Mena News

 

  DSI receives AED251mn engineering contract
Sep , 15 , 2013  
  Drake & Scull International PJSC (DSI) signed a AED251mn engineering contract for a major government facility in Abu Dhabi.
 

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  Bank lending rises in China
Sep , 11 , 2013  
  The value of new loans issued in China increased to CNY711.3bn in August from CNY699.9bn in July.
 

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  IMF advises Eurozone banks to expedite progress on banking union
Sep , 11 , 2013  
  International Monetary Fund (IMF) Chief Christine Lagarde has advised national governments in the Eurozone to expedite work toward forming a banking union in the region.
 

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  Egypt inflation slows to 9.7 percent in August
Sep , 11 , 2013  
  Egypt’s urban consumer inflation slowed to an annual 9.7 percent in August, the state CAPMAS statistics agency reported, from 10.3 percent in July.
 

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  Saudi Arabia’s oil output rises in August
Sep , 11 , 2013  
  Saudi Arabia produced 10.19mn bpd of crude oil in August, an increase on MoM basis, as Libya struggled to end protests at oil fields and ports that have reduced output in the North African state to the lowest since October 2011.
 

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  Saudi inflation remains highest in GCC
Sep , 11 , 2013  
  According to Oman’s National Centre for Statistics and Information (NCSI), Saudi Arabia recorded the highest rate of inflation at 3.7%, followed by Bahrain (3.6%), Qatar (3.1%), Kuwait (2.9%), Oman (1.5%) and United Arab Emirates (1.3%).
 

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  U.K. house price index rises to 7-yr high in August
Sep , 11 , 2013  
  AU.K. house-price gauge rose to the highest in almost seven years in August as the economic recovery gathered pace and government measures boosted demand, Bloomberg quoted Royal Institution of Chartered Surveyors as saying. The index increased to 40 from a revised 37 in July, the highest since November 2006, London-based RICS said in a report today, citing a poll of property surveyors. A proxy measure of demand rose to a record, while the outlook for prices advanced to the highest since 2002. Recent reports suggest the property market is gaining strength as credit-easing initiatives from the government and the Bank of England boost mortgage availability. Chancellor of the Exchequer George Osborne defended his housing policy yesterday amid criticism he may be fueling a new bubble, saying it’s “sensible” and needed to help the market. “House prices are a growing risk for the U.K.,” said Rob Wood, an economist at Berenberg Bank in London and a former BOE official. “Any increase in house building we see over the next few months and years, whilst welcome, will be woefully short of what is required to keep prices under control.” Respondents to RICS’s monthly survey forecast prices will increase 2.2 percent over the coming 12 months and by 4.4 percent in each of the next five years. At the beginning of the year, they predicted 0.6 percent and 3.4 percent, RICS said.
 

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  Greece’s recession eased in 2Q13, with the gross domestic product contracting 3.8% YoY, slower than the 5.6% YoY contraction recorded in 1Q13.
Sep , 09 , 2013  
  Greece’s recession eased in 2Q13, with the gross domestic product contracting 3.8% YoY, slower than the 5.6% YoY contraction recorded in 1Q13.
 

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  Germany’s trade surplus narrows more than expected
Sep , 09 , 2013  
  Germany’s trade surplus narrowed to EUR16.1bn in July from EUR17bn in June. The market had expected a surplus of EUR16.5bn.
 

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  US employment rises, albeit lower than expected
Sep , 09 , 2013  
  Employment in the US rose in August, with the number of jobs rising by 169,000, as reported by the Labor Department. The market expected 180,000 jobs to be added.
 

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