Mena News

 

  Mubadala seeks to alter terms on USD3.4bn in bonds
Nov , 06 , 2012  
  Abu Dhabi's state-owned investment fund Mubadala is seeking bondholders' consent to alter certain contract terms on outstanding bonds worth about USD3.4bn. Mubadala Development Co. said the main impact of the proposal would be the amendment of clauses relating to an event of default to remove reference to principal subsidiaries and principal joint venture companies.
 

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  Dana Gas asks holders for decision after sukuk miss
Nov , 06 , 2012  
  Dana Gas formally acknowledged that it had failed to redeem a USD920mn Islamic bond and asked holders of the sukuk to decide on their course of action. Privately-owned Dana did not repay the five-year sukuk on maturity last Wednesday, becoming the first UAE company to miss a bond redemption. Dana said its talks with a committee of bondholders to amend and extend the terms of the sukuk "continue to progress constructively". It did not say when any restructuring deal might be reached.
 

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  Saudi dairy firm Almarai to issue private sukuk
Nov , 06 , 2012  
  Saudi Arabian dairy and food producer Almarai Co. plans to issue the second tranche of a riyal-denominated Islamic bond programme in the coming months to private investors, the company said in a bourse. The Gulf's largest dairy firm raised SAR1bn (USD266.6mn) through the first tranche in March in a deal which was 4.7 times oversubscribed. "This second tranche of sukuk will be a private offering to sophisticated investors resident in the Kingdom of Saudi Arabia," the company statement said.
 

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  Saudi central bank expects inflation pressure to ease in Q4
Nov , 06 , 2012  
  Saudi Arabia's central bank expects inflationary pressures in the biggest Arab economy to continue decreasing in the fourth quarter of this year, it said in a report. Spending usually increases during the annual Haj pilgrimage season, which ended last week, as nearly 3 million pilgrims flock to Mecca and Medina. But Saudi Arabia's annual inflation rate has been slowing gradually since peaking at 5.4 percent in February and March. Annual inflation for September slowed to 3.6 percent from 3.8 percent in August.
 

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  Brent crude slipped below USD108 a barrel, as investors look ahead to key jobs data
Nov , 05 , 2012  
  Brent crude slipped below USD108 a barrel on Friday as investors look ahead to key jobs data from the United States for more signs of economic recovery, which would boost fuel demand.
 

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  Payroll growth shows U.S. labor market healing before election
Nov , 04 , 2012  
  American employers hired more workers than forecast in October while an influx of people joining the labor force pushed the jobless rate higher, according to the last job market report before the presidential election. Payrolls expanded by 171,000 workers following a 148,000 gain in September that was bigger than first estimated, figures from the Labor Department showed. October’s increase exceeded the highest forecast in a Bloomberg survey with a median projection of 125,000. Unemployment rose to 7.9 percent.
 

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  Dana creditors talk tough after Islamic bond miss
Nov , 04 , 2012  
  Dana Gas failed to repay a USD920mn Islamic bond on maturity, prompting a source close to holders of the bond to say they will stake claim to the natural gas producer's extensive Egyptian asset. Dana said it was in talks with bondholders to amend and extend the terms of the bond after it became the first firm from the UAE not to repay a bond on maturity.
 

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  Dubai Financial Market Co says third quarter loss narrows
Nov , 04 , 2012  
  Dubai Financial Market Co's third-quarter net loss narrowed to AED1.7mn from AED9.3mn in the same period last year, the company said on Saturday. The company said its third-quarter revenue grew to AED36.8mn, compared to AED31.7mn a year ago. Its net profits for the first nine months of 2012 more than quadrupled to AED38.9mn compared to last year, the company said, citing new income from its margin trading business.
 

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  Dana Gas drops for 2nd day on sukuk repayment worries
Oct , 31 , 2012  
  Abu Dhabi-listed Dana Gas drops 8.9 percent to its lowest intra-day level since Sept. 19 on repayment concerns over its $920 million Islamic bond which matures on Wednesday. The firm said on Wednesday it has been in talks with creditors to reach a "consensual solution". Shares in Dana Gas fell sharply on Tuesday after sources told Reuters the energy firm reached a standstill with bondholders. The stock fell 8.5 percent intraday on Tuesday before closing down 4.26 percent. Abu Dhabi's index slips 0.1 percent to 2,669 points.
 

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  UP posts AED 156 mln net profit for 9 months
Oct , 31 , 2012  
  Union Properties (UP) reported net earnings of AED 156 million for the nine-month period that ended on Sept. 30, 2012, against net losses of AED 1.5 billion in prior-year period. Revenue for the same period stood at AED 1.332 million, compared to AED 3.204 million in prior-year period. Total shareholders' equity rose to AED 2.5 billion, from AED 2.4 billion at Sept. 30, 2011.
 

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