Mena News

 

  Nakheel repays USD57mn as part of debt deal
Aug , 30 , 2012  
  Dubai developer Nakheel said it has repaid AED211m (USD57.4m) to lenders as part of its debt restructuring program. The payments were due at the end of August 2012 in accordance with the restructuring commitments.
 

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  Kuwait's Wataniya says Qtel offer for remaining shares is appropriate
Aug , 30 , 2012  
  Kuwait's National Mobile Telecommunications Company, or Wataniya, said that the board of directors of Wataniya Telecom has decided that the offer made by Qtel for the acquisition of all Wataniya Telecom shares, not currently owned by Qtel, at KWD2.6 (USD8.94) per share is appropriate to shareholders. Acquisition hungry Qtel plans to spend a total of USD2.1bn for the remaining 47.5% of Wataniya. The tender offer period will start on Sept.4 and conclude on Oct.4.
 

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  Bernanke might not take the plunge
Aug , 29 , 2012  
  WASHINGTON (MarketWatch) — Ahead of a crucial speech, Federal Reserve Chairman Ben Bernanke may not be ready to take the plunge into a large-scale asset purchase program the central bank has admitted is under consideration. That’s because he has yet to forge consensus of fellow policy makers that more purchases make sense. “He doesn’t have the mandate to unveil or drop huge hints about quantitative easing,” said Scott Anderson, chief economist at Bank of the West in San Francisco. For the past month, the Fed has been “like a diver eyeing the pool from the edge of the diving board, but can’t seem to get themselves to move,” Anderson said. The market’s expectations about Fed policy has veered in recent weeks. Prior to the central bank’s last meeting on July 31-Aug. 1, economists thought the Fed would ease. But Bernanke & Co. took no action other than to say they were “closely monitoring” the economy.
 

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  Hurricane warning posted for U.S. Gulf as Isaac nears
Aug , 28 , 2012  
  Tropical Storm Isaac is forecast to strengthen over the eastern Gulf of Mexico, closing oil and natural-gas production sites in its path and threatening four U.S. states with a possible hurricane. The storm is about 180miles (290km) southwest of Fort Myers, Florida, with top sustained winds of 65mph, the U.S. National Hurricane Center said.
 

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  German business confidence falls for a fourth month
Aug , 28 , 2012  
  German business confidence fell for a fourth straight month in August as the sovereign debt crisis curbed growth in Europe’s largest economy. The Ifo institute in Munich said its business climate index, based on a survey of 7,000 executives, dropped to 102.3 from 103.2 in July. That’s the lowest reading since March 2010. Economists predicted a decline to 102.7, according to the median of 37 forecasts in a Bloomberg News survey.
 

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  ECB said to urge weaker Basel liquidity rule on crisis concerns
Aug , 28 , 2012  
  The European Central Bank is pushing global banking regulators to relax a draft liquidity rule so that lenders can use some asset-backed securities and loans to businesses in a buffer they must hold against a possible credit squeeze.
 

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  Egypt's president rules out currency devaluation
Aug , 28 , 2012  
  Egypt’s new president said he would not impose new taxes or devalue the country’s currency and that his government would rely instead on investment, tourism and exports to fix an economy ravaged by a year and a half of political turmoil.
 

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  Dubai's non-oil foreign trade hits USD163bn for 1H12
Aug , 28 , 2012  
  Dubai's non-oil foreign trade climbed to a record AED602bn (USD163.9bn) during the first half of 2012, a 12 percent increase compared to the same period last year. Dubai's trade totaled AED537bn during H1 2011, according to the latest statistics from Dubai Customs. The value of exports and re-exports hit AED245bn, up 13 percent over same period last year.
 

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  Dubai's DIC sells stake in USD300mn MENA infrastructure fund
Aug , 28 , 2012  
  Dubai International Capital (DIC), the private equity arm of Dubai Holding which restructured USD2.5bn debt in April, sold its stake in a USD300mn Middle East North Africa infrastructure fund to Islamic investment firm Fajr Capital. Fajr, which is backed by prominent investors such as Abu Dhabi Investment Council and Malaysia's state investor Khazanah Nasional Berhad, will manage the fund along with its two other partners HSBC Holdings and Waha Capital. At the time of launch, the three sponsors of the fund had committed USD50mn each as initial investment.
 

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  Kuwait posts record USD46.9bn budget surplus
Aug , 28 , 2012  
  Kuwait posted a record budget surplus of KWD13.2bn (USD47bn) in the fiscal year that ended March 31 as oil prices and output rose. Government revenue was KWD30.2bn, including oil revenue of KWD28.6bn, according to data posted on the Finance Ministry’s website. Spending was KWD17bn, 12.5 percent below budget, the data showed. About 10 per cent of revenue is saved in the Reserve Fund for Future Generations.
 

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