Mena News

 

  Asian shares hit 3-month high on hopes for Europe, more easing
Aug , 11 , 2012  
  Asian shares extended gains to a third straight session on Wednesday, reaching a three-month high, as investors continued to bet that policymakers will soon take decisive action to address the euro zone fiscal crisis and declining global growth. Oil and copper eased from their highs but remained underpinned by such hopes, while the euro stabilised and safe-haven government bonds suffered from weakening demand. But European stocks were likely to be more guarded, with US stock futures signalling a softer Wall Street start. Financial spreadbetters called the main indexes in London , Paris and Frankfurt to open down as much as 0.7 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent, after world stocks climbed to a three-month high on Tuesday, shrugging off soft data showing a further contraction in Italy and a fall in factory orders in Germany. Japan's Nikkei stock average rose 0.7 per cent. "Markets are undergoing a small correction from excessive pessimism as the US jobs data showed that conditions were not one-sidedly taking a turn for the worse," said Ayako Sera, senior market economist at Sumitomo Mitsui Trust Bank, adding that a lack of negative news from Europe helped keep the tone positive. "The source of European instability is fiscal convergence, which will take years to be accomplished, and as long as this insecurity remains, investors won't easily let go of expectations for further monetary stimulus from the Federal Reserve to underpin sentiment and growth, bolstering equities," she said. Risky assets began their rising trend on Friday after US nonfarm payrolls overshot expectations and eased concerns over its recovery, while a rise in the jobless rate kept hopes intact for the Fed to ease further next month. Markets also re-evaluated European Central Bank President Mario Draghi's pledge for action to contain borrowing costs for Spain. "There's been a reassessment of risks in recent days," said Ric Spooner, chief market analyst from CMC Markets in Sydney. "Mr Draghi's recent comments in the eyes of the market has reduced the probability of a near term crisis in Europe." Investors will be turning to data from China on Thursday, including industrial output, retail sales and inflation, for indications of whether the world's second-largest economy can regain momentum in the second half of the year. "The immediate focus is now on growth and the key litmus test this week will be provided by Chinese data, which needs to show a convincing sign of recovery from a sluggish first half in order to sustain the renewed appetite for risk," Kim Byung-yeon, an analyst at Woori Investment & Securities. As risk appetite recovered on hopes that global policymakers will act to help resolve the euro zone's three-year debt crisis, demand weakened for safe-haven assets such as government bonds, pushing 10-year Japanese government bond yield up to a one-month high of 0.810 per cent on Wednesday. Asian credit markets firmed, with the spread on the iTraxx Asia ex-Japan investment-grade index tightening by 1 basis point and pinned near its lowest since March. EURO STEADIES The euro eased 0.1 per cent to $1.2386, off a one-month high of $1.2444 hit on Monday. The safe-haven yen stabilised against the dollar, trading at 78.55 yen. Despite hopes the ECB will soon start buying bonds to ease bond market jitters, markets were still worried by Germany's continued opposition to any large-scale bond-buying programme while Greece is walking a tightrope over its deficit chasm, awaiting global creditors to approve bailout funds. "For now, the disparate and 'off the cuff' talk from the politicians indicates that the debate on what to do is still ongoing. We don't see the debate over Greece affecting risk sentiment much more in August. The risks for later in September and beyond remain real, however," Societe Generale said in a research note. In Japan, another hugely indebted country, political wrangling over an opposition demand for an early election is threatening to cloud the fate of its tax hike plan, crucial to stem the country's ballooning budget deficit. Oil prices fell after racing up to a 12-week high on Tuesday, with Brent crude futures down 0.4 per cent to $111.57 a barrel and US crude down 0.5 per cent to $93.23 a barrel. Copper shed 0.6 per cent to $7,537 a tonne after reaching a one-week high on Tuesday. A change in asset flows could benefit gold, which has been undermined by the dollar's strength as the euro slumped. The correlation between gold and the Australian dollar, which has consistently held above the 100-week moving average since mid-2005, suggests bullion could be set for a rebound while the Australian dollar may be peaking, some analysts said. The key technical support level is at 1,520 this week with the cross trading at 1,527, they noted.
 

Read More

  Arabtec posts Q2 loss as costs jump
Aug , 11 , 2012  
  Dubai builder Arabtec, which secured one of its largest contracts to build part of Abu Dhabi's main airport in June, on Wednesday reported a loss in the second quarter as costs and expenses increased. The largest builder in the UAE by market value made a net loss of 11.6 million dirhams ($3.16 million) compared to a profit of 29 million dirhams a year earlier. The earnings missed forecasts by three analysts, who had expected Arabtec to post an average profit of 78 million dirhams. Revenue for the quarter rose to 1.3 billion dirhams from 1.2 billion dirhams in the prior-year period. However, contract costs increased to 1.2 billion dirhams from 1 billion dirhams. Administrative expenses jumped 62 percent to 154.2 million dirhams. The builder said it acquired the remaining 45-percent stake held by three separate partners in its subsidiary Gulf Steel Industries for 18 million dirhams. Change in the fair value of available for-sale investments, which include the company's holdings of sukuk issued by big real estate developer Nakheel, added 51.8 million dirhams to the bottom line. Arabtec, along with Turkey's TAV Insaat and Athens-based Consolidated Contractors Co, won a 10.8 billion dirham contract from the Abu Dhabi government to build a terminal at the emirate's airport. The builder, in which Abu Dhabi state fund Aabar recently raised its stake to 21.6 percent, is expected to secure more contracts from the capital city. It also named Aabar's Khadem Al Qubaisi as chairman of the board in May, a sign of the state fund's growing influence in the company. Aabar, which owns stakes in high-profile names such as German carmaker Daimler and commodities trader Glencore, had dropped a $1.7 billion bid for a 70-percent stake in Arabtec two years ago. Shares of Arabtec have soared 101 percent this year.
 

