Mena News

 

  Qatar may invest EUR10bn in French firms
Nov , 07 , 2012  
  Gas-rich Qatar may invest up to EUR10bn (USD12bn) in big French firms, the ambassador of the Gulf state in France told AFP. "The EUR10bn will be Qatari funds in the big French groups for joint projects and for partnerships in third nations," said Mohamed Jaham Al-Kuwari. "This has not been finalized, it's an idea which is being studied."
 

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  Third telecoms company for UAE not on the table
Nov , 07 , 2012  
  The idea of launching a third company to provide telecommunications services in the UAE is not on the table said Majid Sultan Al Mesmar, Deputy Director General, at the Telecommunications Regulatory Authority (TRA). Al Mesmar added that TRA does not have any intention to license a third operator in the market to be added to the two companies which provide telecommunication services in the UAE market (Etisalat and Du).
 

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  Abu Dhabi's Taqa: Looking at further investments in the North Sea
Nov , 07 , 2012  
  Abu Dhabi National Energy Co., better known as Taqa, said it is actively pursuing further investments in the North Sea as it remains optimistic about the future of the U.K. oil and gas industry. We are actively looking at further investments in the North Sea and we look forward to continuing to strengthen our dialogue with the UK Government to ensure the market structure remains open to U.A.E. investment," Carl Sheldon, Taqa's chief executive officer, said in an emailed statement.
 

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  Dana Gas says in standstill talks with creditors
Nov , 07 , 2012  
  Dana Gas, which last week missed a USD920mn Islamic bond redemption, said it was still negotiating a standstill agreement with a creditors' committee. Dana, headquartered in the emirate of Sharjah, did not repay a five-year convertible sukuk on maturity last week, becoming the first UAE company to miss a bond redemption. "The company and the committee are currently negotiating the necessary standstill and lock up agreement which the parties are working together to conclude soon," Dana said in a statement.
 

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  Saudi Mojil Group says shareholders reject liquidation
Nov , 07 , 2012  
  Shareholders in Mohammed al-Mojil Group (MMG) have rejected the idea of liquidating the construction company, which is burdened by heavy losses and debt. The company's recovery plan include asset sales, cutting bank debt and absorbing accumulated losses, it said in a statement to the Saudi bourse, after shareholders agreed on Monday to keep the firm running.
 

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  Euro-zone sentiment up for third straight month in November
Nov , 06 , 2012  
  Euro-zone sentiment improved for a third consecutive month in November as the European Central Bank's offer to buy unlimited amounts of debt to reduce indebted countries' borrowing costs continued to cheer investors. Sentix research group said its index tracking investor sentiment in the Euro-zone firmed to -18.8 from October's -22.2 and also outperformed a Reuters poll consensus for -20.0. A sub-index of current Euro-zone sentiment rose to -31.3 from -34.5 while the expectations component strengthened for a fourth straight month to -5.5 from -9.0
 

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  Kuwait targets crude output capacity of 3.2mn bpd by 2015
Nov , 06 , 2012  
  Kuwait plans to up its crude output capacity from 3mn barrels per day (bpd) to 3.2mn barrels a day by 2015, the chairman and managing director of Kuwait Oil Co., Sami Al-Rushaid, said in remarks published. The Gulf state aims to up its crude-oil production capacity by a third to 4mn barrels per day by 2030.
 

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  Euro-zone sentiment up for third straight month in November
Nov , 06 , 2012  
  Euro-zone sentiment improved for a third consecutive month in November as the European Central Bank's offer to buy unlimited amounts of debt to reduce indebted countries' borrowing costs continued to cheer investors. Sentix research group said its index tracking investor sentiment in the Euro-zone firmed to -18.8 from October's -22.2 and also outperformed a Reuters poll consensus for -20.0. A sub-index of current Euro-zone sentiment rose to -31.3 from -34.5 while the expectations component strengthened for a fourth straight month to -5.5 from -9.0
 

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  U.S. service sector growth slips in October ISM
Nov , 06 , 2012  
  The pace of growth in the U.S. services sector slowed modestly in October as new orders slipped, though employment improved, an industry report showed. The Institute for Supply Management said its services index eased to 54.2 last month from 55.1 in September, shy of economists' forecasts for 54.5, according to a Reuters survey.
 

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  Loans help Egypt FX reserves climb USD441mn in October
Nov , 06 , 2012  
  Egypt's foreign reserves rose by USD441mn in October after loans from Qatar and Turkey helped shore up state funds weakened by almost two years of political turmoil. Net international reserves climbed to USD15.48bn at the end of October from USD15.04bn at the end of September, the central bank said on its website.
 

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