Mena News

 

  UAE'S NBAD issues USD163mn sukuk
Nov , 25 , 2012  
  National Bank of Abu Dhabi has issued USD163mn Islamic bond or sukuk, its third in the south Asian currency. The 15-year sukuk was issued at a coupon of 4.75 percent and is the first ever issue of subordinated debt by a non-Malaysian financial institution in Malaysia, the bank said. “This new issue ... reflects the commitment of NBAD to create a yield curve in Malaysian ringgit to meet the strong investor demand for our credit and fits in very well with our core strategy of diversifying the bank’s funding sources and extending our maturity profile,” Stephen Jordan, NBAD’s Group Treasurer said in a statement.
 

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  Sabic restores output at Jubail chemicals plant after maintenance
Nov , 25 , 2012  
  Saudi Basic Industries Corp., or Sabic, said that maintenance and repair work at the chemicals plant run by its affiliate Eastern Petrochemical Company, or Sharq, are now complete, and normal production has resumed. The production unit has now been restored to normal, Sabic said. According to Zawya.com data, the plant has an annual capacity of 700,000 metric tons of ethylene glycol. "The temporary shutdown will not have a material impact on the company result," Sabic said in an announcement posted on the Saudi bourse website.
 

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  Brent crude settles higher on Middle East, Gulf of Mexico fire
Nov , 18 , 2012  
  Brent crude futures rose as the escalating conflict between Israel and Palestinians in Gaza reinforced concerns about supply in the Middle East and as a Gulf of Mexico energy platform fire also boosted prices.
 

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  German growth slows to 0.2 percent as expected in third quarter
Nov , 18 , 2012  
  German economic growth slowed to 0.2 percent QoQ in the July-September period, seasonally-adjusted data showed, as the Euro-zone crisis sapped the vitality out of Europe's largest economy. Preliminary data from the Statistics Office also showed growth slowed to 0.4 percent from the same quarter a year ago in unadjusted terms, down from 0.5 percent in the second quarter. Quarterly growth was in line with the median forecast in a Reuters poll of 50 economists, in which expectations ranged from -0.4 percent to +0.5 percent.
 

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  Euro-zone slips into second recession since 2009
Nov , 18 , 2012  
  The Euro-zone fell into a recession in July-September, the second since the global financial crisis in 2009, as French resilience could not make up for a slump across Europe and the three-year debt crisis slowed Germany to a crawl. Economic output in the 17-country Euro-zone fell 0.1 percent in the third quarter, following a 0.2-percent drop in the second quarter. Those two quarters of contraction put the Euro-zone's EUR9.4tn (USD12tn) economy officially in recession, although Italy and Spain have been contracting for a year already and Greece is suffering an outright depression.
 

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  Storm Sandy knocks U.S. industrial output in October
Nov , 18 , 2012  
  U.S. industrial output unexpectedly fell in October as Superstorm Sandy disrupted production, but factory activity appeared at a stand-still even aside from the storm. Production at the nation's mines, factories and refineries contracted 0.4 percent last month after a 0.2 percent increase in September, the Federal Reserve said. Economists had expected a 0.2 percent gain.
 

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  Oman to issue USD260mn government bonds
Nov , 18 , 2012  
  Oman will issue five-year government development bonds worth SAR100mn (USD260mn) at an annual interest rate of 3.25 percent, a statement from the central bank of Oman said. The subscription of the bonds will start on November 18 and last until November 29. An auction will take place on December 3, the statement said. Interest on the bonds will be paid on June 5 and December 5 every year until maturity is reached on December 5, 2017. The bonds will be traded in the Muscat Securities Market.
 

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  Qatar Telecom approaches banks for USD1bn loan
Nov , 18 , 2012  
  State-owned operator Qatar Telecom (Qtel) has sent out requests for proposals (RFPs) to banks for a syndicated loan of up to USD1bn, bankers said. The loan will be used for general corporate purposes, including refinancing, the bankers said. The request is for a financing with three, four and five year maturities and includes conventional and Islamic Murabaha financing options, the bankers said.
 

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  Abu Dhabi's IPIC to meet investors ahead of possible bond
Nov , 18 , 2012  
  International Petroleum Investment Co , an investment vehicle fully owned by the government of Abu Dhabi, will hold meetings with "key accounts" ahead of a possible bond issue, arranging banks said. Meetings begin in Frankfurt and Munich on November 15 and conclude on November 22 in Paris, according to a document released by arranging banks and seen by Reuters.
 

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  Abu Dhabi's Aabar writes down Glencore stake
Nov , 18 , 2012  
  A top shareholder in Glencore, Abu Dhabi’s Aabar Investments , has written off more USD392mn of its USD1bn investment in the commodities trader, less than two years after taking part in its record listing. The write-down comes as Glencore, the world’s largest diversified commodities trader, moves into the final stages of its long-awaited takeover of miner Xstrata , in which it is already the largest shareholder. Qatar, which has become the second-largest shareholder in Xstrata, said it would vote in favor of the deal.
 

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