Mena News

 

  Aramex posts 1Q13 results
Apr , 25 , 2013  
  Aramex’s net profit increased 14% YoY to AED69.4mn in 1Q13. Revenues advanced 9% YoY to AED810mn during the same period.
 

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  Gold continues to rise on value buying
Apr , 23 , 2013  
  Gold futures continued to rise as investors engaged into value buying after the precious metal witnessed a huge decline in the previous week. Meanwhile, a weakening dollar and poor home sales data from the US added to gains. Gold futures for delivery in June rose USD25.6, or 1.8%, to close at USD1,421.20 an ounce on the NYMEX.
 

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  US existing home sales decline unexpectedly
Apr , 23 , 2013  
  Existing home sales in the US declined unexpectedly in March, primarily due to inventory shortage. The sales decreased 0.6% to an annual rate of 4.9mn, after rising 0.2% to 4.9mn (revised) in February. The market had expected existing home sales to increase to 5.0mn from the previously reported figure of 5.0mn in February.
 

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  Emaar.EC reports 30% profit decline for Q1
Apr , 23 , 2013  
  Emaar the Economic City (Emaar.EC) posted SAR 31.61 million net profit for Q1-13, falling 30% y/y from SAR 45.17 million but soaring 368% q/q from SAR 6.76 million. The EPS reached SAR 0.04, compared with SAR 0.05 a year earlier.
 

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  Al-Quds Index ends 0.3% Lower
Apr , 22 , 2013  
  The 'Al-Quds Index' closed at (459.74) points, at (-1.30) points (-0.28%) Decrease compared to the last trading session. A Total of 444,866 shares was traded with a value of (682,192) USD, executed during (228) transactions.
 

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  Saudi Basic Industries Corporation posts 1Q13 results
Apr , 21 , 2013  
  Saudi Basic Industries Corporation’s net income declined 10% YoY to SAR6.6bn in 1Q13. Gross profit fell 2% YoY to SAR14bn during the same period. Separately, the company plans to reduce nearly 1,050 jobs in Europe due to a weak business outlook.
 

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  Moody’s confirms Germany “AAA” rating with negative outlook
Apr , 21 , 2013  
  In its annual credit report on Germany, Moody's Investors Service says that the Aaa sovereign rating, negative outlook, is underpinned by the country's advanced, diversified and highly competitive economy and its track record of stability-oriented macroeconomic policies. Moreover, Germany enjoys high levels of investor confidence, which is reflected in very low debt funding costs. The rating agency's report is an annual update to the markets and does not constitute a rating action. Moody's determines a country's sovereign rating by assessing it on the basis of four key factors -- economic strength, institutional strength, government financial strength and susceptibility to event risk -- as well as the interplay between them. Moody's says that high productivity growth, wage moderation and strong global demand for German products have allowed the country to establish a broad economic base, the resiliency of which is supported by its current account surplus. The rating agency also notes that Germany has made significant progress in terms of fiscal consolidation, with it recording its first budget surplus since 2007 in 2012. Moreover, Moody's expects it to record balanced budgets that compare it favourably to its Aaa and Aa-rated peers going forward.
 

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  Press digest – fears over Apple revenue top world headlines
Apr , 18 , 2013  
  Apple Q1 results due to be published next Tuesday has put a fresh pressure on its shares, which slumped 4% in yesterday session, most foreign newspaper posted on Thursday. Wall Street Journal has posted “Discouraging revenue forecast from an iPhone supplier, chip maker Cirrus Logic Inc, put fresh pressure on Apple Inc shares, which have now slumped 24 percent this year”. Wall Street has also shed the light on China plans to widen the yuan's trading band in the near future, a central-bank official said, suggesting leaders will press ahead with change despite the surprise slowing of the economy. Financial Times has spoken about Germany's Deutsche Bank AG’s plans to capp the 2013 salaries of Co-chief Executives Anshu Jain and Jurgen Fitschen, as it tries to fend off criticism of excessive corporate paychecks. It has laso posted that Commerzbank is in talks with private equity firm Lone Star and U.S. bank Wells Fargo about the 4-billion-pound ($6.09 billion) sale of Eurohypo, its UK property bank.
 

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  Japan’s consumer confidence continues to improve
Apr , 18 , 2013  
  Consumer sentiment in Japan continued to improve for the third consecutive month in March, with the related index rising to 44.8 from 44.2 in February (on a seasonally adjusted basis).
 

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  Gold falls as dollar strengthens
Apr , 18 , 2013  
  Gold futures settled lower with the dollar gaining strength against a basket of major currencies. Gold futures for delivery in June dropped 0.3% to close at USD1,382.70 an ounce on the NYMEX.
 

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