Mena News

 

  Waha Capital reports 1Q13 results
May , 13 , 2013  
  Abu Dhabi-based Waha Capital’s net profit soared 436% YoY to AED85.3mn in 1Q13.
 

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  US wholesale inventories rise in March
May , 12 , 2013  
  Wholesale inventories in the US rose in line with market expectations in March, while wholesale sales declined. Wholesale inventories increased 0.4% after falling 0.3% in February. This is mainly ascribed to the 0.5% growth in durable goods.
 

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  US jobless claims fall to a five-year low
May , 12 , 2013  
  Jobless claims in the US surprisingly declined to a new five-year low in the week ended May 4, 2013. Initial jobless claims decreased by 4,000 to 323,000 from the revised figure of 327,000 for the previous week. In contrast, the market expected claims to rise to 335,000 from the originally reported figure of 324,000.
 

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  Egypt 2012/13 budget deficit seen at around 11.5%
May , 12 , 2013  
  Egypt’s budget deficit will be around EGP200bn (USD28.75bn), equivalent to 11.5 percent of national output, in the 2012/13 year to the end of June.
 

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  Oman Telecommunications reports 1Q13 results
May , 12 , 2013  
  Oman Telecommunications’ net profit declined 2.5% YoY to OMR29.1mn in 1Q13.
 

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  Dubai Investments announces 1Q13 results
May , 12 , 2013  
  Dubai Investments’ net profit surged 97% YoY to AED211mn in 1Q13. Total income rose 14.7% YoY to AED649mn during the same period.
 

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  Fitch affirms Kuwait International Bank’s rating
May , 12 , 2013  
  Fitch affirmed Kuwait International Bank's long-term Issuer Default Rating at 'A-' with a Stable Outlook and Viability Rating (VR) at 'b+'.
 

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  United Industries Company announces 1Q13 results
May , 12 , 2013  
  Kuwait-based United Industries Company’s net profit increased 37% YoY to KWD3.6mn in 1Q13.
 

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  Wall St inches higher, extends rally
May , 09 , 2013  
  U.S. stocks edged higher on Tuesday as the positive tone in markets continued but investors found little reason to push shares decisively higher after the S&P 500 hit another record close, Reuters reported. The S&P has risen for three straight days, extending its rise for the year to more than 13 percent, eclipsing all the gains made in 2012. The gains so far have come on strong corporate results and accommodative policies from the Federal Reserve, two factors that may now be priced into markets. Last week's jobs report was unexpectedly strong, helping to fuel market gains. Equities this year have gone without a sustained pullback as investors use any market decline to add to positions. Many analysts expect markets to trend higher, but some see a near-term pullback, citing a lack of positive catalysts and mixed economic data. "The payroll report indicated that things are better than we were thinking in terms of growth, so until the market finds proof otherwise against the recovery, stocks will continue to move generally higher," said Andres Garcia-Amaya, global market strategist with J.P. Morgan Funds in New York.
 

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  ECB cuts key interest rate
May , 06 , 2013  
  The European Central Bank lowered its key interest rate to a record low in order to provide stimulus to the 17-member zone. The main refinancing rate was reduced by 25 basis points to 0.50%. At the same time, the bank lowered the marginal lending facility rate to 1.0% from 1.5%. The deposit rate was unchanged.
 

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