Mena News

 

  Emaar reserves AED 1 mln units in Mira for government staff
Apr , 29 , 2013  
  Emaar Properties said that it has for the first time exclusively reserved units for government employee in its new master development Mira at Reem, reported Emirates 24/7. The developer states that “government employees” can register their interest for Mira at Reem from Tuesday (April 30) from 10 am.
 

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  Arab Bank posts $205.1 mln profit in Q1
Apr , 28 , 2013  
  Arab Bank Group announced in a press statement on Saturday that it generated $205.1million net profit (after taxes and provisions) during the first quarter of 2013 compared to $ 204.4 million in the first quarter of last year, Jordan Times reported. “Net-adjusted operating income [excluding one off mark to market effects] grew by 7 per cent compared to the same period of last year, reflecting the robust performance of the bank despite the challenging environment in the region,” the press release said. Sabih Masri, Arab Bank’s chairman attributed growth in net operating income to an increase in net interest earnings and good control over operating expenses which declined compared to March 31, 2012. According to Masri, the group’s efficiency ratio (operating expenses to operating revenue) improved from 40 per cent last year to 38.9 per cent this year. Nemeh Sabbagh, Arab Bank’s chief executive officer, stressed in the press release that the bank remains committed to prudent credit policies and that loan provisions were 35 per cent lower than those set aside last year. The bank’s provisions coverage for non performing loans stood at a healthy 115 per cent, excluding the value of collaterals held.
 

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  Gold settles lower on US economic data
Apr , 28 , 2013  
  Gold futures declined after the US reported lower-than-expected growth in GDP, impacting demand for the precious metal as a hedge against inflation. Gold futures for June delivery fell 0.6% to close at USD1,453.60 an ounce on the NYMEX.
 

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  Japan’s consumer prices decline the most in two years
Apr , 28 , 2013  
  Consumer prices in Japan recorded its largest fall in two years in March. The core consumer price index contracted 0.5% YoY, marking the fifth consecutive month of a decrease and also surpassed market expectations of a 0.4% YoY decline. However, the inflation rate stills remains above the central bank’s target of 2%.
 

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  China’s capital account surplus rises in 1Q13
Apr , 28 , 2013  
  China's capital and financial account surplus jumped to USD101.8bn in 1Q13 due to a large capital inflow from developed countries. The rise was substantial compared to the surplus of USD20bn recorded in 4Q12. At the same time, the current account surplus stood at USD55.2bn in 1Q13, higher than USD45.1bn registered in 4Q12.
 

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  UK’s services sector output rises more than forecasted
Apr , 28 , 2013  
  Services sector output in the UK rose more than forecasted in February, with the related index climbing 0.8% MoM. The market was expecting the index to increase 0.2% MoM. On an annual basis, the index grew 2.2%. A rise in output was primarily led by contribution from distribution, hotel and restaurants, and business services and finance segments.
 

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  UK’s economy expands in 1Q13
Apr , 28 , 2013  
  UK’s economy expanded at a higher than estimated rate in 1Q13, avoiding a triple-dip recession. GDP rose 0.3% QoQ in 1Q13 as against a decline of 0.3% QoQ in the previous quarter. This surpassed the market estimate of 0.1% QoQ growth.
 

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  US jobless claims drop to a six-week low
Apr , 28 , 2013  
  Jobless claims in the US declined more-than-expected in the week ended April 20, 2013, reaching a new low since the week ended March 9, 2013. Total jobless claims fell 16,000 to 339,000 from the revised figure of 355,000 for the previous week. The market forecasted jobless claims to decline more modestly to 350,000 from the originally reported figure of 352,000 for the previous week.
 

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  US economy expands less than expected
Apr , 28 , 2013  
  GDP increased 2.5% QoQ in 1Q13 vis-à-vis 0.4% QoQ in 4Q12. However, the growth rate was lower than the market forecast of 3.1% QoQ.
 

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  Gold settles higher on weak economic data from the US
Apr , 25 , 2013  
  Gold futures settled higher due to some poor durable goods data from the US and as the dollar weakened against a basket of major currencies. Gold futures for delivery in June rose USD14.90 (1.1%), to close at USD1,423.70 an ounce on the NYMEX.
 

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