Mena News

 

  UK manufacturing orders fall more than anticipated
Jan , 23 , 2013  
  Manufacturing orders of UK firms declined at a quicker rate in January, with the index of factory orders contracting to -20% from -12% in December. This was much lower than the market estimates of -11%. In the three months ended January, manufacturing orders stood at -4%, again falling short of the expectations of 8%.
 

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  Existing homes sales decline in the US
Jan , 23 , 2013  
  Existing home sales in the US dropped surprisingly though total sales for 2012 reached a five-year high. Existing home sales fell 1.0% to a seasonally adjusted annual rate of 4.94mn in December from a revised 4.99mn the previous month.
 

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  Du plans to shift jobs to contain costs
Jan , 23 , 2013  
  UAE-based Du plans to restructure operations and outsource jobs to enhance the bottom line. The company could witness higher cost pressures from an increase in royalty fees. Du has also formed an alliance with Alcatel-Lucent to improve the IP-routing technology.
 

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  Moody’s reviews Aldar Properties for a possible upgrade
Jan , 23 , 2013  
  Moody’s placed the credit ratings of Aldar Properties under review for a possible upgrade as it expects the company’s merger with Sorouh Real Estate (Sorouh) to have a positive impact on its financial profile. The combined entity will likely have a strong market position and witness cost savings. Aldar would also benefit from Sorouh’s low leverage.
 

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  Dubai launches USD1.25bn bond issuance
Jan , 23 , 2013  
  Dubai launched the sale of 10-year sukuks (USD750mn) at a coupon rate of 3.875% and 30-year conventional bonds (USD500mn) at a coupon rate of 5.375%.
 

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  Kuwait’s inflation rises in December
Jan , 23 , 2013  
  Kuwait’s inflation increased 2.9% YoY and 0.7% MoM in December 2012. The YoY growth was ascribed to the 5.6% increase in food prices.
 

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  Three new iPhones may be coming
Jan , 22 , 2013  
  ‘iPhone Math’ may be one of three new Apple smartphones coming... The latest came out of Asia on Sunday night. If the string of reports is correct, Apple is going to announce three new smartphones this year. The first two are apparently new iPhone models –a 4-inch iPhone 5S device and a 4.8-inch curiously named iPhone Math.
 

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  Natural gas rises on extended cold weather forecasts
Jan , 22 , 2013  
  Natural gas futures gained Monday as weather forecasts indicated a longer cold spell across the central and eastern portions of the US. Natural gas futures for delivery in February gained 1.77% to close at USD3.629 per mbtu, after reaching a session’s low of USD3.571 and a session’s high of USD3.644.
 

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  Crude falls on speculation of a rise in supplies
Jan , 22 , 2013  
  Crude oil futures edged lower in US trading Monday on speculations of a rise in oil supplies. Light sweet crude futures for delivery in March fell 0.19% to end at USD95.86 a barrel on the NYMEX, after reaching a session’s high of USD95.97 and a session’s low of USD95.53.
 

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  Eurogroup appoints new chief
Jan , 22 , 2013  
  Eurozone finance ministers elected Jeroen Dijsselbloem from The Netherlands as the new President of the Eurogroup; he would be succeeding the Luxembourg Prime Minister Jean-Claude Juncker who held the position since 2005.
 

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