Mena News

 

  Jordanian gov’t to buy Brunei’s equity in JPMC
Jul , 17 , 2013  
  The government plans to purchase the stake of Brunei-based Kamil Holdings Limited at the Jordan Phosphate Mines Company (JPMC), The Jordan Times said. The official, who preferred to remain unnamed, said the government intends to increase its presence in large strategic companies, particularly in the mining sector. The government official did not give details whether authorities have started talks with Kamil Holdings Limited, which owns 37 per cent, or 27.7 million shares, of the total 75 million shares of JPMC. Kamil Holdings is the largest shareholder in the JPMC, followed by the Finance Ministry with 26.2 per cent and the Social Security Investment Fund with 16 per cent. The privatisation of the phosphate company in 2006 has been criticised by the public and opposition groups over alleged illegalities. Last month, the company’s former CEO Walid Kurdi was sentenced by an Amman court to 37.5 years imprisonment with hard labour on charges of “abuse of office” and embezzlement. Kurdi, who was tried in absentia as he reportedly lives in London currently, has also to pay approximately JD285 million in fees and fines. Minister of State for Media Affairs and Communications and Government Spokesperson Mohammad Momani told The Jordan News Agency, Petra, that the attorney general’s office will address the Lands and Survey Department and local banks to implement the seizure of any funds and assets he might have to cover the fines and fees decided by the court. The JPMC was incorporated into a public shareholding company in 1953. It operates three mining locations across the central and southern parts of Jordan: Al Hassa, Al Abiad and Eshidiya mines. The estimated reserves of phosphate rock in the three mines are 1.47 billion tonnes. The JPMC produces up to seven million tonnes a year of rock, making it the world’s sixth largest phosphate rock producer and the second largest exporter.
 

Read More

  UAE GDP to rise 3% till FY18
Jul , 17 , 2013  
  The UAE’s real GDP is projected to expand by more than three per cent annually until 2018 and growth will be in both the oil and non-hydrocarbon sectors, Emirates 24/7 stated. Forecasts by the International Monetary Fund (IMF) put real GDP growth at 3.6 per cent in 2013, below the 4.3 per cent growth recorded in 2012. GDP is expected to maintain its upward trend and grow by 3.7 per cent in 2014 and 3.8 per cent in 2015, the Washington-based IMF said in a report on the UAE. It projected growth at 3.5 per cent in 2016, around 3.4 per cent in 2017 and 3.5 per cent in 2018, far above real growth of 2.6 per cent recorded in 2011. The report said both the oil and non-oil sectors would record positive growth over that period but added the non-hydrocarbon sector would expand at a higher rate. A breakdown showed the oil sector would grow by around 2.1 per cent in 2013, about 2.6 per cent in 2014 and 3.1 per cent in 2015. Growth is projected to slow to 2.1 per cent in 2016 and 1.8 per cent during 2017-2018. The report estimated real growth in the country’s non-hydrocarbon sector at 4.3 per cent in 2013 and 4.2 per cent through 2014-2018. In current prices, the UAE economy, the second largest in the Arab world after Saudi Arabia, is expected to expand from around Dh1,385 billion in 2012 to Dh1,429 billion in 2013 and Dh1,462 billion in 2014. It is projected to record a steady rise over the following years to reach a record high of Dh1,742 billion in 2018. The figures showed relatively high growth in GDP would be coupled with a pick-up in inflation from just 0.7 per cent in 2012 to two per cent in 2013 and around 2.4 per cent in 2014. The level would gain pace in the next years to reach three per cent in 2018. The IMF gave no reason for growth but according to a recent study by the Saudi American Bank Group (SAMBA), growth in 2013 would be stoked by high public spending, expanding foreign capital inflow and the fact that UAE has benefited from its “safe haven” position given the unrest in much of the broader MENA region.
 

Read More

  US inflation rises in June, driven by gasoline prices
Jul , 17 , 2013  
  US consumer prices rose more than expected in June, mainly due to a sharp rise in gasoline prices at the pump, government data released Tuesday showed. The Labor Department said its consumer price index rose 0.5 percent from May, when it edged up 0.1 percent. Core CPI, excluding food and energy prices, rose 0.2 percent, the same pace as in May, AFP reported. While core CPI came in as expected, the headline June prices rise was higher than the 0.3 percent rise on average estimated by analysts. Still, inflationary pressures remained tame amid a tepid economy still struggling to gain traction four years after the Great Recession ended. On a 12-month basis, consumer prices were up 1.8 percent in June, picking up from a 1.4 percent rise in May.
 

Read More

  Goldman Sachs Q2 profit doubles, revenues climb 30%
Jul , 17 , 2013  
  Goldman Sachs said its second-quarter profit doubled, as the giant investment bank saw revenues climb 30% while stock and bond underwriting sales rose by nearly half, US Today reported. Goldman said it earned $1.93 billion for the three months ending June 30, or $3.70 a share. The results handily topped analysts' average estimate of $2.87 a share in net income, according to FactSet. The firm earned $927 million, or $1.78 a share, in the second quarter of 2012. Revenue climbed to $8.6 billion. The bank nearly tripled its revenue from investing in bonds for its own account, to $658 million, the company said. Part of that reflects profits made before interest rates began to rise late in the quarter. Additionally, banks like JPMorgan Chase and Citigroup have been able to exploit the fast-changing rate environment to boost profits, Edward Jones analyst Tom Lewandowski said after Citi reported its earnings on Monday. ``Sometimes volatility favors these trading operations, and we obviously had volatility late in the quarter,'' Lewandowski said.
 

Read More

  Employment rises in Germany’s manufacturing sector
Jul , 16 , 2013  
  Employment grew 0.6% to 5.2 million in May. Manufacturers of motor vehicles and parts posted the largest rise of 1.8%, followed by the 1.6% increase in the mechanical engineering sector.
 

Read More

  US retail sales rise less than forecasted
Jul , 16 , 2013  
  Retail sales in the US rose 0.4% in June following a 0.5% increase in May. The market was expecting sales to grow 0.8% compared to the originally reported 0.6% rise for May. The rise is ascribed to the 1.8% increase in motor vehicle sales and parts.
 

Read More

  Ahli Bank reports 1H13 results
Jul , 16 , 2013  
  Qatar-based Ahli Bank’s net profit increased 12.3%YoY to QAR271mn in 1H13. Gross operating income advanced 22.2%YoY to QAR403.7mn during the same period.
 

Read More

  Gold posts biggest weekly gain in nearly 2 years
Jul , 15 , 2013  
  Gold eased on Friday but notched its biggest weekly advance in nearly two years as fears of an imminent winding down of the U.S. Federal Reserve's monetary stimulus eased for now. Gold futures for delivery in August fell 0.2% to USD1, 284.29 an ounce on the NYMEX.
 

Read More

  Lending activity improves in China
Jul , 15 , 2013  
  Lending activity improved in China, with new loans rising to CNY860.5bn in May, beating market expectations of CNY800bn.
 

Read More

  Russia’s central bank holds interest rates
Jul , 15 , 2013  
  Russia’s central bank held its interest rates steady for the 10th consecutive month, keeping the key refinancing rate at 8.25%.
 

Read More

[First Page] [Prev] 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 [Next] [Last Page]

  
New Page 1
Privacy Statement

Copyright © 2012 LOTUS All Rights Reserved
Developed By Superlink