Mena News

 

  German June inflation eases to 1.7 percent YoY
Jun , 28 , 2012  
  Annual inflation in Europe's largest economy decelerated in June to its lowest rate in 18 months and stood below a key 2.0 percent mark for price stability for the second month running, preliminary data showed. German inflation eased to 1.7 percent YoY in June from 1.9 percent in May, according to the data released by the Federal Statistics Office. Economists had expected an annual rise of 1.8 percent, according to the consensus forecast in a Reuters poll of 32 economists. On a monthly basis, German consumer prices dipped by 0.1 percent in June compared to a drop of 0.2 percent in May.
 

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  U.S. durable goods orders up but trend, outlook weak
Jun , 28 , 2012  
  Demand for long-lasting U.S. manufactured goods rebounded more than expected in May and a gauge of planned business spending increased. Durable goods orders rose 1.1 percent last month on strong demand for transportation equipment, the Commerce Department said. Economists had expected orders to rise just 0.4 percent.
 

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  Lebanon Bank Audi, Investors complete sale of 81 percent stake in local insurer
Jun , 28 , 2012  
  Bank Audi and other individual shareholders in LIA Insurance have completed the sale of 81 percent of the local insurer to Morocco's Saham Finances according to a statement. Bank Audi and Saham said in a joint statement that they have concluded the transaction after receiving the required regulatory approvals, but didn't disclose the value of the deal.
 

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  Investcorp signs USD504mn debt refinancing deal
Jun , 28 , 2012  
  Bahrain-based investment company Investcorp has signed up to a USD504mn-equivalent loan aimed at refinancing debt due in 2013, with the final amount potentially being increased in the coming weeks as more banks join the lending syndicate, sources said. The loan heads off any refinancing risk next year for the firm, which once owned luxury brands Gucci and Tiffany & Co but like other private equity houses in the Gulf has been hit in more recent times by unfavorable market conditions. Investcorp wanted to secure funds ahead of its financial year-end on June 30 so the loan could be included in its full-year results, two banking sources said. However, it also wanted to allow as much time as possible for banks to join the deal, meaning a so-called accordion clause was written into the documentation, one of the sources, a London-based banker, added.
 

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  Kuwait Stock Exchange (KSE) to Add Qurain, Mashaer shares to Options Market
Jun , 28 , 2012  
  The Kuwait Stock Exchange (KSE) said the shares of the two listed firms Qurain Petrochemicals Industries Company and Mashaer Holding Company will be added to its options market June 28, 2012. Options contracts will be issued for periods of three, six, and nine months and for one year, the bourse said in a statement posted on its website.
 

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  Kuwait inflation slows to 25-month low of 2.8 percent
Jun , 28 , 2012  
  Kuwait's annual inflation rate eased to a 25-month low of 2.8 percent in May and prices edged down slightly from the previous month, mainly because of cheaper food, state news agency KUNA said. Inflation in the major oil exporter has been slowing gradually. It hit 3.3 percent in April, down from a peak of 5.4 percent in May 2011. Consumer prices fell 0.1 percent month-on-month in May, compared to a 0.6 percent drop in April, KUNA said, citing data from the Central Statistics Office.
 

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  Arabtec-TAV group wins USD2.9bn Abu Dhabi airport deal
Jun , 28 , 2012  
  A consortium of Arabtec Holding that includes Greek and Turkish firms won a AED10.8bn dirhams (USD2.94bn) contract from the Abu Dhabi government to build a mid-field terminal at the cash-rich emirate’s airport. The contract was signed with the group that includes Turkey’s TAV Insaat, Athens-based Consolidated Contractors Co and Dubai's Arabtec, a statement from operator Abu Dhabi Airports Co (ADAC) said. Construction of the complex will begin in the third quarter and is expected to be concluded in 2017. The 700,000-square-meter terminal building is one of the key strategic infrastructure projects to be undertaken in the UAE capital, and will initially handle 30mn passengers per year. It will be the future home of Abu Dhabi's Etihad Airways. The project will include two phases, the four-year construction phase and the operational readiness assessment phase to undertake tests, the statement said.
 

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  Saudi Aramco to sell Vela ops for USD1.3bn to Saudi National Shipping
Jun , 28 , 2012  
  Aramco has signed an agreement to sell its Vela marine unit to Saudi National Shipping Co., (Bahri) for USD1.3bn in cash and shares, the two firms said. The merger of the fleets would make Bahri the world's fourth largest owner of very large crude carriers, or VLCCs, and it would become the exclusive provider of VLCC crude oil shipping services to Saudi Aramco, under a long-term agreement. Bahri will pay Vela USD1.3bn in total, made up of USD832.75mn in cash and 78.75mn new Bahri shares at a price of SAR22.25 (USD5.93). Bahri said it will raise the cash portion through debt financing. JP Morgan is advising the shipping firm while HSBC's Saudi arm is acting for Aramco.
 

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  Oman & Emirates Invest sells 39.63 percent stake in Oman Medical Projects
Jun , 28 , 2012  
  Oman and Emirates Investment Holding Company (OEIHC), said it has sold the nearly 33mn shares representing its 39.63 percent stake in Oman Medical Projects Co. at OMR0.125 (USD0.32) a share, as the company moves towards restructuring its investment profile. "This sale transaction has resulted in a net profit of OMR3.13mn to the parent company and OMR3.03mn to the group ," OEIHC said in a statement posted on the Muscat bourse website. The investment and asset management firm didn't name the buyer but it said in May that it had received the Capital Market Authority's approval to sell the stake to Saudi Medicare Co.
 

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  Kuwait Finance House makes KWD7.6mn profit on KWD47.6mn real estate exits
Jun , 28 , 2012  
  Kuwait Finance House (KFH), said it has realized an estimated profit of KWD7.6mn (USD27.1mn) on the sale of real estate assets for KWD47.6mn. KFH said in a statement posted on the Kuwait Stock Exchange (KSE) website that the profit will reflect on its 2012 financial results.
 

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