Mena News

 

  BoE injects GBP50bn of monetary stimulus
Jul , 08 , 2012  
  The Bank of England (BoE) launched a third round of monetary stimulus, announcing it would restart its printing presses and buy GBP50bn of asset purchases with newly created money to help the economy out of recession. The BoE has bought GBP325bn of government bonds to date, and the purchases announced take this total to GBP375bn. The BoE kept its interest rate on hold at 0.5 percent, where it has been since March 2009.
 

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  ECB cuts rates by 25 bps, deposit rate at zero
Jul , 08 , 2012  
  The European Central Bank cut its main interest rate to a record low of 0.75 percent and its deposit rate to zero to help tackle the Euro-zone crisis that threatens to push the bloc's deteriorating economy back into recession. The ECB cut the interest rate on its deposit facility to 0.0 percent, effectively encouraging banks to lend their funds in the market to other banks overnight, where they receive a higher interest rate, currently about 0.3 percent.
 

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  Qatari PM: Qatar position on Glencore-Xstrata remains firm
Jul , 08 , 2012  
  Qatar's position remains firm on the proposed merger of Glencore International PLC and Xstrata PLC to create one of the world's largest commodity companies, the Prime Minister of Qatar, Hamad Bin Jassim Bin Jabor Al Thani, said. He was speaking to Dow Jones Newswires as he attended the inauguration of Western Europe's largest building in London, which received funds from Qatar.
 

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  Emaar hospitality adds 2 Dubai hotels to management portfolio
Jul , 08 , 2012  
  Dubai's Emaar Hospitality Group, the hospitality and leisure subsidiary of property developer Emaar Properties, said it acquired management of Al Manzil and Qamardeen hotels in Dubai from Southern Sun Hotel Group, adding to its portfolio of seven hotels in Dubai. "Tourism and hospitality are the key growth drivers of Dubai, and over the years, we have acquired strong competencies in the hospitality and leisure sector through our world-class assets in Dubai," said Mohamed Alabbar, chairman of Emaar Properties.
 

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  UAE annual inflation In May tad up at 0.81 percent on food
Jul , 08 , 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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  Zain KSA shareholders OK USD1.6bn rights issue plan
Jul , 08 , 2012  
  Mobile Telecommunications Co. Saudi Arabia, or Zain KSA, said its shareholders have approved a SAR6bn (USD1.6bn) rights issue as part of its capital reorganization plan, which includes a reduction in its accumulated losses. The company will lower its capital to SAR4.8bn from SAR14bn to wipe out most of its accumulated losses. Zain KSA's capital will then be increased by using the proceeds of the rights issue, the statement said. Meanwhile, Zain KSA said it will start a rights issue on Tuesday, July 10, which will close eight days later.
 

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  Iraq watchdog to fine Zain unit for failing to list
Jul , 08 , 2012  
  Iraq’s communications regulator will fine the local unit of Kuwait telecoms firm Zain USD12,864 a day since September 2011 for failing to list on the country’s stock exchange, a senior official at the body said. Zain and rivals Asiacell and Korek are mandated to list on the local bourse as part of their USD1.25bn operating licenses but all three missed an initial deadline of last August.
 

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  Brent steady at just below USD100, bolstered by stimulus hopes
Jul , 05 , 2012  
  Brent futures were steady below USD100 a barrel in early Asian trade on Thursday, July 05, as fresh evidence of weakness in European economies triggered demand concerns, even as investors kept up hopes for stimulus measures to counter fragile global growth.
 

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  German services sector stagnates in June
Jul , 05 , 2012  
  Germany's services sector unexpectedly stagnated in June, ending an eight-month period of expansion as new order intake dropped. Markit's services Purchasing Managers' Index (PMI) fell to 49.9 in June from 51.8 in May, just below the 50 level that separates growth from contraction and missing a preliminary estimate of 50.3.
 

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  Euro-zone sales regain ground in May, trend still weak
Jul , 05 , 2012  
  Shoppers in the Euro-zone spent a little more freely in May, but not enough to make up for big falls in retail trade the month before and sales were down sharply on a yearly basis as households struggle through the bloc's debt crisis. Sales at shops in the 17 countries sharing the Euro rose 0.6 percent in May after falling 1.4 percent in April, the European Union's statistics office Eurostat said. That was better than the 0.3 percent rise forecast by economists in a Reuters poll, but still at levels not seen since the 2009 global financial crisis.
 

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