Mena News

 

  Brent ends up on China GDP, North Sea supply woes
Jul , 15 , 2012  
  Brent crude oil futures gained lifted by China's GDP data that eased worries about global economic growth and on tighter outlook for North Sea supplies.
 

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  China Q2 GDP up 7.6 percent versus year ago, slowest since Q1 2009
Jul , 15 , 2012  
  China's economy grew 7.6 percent in the April-June quarter from a year earlier, the National Bureau of Statistics said, the slowest pace since the January-March quarter of 2009 and in line with market expectations for a 7.6 percent rise. It marks the sixth consecutive quarter of slower growth and compared with an annual growth of 8.1 percent in the first three months of 2012.
 

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  U.S. consumer sentiment cools again in early July
Jul , 15 , 2012  
  U.S. consumer sentiment cooled again in early July to its lowest level in seven months as Americans took a dim view of their finances and job prospects. The Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment fell to 72.0 from 73.2 in June, frustrating economists' expectations for a slight gain to 73.4. It was the lowest level since December 2011. The gauge of consumer expectations slipped to 64.8 from 67.8, also the lowest since last December.
 

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  Qatar Annual Inflation in June rises to 1.6 percent on Transport Costs
Jul , 15 , 2012  
  Qatar's annual inflation rose to 1.6 percent in June, up from 1.1 percent in May, driven by rising transport costs, especially airfares, official data showed. On an annual basis, all categories in the consumer price index rose apart from rents, fuel and energy, which fell 5 percent, according to new data from the Qatar Statistics Authority. Transport and communications costs increased 3 percent on year.
 

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  Qataris buy Italian fashion house Valentino
Jul , 15 , 2012  
  A Qatari group has agreed to buy the prestigious Italian fashion house Valentino from its private equity owner Permira, in a deal that underlines the kingdom’s appetite for trophy assets. The deal values Valentino at about EUR700mn (USD857.46mn), people familiar with the situation said. The acquisition is being made through Mayhoola for Investments SPC, an investment vehicle backed by a major private investor group from Qatar, the parties said.
 

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  Saudi Dar Al Arkan says repays USD1bn Sukuk
Jul , 15 , 2012  
  Dar Al Arkan Real Estate Development Co. said it has repaid a SAR3.75bn (USD1bn) Islamic bond, or sukuk, due this week. The company transferred the total principal sum to Deutsche Bank, the principal paying agents, on Thursday and the sukuk account holders will receive the funds on Monday, July 16, Dar Al Arkan Real Estate Development Co. said in a statement posted on the Saudi bourse website.
 

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  Kuwait's Global Investment House funds exit local Al Rayan Holding
Jul , 15 , 2012  
  Kuwait's Global Investment House said that its Private Equity Fund and Global Opportunistic Fund I, along with other co-investors, have exited their investment in the local Al Rayan Holding Co. The two funds launched Al Rayan in 2007, which expanded its network through acquisitions and organic growth into six schools with over 10,500 students, thus becoming the country's largest educational group, the investment bank said in a statement. "The private equity funds managed by Global Investment House have returned more than USD238mn to its investors since 2010, excluding any dividends, mostly through trade sales," it added.
 

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  Kuwait's Al Tijaria says restaurant complex projects to cost KWD16.78mn
Jul , 15 , 2012  
  Kuwait's Commercial Real Estate Co., or Al Tijaria, said the combined cost of two local restaurant complex projects it plans to put out to tender will likely reach KWD16.78mn (USD59.53mn). The combined revenue from the two projects is estimated at KWD2mn a year, the property developer said in a statement posted on the Kuwait bourse website. The two projects are expected to be completed by the end of 2013.
 

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  Saudi cranks up June oil output, Iran slumps-OPEC
Jul , 12 , 2012  
  Top oil exporter Saudi Arabia ramped up output to record rates in June despite a big drop in oil prices as Iranian production sank to its lowest in more than 20 years, OPEC said. Riyadh said it pumped 10.1mn barrels per day (bpd) last month, up 300,000 bpd on May, according to a monthly report from OPEC. Iran's output slumped by almost 190,000 bpd to 2.96mn bpd, according to secondary sources, OPEC said, allowing former rival Iraq to overtake it as the 12-member group's second biggest producer after Saudi Arabia.
 

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  Brent crude steady above USD100 as Fed holds off stimulus
Jul , 12 , 2012  
  Brent crude stayed above USD100 per barrel on early Thursday, July 12, after a more than 2 percent rally in the prior session, as uncertainty over whether the U.S. Federal Reserve would launch more stimulus measures curbed investor appetites for riskier assets.
 

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