Mena News

 

  S&P affirms Japan’s credit ratings
Oct , 21 , 2013  
  S&P affirmed Japan's long- and short-term sovereign credit ratings at 'AA-' and 'A-1+', respectively. The agency reiterated its outlook for the long-term rating as 'negative’.
 

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  China’s economic growth picks up in 3Q13
Oct , 21 , 2013  
  China’s gross domestic product rose 7.8% YoY in 3Q13, in line with market expectations. Growth was faster than the 7.5% YoY and 7.7% YoY increase witnessed in 2Q13 and 1Q13, respectively.
 

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  Greece’s current account surplus declines
Oct , 21 , 2013  
  Current account surplus declined to EUR1.2bn in August from EUR1.6bn a year earlier. The decline was due to higher deficit on income and trade accounts. At the same time, the current account balance stood at a surplus of EUR1.6bn compared to a deficit of EUR3.7bn during the same period in 2012.
 

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  Fitch rates RAK Capital’s upcoming trust certificates
Oct , 09 , 2013  
  Fitch Ratings has assigned Ras Al Khaimah's RAK Capital's forthcoming issue of USD trust certificates (sukuk) an expected senior unsecured 'A (EXP)' rating.
 

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  Obama calls on Congress to stop 'farce', end shutdown
Oct , 08 , 2013  
  President Barack Obama called on Republicans Saturday to "stop this farce" as the US government shutdown entered a fifth day with no signs of an end to the impasse, according to The Economic Times. With public discontent building, the House of Representatives voted 407 to 0 to pass a measure to retroactively pay the hundreds of thousands of government workers furloughed during the crisis. But there were no overt movements by Republicans and Democrats to negotiate a way out of the first federal government shutdown in 17 years, as both sides blamed each other. "Take that vote. Stop this farce. End this shutdown now," Obama exhorted the Republican-controlled House in his weekly radio and video address. Eric Cantor, the number two Republican in the House, said the impasse could be worked out but Obama "seems to be unwilling to sit down and talk with us." "It doesn't make any sense if the president has an ax to grind with the opposing party, why he would want to put the American people in the middle of that," he said. The US government closed all but its essential operations earlier in the week when Republican lawmakers refused to approve money for government operations without first delaying or defunding the new health care law, commonly known as Obamacare. The US Senate has already approved a budget, and "there are enough Republican and Democratic votes in the House of Representatives willing to do the same, and end this shutdown immediately," Obama said. "But the far right of the Republican Party won't let Speaker John Boehner give that bill a yes-or-no vote." Obama said he "won't pay a ransom in exchange for reopening the government. And I certainly won't pay a ransom in exchange for raising the debt ceiling." Obama is refusing to negotiate with Republicans over the budget issues until they pass a temporary bill to open the government and agree to raise the $16.7 trillion US statutory borrowing limit -- without which Washington could default on its debts for the first time ever starting on October 17. "For as reckless as a government shutdown is, an economic shutdown that comes with default would be dramatically worse," Obama said. But some Republican pragmatists who have signaled they would vote to pass a fresh spending bill worried that such a resolution is no longer achievable. "I think that ship has sailed," Congressman Michael Grimm said Friday. "We're getting too close to the debt ceiling vote. It looks like the only thing that's going to work right now is a dialogue." Boehner on Friday appeared to be equally frustrated. "This isn't some damn game," he said after a news report cited an unnamed official saying that the White House is benefiting from the shutdown. "All we're asking for is to sit down and have a discussion, reopen the government and bring fairness to the American people under 'Obamacare,'" Boehner said. Secretary of State John Kerry, traveling in Indonesia, warned Saturday that the political standoff was "reckless" and threatened to weaken the US standing abroad. "If it were prolonged, or repeated, people would begin to question the willingness of the United States to stay the course and its ability to," Kerry told reporters at the Asia-Pacific Economic Co-operation forum on the Indonesian island of Bali. "But that's not the case and I don't think it will be the case." Obama had been due to travel to Bali for an APEC leaders' summit starting Monday, but canceled the trip -- which would also have taken him to Brunei, Malaysia and the Philippines -- to deal with the government shutdown. Kerry, who is filling in for Obama, made it clear he believed that the Republicans blocking government spending were playing a dangerous game. "I think it is reckless, personally, to even provide those moments where you have these risks that are exposed," Kerry said, referring to areas of spending on global security hotspots that have been suspended because of the shutdown. Kerry also insisted that Obama's so-called strategic pivot to the Asia-Pacific had not been weakened by the president canceling his trip. Meanwhile Kerry's predecessor, former secretary of state and possible 2014 Democratic presidential candidate Hillary Clinton, decried the "scorched earth" tactics in the government shutdown. "We watch what happens in Washington with a certain amount of bewilderment, even disgust," she said late Friday in a speech at Hamilton College in the town of Clinton, in upstate New York. "The rest of the world watches it closely. When we let partisanship override citizenship, when we fail to make progress on the challenges facing our country, our standing in the world suffers," Clinton said.
 

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  Gold rises as US government deadlock continues
Oct , 08 , 2013  
  Gold prices rose on Monday on the precious metal’s safe-haven appeal, as investors remained concerned over the continued deadlock of the US government. Prices were up 0.8% to USD1,321 an ounce on the NYMEX.
 

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  S&P upgrades GIB’s SACP profile
Oct , 08 , 2013  
  Standard & Poors (S&P) has upgraded Gulf International Bank (GIB)’s Stand Alone Credit Profile (SACP) to ‘BBB’ from ‘BBB-’ and its rating outlook to positive from stable. The long-term and short-term issuer credit ratings for GIB were affirmed at ‘BBB+’ and ‘A-2’, respectively.
 

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  Wall St., Europe end lower amid worries of prolonged US government shutdown
Oct , 03 , 2013  
  Wall Street retreated on Wednesday, the second day of a partial US government shutdown, as political wrangling in Washington raised investor concerns that the stoppage could be prolonged. Adding to worries, a report showed private employers added fewer-than-expected jobs in September. The 166,000 increase in employment followed a revised 159,000 rise in August that was smaller than initially estimated. The Dow Jones Industrial Average was down 58.56 points, or 0.39%, at 15,133.14. The Standard & Poor's 500 Index was down 1.13 points, or 0.07%, at 1,693.87. The Nasdaq Composite Index was down 2.96 points, or 0.085%, at 3,815.02.European stocks declined the most in more than a month, over the same worries over the US federal government shutdown. The euro zone's blue-chip Euro STOXX 50 Index declined 0.50% to 2,918.31.
 

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  Dubai property deals touch the AED5bn mark
Oct , 02 , 2013  
  According to Dubai Land Department (DLD) data, total real estate transactions crossed the AED5bn mark, an all-time high, as investors rushed to register their properties to save 2% transfer fee that will be effective from October 6, 2013.
 

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  US manufacturing activity accelerates in September
Oct , 02 , 2013  
  Manufacturing activity in the US accelerated in September, with the ISM Purchasing Managers’ Index rising to 56.2 from 55.7 in August. The market expected the index to fall to 55.0.
 

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