Mena News

 

  Saudi Arabia approves mortgage law
Jul , 03 , 2012  
  Saudi Arabia's Council of Ministers approved long-awaited guidelines for mortgages in the kingdom, seeking to ease the legal uncertainties that have hindered the development of the mortgage sector. Measures approved by the council include placing mortgage financing institutions under the kingdom's central bank control, introducing regulations for mortgage financing, setting up a legal mechanism to settle mortgage-financing disputes and monitoring house-leasing companies.
 

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  Kuwait's CMA delists 5 companies out of 8 suspended for over 6 months
Jul , 03 , 2012  
  Kuwait's Capital Market Authority, or CMA, has decided to delist five out of eight companies whose shares have been suspended from trading on the local bourse for more than six months. The decision will take effect immediately, according to the CMA ruling posted on the Kuwait bourse website The delisted companies are The International Investor Co., Al Masar Leasing and Investment Co., A'ayan Leasing and Investment Co., Aref Investment Group., and Grand Real Estate Projects Co., the market regulator said. The remaining companies, Al Madar Finance and Investment Co., The Securities House, and Noor Financial Investment Co., won't be delisted, according to the ruling.
 

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  Brent dips towards USD96 after weak China data
Jul , 02 , 2012  
  Brent crude dropped towards USD96 a barrel on early Monday, July 02, as weak factory data from top energy consumer China spurred caution, after oil prices posted their fourth biggest daily gain on record in the prior session.
 

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  China HSBC PMI hits 7-month low of 48.2 in June
Jul , 02 , 2012  
  China's factory activity shrank in June at the fastest pace in seven months as new export orders tumbled to depths last seen in March 2009, underlining the risk of a lurch lower for the Chinese economy. The HSBC Purchasing Managers' Index (PMI) fell to 48.2 after seasonal adjustments, its lowest since November 2011, and little changed from a flash, or preliminary, estimate of 48.1. The final reading in May was 48.4.
 

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  Japan corporate sentiment improves - BOJ tankan
Jul , 02 , 2012  
  Big Japanese manufacturers' sentiment improved in the second quarter from the previous quarter, a closely watched Bank of Japan survey showed, helped by strength in domestic demand as reconstruction from last year's massive earthquake makes headway. The headline index for big manufacturers' sentiment was minus 1 in June, up from March and higher than the median market forecast for minus 4, the quarterly tankan survey showed. The survey also showed big firms plan to raise their capital spending b y 6.2 percent in the financial year to next March, compared with a median forecast for a 3.5 percent increase.
 

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  Egypt's El Sewedy to invest USD350mn in Niger
Jul , 02 , 2012  
  El Sewedy Electric plans to enter Niger by investing about USD350mn in fiber optic and power transmission projects, the group vice president said. Sewedy, which has operations in about 15 African countries, signed an accord with nationalized telecoms firm Sonitel to help the Niger company modernize its infrastructure before a planned privatization, Niger government said in a statement.
 

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  Egypt secures USD1bn finance for food, energy
Jul , 02 , 2012  
  The Egyptian government signed an agreement with the Saudi-based Islamic Development Bank (IDB) that will provide USD1bn to finance energy and food imports, the government said in a statement. The agreement with the International Islamic Trade Finance Corporation, part of the IDB, was signed in Cairo by Waleed Abdul Mohsen Al-Wohaib, chief executive officer of the institution, and the Egyptian government, the statement said.
 

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  Shareholders approve three-way Bahrain bank merger
Jul , 02 , 2012  
  Shareholders of three Islamic banks in Bahrain have approved plans to merge them all into a single entity, a joint statement said, paving the way for a rare example of consolidation in the Gulf Arab banking sector. The move was approved at separate shareholder meetings at Capivest, Elaf Bank and Capital Management House, the statement said, adding it would be the first three-way merger in any sector of the Bahraini economy.
 

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  Dubai DGCX plans to offer Sensex Futures "very soon"
Jul , 02 , 2012  
  As part of its expansion plans, the Dubai Gold and Commodities Exchange, DGCX, plans to introduce "very soon" derivatives trading based on the Bombay Stock Exchange's benchmark index, a move that will allow overseas investors greater access to Indian equities, according to a bourse executive. The exchange is awaiting final regulatory clearances to launch futures products based on the BSE Sensitive Index, or Sensex, Simarjeet Baweja, head of academy at DGCX Dubai Gold and Commodities Exchange, said at an event in Dubai.
 

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  Qatar's economy grew by 6.9 percent in Q1-offical data
Jul , 02 , 2012  
  Qatar’s economy grew 6.9 percent YoY in inflation-adjusted terms in the first quarter helped by a jump in the construction industry, the Gulf Arab state’s statistics authority said. The world’s biggest exporter of liquefied natural gas also saw its real gross domestic product rising by 3.0 percent in January-March compared with the previous three months, the Qatar Statistics Authority said citing preliminary data. Latest comparable growth rates for the final quarter of 2011 are not available, the authority said, as it has been revising the GDP data for 2011 and 2010.
 

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