Oil is giving wealth to emerging markets

The price of oil has always been high, now oil is trading close to $100 a barrel. Many African countries are looking at this new revenue source with opened arms and hopes that it will bring growth into other sectors.

Many are taking note of emerging markets new found wealth.


Oil spike redistributes wealth
November 18, 2007

By Steven Mufson

Washington - High oil prices are fuelling one of the biggest transfers of wealth in history. Oil consumers have pumped more than $2 trillion (R13.3 trillion) into the coffers of oil companies and oil-producing nations this year alone. Every day they are paying between $4 billion and $5 billion more for crude oil than they did five years ago.

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Emerging markets help Nokia sales

Quarterly sales at Nokia have hit their highest level for five years helped by strong business in emerging markets.

Global sales between April and June rose by 28% on the same period a year ago to 12.6bn euros ($17.2bn; £8.5bn)

Nokia, the world's biggest mobile phone company, increased its share of the mobile handset market to 38%, according to research firm Strategy Analytics.

It expected Nokia's momentum in countries such as India to give it a 40% market share by the end of 2007.

Oil price rises to all-time high

(photo: Kimberly White/Getty Images)

The price of a barrel of US light, sweet crude surpassed the previous high of $78.40 a barrel, seen in July 2006, before falling back to $76.53. Prices have risen steadily in the past few weeks following disruption to output in Nigeria and the North Sea. Wednesday's initial rise followed data showing a fall in US crude stockpiles.