Norway to cancel US$11M Debt to Liberia

Norway will provide NOK 68 million (USD 11 million) towards an international debt cancellation initiative for Liberia. This was announced by Minister of International Development Erik Solheim.

According to the Noway Post News Online, since Liberia has developed in a positive direction since the peace agreement was entered into in 2003. The international donor community must provide further resources if this trend is to continue. Cancelling Liberia’s debts to the international financial institutions is key, and I am pleased to announce that Norway will contribute significant funds to the cancellation of Liberia’s debts, commented Mr Solheim.

Norway will make available NOK 68 million for an international operation to cancel Liberia’s arrears to the World Bank and the African Development Bank. Norway’s hope is that other countries will be motivated to contribute, so that a rapid, joint solution is found to the problem of Liberia’s enormous debts to the international financial institutions.

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Ducor Petroleum Intensifies operations in 3 More Counties, Provides More Jobs

The management of Ducor Petroleum Incorporayed says it has started massive operation for the construction of more station in the suburb of Monrovia and other parts of the of the country. Speaking to the GNN the Chief Executive Officer,Amos P.K. Brosius, I., said his Company has taken the initiative as of next week to tackle two Counties, including Margibi and Grand Bassa.

He said presently his Company is in Nimba and Bong Counties providing services and employment in that part of the country.
Due to the high rate of unemployment, DPI is working to help in reducing this high rate of Unemployment in the country.

Oil drops below $62 in nervous market

LONDON (Reuters) - Oil prices fell below $62 on Thursday, pressured by concerns about weakness in world stock markets and the health of the economy in the United States, the world's largest oil consumer.

U.S. crude was down 37 cents at $61.43 a barrel by 1432 GMT, after ending 33 cents higher on Wednesday. London Brent crude was down 17 cents at $61.73.

Oil prices have been volatile since a nearly 9 percent drop on China's main stock market on Tuesday, the steepest fall for a decade, which triggered big falls in U.S. and European markets.

Analysts predicted oil and other commodities could continue to be influenced by nervous stock markets in the coming days.

"It is difficult to say which direction the next $5 on crude will take," Edward Meir wrote in the Man Energy Daily Report.

"It will probably be by only next week that we decouple from the equity markets altogether ... Of particular concern to us is that the selling in equities may not be over just yet."

Crude prices bounded higher on Wednesday in response to U.S data that showed unexpectedly large draws in inventories of distillates, including heating oil, which fell 3.8 million barrels, while gasoline slid 1.9 million barrels.

Analysts said the fall in stocks offset concerns about a slowdown in U.S. growth after weak economic data on Wednesday.