Mena News

 

  Zain Saudi to repay debts with rights issue cash
Jul , 11 , 2012  
  Loss-making Zain Saudi, launched a USD1.6bn rights issue on Tuesday, July 10, to boost its balance sheet and help it fight back against rivals. The group will use about USD200mn of the share issue to repay part of a USD2.6bn Islamic loan that matures in July, Khalil Fawaz, Zain Saudi’s chief financial officer told Reuters. Most of the remainder will be spent on repaying founding shareholders and improving Zain Saudi's network.
 

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  Saudi Aramco to invest in new energy ventures
Jul , 10 , 2012  
  Saudi Aramco has launched an investment arm to buy into companies that have developed technologies of strategic importance to Saudi Arabia and speed their deployment in the kingdom, the state-run energy group said. Saudi Aramco Energy Ventures LLC plans to invest in start-up and high-growth ventures offering new technologies to the upstream and downstream oil and gas sectors, renewable, energy efficiency and water supply, the company said.
 

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  Brent slips below USD99 on weak China data, Norway strike halt
Jul , 10 , 2012  
  Brent crude fell below USD99 a barrel on early Tuesday, July 10, over concerns about demand growth after Chinese crude imports weakened in June, while worries of supply disruptions eased after a halt in the labor strike at Norway's oil industry.
 

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  China June imports point to flagging domestic demand
Jul , 10 , 2012  
  China's imports rose 6.3 percent last month from a year earlier, the customs administration said, less than half the 12.7 percent increase forecast in a Reuters poll as domestic demand flagged in the world's second biggest economy. Exports grew 11.3 percent in June from a year earlier, faster than market expectations for a 9.9 percent increase though easing from May's surprisingly strong rise of 15.3 percent. That left the country with a trade surplus of USD31.7bn in June, compared with a forecast of usd21.0bn and May's usd18.7bn.
 

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  German exports, imports rebound strongly in May
Jul , 10 , 2012  
  German exports jumped more than expected in May but imports gained even more, narrowing the trade surplus, as Europe's largest economy shrugged off the Euro debt crisis and revived hopes it can shore up regional growth. Exports rose a seasonally adjusted 3.9 percent while imports surged 6.3 percent, data from the Federal Statistics Office showed, far outperforming expectations for rises of 0.4 and 1.2 percent respectively. The seasonally-adjusted data showed the trade surplus narrowing to EUR15.0bn from EUR16.2bn in January. The consensus forecast had seen it easing to EUR15.4bn.
 

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  Sentix Euro-zone sentiment drops to lowest in 3 years
Jul , 10 , 2012  
  Euro-zone sentiment dropped for the fourth consecutive month to the lowest level in three years in July as the crisis gripping the currency bloc's periphery spilled over into Germany and to other regions of the world. Sentix research group said its index-tracking Euro-zone sentiment dropped to -29.6, missing expectations in a Reuters poll for a slight recovery to -26.7.7. The reading for Germany fell to 2.2 in July from 9.1 in the previous month, with the expectations sub-index in particular plunging to -21.8 from -14.0.
 

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  S&P assigns 'AA' rating to Qatar's proposed sukuk trust certificates
Jul , 10 , 2012  
  Standard & Poor’s Ratings Services said that it has assigned ‘AA’ issue credit ratings to the proposed U.S. Dollar Sukuk Trust Certificates to be issued by SoQ Sukuk A QSC, a special purpose vehicle (SPV) registered in Qatar (AA/Stable/A-1+) and wholly owned by the state.
 

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  Saudi builder Dar to repay USD1bn sukuk on July 16
Jul , 10 , 2012  
  Saudi builder Dar Al-Arkan Real Estate Co. said it will repay a USD1bn Islamic bond, or sukuk, at maturity on July 16. "Dar has taken all the steps for redemption through the principal paying agent," the company said in a statement to Nasdaq Dubai bourse.
 

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  Kuwait's International Finance Co. looks to invest USD36M in stable countries
Jul , 10 , 2012  
  Kuwait's International Finance Co. is considering investing KWD10mn (USD35.52mn) over the next 15 months in countries enjoying political and economic stability, Kuwait-based Al-Anba daily reports citing an executive. International Finance's chairman and chief executive Jassim Zainal said that his company completed its merger with Jeezan Holding Co. and Kuwait Invest Holding Co. last year, the paper reports. He added that the merger increased his company's total assets by KWD69mn or 68 percent and its liabilities by KWD14mn or 60 percent.
 

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  Kuwait Holding buys 29 percent stake in National Slaughterhouse
Jul , 10 , 2012  
  Kuwait Holding Co. has acquired a 29 percent stake in the local National Slaughterhouse Co., or NSC, for KWD1.26mn (USD4.47mn), the Kuwaiti bourse said. The acquired stake consists of nearly 8.38mn shares purchased at KWD0.15 each by Global Investment House on behalf of its client Kuwait Holding, the exchange said on its website.
 

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