Mena News

 

  Brent slips below USD105 after China data; Fed eyed
Aug , 01 , 2012  
  Brent crude slipped toward USD105 per barrel on early Wednesday, August 01, after softer official manufacturing data from top energy consumer China chipped away at a fragile market sentiment, while fading hopes for U.S. stimulus measures also weighed on prices.
 

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  German July joblessness rises less than expected
Aug , 01 , 2012  
  German joblessness rose for a fourth month running in July, gaining a less-than-expected 7,000 in seasonally adjusted terms but remaining close to a post-reunification low, the Labor Office said. The data showed the number of people out of a job rose to 2.888mn in July from a downwardly revised 2.881mn in June. The consensus forecast in a Reuters poll of 32 economists was for joblessness to rise by 10,000. The unemployment rate held steady at 6.8 percent, unchanged from June.
 

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  The Conference Board Consumer Confidence Index Increases
Aug , 01 , 2012  
  The Conference Board's U.S. consumer confidence index rose in July to 65.9 from a upwardly revised 62.7 in June, the private business research group reported. The original figure reported in June was 62.0. Economists polled by Reuters had forecast a reading of 61.5.
 

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  Egypt's April trade deficit widens sharply on year
Aug , 01 , 2012  
  Egypt's trade deficit in April widened sharply to EGP17.5bn (USD2.9bn), from EGP9.7bn a year earlier, as the prices of commodities such as petroleum products, iron, steel and crude oil rose, data from the country's official statistics agency showed. The nation's imports increased 19.4 percent on the year to EGP32.6bn, due to higher prices of commodities. The value of exports meanwhile fell 13.9 percent on year to EGP15.1bn in April 2012, versus EGP17.6bn in the year earlier, due to a decline in exports of goods such as petroleum products, ready-made garments, fertilizers and some food and beverage products.
 

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  UAE's NBAD eyes potential Egypt units buy from French banks
Aug , 01 , 2012  
  National Bank of Abu Dhabi would be keen to buy the Egyptian operations of French banks, its chief executive said, as Europeans look to divest businesses in the north African country due to pressures on capital from the Euro-zone crisis. However, the United Arab Emirates' largest lender by market value would only be interested if any deals met strict internal guidelines on acquisitions. The bank insists that assets are priced attractively, that it is able to secure a controlling stake and the operations are a strategic fit to its existing business.
 

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  Kuwait's NBK gets regulator nod for USD431mn Boubyan stake buy
Aug , 01 , 2012  
  National Bank of Kuwait (NBK) said it had agreed to pay KWD121.65mn (USD431.2mn) for an 11.05 percent stake in Boubyan Bank, a purchase which takes its ownership to 58.34 percent. The bank, Kuwait's largest by market value, has now received regulatory approval from the Kuwait Capital Markets Authority for the purchase, it said in a bourse filing.
 

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  Brent slips below USD105 on caution ahead of US Fed, ECB meet
Jul , 31 , 2012  
  Brent crude slipped below USD105 per barrel on early Tuesday, July 31, as caution among investors grew that any fresh stimulus measures coming from central bank meetings in the United States and Europe might not be enough to revive their stuttering economies.
 

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  German retail sales unexpectedly dip in June
Jul , 31 , 2012  
  German retail sales unexpectedly dipped in June on a monthly basis, dropping for a third month by 0.1 percent in real terms, preliminary data showed, denting hopes that private consumption will be the economy's saving grace this year. The notoriously volatile indicator was up 2.9 percent on annual basis. Economists polled by Reuters had forecast retail sales to rise by 0.5 percent on the month and gain 0.4 percent on the year.
 

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  No respite for Euro-zone as confidence falls again
Jul , 31 , 2012  
  Economic sentiment in the Euro-zone fell again in July as the bloc's economy deepened its slump and factory managers and businesses became more pessimistic, with talk of a possible Greek exit of the single currency likely in the forefront of their minds. A worsening mood across all sectors, including the dominant services sector, dragged down the European Commission's sentiment index to 87.9 points in July from 89.9 in June, data showed. Business sentiment fell for the fifth straight month. Economists polled by Reuters expected a decline in economic sentiment to 88.7 points in the monthly survey of the 17 countries using the Euro.
 

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  Qatar's Masraf Al Rayan launches brokerage
Jul , 31 , 2012  
  Masraf al Rayan, Qatar's fourth-largest bank by market value, has launched a subsidiary brokerage firm to buy and sell sharia-compliant financial instruments for all types of investors, the company said in a statement. Al Rayan Financial Brokerage Co (ARB) will offer trading services in sharia-compliant financial instruments in Qatar, and has obtained necessary licenses from the Qatar Financial Markets Authority and Qatar Exchange, the statement said.
 

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