Mena News

 

  Doha Bank plans share sale to fund expansion
Sep , 20 , 2012  
  Doha Bank is planning a share issue which could raise a further USD1.6mn to ride an economic boom in the gas-rich Gulf state. The bank, which raised USD500mn from a bond sale in March, said in a statement to the Qatar bourse that it planned to increase its share capital by 50 percent in the first quarter of 2013.
 

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  Saudi Arabia may run small budget deficit in 2016 –IMF
Sep , 20 , 2012  
  Saudi Arabia, which has been running big budget surpluses on the back of high oil prices, is expected to see those surpluses shrink gradually in coming years and could post a small deficit as early as 2016, the International Monetary Fund (IMF) said. "The projected trend decline in oil prices over the medium term will reduce the surpluses, with the fiscal balance expected to turn into a small deficit by 2016," the IMF said in a report completed in June and published lately.
 

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  White House: All options on table in dealing with oil markets
Sep , 19 , 2012  
  Releasing emergency reserves of oil remains one option in dealing with volatile energy markets, the White House said. Our position on the SPR is what it has been, which is that we monitor the situation regularly and constantly together with our international partners and we continue to say that all options remain on the table," White House Press Secretary Jay Carney said of the Strategic Petroleum Reserve. "But I don't have any announcements."
 

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  U.K. inflation dips in August despite higher fuel costs
Sep , 19 , 2012  
  British inflation ticked down in August despite a rise in oil and fuel costs providing the Bank of England with more leeway to inject additional cash into the fragile economy. The central bank has been hoping that inflation will ease back towards its 2 percent target over the next few months, boosting cash-strapped Britons' spending power and supporting consumption. Consumer price inflation stood at 2.5 percent last month, down from 2.6 percent in July and in line with economists' forecasts.
 

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  German ZEW index rises in September, breaking run of declines
Sep , 19 , 2012  
  German analyst and investor sentiment rose in September, breaking a run of four monthly declines and suggesting Europe's largest economy is not set for a sharp slowdown. The Mannheim-based ZEW economic think tank's monthly poll of economic sentiment rose to -18.2 from -25.5 in August. The consensus forecast in a Reuters poll of analysts was for a rise to -19.0. ZEW added that it expected the economy to lose momentum over the next six months, but the weakening would be rather moderate.
 

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  U.S. current account narrows more than expected in Q2
Sep , 19 , 2012  
  The U.S. current account deficit shrank more than expected in the second quarter as the country boosted exports and cut back on imports, while income earned on U.S. assets abroad increased. The deficit on the current account narrowed to USD117.4bn, the Commerce Department said. The deficit was equivalent to 3.0 percent of gross domestic product and was the narrowest since the third quarter of 2011.
 

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  Dana Gas shareholder optimistic on USD920mn Islamic bond
Sep , 19 , 2012  
  Crescent Petroleum, a key shareholder in Dana Gas, is optimistic that the Sharjah-based natural gas producer can reach a "comfortable resolution" on its USD920mn Islamic bond maturing in October, Crescent’s president said. Abu Dhabi-listed Dana is also in talks with the Egyptian government to recover delayed receivables from its operations in the North African country, Badr Jafar, Crescent’s president, told reporters on the sidelines of an event in Dubai.
 

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  Qatar to establish local debt ratings company
Sep , 19 , 2012  
  Qatar will set up a debt ratings company for local and non-sovereign companies, its central bank governor said. Abdullah bin Saud Al Thani said the entity, a joint venture between the central bank and Qatar Holding, would rate and supervise domestic bond issuers and non-governmental institutions. Al Thani, speaking to reporters in Doha, said the company was currently being set up and would be established "as soon as possible".
 

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  Saudi's Mobily positions for telecom liberalization plan
Sep , 19 , 2012  
  Saudi Arabian telecom group Mobily has signed agreements with several third-party operators, aiming to secure market share ahead of a planned market liberalization that will intensify competition in an already saturated sector. "We signed an MoU (memorandum of understanding) with a number of MVNOs," Mobily Chief Executive Khalid al-Kaf told reporters on the sidelines of a company event. Al-Kaf said he expected the Kingdom’s three operators to each sign up an MVNO by year-end, meeting the regulator’s timeline.
 

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  Saudi Non-Oil Exports fall 8.3 percent YoY to SAR14.3bn In July
Sep , 19 , 2012  
  Saudi Arabia's non-oil exports fell to SAR14.3bn (USD3.8bn) in July, down 8.3 percent from SAR15.6bn (USD4.1bn) a year earlier, data from the Central Department of Statistics and Information, or CDSI, showed. Exports of petrochemical products ranked first, accounting for 35.83 percent of total non-oil exports, while plastic products were the second largest constituent accounting for 30.76 percent, followed by foodstuffs which accounted for 8.02 percent, the data showed.
 

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