Mena News

 

  Saudi Ground Services unit picks HSBC for IPO
Sep , 11 , 2012  
  Saudi Ground Services, a unit of national carrier Saudi Arabian Airlines, has hired HSBC Holdings to advise it on a planned initial public offering (IPO) of 30 percent of its shares. The unit would be the second of six - including catering, cargo, maintenance, airlines and flight academy - to pursue a stock market listing following Saudi Arabian’s decision in 2006 to privatize them. The first of the units to be sold publicly, Saudi Airlines Catering Co, raised USD347mn after completing a 30-percent IPO in July.
 

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  UAE Central Bank says to start discount window, overnight funds
Sep , 11 , 2012  
  The United Arab Emirates' central bank is aiming to change its monetary policy framework by installing a discount window and allowing banks to borrow intra-day and overnight funds, according to a financial stability review posted on the regulator's website. The facility is to be called the Marginal Lending Facility, or MLF, and will be integrated into the central bank's existing electronic funds systems. Banks will have to sign up for the MLF and maintain collateral to borrow through the facility, the review says.
 

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  Oil rises as jobs report stokes stimulus speculation
Sep , 09 , 2012  
  Crude rose 89 cents to USD96.42 a barrel on the New York Mercantile Exchange, the highest settlement in a week. Futures dropped 5 cents this week and are down 2.4 percent this year. They have advanced 24 percent from the year’s low of USD77.69 a barrel on June 28. Brent increased 76 cents, or 0.8 percent, to end the session at USD114.25 a barrel on the London- based ICE Futures Europe exchange.
 

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  British manufacturing output rebounds sharply
Sep , 09 , 2012  
  British manufacturing output surged in July by the largest amount in a decade, rebounding from the previous month when activity was hit by public holidays for Queen Elizabeth II’s diamond jubilee. Production soared 3.2 percent in July from June to record the biggest monthly rise since July 2002, the Office for National Statistics (ONS) said. However, it fell 0.5 percent on an annual basis. Manufacturing activity had contracted by 2.9 percent in June, when the country celebrated the Queen’s diamond jubilee with two public holidays.
 

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  US job growth loses steam
Sep , 09 , 2012  
  US jobs growth slowed sharply in August, setting the stage for the Federal Reserve to pump additional money into the sluggish economy next week and dealing a blow to President Barack Obama as he seeks re-election. Non-farm payrolls increased only 96,000 last month, the Labour Department said. While the unemployment rate dropped to 8.1 percent from 8.3 percent in July, that was because so many Americans gave up the hunt for work.
 

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  Egypt's OCI 2Q slides 28 percent as higher taxes, start-up costs bite
Sep , 09 , 2012  
  Orascom Construction Industries expects the demerger of its construction and fertilizer business to be completed by the end of the year, as Egypt's largest publicly listed company posted a 28 percent drop in second quarter profit due to higher tax rates in Europe and start-up costs associated with fertilizer plants in Algeria and the U.S. Net income in the three months ended June 30 amounted to USD119.4mn, down from USD165.2mn in the year earlier.
 

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  Qatar wants to be Shell's top shareholder
Sep , 09 , 2012  
  Qatar wants to become the biggest shareholder in Royal Dutch Shell by raising its stake to 7 percent to strengthen its ties with the oil company and further invest its wealth in western assets. The Middle East Economic Survey said Qatar’s sovereign wealth fund, the Qatar Investment Authority , was looking to raise its stake from below 3 percent, which would make it the biggest shareholder, above Blackrock’s 5 percent.
 

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  Dubai lags global markets for Q2 house price rises
Sep , 09 , 2012  
  Dubai house price rises lagged the global average in the second quarter of 2012, according to a new real estate index.The Knight Frank Global House Price Index rose by 1.1 percent in the three months to June, but prices in Dubai rose by marginally less (1 percent). The index also showed that prices rose by the same percentage over the past six months and were up two percent over the year-earlier period. That performance placed Dubai in 23rd position out of 55 real estate markets surveyed around the world.
 

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  UAE corporate bonds raise USD7.3bn in six months
Sep , 09 , 2012  
  Bucking a lackluster trend in the primary GCC bond and sukuk market, corporate issuances from the UAE continued to dominate the regional bond market, underpinning the resilience in business confidence. Corporate issuances from the UAE, raising a total of USD7.3 billion, continued to lead the market in terms of issuances at 49, representing 70 percent of the total number of issuances.
 

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  Julphar opens AED500mn insulin facility
Sep , 09 , 2012  
  Gulf Pharmaceutical Industries (Julphar) has launched Julphar Diabetes in its headquarters in Ras Al Khaimah for manufacturing and commercializing diabetes products. Total capacity at the new AED500mn plant is 1,500kg of insulin, roughly 45mn vials per year. Capacity will be scaled up based on demand for both crystals.
 

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