Mena News

 

  Kuwait's ILIC in talks to restructure debt of USD600mn
Sep , 05 , 2012  
  Kuwait's International Leasing and Investment Co. is in talks with creditors to restructure a debt of about USD600mn, Kuwait-based Al Seyassah daily reports. ILICILIC has nearly 40 creditors and is negotiating with each of them separately, Mashael Al Namash, the company's chairman, told. The company has been able to reduce its costs by 60% which has resulted in a narrowing of its losses.
 

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  Zain to fight Iraq fine after some bank assets frozen
Sep , 05 , 2012  
  Kuwait telecom operator Zain has vowed to continue its fight against a USD262mn fine imposed on its Iraq operations despite some of the unit’s bank accounts being frozen, the company said. Zain Iraq, the country’s number one mobile operator with an estimated 53 percent market share, was fined USD262mn in February 2011 for putting 5mn SIM cards in the local market without permission. At the time, Zain said it would appeal this fine and after 18 months of deadlock, the Iraqi telecom regulator, Communications and Media Commission (CMC), has now upped the ante.
 

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  China manufacturing at more than three-year low in August
Sep , 04 , 2012  
  China’s manufacturing activity fell to its lowest level in more than three years in August as the global economic slowdown continues to weigh on the world’s largest exporter. The final reading of the British banking giant’s closely-watched purchasing managers’ index (PMI), which gauges nationwide manufacturing activity, slid to 47.6 last month from 49.3 in July.
 

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  EU outlook cut by Moody’s to reflect Germany, France, U.K. risks
Sep , 04 , 2012  
  The European Union’s outlook was cut to negative by Moody’s Investors Service, reflecting the risks to Germany, France, the U.K. and the Netherlands that account for about 45 percent of the group’s budget revenue. The ratings company lowered the outlook on the EU’s Aaa long-term bond rating from stable, according to a statement. It also changed to negative from stable its outlook on the provisional Aaa rating for the EU’s medium-term note program.
 

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  DP World and PCFC sign strategic deal
Sep , 04 , 2012  
  DP World, UAE Region announced a partnership agreement with Ports, Customs & Free Zone Corporation (PCFC) Security Department to strengthen and provide greater strategic depth and efficiency to security operations at its port facilities in Dubai. The agreement, aims to achieve enhanced alignment of planning, training, crisis management, information exchange and other security related activities at Jebel Ali Port, Port Rashid and Al Hamriya Port.
 

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  Mortgage law to come into force in early October
Sep , 04 , 2012  
  Real estate experts expect the new mortgage law, which will come into effect in early October, to rejuvenate the sluggish real estate market in the Kingdom. Abdullah Al-Ahmari, chairman of the Real Estate Appraisal Committee at the Jeddah Chamber of Commerce and Industry, said: "The mortgage law is expected to be implemented early next month after the completion of the legislation of all related regulations and its clear interpretation.
 

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  Saudi August PMI up slightly in August on new business
Sep , 04 , 2012  
  Growth of business activity in Saudi Arabia's non-oil private sector rose slightly in August from a seven-month low in July on increasing new business, a survey of over 400 private companies published on Monday showed. The Purchasing Managers' Index, which measures activity in the manufacturing and services sectors, was 58.31 points in August against 58.09 in July. New order growth increased in August to 68.66 points from 66.27 in July. "A number of firms commented on improved market conditions and greater efforts made by sales teams," the survey said.
 

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  Zain, Vodafone sign deal
Sep , 04 , 2012  
  Zain Group and Vodafone Group signed a ‘Partner Market’ agreement, which will provide Zain customers with greater support in Vodafone’s global footprint and significantly expand Vodafone’s Partner Market presence in the Middle East. Under the non-equity partnership agreement, Vodafone will work with Zain companies in Saudi Arabia, Bahrain, Kuwait, Jordan and Iraq to provide customers with high quality communications services while Zain will have access to Vodafone’s devices and services in its home markets and become the preferred partner of Vodafone in respect of the agreed areas of cooperation.
 

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  Kuwait shows KWD10.205bn budget surplus
Sep , 04 , 2012  
  Kuwait revealed a budget surplus of KWD10.205bn for the fiscal year 2011-12, based on a crude price of USD60 per barrel. According to figures released and published on the official website of the Ministry of Finance, this surplus – within the period between April 1, 2011 and March 31, 2012 – was achieved through revenues of KWD30.236bn, actual expenses of around KWD17.007bn and actual commitments of KWD3.023bn.
 

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  Euro-zone jobless rate stuck at record high in July
Sep , 02 , 2012  
  The unemployment rate across the 17 countries that use the euro remained at a record high of 11.3 percent in July, official figures showed Friday, underscoring the huge task leaders face to restore confidence in the continent’s economy. The European Union’s statistical agency, Eurostat, said 88,000 more people were without a job in July — for a total of 18mn as governments and companies continued to trim payrolls to deal with problems of high debt and weak consumer spending.
 

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