Mena News

 

  Kingdom to book gain from sale of landmark NY Plaza
Dec , 05 , 2012  
  Kingdom Holding Co. said it will book a USD32.9mn profit on the sale of New York's Plaza Hotel to an Indian conglomerate. Kingdom said Sahara India Pariwar had completed its purchase of a 75-percent stake in the Plaza for USD575mn. The Saudi firm will retain a 25-percent equity stake in the property, which includes the hotel, condos and retail space among others.
 

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  Brent slips below USD111 on bleak US data, 'fiscal cliff' worries
Dec , 04 , 2012  
  Brent futures slipped below USD111 per barrel on early Tuesday, December 04, as demand concerns moved into focus after weak manufacturing data from top consumer the United States, while uncertain U.S. fiscal deficit negotiations also kept investors on the edge.
 

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  German manufacturing shrinks for 9th month in November, at slower pace –PMI
Dec , 04 , 2012  
  Germany's manufacturing sector shrank for the ninth straight month in November, albeit at a slower pace than the previous month as new orders fell the least since March. Markit's Purchasing Managers' Index (PMI) for the German manufacturing sector was still well below the 50 line that divides growth from contraction. But it inched up to 46.8 in November from 46.0 the previous month and was unchanged from the preliminary estimate.
 

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  Euro-zone manufacturing downturn eases in Nov – PMI
Dec , 04 , 2012  
  The contraction in activity at the Euro-zone's embattled manufacturers eased to an eight-month low in November, although a meaningful recovery still looks a long way off, a survey showed. Markit's Eurozone manufacturing Purchasing Managers Index (PMI) rose to 46.2 in November from October's 45.4, though it stayed below the 50 mark dividing growth from contraction for the 16th straight month.
 

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  U.S. manufacturing sector contracts in November – ISM
Dec , 04 , 2012  
  U.S. manufacturing unexpectedly contracted in November, falling to its lowest in over three years in a sign the sector may be struggling to gain traction, according to an industry report released. The Institute for Supply Management (ISM) said its index of national factory activity fell to 49.5 in November from 51.7 the month before. The reading was shy of expectations of 51.3, according to a Reuters poll of economists.
 

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  Emaar finalizes plan to expand Dubai Mall
Dec , 02 , 2012  
  Emaar Properties said plans to expand its Dubai Mall with high-end fashion stores, hotels and luxury homes had been finalized and work would begin shortly. Emaar, which also built Burj Khalifa - the world's largest tower, had said in February it would add one million square feet to Dubai Mall, whose website says it is the world’s largest shopping and entertainment destination. The part state-owned Dubai developer also said it will soon launch the sale of luxury homes and serviced residences in the new development. No project value was given.
 

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  New UAE company law unlikely in 2012
Dec , 02 , 2012  
  A long-awaited law to allow further foreign ownership of companies in the United Arab Emirates (UAE) is unlikely to be passed in 2012, a senior government official said. "There are some issues, we are optimistic it will be out soon," Omar Abdullah, under-secretary in the Abu Dhabi department of economic development, told reporters, adding the legislation would not be passed this year. Abdullah said the government is considering allowing full foreign ownership in certain sectors. "For specific sectors that can add value to the economy, 100 percent will be considered," he said.
 

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  Inventories boost U.S. economic growth but trend weak
Dec , 02 , 2012  
  The U.S. economy grew faster than initially thought in the third quarter as restocking by businesses provided a big boost, but consumer and business spending were revised lower in a sobering reminder of the recovery's underlying weakness. Gross domestic product expanded at a 2.7 percent annual rate, with export growth also helping to offset the weakest consumer spending and first drop in business investment in more than a year. Growth in consumer spending, which accounts for about 70 percent of U.S. economic activity, was cut by more than half a percentage point.
 

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  German unemployment rises for eighth straight month in Nov
Dec , 02 , 2012  
  German unemployment rose for the eighth month running in October in seasonally adjusted terms but gained less than expected and remained close to a post-reunification low, data showed. Labor Office data showed the number of people out of a job rose by 5,000 to 2.939mn in November. The consensus forecast in a Reuters poll of 33 economists was for unemployment to rise by 15,000. The unemployment rate held steady at 6.9 percent.
 

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  Japan October jobless rate steady at 4.2 percent
Dec , 02 , 2012  
  Japan's jobless rate held steady in October and the availability of jobs declined, suggest recent improvements in the labor market have started to peak. The seasonally adjusted unemployment rate was 4.2 percent, unchanged from September and in line with economists' median forecast, figures from the Internal Affairs ministry showed. The jobs-to-applicants ratio fell to 0.80 from 0.81 in September, matching the median forecast. It means there were 80 jobs available for every 100 job seekers.
 

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