Mena News

 

  UAE Cabinet okays Federal National Council eco plans
Sep , 24 , 2012  
  The UAE Cabinet approved the recommendations of the Federal National Council (FNC) on the preservation of the environment in the state. It also approved the development of strategic plans for dealing with disasters and environmental accidents at all levels, especially maritime incidents such as oil spills.
 

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  Saudi GDP exceeds SAR 2.2tn
Sep , 24 , 2012  
  Saudi Arabia's gross domestic product exceeded SAR2.2tn in 2011, registering a growth rate of 31 percent in current prices, compared to the previous year, the General Statistics Department reported. "During the same year, the private sector GDP grew by 14.7 percent," the department said in a report released on the National Day. Nonoil exports rose 31 percent to SAR176bn, which accounted for eight percent of the GDP, the report added. According to preliminary reports, the Kingdom's GDP grew 5.94 percent in the first quarter of 2012.
 

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  Kuwait's Commercial Bank plans to liquidate investment unit
Sep , 24 , 2012  
  Commercial Bank of Kuwait, said it plans to liquidate its investment unit, according to a bourse filing. The bank has received necessary approval to hold an extraordinary general meeting and discuss the liquidation of Commercial Investment Company, the statement said. It said the move "will not have any negative impact on the financial position of the bank", without giving further details.
 

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  U.S. oil stocks up 8.5mn barrels, biggest jump since March
Sep , 20 , 2012  
  U.S. crude oil stockpiles rose by 8.53mn barrels to 367.63mn barrels, the Energy Information Administration reported. Analysts polled by Reuters had forecast a much smaller build of 1mn barrels. U.S. imports of crude jumped by 1.28mn barrels per day to 9.81mn barrels per day. U.S. gasoline inventories fell by 1.41mn barrels to 196.31mn barrels. Analysts had expected an increase of 1.2mn barrels. U.S. distillate stocks, which include diesel and heating oil, fell by 322,000 barrels to 128.23mn barrels, compared with analysts' average forecast for an increase of 1mn barrels.
 

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  Oil dives as supply rises, Saudi talk spooks funds
Sep , 20 , 2012  
  Oil prices slumped as Saudi efforts to tame prices and a massive rise in U.S. crude inventories after Hurricane Isaac fuelled a third day of heavy fund liquidation, one of the biggest sell-offs in more than a year.
 

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  U.S. housing recovery advances as resales hit 2-year high
Sep , 20 , 2012  
  U.S. home resales rose in August to their highest rate in more than two years and groundbreaking on new homes also climbed, signs that a budding housing market recovery is gaining traction. The National Association of Realtors said that existing home sales increased 7.8 percent last month to an annual rate of 4.82mn units.
 

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  Japan exports fall for third month as global economy slows
Sep , 20 , 2012  
  Japan's exports fell for a third straight month in the year to August while manufacturing sentiment hit its lowest since February. Exports fell 5.8 percent in August from a year earlier, against a 7.3 percent drop expected by economists, after posting the sharpest fall in six months in July. The trade balance came to a deficit of JPY754.1bn (USD9.63bn) in August, against a JPY809.0bn gap expected.
 

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  BoE sees worse inflation outlook
Sep , 20 , 2012  
  Bank of England policymakers judged Britain's short-run inflation outlook had darkened earlier this month, but some still thought they would probably need to inject more stimulus, minutes of their September meeting showed. The BoE said higher oil prices and the threat of increased food and utility bills to come meant that inflation was unlikely to slow as rapidly as they had forecast one month earlier, squeezing consumers' disposable income. Meanwhile, the BoE said it allotted GBP150mn of six-month funds to banks at its extended collateral term repo (ECTR), a fraction of the GBP5bn it was prepared to make available.
 

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  Egypt-based Islamic finance firm eyes USD100mn investment
Sep , 20 , 2012  
  Cairo-based Ridge Islamic Capital said it has USD100mn to raise its capital and invest in funds over the next two years to tap a growing market for Islamic finance. The firm was launched after Dubai-based regional investment company Ridge Solutions International Holdings, which is providing the USD100mn, acquired Egyptian investment banking and asset management firm El Rashad.
 

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  Etisalat says focus on core ops to drive growth after Indonesia sale
Sep , 20 , 2012  
  Emirates Telecommunications Corp., or Etisalat, will focus on its core operations to drive growth, after raising USD510mn by selling shares in an Indonesian telecom operator. The Abu Dhabi-based Telco has finalized the sale of a 9.1 percent stake in PT XL Axiata Tbk resulting in gross proceeds of AED1.87bn, Etisalat said in an emailed statement. Following the sale, Etisalat retains a 4.2 percent ownership stake in XL, it added.
 

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