Mena News

 

  Bahrain National Gas inks USD15.4mn deal with JGC gulf for expansion project
Jul , 05 , 2012  
  Bahrain National Gas Co., or Banagas , has signed a contract with JGC Gulf to boost its production capacity at a total cost of USD15.42mn, the Bahrain News Agency reported. The project will increase the rate of gas flow entering Banagas ' plant from the refinery of Bahrain Petroleum Co. and it includes adding and changing some equipment and machinery in the operating units, the news agency said. The project is expected to be completed in mid-2014.
 

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  Oman expects oil prices to erase 2012 budget gap
Jul , 05 , 2012  
  Oman expects to erase its OMR1.2bn (USD3.1bn) budget deficit projected for 2012 as oil prices have been higher than forecast, a finance ministry official said. "Up to May, we have sold our oil 50 percent above the price we estimated for the 2012 budget, and that has pushed up revenues beyond our expectations," a finance ministry official in the budgeting department told Reuters. "At this rate, we are comfortably going to wipe out the deficit," said the official.
 

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  UAE's Emirates Islamic Bank launches USD500mn sukuk
Jul , 05 , 2012  
  Emirates Islamic Bank launched a USD500mn sukuk on at the tight end of guidance amid strong demand for its latest debt sale. The sukuk launched at a spread of 310 basis points over mid-swaps, lead arrangers said, and is due to mature in January 2018. Emirates NBD Capital, Credit Agricole, Dubai Islamic Bank, HSBC Holdings and Standard Chartered Plc are book runners on the transaction.
 

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  Dubai's Tamweel postpones asset-backed sukuk sale
Jul , 05 , 2012  
  Islamic mortgage lender Tamweel has decided to delay the sale of a USD235mn sharia-compliant asset-backed securitization after taking feedback from the market, the company said. Investors and traders in the Gulf region said the deal structure was too complex by regional standards, which has only ever seen one previous Islamic asset-backed transaction.
 

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  Saudi Airlines Catering Co. to list, start trading on July 9
Jul , 05 , 2012  
  Saudi Airlines Catering Co., or Saudi Catering, will list and commence trading as part of the kingdom's Tadawul Index on July 9, the Capital Market Authority said in a statement posted on the Saudi bourse website. For the first day of trading only there will be no restriction on the price limit per share, the statement said, adding that Saudi Catering will fall within the Agriculture & Food Industries sector in the index.
 

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  Brent steady at USD100 on stimulus hopes, supply threats
Jul , 04 , 2012  
  Brent crude remained steady at USD100 per barrel on early Wednesday, July 04, as weak global economic data fuelled expectations of a stimulus response by central banks, and as supply disruption worries on rising tensions over Iran's nuclear programme supported prices, offsetting demand concerns.
 

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  China HSBC services PMI eases to 10-months low in June
Jul , 04 , 2012  
  China's services firms grew at their slowest rate in 10 months in June, easing back from May's 19-month peak, as new order growth cooled albeit while marking 43 months of consistent expansion. The China HSBC services purchasing managers index (PMI) stood at 52.3 in June, down from 54.7 in May, a marginal expansion of activity that mired job creation at a three-month low, bolstering expectations that Beijing will deliver further policy measures to boost growth.
 

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  Euro-zone factory prices slip
Jul , 04 , 2012  
  Euro-zone factory prices fell more than expected in May as the cost of energy dropped sharply and made an even stronger case for an interest rate cut as early as this week to help the region's stagnant economy. Prices at factory gates in the 17 countries using the euro slid 0.5 percent from April. Economists in a Reuters poll had forecast a 0.3 percent fall, while producer price inflation on an annual basis rose at a slower rate than expected, climbing 2.3 percent in May versus predictions of a 2.5 percent increase.
 

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  HSBC buys at least 5 percent of EFG Hermes
Jul , 04 , 2012  
  British bank HSBC has acquired a stake of at least 5 percent in EFG Hermes, the Middle East's biggest home-grown investment bank, Egypt's stock exchange said. HSBC's purchase was disclosed in a regulatory filing with the Egyptian Exchange. It said HSBC paid an average of EGP10.15 (USD1.68) per share for EGP32.3mn shares.
 

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  Egypt central bank accepts EGP22bn in repos
Jul , 04 , 2012  
  Egypt's central bank said it accepted EGP22.323bn (USD3.686bn) in seven-day repurchase agreements in the money market on Tuesday, instead of the EGP23bn it had offered.
 

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