Mena News

 

  Saudi Kingdom Holding says unit sold stakes in 2 Philippines hotels for USD58.1mn
Oct , 07 , 2012  
  Saudi Arabia's Kingdom Holding Co., KHC, said its fully-owned unit Kingdom Hotel Investments, or KHI, has signed a contract to sell its stakes in two hotels in the Philippines for a combined value of SAR218mn (USD58.1mn). KHC, a multiline conglomerate chaired by Saudi Prince Alwaleed Bin Talal, said in an emailed statement that the buyer is Ayalaland Hotels and Resorts Corp, a wholly owned subsidiary of Philippines' Ayala Land Inc..
 

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  Saudi says IMF's 2016 deficit forecast is 'doomsday scenario'
Oct , 07 , 2012  
  International Monetary Fund forecasts that Saudi Arabiaís budget surpluses will gradually decline before dropping into deficit by 2016 are a "doomsday scenario", the kingdomís Finance Minister Ibrahim Alassaf said. "They have been working on scenarios assuming, I would say, a doomsday scenario which I donít agree with. But we appreciate they are raising these issues in order to be ready," he told reporters after a meeting with IMF Managing Director Christine Lagarde in Riyadh. Alassaf said Saudi Arabia was ready to tap its foreign currency reserves, equivalent to more than 100 percent of GDP, if energy prices fell.
 

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  Kuwait's Gulf Petroleum Investment plans USD35.6mn capital hike
Oct , 07 , 2012  
  Kuwait's Gulf Petroleum Investment, GPI, said its board has decided to raise its capital by KWD10mn (USD35.6mn). The company said in a statement posted on the Kuwait bourse website that it will soon set a date for a meeting of its shareholders.
 

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  Burgan Bank gets central bank approval for Turkish buy
Oct , 07 , 2012  
  Burgan Bank said it had received approval from the Kuwaiti central bank for its planned purchase of Eurobank's Turkish arm. Burgan said in April it planned to buy a 99.26 percent stake in Eurobank Tekfen. It will acquire 70 percent of the lender from Tekfen's Greek partner EFG Eurobank in a USD355mn deal, while the remaining 29.26 percent stake will come from Tekfen Holding for an unknown sum. Burgan said the deal still needs final approval from Turkey's regulators.
 

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  Kuwait Bourse to cut interest rate on futures, forward contracts to 6.5 percent from 7 percent
Oct , 07 , 2012  
  The Kuwait Stock Exchange said that it will reduce the interest rate on futures and forward contracts to 6.5 percent from 7 percent starting from Sunday, October 07. The resolution comes in light of the central bank's decision to cut the discount rate by 50 basis points to 2 percent, the bourse said in a statement posted on its website.
 

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  U.S. oil stocks fall unexpectedly last week, distillates drop
Oct , 04 , 2012  
  U.S. domestic stocks of crude dropped by 482,000 barrels in the week to September 28, the Energy Information Administration reported. Analysts polled by Reuters ahead of the data release had forecast a stock gain of 1.5mn barrels. Despite an increase in imports of crude oil, which were up 511,000 barrels per day during the week, overall foreign supplies were just over 8mn bpd. U.S. distillate stocks, which include diesel and heating oil, fell by 3.69mn barrels in the week, well above analysts' average forecast for a decline of 400,000 barrels. U.S. gasoline inventories rose by 114,000 barrels, against expectations of a 600,000-barrels draw.
 

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  Brent hovers above USD108 as economic worries deter investors
Oct , 04 , 2012  
  U.S. domestic stocks of crude dropped by 482,000 barrels in the week to September 28, the Energy Information Administration reported. Analysts polled by Reuters ahead of the data release had forecast a stock gain of 1.5mn barrels. Despite an increase in imports of crude oil, which were up 511,000 barrels per day during the week, overall foreign supplies were just over 8mn bpd. U.S. distillate stocks, which include diesel and heating oil, fell by 3.69mn barrels in the week, well above analysts' average forecast for a decline of 400,000 barrels. U.S. gasoline inventories rose by 114,000 barrels, against expectations of a 600,000-barrels draw.
 

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  U.K. service sector growth slows as firms shed jobs
Oct , 04 , 2012  
  Britain's service sector growth slowed in September and services providers shed jobs for the first time in 10 months. The drop in the services Purchasing Managers' Index (PMI) to 52.2 from 53.7 in August was larger than economists had forecast. The soft services survey rounds up a set of disappointing PMIs, which pointed to outright contraction in manufacturing and construction. The composite index of the three surveys fell to 51.1 from 52.2, showing only marginal growth for the economy.
 

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  U.S. service sector picks up in September
Oct , 04 , 2012  
  The pace of growth in the vast U.S. services sector picked up in September as new orders accelerated. The Institute for Supply Management said its services index rose to 55.1 from 53.7 in August, surpassing economists' forecasts for a slight decrease to 53.2, according to a Reuters survey. The forward-looking new orders index jumped to 57.7 from 53.7, but growth in employment eased to 51.1 from 53.8.
 

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  Egypt PM says IMF team to visit in last week of October
Oct , 04 , 2012  
  Egypt's prime minister said an IMF team would come to Cairo in the last week of October to resume talks on a loan sought by his government, which was still working on the major issue of how to reduce fuel subsidies. The government will seek public support for its economic reform plans in a "social dialogue" before presenting them to the president next week, Prime Minister Hisham Kandil said.
 

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