Mena News

 

  Chinaís holiday retail sales grow at a slower pace
Feb , 19 , 2013  
  China's retail sales rose 14.7% during the Lunar New Year festival, aided by sales of jewelry. However, overall sales growth came in lower than 16.2% during the same period last year. Total retail sales came in at CNY539bn during the week ended February 15. Sales of jewelry surged 38.1% and food 9.8%.
 

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  S&P affirms Japanís credit ratings
Feb , 19 , 2013  
  Standard & Poor's (S&P) affirmed Japanís credit ratings due to the countryís strong external position and recovery in financial system. S&P affirmed the long and short term credit ratings at AA- and A-1+, respectively. However, the outlook on the long term rating remains negative.
 

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  Spainís bad loan ratio declines in December
Feb , 19 , 2013  
  The bad loan ratio of Spanish banks declined in December, for the first time in over two years, with lenders transferring their debt to the so-called 'bad bank'. The level of non-performing loans of banks fell to 10.4% from 11.4% in November. Bad loans totaled EUR167.4bn in December vis-ŗ-vis EUR191.59bn the previous month. The bad bank, Sareb, received EUR37bn in debt from four nationalized lenders in December.
 

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  UK households continue to face credit crunch
Feb , 19 , 2013  
  Finances of British households remained constrained in February with declining cash availability and limited wage growth. The seasonally adjusted household finance index came in unchanged at 37.7, staying below the critical 50 mark that separates growth from contraction. The crunch in finances reflects further deterioration in cash availability, which is estimated to have decreased at the fastest pace in eight months.
 

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  Eurozoneís current account surplus declines
Feb , 19 , 2013  
  The Eurozoneís current account surplus fell to a seasonally adjusted EUR13.9bn in December from EUR15.9bn in November, mainly due to widening shortfall in current transfers. The deficit in current transfers rose to EUR8.4bn in December from EUR7.5 billion the previous month. Meanwhile, the surplus in income decreased to EUR0.6bn from EUR 3.1 billion. On the other hand, the surplus in goods account and services climbed to EUR13.7bn and EUR7.9bn, respectively.
 

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  Booz Allen Hamilton to offer services in Saudi Arabia
Feb , 19 , 2013  
  Booz Allen Hamilton has been registered by the Saudi Ministry of Commerce and Industry to seek business opportunities in the Kingdom. The company would offer services to government and commercial customers in the areas of information technology, transportation, cyber security and other infrastructure.
 

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  Abu Dhabi Investment Authority to buy 42 Marriott hotels
Feb , 19 , 2013  
  Abu Dhabi Investment Authority announced plans to buy 42 Marriott hotels from Royal Bank of Scotland for about USD1bn (AED3.7bn).
 

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  Arabtec Holding wins USD272.3mn contract
Feb , 19 , 2013  
  Arabtec Holding bagged a USD272.3mn deal from National Investment Corporation to develop Fairmont Hotel in Abu Dhabi.
 

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  Mobile Telecommunications Company Saudi Arabia reports 2012 results
Feb , 19 , 2013  
  Mobile Telecommunications Company Saudi Arabia reported a 9% YoY drop in net loss to SAR1,749mn in 2012. Losses from operations increased 15% YoY to SAR932mn during the same period.
 

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  Kuwait Finance House announces 2012 results
Feb , 19 , 2013  
  Kuwait Finance House posted a 9% YoY increase in net profit (attributed to equity holders) to KWD87.7mn in 2012. The Board of Directors recommended a 10% cash dividend and 10% bonus share issue.
 

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