led the advance.


Read more at Bloomberg Stocks News

Supertanker Rates May Fall on Reduced OPEC Shipments to U.S., Survey Shows

(Bloomberg) -- The cost of hiring supertankers on
the world's busiest shipping lanes may slump this quarter as
OPEC, supplier of 40 percent of the world's crude, works to
reduce a glut of crude in the U.S.

Daily earnings for carriers able to haul 2 million-barrel
cargoes of Middle East crude on the main supertanker route to
Asia will drop 42 percent to $47,500 a day, according to the
median estimate of seven analysts polled by Bloomberg News July
5 and 6. They were about $82,000 in the same quarter last year.


Read more at Bloomberg Energy News

Malaysian Oil Pipeline Owner Plans Stake Sale to Middle Eastern Investors

(Bloomberg) -- Trans-Peninsula Petroleum Sdn., the
developer of a $7 billion pipeline across Malaysia, is in talks
to sell some of the venture to Middle Eastern oil producers to
help them bypass one of the world's busiest trade routes.

Overseas oil companies may own 70 percent and local
investors 30 percent, Syed Izhar, deputy chairman of Trans-
Peninsula, said in a telephone interview in Kuala Lumpur. Foreign
investors will have a bigger stake because they will be the
pipeline's users, he said.


Read more at Bloomberg Energy News

Crude Oil Trades Near Two-Week High on Concerns Over Oman Cyclone, Nigeria

(Bloomberg) -- Crude oil was little changed near a
two-week high in New York after rising yesterday on risks to
supplies from the Middle East and Nigeria.

Oman evacuated about 7,000 people from coastal areas in the
path of a cyclone heading toward the coast, Agence-France Presse
reported. Brent crude oil climbed to $70.40 a barrel yesterday on
the risk to tankers operating in the Gulf and the threat of
further strikes in Nigeria, Africa's biggest producer.


Read more at Bloomberg Energy News

OPEC Has No Plans to Boost Crude Oil Output, Libyan, Qatari Officials Say

(Bloomberg) -- OPEC, which supplies about two-fifths of
the world's oil, won't heed calls from consumers to increase output
for the summer driving season, officials from Libya and Qatar said.

``We are convinced that the market is not short of supply,''
Qatari Energy Minister Abdullah Al-Attiyah told reporters in the
Persian Gulf nation's capital Doha today. Geopolitical risks in the
Middle East and Africa, not lack of production, are pushing oil
prices higher, he said.


Read more at Bloomberg Energy News

Kuwait Ends Currency's Peg to Dollar, Pressuring UAE, Qatar to Follow Suit

(Bloomberg) -- Kuwait became the first Middle
Eastern country to abandon its currency's peg to the dollar to
help curb inflation, putting pressure on the United Arab
Emirates and Qatar to do the same.

The dinar rose 0.4 percent against the dollar after Kuwait
ended the peg and switched to a basket of currencies. A slump in
the dollar has pushed up the cost of imports from Europe and
Asia for Middle Eastern consumers. Yesterday's decision may make
it more difficult for Kuwait to meet a timetable to join five
other Gulf Arab monarchies in forming a single currency by 2010.


Read more at Bloomberg Currencies News