Mena News

 

  U.S. July trade gap widens slightly as exports to Europe slump
Sep , 12 , 2012  
  The U.S. trade deficit grew slightly in July, as exports to Germany, France and other European nations shrank and imports from China soared to a new record. The monthly trade shortfall was USD42bn, compared to a downwardly revised estimate of USD41.9bn for June. Analysts surveyed before the report had expected a bigger shortfall of around USD44bn. Exports to Germany were the lowest since February 2010 and the trade deficit with the EU was the biggest since October 2007.
 

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  Egypt's Ministry of Finance offers USD159mn to support fuel distribution
Sep , 12 , 2012  
  Egypt's Ministry of Finance will offer USD159mn in additional funding to distribute diesel and fuel oil to regions of the country that are suffering from a fuel shortage. Mumtaz Al Said, Egypt's minister of finance, said his ministry would make the USD159mn available to the Egyptian General Petroleum Corporation, or EGPC, the state-owned national oil company.
 

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  UAE green energy firm Masdar eyes Saudi investments
Sep , 12 , 2012  
  Abu Dhabi government-owned green energy firm Masdar is looking into investing in Saudi Arabia, chief executive Sultan Al Jaber said. "We are proactively seeking partnerships in Saudi," Jaber told reporters, declining to give any details about the kind of project, or the investment capital under consideration.
 

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  Qatar Petroleum issues USD1bn Samurai bond
Sep , 12 , 2012  
  Qatar Petroleum has issued privately a 10-year, JPY85bn (USD1bn) bond, a legal adviser to the state-owned energy company said. The so-called samurai bond--Yen-denominated debt sold by non-Japanese companies--was guaranteed by Japan Bank for International Cooperation (JBIC), White & Case LLP said in an emailed statement.
 

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  Kuwait's Agility sees growth in Arab Spring states
Sep , 12 , 2012  
  Kuwaiti logistics firm Agility says it is gearing up for expansion in emerging markets, much of it in countries that experienced Arab Spring political upheavals as new governments there spend more on their oil industries and infrastructure. The group was the largest supplier to the U.S. Army in the Middle East during the war in Iraq, but is changing tack and putting less emphasis on defense services, Chairman and Managing Director Tarek Sultan told Reuters in an interview. He said the company was in talks with the new governments in Egypt, Tunisia and Libya on increasing its presence and investments.
 

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  Brent eases but stays above USD114 ahead of Fed meeting
Sep , 11 , 2012  
  Brent crude futures fell for the first time in four sessions on early Tuesday as investors took profits, though they remained above USD114 a barrel with declines limited by hopes the U.S. Federal Reserve would unveil further steps to stimulate the economy this week.
 

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  U.S. Government’s OPIC approves USD150mn investment in Dubai Abraaj's SME fund
Sep , 11 , 2012  
  The Overseas Private Investment Corporation, or OPIC, will put USD150mn into a small and medium-sized enterprise fund run by Dubai-based Abraaj Capital, according to a statement. OPIC is a U.S. government-owned institution that provides private-sector financing to the developing world in accordance with U.S. foreign policy.
 

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  Jordan's August inflation up at 4.11 percent vs 4.02 percent in July
Sep , 11 , 2012  
  Jordan's inflation rate rose to 4.11 percent in August, compared with 4.02 percent in the previous month, driven by higher prices for vegetables, clothes and shoes, the government's general statistics department said. Inflation rate for the first eight months of 2012 rose to an average of 4.1 percent compared with same period in 2011 driven by higher transport prices and house rents, it said.
 

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  Oman's Al Izz Islamic Bank to launch USD104mn IPO
Sep , 11 , 2012  
  Oman's Capital Market Authority, or CMA, said that it has approved the prospectus of the OMR40mn (USD104mn) initial public offering of the local Al Izz Islamic Bank and that the share sale will run from Sept. 22 to Oct. 21. The bank, which is under formation, plans to offer for sale 400mn of its shares at OMR0.102 each in the IPO that represents 40% of its issued capital, the CMA said. The IPO, which is the second in the country in 2012, will be opened to Omani and non-Omani individual investors.
 

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  Kuwait inks deals worth USD1.77bn for new local water projects
Sep , 11 , 2012  
  Kuwait's ministry of electricity and water has signed contracts worth KWD500mn (USD1.77bn) for new local projects that will include the construction of water distribution networks and huge water complexes, the state-run Kuwait News Agency, or Kuna, reports. Building the water complexes will serve the ministry's goal of boosting the water storage capacity to nearly five billion imperial gallons, Saleh Al Musallam, the ministry's acting undersecretary, said, according to Kuna.
 

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