Mena News

 

  Abu Dhabi’s inflation at 1.2% in January
Feb , 13 , 2013  
  Abu Dhabi’s consumer price index rose 1.2% YoY to 123.5 points in January led by higher food prices. Restaurants and hotels group advanced 14.6% YoY, while clothing and footwear group increased 3.5% YoY during the same period.
 

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  Emirates Gas forms partnership with Dubai Municipality
Feb , 13 , 2013  
  Emirates Gas, a subsidiary of Emirates National Oil Company, signed a memorandum of understanding with Dubai Municipality for the treatment of land and sewage waste to produce compressed natural gas.
 

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  Rak Properties posts 2012 results
Feb , 13 , 2013  
  RAK Properties’ net profit increased 35.6% YoY to AED147mn in 2012 driven by rising demand for key projects. Sales rose 12.5% YoY to AED596.3mn during the same period.
 

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  United Industries Company announces 2012 results
Feb , 13 , 2013  
  United Industries Company’s net profit increased 176% YoY to KWD3.3mn in 2012. Total assets stood at KWD168.3mn at the end of 2012.
 

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  How 'iWatch' could help Apple fly through $500
Feb , 12 , 2013  
  iWatch may help Apple fly through $500. Apple stock faces stiff resistance in the zone of $497 to $514. The reason is that Apple is still over-owned as well as overweight in many portfolios. It is difficult to say what retail investors will do when Apple stock approaches $500, but professionals who are overweight Apple stock are likely to lighten up. Such lightening up will create resistance. Please click here for the updated chart. At the time of entry, it made sense to set the resistance zone as the target zone, as the probability of the stock flying through resistance was minimal. However, rumors of an iWatch may result in changing the target zone. iWatch rumors have been around for a long time. But only recently did these rumors start gaining credibility, as both The Wall Street Journal and The New York Times have reported that Apple is working on a watch-like device. If the rumors gain hold and the resulting excitement lift sentiment on Apple, the probability of the stock flying through resistance will increase. We will be carefully watching the sentiment. If the sentiment significantly moves in the positive direction, the plan is to change the target to the second resistance zone. It is too early to say if these rumors will take hold. On the one hand, Apple fans are eager for rumors of new-product categories from Apple. On the other, Apple fans have been repeatedly disappointed by the rumors of iTV. When our short-term trade was initiated, the sentiment on Apple was extremely negative as shown on the chart. Please click here for chart of Apple sentiment. At extremes, sentiment is a contrary indicator. Apple stock has moved up about $40 from the low in sentiment. As the stock has moved up, the sentiment has improved, but not enough to power the stock through the resistance zone at $497-$514. The target zone for the short-term trade is not cast in concrete, but is subject to frequent changes based on the same framework that we have consistently used for all of our short-term trades. Two of the most important factors are the results from the analysis of the tick trading data to see what the Smart Money is doing and the direction as well as intensity of the money flows.
 

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  House transactions rise in Spain
Feb , 12 , 2013  
  House transactions in Spain rose 2.3% YoY in December. However, the volume of property transfers declined 0.2% YoY and 14.4% MoM during the month.
 

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  Greece posts budget surplus in January
Feb , 12 , 2013  
  Greece posted a budget surplus of EUR159mn in January 2013 in contrast with a shortfall of EUR490mn a year earlier. The surplus is ascribed to a 19% cut in government spending that offset a nearly 11% fall in revenues.
 

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  House prices fall in the UK
Feb , 12 , 2013  
  According to the latest report by the Royal Institution of Chartered Surveyors, the average price for a house in the UK declined 4.0% YoY in January vis-à-vis market expectations of a 1.0% YoY rise. However, the volume of sales increased 12% YoY during the month.
 

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  Japan extends USD3.0bn loan to Abu Dhabi
Feb , 12 , 2013  
  Japan Bank for International Cooperation extended a USD3.0bn loan to Abu Dhabi National Oil Company to finance and support various oil deals in the region. In return, Abu Dhabi would ensure supply of oil to Japan.
 

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  UAE attracts FDI of USD8.2bn
Feb , 12 , 2013  
  In 2012, foreign investment in the UAE stood at USD8.2bn amid huge inflow from Egypt, Tunisia, Syria, Yemen and other Arab nations. The investments were boosted by political tensions in neighboring countries, which prompted investors to seek safe havens.
 

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