Mena News

 

  Qatar Telecom unit agrees USD406mn tower deal with Tower Bersama
Aug , 05 , 2012  
  Qatar Telecom unit Indosat has concluded a sale and leaseback agreement worth USD406mn with Tower Bersama Infrastructure (TBIG), the Qatari firm said in a statement. The deal, which covers 2,500 towers, will be financed using cash and newly-issued shares worth 5 percent of TBIG enlarged share capital, the statement said. Proceeds from the sale will be used to repay outstanding debt and to finance investment and other general corporate purposes at Indosat.
 

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  Saudi Arabia's non-oil exports rose 34 percent in 2011 to SAR158bn
Aug , 05 , 2012  
  Non-oil exports by Saudi Arabia rose 34 percent in 2011 to SAR157.5bn (USD42bn) compared to the previous year, led by SAR119bn in exports of chemical products, plastics and rubber, the Saudi customs agency said in its annual report. Imports amounted to SAR495.6bn. Machinery, appliances and electrical equipment made up the biggest group of imports by value, the report said. Saudi Arabia imported SAR65bn of goods from China, SAR62bn from the United States, and SAR34bn from Germany -- the top three exporters to the kingdom.
 

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  U.S. crude stocks drop most since December
Aug , 02 , 2012  
  U.S. crude oil stockpiles fell sharply last week as crude imports dropped and oil products also posted unexpected declines. Domestic stocks of crude, excluding oil held in the Strategic Petroleum Reserve, fell 6.52mn barrels to 373.59mn barrels in the week to July 27. Analysts polled by Reuters had forecast a much smaller drop of 700,000 barrels. U.S. gasoline inventories fell 2.17mn barrels to 207.87mn barrels, compared with analyst expectations for a 1mn barrel increase. Distillates, which include diesel and heating oil, fell 974,000 barrels to 124.27mn barrels versus a forecast gain of 1.1mn barrels.
 

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  Brent steady near USD106, ECB eyed after Fed disappointment
Aug , 02 , 2012  
  Brent crude steadied near USD106 a barrel on early Thursday, August 02, as investors looked to Europe for policy easing measures after the U.S. Federal Reserve dashed their hopes by deferring fresh monetary stimulus.
 

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  U.S. manufacturing sector shrinks for 2nd month in July-ISM
Aug , 02 , 2012  
  The U.S. manufacturing sector shrank for the second month in a row in July as new orders improved modestly but employment dropped to a 2-1/2-year low. The Institute for Supply Management (ISM) said its index of national factory activity inched up to 49.8 from 49.7 in June, shy of economists' expectations for 50.2.
 

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  Fed says economy may need help, keeps policy on hold
Aug , 02 , 2012  
  The Federal Reserve stopped short of offering new monetary stimulus even as it signaled more strongly that further bond buying could be in store to help a U.S. economic recovery that it said had lost momentum this year. Fed officials described the economy as having "decelerated somewhat," a change of tone from its previous assessment in June when it said the economy had been "expanding moderately." The Fed's policymakers also reiterated their disappointment with the slow pace of progress in bringing down the nation's 8.2 percent jobless rate. The Fed nevertheless showed it was prepared to do more to support an ailing economy.
 

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  Emirates says Qantas talks do not include revenue sharing
Aug , 02 , 2012  
  Emirates airline's planned alliance with Australia's struggling Qantas Airways does not include a revenue-sharing agreement, the chairman of the Dubai-based carrier said. "The objective is to eventually see Qantas fly through Dubai," Sheikh Ahmed bin Saeed Al-Maktoum told reporters, saying talks centered on a code-share arrangement, where airlines share some flights. "The deal is likely within six months," he said. "We are not discussing revenue sharing."
 

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  Dubai's DP World container volumes climb 7.5 percent
Aug , 02 , 2012  
  Dubai's DP World reported a 7.5 percent rise in gross container volumes for the first half of this year but said uncertainty in the global economy was slowing growth of the industry. DP World said it handled 28.2mn TEU (twenty-foot equivalent container units) in the six months to June 30. This compared to 26.2mn TEU a year earlier.
 

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  Zain KSA says SAR9.75bn murabaha loan extended for 2 months
Aug , 02 , 2012  
  Mobile Telecommunications Co. Saudi Arabia, known as Zain KSA , said that its Murabaha loan of SAR9.75bn (USD2.6bn) has been extended for two months, as the Telco finishes a capital-reorganization plan. "The new due date is September 27," Zain KSA said in a statement posted on the Saudi bourse website.
 

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  KFH unit buys 67 percent stake in Aref Energy for USD238mn
Aug , 02 , 2012  
  A unit of Kuwait Finance House (KFH) has paid KWD67mn (USD237.6mn) for a 66.76-percent stake in Aref Energy, according to a bourse filing published. Development Enterprises Holding Co., which is 100 percent owned by KFH, paid KWD0.134 per share.
 

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