Mena News

 

  Italy approves debt payment of EUR40bn
Apr , 08 , 2013  
  Italy’s Prime Minister recently approved payment of EUR40bn the government owed to private companies. Total debt amounted to over EUR100bn in 2012, including arrears.
 

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  Germany’s factory orders rebound in February
Apr , 08 , 2013  
  Germany’s factory orders grew more than estimated in February due to strong domestic and foreign demand. Factory orders increased 2.3% MoM in February, reversing the 1.6% MoM drop witnessed in January and beating the market estimates of a 1.1% MoM rise.
 

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  UK’s house prices rise for the second month
Apr , 08 , 2013  
  House prices in the UK rose for the second straight month in March, with the house price index going up 0.2% MoM, after rising 0.5% MoM in February. However, the increase was lower than the market expectations of a 0.3% MoM growth.
 

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  S&P affirms UK’s rating
Apr , 08 , 2013  
  Standard & Poor's (S&P) affirmed its AAA ratings for the UK as a result of the government’s commitment to implement fiscal programs. However, S&P warned of a one-third chance of downgrading its ratings in future. At the same time, S&P maintained its negative outlook on ratings.
 

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  Retail sales fall in the Eurozone
Apr , 08 , 2013  
  Retail sales in the Eurozone dropped marginally in February, as consumers became more cautious. Retail sales volume decreased 0.3% MoM (seasonally adjusted), after rising 0.9% MoM in January. The market had forecasted sales to decrease 0.4% MoM.
 

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  Job growth in the US slows down
Apr , 08 , 2013  
  Job growth in the US slowed notably in March due to a decline in the retail sector and government job cuts. Non-farm payrolls increased by 88,000 in March, while the market was hoping for a rise of almost 190,000. Meanwhile, the unemployment rate came in at 7.6% in March compared to 7.7% in February.
 

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  Abu Dhabi Islamic Bank repays AED2.2bn
Apr , 08 , 2013  
  Abu Dhabi Islamic Bank announced that it had repaid AED2.2bn to UAE’s Ministry of Finance.
 

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  Ethihad Airways posts 1Q13 results
Apr , 08 , 2013  
  Abu Dhabi-based Ethihad Airways’ passenger revenues increased 19% YoY to USD900mn, whereas cargo revenues rose 17% YoY to USD193mn during 1Q13.
 

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  Qatar National Bank announces 1Q13 results
Apr , 08 , 2013  
  Qatar National Bank’s net profit increased 6.7% YoY to QAR2.1bn in 1Q13. Total assets advanced 22.2% YoY to QAR380bn during the same period.
 

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  Audi Middle East sales grow 23.8% in Q1
Apr , 08 , 2013  
  Audi momentum continues in the Middle East with a 23.8% sales increase in the first quarter of 2013 compared to the same period in 2012. In total 2,615 Audi vehicles were delivered to customers in the first three months of the year (2012: 2,112). With 55% of total sales, the United Arab Emirates are the largest market for Audi in the Middle East in terms of volume. Sales in the Emirates grew by 37.6% to 1,159 vehicles sold in the first quarter. Audi's local partners in the UAE, Al Nabooda Automobiles and Ali & Sons, are investing heavily in sales and aftersales infrastructure in order to accommodate the growing demand. Sales remained stable in Saudi Arabia, Audi's second biggest market in the region, with 467 vehicles sold in the first three months of 2013 (2012: 482). Kuwait ranked third with sales of 319 vehicles and an increase of 12.9%. Double digit growth was registered also in Lebanon, Bahrain, Oman, Jordan and Iraq. "Our sales results are the bottom line of products we deliver and the service we provide," said Trevor Hill, Managing Director of Audi Middle East. "By focusing on capacity and quality across the region we are strengthening the backbone for this growth and the future success of Audi in the region: satisfied customers." The Audi Q7 SUV remains Audi's top selling model with 572 vehicles sold in the first quarter and an increase of 72.3%, showing the enormous popularity of the Q7 even in its seventh model year. The new Audi Q7 is expected to arrive in the Middle East in mid-2015. The Q7 is followed closely by Audi's flagship, the A8 L, with 448 units delivered (2012: 467), the Q5 SUV with 414 units and a growth of 39.4% (2012: 297) and ranking fourth, the Audi A6 with 389 units (2012: 480). Audi is projecting continued positive development in the region for 2013 and aims for double digit growth, fuelled by the launches of several Audi lighthouse products including the Audi RS 4 Avant and the Audi R8 Product Improvement.
 

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