Mena News

 

  China flash PMI at 5-month peak on output bounce
Jul , 24 , 2012  
  China's flash factory purchasing managers index rose in July to its highest level since February, boosted by a pickup in output and signs of improvement in new export orders that offered relief to struggling financial markets. HSBC's Flash China manufacturing purchasing managers index (PMI) rose to 49.5 in July from 48.2 in June, rising close to the 50 level that divides expansion from contraction. The increase was driven by a jump in the output sub-index to 51.2 - the best showing since October 2011.
 

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  Moody's changes Germany, Netherlands outlooks to negative
Jul , 24 , 2012  
  Moody's Investors Service changed its outlook for Germany, the Netherlands and Luxembourg to negative from stable as fallout from Europe's debt crisis cast a shadow over the Euro-zone's top-rated countries. Moody's cited an increased chance that Greece could leave the Euro-zone, which "would set off a chain of financial sector shocks ... that policymakers could only contain at a very high cost." The agency noted that it now has a negative outlook on all the countries "whose balance sheets are expected to bear the main financial burden of support."
 

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  Euro-zone confidence falls more than expected in July
Jul , 24 , 2012  
  Euro-zone consumer confidence fell sharply in July, the European Commission said, as households worried about rising joblessness, recession and government cutbacks in the 17-nation bloc. Consumer confidence fell to -21.6 in July, from a revised -19.8 reading in June and worse than the 20.0 reading expected by economists in a Reuters poll. In the wider 27-member European Union, consumer sentiment was -20.3 in from -19.7 in June, the Commission said.
 

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  Bahrain's Alba hires BNP Paribas for $USD2.5bn expansion options
Jul , 24 , 2012  
  Aluminium Bahrain BSC, which owns the world's fourth-largest aluminium smelter, said it hired BNP Paribas to advise on financing options for a proposed USD2.5bn expansion plan to add a sixth production line. Alba has said the new line - which will add 400,000 tonnes annual capacity to its current production of 881,000 tonnes a year - could be completed by early 2015.
 

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  Abu Dhabi's Mubadala secures approval for Thailand oil concession
Jul , 24 , 2012  
  Abu Dhabi government-controlled investment firm Mubadala Development Co. said its oil and gas unit along with its co-concessionaires have secured approval for the development of the Manora field in concession G1/48 in the Gulf of Thailand. The initial development phase of Manora will consist of 10 production wells and five water injection wells targeting the primary reservoir, Mubadala Petroleum, the upstream oil and gas exploration and production company, said in an emailed statement.
 

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  Kuwait's NBK Cap buys 50 percent of Turkey's animal drug distributor Bavet
Jul , 24 , 2012  
  Kuwait's NBK Capital said it has acquired a 50 percent stake in Bavet, a Turkish distributor of animal pharmaceuticals. NBK Capital in an emailed statement, said that it acquired the stake through its National Bank of Kuwait Capital Equity Partners Fund I, but didn't disclose the value of the deal or any other details. "The investment will be used to strengthen Bavet's financial standing and will allow us to further expand our operations," Zekeriya Nergiz, Bavet's chairman, said in the statement.
 

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  BG Egypt makes major gas discovery in Mediterranean Sea
Jul , 23 , 2012  
  BG Egypt , the country's largest natural-gas producer, has made a commercial gas finding in the Mediterranean Sea that has the capacity to produce 39 million cubic feet (mcf) of natural gas a day, Egypt's oil ministry said. The initial estimated reserves of the deposit, known as Deep Harmatan, is expected to be around 123 billion cubic feet (bcf) of gas as well as 1.6mn barrels of condensate, the oil ministry said in a statement posted on its website. Deep Harmatan is located 5.2 kilometers north-east of Egypt's Mediterranean city of Ras Al-Barr.
 

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  Brent crude falls USD2 on Euro-zone debt crisis fears
Jul , 23 , 2012  
  Oil prices fell more than USD2 on early Monday, July 23, on renewed fears about Europe's debt crisis after the tiny Spanish region of Murcia was on course to become the second Spanish region to request financial assistance from the central government.
 

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  China eyes new strategic industries to spur economy
Jul , 23 , 2012  
  China will step up efforts to boost the development of seven strategic emerging industries to cushion downward pressure on the world's second-largest economy, a senior official of the country's top planning agency said. "When the economic outlook is not good, developing strategic industries will definitely help alleviate downward pressure on the economy," said Zhang Xiaoqiang, vice chairman of the National Development and Reform Commission, in an online interview published on the central government's website.
 

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  Japan government: economy recovering, global slowdown a worry
Jul , 23 , 2012  
  Japan's economy is still recovering, led by robust consumer spending and reconstruction after last year's earthquake, but there are signs a slowdown in overseas economies is spreading and that poses risks, the government said. The government stuck to its assessment of the overall economy, private consumption and exports in its monthly economic report for July, but strengthened its warning about weaker U.S and Chinese economic data as Japan's exports start to slow. "The economy is moderately recovering helped by reconstruction demand, although difficulties continue to prevail," the Cabinet Office said in its latest report.
 

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