Mena News

 

  Brent rises above USD110 as Iran tensions swing into focus
Sep , 25 , 2012  
  Brent crude climbed above USD110 a barrel on early Tuesday, September 25, recovering from a more than 1 percent drop in the previous session, as escalating tensions surrounding Iran offset concerns about weak demand in a still-fragile global economy.
 

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  German business climate falls unexpectedly in September
Sep , 25 , 2012  
  German business sentiment dropped for the fifth successive month in September, defying expectations for a slight rise, in a sign that domestic firms are being hit by the euro zone debt crisis which has hurt export markets and sapped investment. The Munich-based Ifo think tank said on Monday its business climate index, based on a monthly survey of some 7,000 firms, fell to 101.4 in September from 102.3 in August. A Reuters poll of 45 economists had forecast a slight rise to 102.5.
 

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  Standard & Poor's to double staff in Dubai as ratings opportunity knocks
Sep , 25 , 2012  
  Ratings agency Standard & Poor's expects to double staff in its Dubai office this year as it sees growing opportunity in the Arab Gulf and other nearby regions, the company's Middle East head. "It went from three people in 2007 and we're going to be close on 30 by the end of the year," Stuart Anderson said, adding that ratings for Islamic bonds, or sukuk, in Saudi Arabia was a fast-growing area the company wanted to latch onto. "Saudi will be the biggest sukuk market in the region from a ratings perspective," he said, while adding that other countries including the U.A.E. still offered promise.
 

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  State utility DEWA eyes sukuk issue in 2013
Sep , 25 , 2012  
  State utility Dubai Electricity and Water Authority ( DEWA ) may issue an Islamic bond, or sukuk, in 2013, as part of its refinancing plans, the companyís chief executive said. "We are thinking about sukuk, not all of it but it will be a mix. There will be sukuk definitely but there will be other products also, for example we will have securitization," Saeed Mohammed Al-Tayer told reporters when asked about issuance plans for 2013.State utility Dubai Electricity and Water Authority ( DEWA ) may issue an Islamic bond, or sukuk, in 2013, as part of its refinancing plans, the companyís chief executive said. "We are thinking about sukuk, not all of it but it will be a mix. There will be sukuk definitely but there will be other products also, for example we will have securitization," Saeed Mohammed Al-Tayer told reporters when asked about issuance plans for 2013.State utility Dubai Electricity and Water Authority ( DEWA ) may issue an Islamic bond, or sukuk, in 2013, as part of its refinancing plans, the companyís chief executive said. "We are thinking about sukuk, not all of it but it will be a mix. There will be sukuk definitely but there will be other products also, for example we will have securitization," Saeed Mohammed Al-Tayer told reporters when asked about issuance plans for 2013.State utility Dubai Electricity and Water Authority ( DEWA ) may issue an Islamic bond, or sukuk, in 2013, as part of its refinancing plans, the companyís chief executive said. "We are thinking about sukuk, not all of it but it will be a mix. There will be sukuk definitely but there will be other products also, for example we will have securitization," Saeed Mohammed Al-Tayer told reporters when asked about issuance plans for 2013.State utility Dubai Electricity and Water Authority ( DEWA ) may issue an Islamic bond, or sukuk, in 2013, as part of its refinancing plans, the companyís chief executive said. "We are thinking about sukuk, not all of it but it will be a mix. There will be sukuk definitely but there will be other products also, for example we will have securitization," Saeed Mohammed Al-Tayer told reporters when asked about issuance plans for 2013.
 

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  Abu Dhabi sees GDP growth accelerating next year
Sep , 25 , 2012  
  Abu Dhabi is expected to post gross domestic product growth of 3.9 percent this year, the Abu Dhabi Department of Economic Development said in a statement. The department also forecast that growth would accelerate to a 5.7 percent annual rate in 2013-2016. It predicted growth in non-oil GDP of 5.5 percent this year, accelerating to an average of 6.5 percent in the 2013-2016 period.
 

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  Inflation in Kuwait up 2.80 percent in August
Sep , 25 , 2012  
  Inflation on an annual basis in Kuwait rose by 2.8 percent in August compared with the same month in 2011. On a monthly basis, the inflation rate also rose by 0.5 percent in August since July. Food prices in particular, jumped by 5.7 percent after witnessing a rise in six of its sub-groups and a decline in two. All remaining groups witnessed rises, including educational and health services. 2.5 percent, domestic services and home products, 1.3 percent.
 

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  Iran's oil exports dived to 800,000 bpd in July
Sep , 24 , 2012  
  Iranís crude oil sales dived to just 800,000 barrels per day (bpd) in July, due to Western sanctions, but are likely to have bounced back last month, Mohammad Reza Bahonar, deputy-speaker of Iranís parliament, said. He said that oil sales averaged about 1mn bpd from the end of March to late August, compared to exports of 2.3mn-2.4mn bpd last year.
 

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  Brent crude drops on renewed growth concerns
Sep , 24 , 2012  
  Brent crude futures fell below USD111 in early Asian trade on Monday, September 24, dragged down by a firm U.S. Dollar and worries about weak economic growth in key consumer nations.
 

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  BOJ minutes: may need to up inflation expectations via FX
Sep , 24 , 2012  
  One member of the Bank of Japan's policy board said the central bank may need to boost inflation expectations by influencing currency rates because it is taking such a long time for the country to escape deflation, according to minutes from the central bank's August 8-9 meeting. The BOJ kept monetary policy on hold at its August 8-9 meeting but cut its assessment of exports and output due to a weak global economy.
 

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  Egypt said preparing coupon system to cut energy subsidies
Sep , 24 , 2012  
  The government faced a tough challenge to implement a coupon plan designed to cut massive energy subsidies which eat up around a quarter of government spending, Egyptís oil minister was quoted as saying. Annual subsidies of EGP114bn (USD18.7bn) disproportionately benefit the wealthier in society, Petroleum Minister Osama Kamal told Al-Watan newspaper. Kamal said introducing the programme would need "strong political will", unlike previous governments which baulked at taking unpopular austerity measures.
 

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