Mena News

 

  German June CPI confirmed at 1.7 percent YoY
Jul , 12 , 2012  
  Germany's consumer price inflation for June was confirmed at a rate of -0.1 percent MoM and 1.7 percent YoY, the Federal Statistics Office said. It also said that the harmonized consumer price index was confirmed at down 0.2 percent MoM and up 2.0 percent YoY. Consumer prices excluding fuels and food rose 1.1 percent YoY.
 

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  Glum Fed keeping easing options open, minutes show
Jul , 12 , 2012  
  The U.S. Federal Reserve is open to the possibility of buying more bonds to stimulate the economy, but conditions might need to worsen for a consensus to build, minutes from the central bank’s June meeting released showed. The minutes of the June 19-20 meeting showed a few officials on the policy-setting Federal Open Market Committee thought the recent weakening in the economy was sufficient to justify bolder action. But the report suggested a majority was not yet on board – at least not before last week’s employment report, which showed a paltry 80,000 new jobs were created in June.
 

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  Qatar attracts massive demand for USD4bn sukuk
Jul , 12 , 2012  
  Qatar launched a USD4bn, dual-tranche sukuk on Wednesday, July 11, its first Islamic bond issue in nearly a decade and the largest sukuk deal from the Gulf this year. Qatar took full advantage of heavy global interest in high-grade Gulf debt and strong demand for sukuk among the regions cash-rich Islamic investment funds. The five- and 10-year tranches will each be USD2bn in size.
 

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  Dubai's Emaar Properties plans USD500mn sukuk
Jul , 12 , 2012  
  Emaar Properties plans to issue a USD500mn seven-year sukuk this week, arranging banks said, joining a growing list of Gulf Arab entities tapping demand for Islamic debt. The potential sale would mark the Dubai developer's return to the debt markets after more than a year and an opportune time to raise cheap financing.
 

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  Brent rises above USD98, shrinking US stockpiles eyed
Jul , 11 , 2012  
  Brent rose above USD98 a barrel, recovering slightly from the previous session’s losses, ahead of U.S. inventory data that is expected to show crude stocks shrinking for a third week in the world's largest oil consumer.
 

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  Japan consumer mood worsens in June
Jul , 11 , 2012  
  Japanese consumer confidence worsened in June, a Cabinet Office survey showed, in a sign that Europe's sovereign debt crisis and a slowdown in the global economy are weighing on sentiment. The survey's sentiment index for general households, which includes views on incomes and jobs, was 40.4 in June, down from 40.7 in May.
 

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  Extra working day drives rise in UK industrial output in May
Jul , 11 , 2012  
  British manufacturing output rose unexpectedly in May as an extra working day due to a postponed public holiday allowed for more work, official data showed. However, a downward revision to previous industrial output and manufacturing numbers increased the risk that the overall economy shrank again between April to June, leaving Britain in recession with a third consecutive quarter of contraction. Manufacturing output rose by 1.2 percent in May after a 0.8 percent drop in April, the Office for National Statistics said, Economists had forecast no change on the month.
 

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  Dubai's Drydocks World receives official Nod on USD2.2bn debt deal
Jul , 11 , 2012  
  Drydocks World, a Dubai ship-building and repair firm, received almost unanimous support for its proposed USD2.2bn debt restructuring at a creditors' meetings in Dubai. Creditors holding more than 97 percent of the debt to be restructured officially agreed to the deal, according to a statement from professional services firm PwC, which is advising Drydocks on the restructuring alongside law firm Clifford Chance.
 

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  Dubai's Emaar Properties mandates banks for possible Sukuk sale
Jul , 11 , 2012  
  Dubai's Emaar Properties said it has mandated banks to arrange a series of investor meetings in London on Wednesday, July 11, that may lead to the sale of an Islamic bond, or sukuk, subject to market conditions. Emaar in a brief statement posted on the Dubai Financial Market website, said Al Hilal Bank, Barwa Bank, Dubai Islamic Bank, Emirates NBD Capital Ltd, HSBC Bank, Noor Islamic Bank and Standard Chartered Bank will set up the meetings on its behalf.
 

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  Saudi Arabia June inflation eases to 4.9 percent
Jul , 11 , 2012  
  Saudi Arabia’s annual inflation eased to 4.9 percent in June, its lowest level since September last year, despite a big rise in housing prices. The MoM rate in June was unchanged from 0.2 percent in May, according to the Central Department of Statistics. Prices of housing, rents and water jumped 8.8 percent from a year earlier in June. Other price categories were relatively subdued; food prices, which account for 26 percent of Saudi consumer expenses, climbed 4.7 percent in June and clothing gained 2.9 percent.
 

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