Read More

  SICO recommends ‘Buy’ on Emaar
Aug , 11 , 2012  
  SICO Bank issued a report on Emaar Properties, recommending ‘Buy’ and setting the stock’s fair value at AED 5.4, with a Positive Outlook in the short-term. The Bahrain-based lender indicated that Emaar relies on the local market, as 65% of its assets are in the UAE. It added that the giant developer can benefit from the improvement in real estate prices.
 

Read More

  Emaar announces Dubai mosque project
Aug , 11 , 2012  
  Emaar Properties said on Saturday that construction work has started on a new mosque in its Downtown Dubai development. The Sheikh Zayed Bin Mansour Al Nahyan Mosque, a tribute to the Deputy Prime Minister and Minister of Presidential Affairs, will be built on an area of 40,000 sq ft. The mosque is set to become a cultural landmark for the city, Emaar said in a statement. It will feature prayer halls for men and women, and a Holy Quran study room. Located behind Qamardeen Hotel, the mosque will be able to accommodate approximately 800 people, including a dedicated prayer hall for more than 85 women, along with designated parking spaces. Ahmad Al Matrooshi, managing director, Emaar Properties, said: "The mosque will be designed to reflect the rich traditional architectural heritage while serving as a haven of peace and serenity and is set to become a modern day cultural landmark for Dubai." He said the mosque will serve the thriving residential community in Downtown Dubai, as well as visitors from all over the region who visit the area anchored by Burj Khalifa, the world's tallest building. Downtown Dubai will also host the Dubai Modern Art Museum & Opera House District, which is billed to become the cultural referral point for the city.
 

Read More

  Man U's IPO vs. investors
Aug , 10 , 2012  
  It’s not often you find soccer fans rooting against the success of their team, but the past week has seen many Manchester United followers hoping the club flops…on the New York Stock Exchange, that is. Ever since the Glazer family, on Aug. 3, filed details of their planned NYSE listing, activists have been campaigning against the effort to raise up to $330 million by selling 10% of the club on the stock market. While the IPO will still go ahead on Friday, the anti-Glazer crowd will at least have something to crow about – late Thursday, the club said it was pricing its shares at $14 each, below the $16-$20 range the owners were hoping for. What has so outraged fans – aside from the continued Glazer ownership, of course – is that the Americans have backtracked on a promise that all the money raised from a stock listing would go to pay down the roughly $650 million debt the club carries from their leveraged purchase of the team. The new plan will see only half the money used to pay down the debt, leaving the rest for Malcolm Glazer and his sonsto feast on. This isn’t the only way the owners will benefit: As the Guardian points out, the listing will put a clear value on the club should they wish to sell, one that, even at a lower share price, is considerably more than the rumored offers of about $1.6 billion they have received in the past couple of years.
 

Read More

  Euro-zone sentiment falls for 5th straight month
Aug , 07 , 2012  
  Euro-zone sentiment fell for a fifth straight month in August to touch its lowest level in over three years amid ongoing worries about the bloc's debt crisis, an index from the Sentix research group showed on Monday. Sentix said its monthly index tracking investor sentiment in the 17-nation currency bloc dipped to -30.3 in August, down from -29.6 in July, but slightly better than a Reuters consensus forecast for a drop to -31.0. The expectations component of the index improved slightly for the first time in many months, rising to -23.3 from -24.0 in July.
 

Read More

  Bernanke - despite recovery, many struggling
Aug , 07 , 2012  
  Federal Reserve Chairman Ben Bernanke said that although broad measurements of the economy point to recovery, many people and businesses are facing tough times. Even though some key aggregate metrics -- including consumer spending, disposable income, household net worth, and debt service payments -- have moved in the direction of recovery, it is clear that many individuals and households continue to struggle with difficult economic and financial conditions," he said.
 

Read More

  Standard Chartered may lose NY license over Iran ties
Aug , 07 , 2012  
  New York's top bank regulator threatened to strip Standard Chartered of its state banking license, saying the British bank was a "rogue institution" that hid USD250bn in transactions tied to Iran, in violation of U.S. law. The New York State Department of Financial Services (DFS) said Standard Chartered "schemed" with the Iranian government and hid from law enforcement officials some 60,000 secret transactions to generate hundreds of millions of U.S. Dollars in fees over nearly 10 years, also exposing the U.S. banking system to terrorists, drug traffickers and corrupt states.
 

Read More

  Oman's Bank Muscat USD251mn rights issue 128 percent covered
Aug , 07 , 2012  
  Bank Muscat saw its OMR96.7mn (USD251.2mn) rights issue 127.5 percent covered by investors, the bank said in a bourse filing. The lender received bids worth OMR123.3mn from 1,675 investors for the share sale, which took place between July 9-23 and was used to raise capital to fund credit growth and its upcoming venture into Islamic finance. The issue consisted of 226.5mn shares offered at OMR0.427 per share, around a 25-percent discount to the share price when the deal was announced at the end of June.
 

Read More

  UAE central bank foreign assets rise to USD51bn in June
Aug , 07 , 2012  
  The United Arab Emirates central bank's foreign currency assets rose to AED186.5bn (USD51bn) in June from AED179.5bn in the previous month mainly due to an increase in deposits.
 

Read More

[First Page] [Prev] 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 [Next] [Last Page]

  
New Page 1
Privacy Statement

Copyright © 2012 LOTUS All Rights Reserved
Developed By Superlink