Mena News

 

  Brent rises toward USD99 on Norway supply cut, China data
Jul , 09 , 2012  
  Brent crude climbed toward USD99 a barrel on early Monday, July 09, as failed labor talks in Norway stoked worries of a total output shutdown, while hopes China would ease monetary policy and improve fuel demand also supported prices.
 

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  China June inflation cools to 2.2 percent versus year ago
Jul , 09 , 2012  
  China's annual consumer inflation cooled more expected to 2.2 percent in June, from May's 3.0 percent, official data showed. Economists polled by Reuters had forecast inflation to ease to 2.3 percent in June. The National Bureau of Statistics said China's producer price index dropped 2.1 percent last month from a year earlier, sharper than forecasts for a 1.9 percent decline.
 

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  Japan May current account surplus falls 62.6 percent YoY
Jul , 09 , 2012  
  Japan's current account surplus fell 62.6 percent in May from a year earlier, Ministry of Finance data showed, suggesting that a sluggish recovery in the nation's exports and worries over Europe's debt troubles and China's slowing growth could weigh on the economy. The surplus stood at JPY215.1bn (JPY2.70bn) , against a median forecast for JPY493.1bn.
 

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  Egypt's foreign reserves climb by USD18mn in June
Jul , 09 , 2012  
  Egypt's foreign reserves rose by USD18mn in June to USD15.53bn, their third month of increases after having dropped every month since the uprising that ousted Hosni Mubarak in February 2011, the central bank said on its website. Reserves were USD15.52bn at the end of May and USD26.57bn at the end of June 2011. They have plunged by more than half since Egypt's political turmoil scared away tourists and investors, two of Egypt's main sources of foreign currency.
 

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  Qatar GDP up 6.9 percent in Q1
Jul , 09 , 2012  
  Qatar's real GDP swelled by around 6.9 percent in the first quarter of 2012, extending a steady growth in the past years because of high public spending, strong oil prices and a surge in the Gulf country's gas exports. From QAR76.8bn in the first quarter of 2011, real GDP grew to nearly QAR82.09bn in the first quarter of this year, Qatar's statistics authority (QSA) said in a report. The oil and gas sector expanded by about 4.6 percent while growth was estimated at 8.9 percent in electricity and water, five per cent in financial services, 4.3 percent in manufacturing and four per cent in domestic services. Social service was the only sector to record negative growth at 0.7 percent.
 

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  Dubai Duty Free raises $USD1.75bn via loan to fund expansion
Jul , 09 , 2012  
  Dubai Duty Free, the state-owned company that operates tax-free shops at the Dubai International Airport, said it raised USD1.75bn via a six-year, syndicated loan to fund the expansion of the emirate's air and transport hub. The transaction, which includes conventional and Islamic facilities, was oversubscribed and the final amount exceeded the initial target of USD1.1bn, according to an emailed statement. The airport duty free shop operator says this is the largest syndicated facility for a Dubai-related entity since 2008. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Citi, Dubai Islamic Bank, Emirates NBD and HSBC were book runners and mandated lead arrangers. The syndicate comprised 26 banks in total.
 

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  Dubai non-oil trade set to grow 20 percent on year to AED1.3tn in 2012
Jul , 09 , 2012  
  Dubai's non-oil trade is expected to grow 20 percent in 2012 on year to AED1.32tn (USD354bn), as exports and stronger direct foreign trade rose, Dubai's Statistics Centre, or DSC, said. In 2011, Dubai's overall non-oil trade was AED1.1tn as direct foreign trade jumped 21.7 percent from the year earlier to AED700.4bn, a report published by DSC on its website said. The emirate's overall non-oil trade figures grew "6.6 percent during the first quarter of 2012, reaching AED298.1bn, as opposed to AED279.7bn for 2011's comparative period," DSC's numbers showed.
 

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  UAE annual inflation in May tad up at 0.81 percent on food prices
Jul , 09 , 2012  
  Annual inflation in the United Arab Emirates was slightly up at 0.81 percent in May, compared with 0.79 percent in April, due to a increase in food prices, according to the National Bureau of Statistics. The food and non-alcoholic beverages category prices within the country's Consumer Price Index, or CPI, were up 6.82 percent in May compared with the same month last year, and by 0.95 percent from April. However, a significant drop in rents by 3.35 percent from May 2011 moderated the CPI index numbers, as the housing component constitutes nearly 36 percent of the U.A.E.'s CPI basket.
 

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  U.S. crude stocks drop sharply; Debby hits imports
Jul , 08 , 2012  
  The Energy Information Administration (EIA) said that U.S. crude oil stocks dropped more sharply than expected last week after Tropical Storm Debby disrupted imports, while improving demand kept most refiners operating at high rates. Domestic stocks of crude, excluding oil held in the Strategic Petroleum Reserve, dropped 4.27mn barrels to 382.9mn barrels in the week to June 29. Analysts polled by Reuters had forecast a drop of 1.9mn barrels. Gasoline inventories rose by 151,000 barrels compared with analyst forecasts for a 600,000-barrel increase. Distillates, which include diesel and heating oil, fell by 1.1mn barrels versus a forecast 600,000-barrel increase amid signs of increasing end-user demand.
 

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  Brent up on Norway supply woes, some policy easing
Jul , 08 , 2012  
  Brent crude oil futures rose slightly on Thursday, July 05, ending at a five-week high on worries about tighter supplies following a lockout of striking oil workers in Norway and hopes that some policy-easing steps by some central banks would improve oil demand.
 

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