Mena News

 

  US jobless claims decline to a five-year low
May , 06 , 2013  
  Initial jobless claims in the US declined by 18,000 to 324,000 from the previous week's figure of 342,000 (revised). In contrast, the market estimated claims to rise up to 345,000.
 

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  Ezz Steel reports 53% fall in FY12 earnings
May , 05 , 2013  
  Ezz Steel Co. posted EGP 250.396 million consolidated net profit for FY12, with a drop of 53.3% from EGP 536.25 million a year earlier. Meanwhile, standalone financial results mirrored EGP 238.515 million net profit, compared with EGP 114.179 million in FY11.
 

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  Arabtec wins AED 243 mln contract from Emaar
May , 05 , 2013  
  Arabtec Construction LLC, a leading MENA construction company, has been awarded the contract for the construction and completion of 253 residential villas at the “Casa” project in the Arabian Ranches 2 development in Dubai. The AED 243 million project encompasses three and four-bedroom Moroccan-style luxury villas, and is expected to take up to 16 months to complete. Construction is scheduled to begin in Q2 2013. The Casa project will occupy an overall plot area of 132,000 m2, providing a total built area of 77,000 m2. Hasan Abdullah Ismaik, Managing Director and CEO of Arabtec, commented: “We are pleased to extend our successful relationship with Emaar Properties, which demonstrates the long-term partnership of two of the leading listed UAE companies at the heart of the nation’s real estate sector. This is an important contract for Arabtec because it is further evidence of the strong relationships we have with the region’s top real estate developers. We are very proud that over 60% of the contracts we win come from our existing clients, which endorses the high quality of Arabtec’s delivery.”
 

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  Facebook Q1 Earnings Beats With $1.46B In Revenue, Up 38%, But Misses With Flat EPS Of $0.12 Non-GAAP
May , 04 , 2013  
  Facebook has just posted its earnings for the quarter that ended March 31, 2013. Facebook hit $1.46 billion in revenue up 38% from Q1 2012, beating Wall Street estimates of sales of $1.44 billion. Facebook reported earnings of $1.06 billion for the same quarter a year ago. Earnings per shared missed estimates, staying flat at $0.12 (analysts had expected earnings per share of $0.13. Net income was up 7% to $219 million, versus $205 million a year ago (GAAP figures). While revenue only grew slightly, the amount of its 1.11 billion monthly users that returned daily, 665 million, was slightly better than last quarter. The percentage of Facebook’s total ad revenue that came from mobile surged to 30%, up from 23% last quarter Last quarter, Facebook posted earnings of $1.59 billion, a rise of 40% year-over-year. Last quarter the company had 1.1 billion monthly users, 618 million daily users, and 680 mobile monthly million, up 57% year-over-year. User numbers. As noted in the WSJ, one area where Facebook will be scrutinized will be in its proportion of daily to monthly active users. In Q4 the figure was 58.5% globally. Mark Mahaney of RBC Capital Markets told the newspaper that he expects that to go up to 59% but “anything less than 58% would be a negative for Facebook.” Elsewhere, there have been some reports of user attrition. However, Facebook hit a 60% daily to monthly users, showing slightly better engagement. The fact that Facebook saw a higher DAU/MAU ratio means that Facebook was more engaging this quarter than last, a strong sign rebuking critics who claim people are using the site less. However, Facebook’s user growth is currently coming predominantly from developing markets that don’t earn it nearly as much money as users in first-world markets like the United States. Advertising and payments. Last quarter Facebook’s ad revenue was $1.33 billion, up 41% on the year before, and payments revenue came in at $256 million. Facebook’s payments revenue in Q1 was $213 million, it’s biggest payment three-month quarter yet. [Correction: We original said payments revenue fell, but that's because Q4 2013 was a four-month quarter, irregularly boosting its revenue on the books.] 213M for 1Q13 payments. This was biggest payment quarter – there were four months included in 4Q revenue. We talked about it on call but should have reminded people. Mobile. Last quarter mobile revenues revenues grew to make up 23 percent of the company’s total sales. Mobile revenues effectively equals mobile advertising, since gifts, also sold on mobile, are negligible. Next quarter, however, Facebook will start making another revenue stream in mobile by way of Parse, the mobile development platform. Parse has around 60,000 developers, and offers a freemium model based on usage, with the cheapest paid version priced at around $199 per month. This was still a relatively small business when it was acquired last month for a price believed to be around $85 million so it’s not likely to grow and become a significant revenue source for another couple of years. Another specific area proving to be a significant driver within Facebook’s mobile ads business are app install ads, where app publishers pay a fee for an add to appear in a person’s mobile news feed. Facebook Home; Graph Search. This past quarter saw the launch of two major initiatives for the company, Facebook Home on mobile and Graph Search, the “third pillar” after News Feed and Timeline, according to CEO Mark Zuckerberg. Facebook Home saw a little surge of interest with 500,000 downloads in its first five days across a limited amount of devices that currently support it.
 

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  US house prices increase more than expected
May , 01 , 2013  
  House prices in major US cities rose more-than-estimated, with the S&P/Case-Shiller 20-City Composite Home Price Index expanding 9.3% YoY in February. The market forecasted prices to increase 9.0% YoY.
 

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  UAE's Aldar Properties Q1 net profit slumps 67.7 percent
May , 01 , 2013  
  Aldar made a quarterly profit of AED154.3mn (USD42mn) compared to AED478.2mn in the corresponding period of 2012.
 

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  Emaar Properties announces 1Q13 results
May , 01 , 2013  
  Dubai-based Emaar Properties’ net profit slipped 8% YoY to AED556mn in 1Q13. However, the company’s revenues grew 16% YoY to AED2.1bn during the same period, driven by upbeat performance in the retail and hospitality businesses.
 

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  Strong recovery in US pending home sales
Apr , 30 , 2013  
  Pending home sales in the US rose more-than-expected in March, with the related index inching up 1.5% MoM to 105.7 after declining 1.0% MoM in February. The market was expecting home sales to rise 1.0% MoM.
 

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  Eurozone’s economic confidence falls to a four-month low
Apr , 30 , 2013  
  Eurozone economic confidence deteriorated in April, with the related index falling to a four-month low of 88.6 from 90.1 (revised) in the previous month. The market expected a reading of 89.4.
 

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  Greece’s producer prices decline
Apr , 30 , 2013  
  Producer prices in Greece declined in March, with the respective index falling 1.5% YoY, reversing the 0.8% YoY rise recorded in February.
 

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