Mena News

 

  Greece’s economy contracts less than expected
Mar , 12 , 2013  
  Greece’s economy contracted less than previously estimated in 4Q 2012. Gross domestic product (GDP) fell 5.7% YoY in 4Q 2012 compared to the 6.0% contraction predicted. Total final consumption expenditure declined 9% YoY, whereas gross fixed capital formation fell 10.3%.
 

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  Italy’s economic contraction confirmed for fourth quarter
Mar , 12 , 2013  
  Italy’s economy contracted further in 4Q 2012, in line with preliminary estimates. The GDP declined a seasonally and calendar-adjusted 0.9% QoQ in 4Q 2012, after falling 0.2% QoQ in 3Q 2012. Final consumption expenditure decreased 0.5% QoQ, while gross fixed capital formation dropped 1.2% QoQ.
 

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  France’s industrial production declines
Mar , 12 , 2013  
  France's industrial production fell more than expected in January, as per the amended figures. Production fell 3.5% YoY in January compared to the market’s expectations of a 2.8% YoY decline. Manufacturing output dropped 4.5% YoY, faster than the 3.1% YoY fall in the previous month.
 

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  Germany’s exports growth beats market expectations
Mar , 12 , 2013  
  Germany's exports grew at the fastest pace since August 2012, and imports recovered strongly in January. Overall, exports grew 1.4% in January after rising 0.2% in December, beating market expectations of 0.5% growth. At the same time, imports advanced 3.3% in January, coming ahead of the estimated 0.7% growth.
 

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  Fitch cuts Italy's credit rating to BBB+
Mar , 11 , 2013  
  itch rating agency on Friday cut Italy's credit rating from A- to BBB+, with a negative outlook due to the "inconclusive result" of last month's national election. According to Fitch, the Italian recession was one of the deepest in Europe. It forecast that the country's gross domestic product (GDP) in 2013 will contract 1.8 percent, while the debt-to-GDP ratio will rise to 130 percent. "The increased political uncertainty and non-conducive backdrop for further structural reform measures constitute a further adverse shock to the real economy amidst the deep recession," it said. Pier Luigi Bersani's favorite center-left coalition, despite coming first in the vote, failed to win a solid majority in the Senate after comedian-turned-politician Beppe Grillo's anti-establishment Five Star Movement benefited from a major protest vote. The European Central Bank (ECB) President Mario Draghi on Thursday downplayed the effect of the inconclusive election, saying that many of the structural reforms started by Mario Monti's caretaker government were set on "auto pilot."
 

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  BLME announces FY12 financials
Mar , 11 , 2013  
  BLME,the largest Islamic bank in Europe,today announced its full year 2012 financial results to 31 December 2012.BLME reports an Operating Profit before Tax for the Group of £5,515,000. The key factor behind this achievement was a 67% increase in Operating Profit before Impairment Charges. “2012 was an important year for the bank. The return to profitability in 2012 is testament to the increasing diversity and quality of earnings with good contributions from the newly established Asset Based Lending, Acquisition Finance and Commodity Trade Finance units. These new units join BLME’s core corporate banking businesses, Leasing and Property Finance, which bothalso delivered strong increases in earnings. BLME now provides a full suite ofproducts and has established itself as a leading UK mid-market banking services provider. Our ability to create competitive and innovative products is clearly demonstrated by our funds. The US$ Income Fund was ranked as the 6th best performing fund in 2012 out of a peer group of 758 funds by Lipper Hindsight, the Reuters fund ranking service. The Global Sukuk Fund was rated as the top performing Sukuk Fund in 2012 by Zawya, the industry benchmarking specialist. The imminent opening of the Dubai representative office as well as further new product launches, will allow the Bank to expand its reach and distribution. Based on the strong business and operating platform developed over the last five years, BLME is now well placed to undertake the next phase of its development and to increase profitability.”
 

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  Fed may buy $1.02 trln of assets
Mar , 11 , 2013  
  The Wall Street expects the Federal Reserve to continue its program of debt purchases through 2013 in an effort to prop up the economy despite evidence of an improved job market, The Economic Times reported citing a Reuters poll. All of 16 primary dealers -- the large financial institutions that deal directly with the Fed -- said they expect the central bank to continue buying debt until at least late this year, and 10 of the 16 expect the buying to continue into 2014. The poll was conducted on Friday after government data showed U.S. employers added more workers to their payrolls than had been expected in February and the jobless rate fell to a four-year low of 7.7 percent.
 

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  Eurozone recession deepens
Mar , 07 , 2013  
  The 17-nation eurozone sank further into recession in the last three months of 2012 as the debt crisis continued to exact a heavy price, official data showed Wednesday. The eurozone economy shrank 0.6 percent in the fourth quarter of 2012 compared with the third quarter when it contracted 0.1 percent, the Eurostat data agency said, confirming initial estimates given in February. For the full 27-member European Union, the economy was 0.5 percent smaller in the fourth quarter after a marginal gain of 0.1 percent in the third, Eurostat said. A recession is counted as two consecutive quarterly economic contractions. Compared with fourth quarter 2011, the eurozone economy was down 0.9 percent and the EU 27 off 0.6 percent. Among the major economies, European powerhouse Germany shrank 0.6 percent in the fourth quarter after a gain of 0.2 percent in the third and France slipped 0.3 percent after growth of 0.1 percent. Non-euro Britain lost 0.3 percent after sharp growth of 1.0 percent in the third quarter, boosted by the London Olympics. Among the fourth quarter best performers were Estonia, which grew 0.9 percent and Lithuania, up 0.7 percent, while bailed-out Portugal was the weakest, with its economy shrinking 1.8 percent. Eurostat said that for 2012 as a whole, the eurozone economy contracted 0.6 percent and the EU 0.3 percent.Data so far for 2013 suggests the European economy is stabilising after a very bad 2012 but the outlook remains weak and uncertain.
 

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  China’s fiscal revenue rises 7.2% during January–February
Mar , 07 , 2013  
  China's national fiscal revenue increased 7.2% YoY during January and February, slower than the 13.1% YoY growth recorded in the same period of 2012.
 

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  UK house prices bounce back in February
Mar , 07 , 2013  
  House prices in the UK grew in February, after declining in the previous month, in line with a general improvement in property market conditions. The Halifax house price index moved up 0.5% MoM to GBP163,600 in February, reversing the 0.3% MoM decline in the previous month. The market estimated a more modest increase of 0.2%.
 

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