Mena News

 

  Kuwait's Kamco sells Its stake in Advanced Tech for KWD7.84mn
Jul , 18 , 2012  
  Kuwait's Kipco Asset Management Co., or Kamco, said it has sold its entire 6.22 percent stake in the local Advanced Technology Co. for KWD7.84mn (USD27.84mn). Kamco, which is the investment arm of Kuwait's Kipco group, said it didn't book any profit on the divestment. The company said in a statement posted on the Kuwait bourse website that it sold its 9.33mn shares in Advanced Technology for KWD0.84 each.
 

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  Kuwait's Mena Real Estate inks MoU for project in Bahrain
Jul , 18 , 2012  
  Kuwait's Mena Real Estate Co., or MREC, said it has signed a memorandum of understanding with Bahrain's Aqari Real Estate Co. to develop a plot of land there at an estimated cost of BHD2.5mn (USD6.63mn). The plot of land, which will be used for the construction of a commercial and residential complex, covers an area of nearly 8,500 square meters in Bahrain's East Riffa region, MREC said in a statement posted on the Kuwait bourse website.
 

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  OPEC 2011 exports jump, Angola's reserves slide
Jul , 17 , 2012  
  OPEC's petroleum exports jumped in value by 40 percent in 2011 YoY and the producers' GDP climbed 18 percent, according to their latest report, before a further increase in supplies this year that could bolster income further. The gains reflect higher prices and steadily climbing output last year from many members of OPEC. The value of the group's petroleum exports rose to USD1.08tn in 2011 from USD771bn in 2010, while its collective GDP at current prices amounted to USD2.9tn, up from USD2.46tn in 2010. Libya bucked the upward trend in 2011 as its oil exports plunged due to the civil war, earning petroleum export revenues of USD11.8bn, down from USD46.1bn in 2010.
 

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  Brent crude edges up, above USD103 on stimulus hopes
Jul , 17 , 2012  
  Brent crude rose on Tuesday, July 17, staying above USD103 per barrel on hopes of more policy steps by central banks to stimulate global economic growth ahead of U.S. Federal Reserve Chairman Ben Bernanke's testimony.
 

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  Energy cools Euro-zone inflation, imports stagnant
Jul , 17 , 2012  
  A sharp fall in energy prices helped cool consumer prices in the Euro-zone in June and gave the European Central Bank space to cut interest rates this month to try to revive the economy, but stagnant imports highlighted the depth of the downturn. Consumer inflation in the 17-nation Euro-zone was 2.4 percent in June on annual basis, the EU's statistics office Eurostat said, confirming its earlier reading in the month and holding steady at a 16-month low.
 

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  U.S. retail sales fall for 3rd straight month in June
Jul , 17 , 2012  
  U.S. retail sales fell in June for the third straight month, the longest run of consecutive drops since 2008 when the country was mired in recession. Sales slipped 0.5 percent, with declines across a wide swath of industries from electronics and cars to building supplies, the Commerce Department said. Analysts had expected a small increase.
 

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  Egypt to offer EGP2bn in 5- and 10-year bonds
Jul , 17 , 2012  
  Egypt's Finance Ministry will offer EGP2bn (USD329.85mn) in reopened five-year and ten-year bonds at an auction on July 22, the central bank said. The five-year bonds mature on April 10, 2017, and carry a 16.55 percent coupon. The ten-year bonds mature on April 3, 2022, and carry a 17 percent coupon.
 

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  Bahrain's GFH restructures USD45mn debt
Jul , 17 , 2012  
  Bahrain-based Islamic investment bank Gulf Finance House (GFH) said it has restructured USD45mn in debt which it will pay back over the next six years. The cash is part of a USD100mn wakala-structured facility, compliant with Islamic law, that is led by the Bahrain-based Liquidity Management Centre (LMC), GFH said in a statement.
 

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  UAE's Taqa gets Ghana parliament OK for power plant expansion
Jul , 17 , 2012  
  Abu Dhabi National Energy Co., or Taqa , said it has secured the Ghana government's approval for the expansion of a power plant in the west African country. The company received the requisite parliamentary approval and signed financing arrangements for the 110 megawatts expansion of the gas-fired Takoradi 2 (T2) power plant in Ghana, Taqa said in a statement posted on the Abu Dhabi bourse website. The power plant, currently operated by Taqa , represents 15 percent of Ghana's installed power production capacity. The expansion is expected to be commissioned in 2015, Taqa said. The project financing arrangements represent a total of USD355mn, according to the statement.
 

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  Zain Saudi Arabia's rights issue 54 percent sold with one day left
Jul , 17 , 2012  
  Mobile Telecommunications Co. Saudi Arabia, known as Zain Saudi, has sold just 54 percent of its USD1.6bn rights issue by late Monday, with one day left in the issue, the mobile company said. Twelve Saudi banks are underwriting the transaction, led by Saudi Fransi Capital and Al Rajhi Capital, Zain said in a statement. About 325mn shares have been sold so far in the issue, which closes at midnight Tuesday, Zain said.
 

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