Mena News

 

  Brent holds above USD110 on supply woes, Euro crisis caps gains
Sep , 27 , 2012  
  Brent futures held above USD110 on early Thursday, September 27, on renewed worries of supply disruptions from the Middle East, while an escalating Euro-zone debt crisis reinforced oil demand growth concerns and capped the gains.
 

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  China August industrial profits fall 6.2 percent YoY
Sep , 27 , 2012  
  China's industrial profits fell 6.2 percent to JPY381.2bn (USD60.49bn) in August from a year ago, the government said, quickening the pace of a drop in earnings this year as firms battle with an economic slowdown. Industrial sector profits dropped 3.1 percent to JPY3.06tn between January and August compared to the same period last year, the National Bureau of Statistics said, versus a 2.7 percent decline in January to July.
 

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  Preliminary German September inflation slows to 2.0 percent YoY
Sep , 27 , 2012  
  German annual inflation slowed to two percent YoY in September, closer to the ECB's Euro-zone target for price stability, preliminary data showed. The figure was in line with the consensus forecast in a Reuters poll of 36 economists for inflation to decelerate from 2.1 percent in August, when it jumped on energy prices. On a monthly basis, German consumer prices were unchanged after rising 0.4 percent in August, data released by the Federal Statistics Office showed.
 

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  U.S. new home sales dip, but prices scale 5-year high
Sep , 27 , 2012  
  New U.S. home sales slipped 0.3 percent to a seasonally adjusted 373,000-unit annual rate, but the decrease was from an upwardly revised 374,000-unit July pace that was the fastest since April 2010. From a year ago, sales were up 27.7 percent last month.
 

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  Islamic investment bank in Egypt wants to buy brokerage
Sep , 27 , 2012  
  Cairo-based Ridge Islamic Capital is seeking to buy a local brokerage as part of its expansion plan, so that it can offer a full range of sharia-compliant financial services in the country, a company official told Reuters. "We want to start providing sharia-compliant brokerage services during the fourth quarter of 2012," Ahmed Rizkallah, country manager of Ridge Islamic, told Reuters.
 

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  Egypt's growth seen falling short of government forecasts
Sep , 27 , 2012  
  Egypt’s economy is unlikely to grow as quickly as the government has forecast for this financial year, economists polled by Reuters predicted, dampening hopes Egyptians will see quick benefits after an uprising driven partly by economic grievances. Ten economists who contributed to a Reuters survey conducted September 11-24 expected the economy to grow by only 2.7 percent in the fiscal year to June 30, 2013, with the rate accelerating to 4.0 percent for the year to end-June 2014.
 

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  Fitch affirms Mashreqbank at 'A'; stable outlook
Sep , 27 , 2012  
  Fitch Ratings has affirmed UAE-based Mashreqbank’s (Mashreq) Long-term Issuer Default Rating (IDR) at A; with a Stable Outlook, and Viability Rating (VR) at bb+. A full list of rating actions is at the end of this rating action commentary.
 

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  Qatar Islamic Bank plans U.S. Dollar-denominated sukuk
Sep , 27 , 2012  
  Qatar Islamic Bank plans to issue a U.S. Dollar-denominated Islamic bond, or sukuk, under its recently approved USD1.5bn sukuk programme, lead arrangers said. Deutsche Bank, HSBC, Standard Chartered and QInvest LLC are mandated for the sukuk, a document from the lead arrangers showed. No details were provided on the size of the issue.
 

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  Saudi's Sahara Petchem signs loan agreement with Riyad Bank
Sep , 27 , 2012  
  Saudi Arabia's Sahara Petrochemicals Co. said it has signed a credit facility agreement with Riyad Bank worth SAR500mn (USD133mn). The purpose of the facility is to provide standby support for the company's existing projects and future investments, it said in a brief statement posted on the Saudi bourse website.
 

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  Kuwait to pass 2012/13 budget via decree soon
Sep , 27 , 2012  
  Kuwait expects to approve its 2012/13 budget by emiri decree soon, finance minister Nayef Al-Hajraf told state-news agency KUNA. We expect the issuance of a decree on that draft at the earliest opportunity," Hajraf said after a meeting with Emir Sheikh Sabah al-Ahmad al-Sabah and other economic officials, KUNA reported.
 

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