Mena News

 

  Saudi Real Estate Company posts 4Q12 results
Jan , 17 , 2013  
  Saudi Real Estate Company’s net income declined 6.4% YoY to SAR56.7mn in 4Q12. Net income increased 19.9% YoY to SAR179.5mn in 2012 due to a rise in rental income. Also, the prior period (2011) included losses related to the demolition of an old building.
 

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  Savola Group declares 4Q12 results
Jan , 17 , 2013  
  Savola Group’s net profit declined 17.1% YoY to SAR413.4mn in 4Q12, as the prior period included SAR153mn in capital gains from the sale of two lands. The net income increased 16.7% to SAR1.4bn in 2012. The company approved a dividend of SAR250mn (5% of the nominal value of shares) for 4Q12.
 

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  Samba Financial Group reports 4Q12 results
Jan , 17 , 2013  
  Samba Financial Group’s net profit fell 7.8% YoY to SAR869mn in 4Q12. Net income increased 0.6% YoY to SAR4,330mn in 2012.
 

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  Al Rajhi Bank records 6.9% YoY increase in net income for 2012
Jan , 17 , 2013  
  Al Rajhi Bank’s net profit increased 0.6% YoY to SAR1,899mn in 4Q12. Net profit grew 6.9% YoY to SAR7,885mn in 2012. The bank distributed dividend of SAR3bn for 2H12.
 

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  Samba Financial Group (Samba) – 4Q12 Results Snapshot
Jan , 17 , 2013  
  • Samba Financial Group’s net income decreased 7.8%YoY and 25.0%QoQ to reach SAR869mn in 4Q12. Net profit for 4Q12 was below our estimate by 23.2%. The YoY fall in the net profit is due to lower net special commission income. •Net income for 2012 rose 0.6%YoY to SAR4,330mn, 5.7% lower than our forecast of SAR4,593mn. Samba Financial Group posted EPS of SAR4.81 in 2012, up 0.6%YoY. The increase is ascribed to higher operating income. •Net Special commission income fell 5.4%YoY to SAR1,030mn in 4Q12 and was 9.7% below our estimate of SAR1,140mn. Net Special commission income for 2012 fell 0.8%YoY to SAR4,273mn, 3.3% below our estimate. • Non-Interest income grew 0.9%YoY to SAR428mn in 4Q12 but was 28.7% below our estimate. For 2012, non-interest income grew 7.4%YoY and was 5.2% lower than our estimate. •Loan book (net loans) increased 18.0%YoY to SAR105.0bn in 2012, 3.7% above our estimate of SAR101.2bn. Total investments fell 11.7%YoY to SAR53.0bn compared to our estimate of SAR55.9bn. Total assets increased 3.1% YoY to SAR199.0bn, and 3.6% below our estimate of SAR206.5bn. •Customer deposits increased 8.8%YoY to SAR149.0bn in 2012 and it was above our forecast by 1.4%.
 

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  JPMorgan Profits Rise 53%
Jan , 16 , 2013  
  JPMorgan Chase & Co's (JPM) board of directors cut CEO Jamie Dimon's bonus in half following an investigation into the company's $6.2 billion "London Whale" trading loss, the company said on Wednesday. Dimon's pay was slashed even though JPMorgan, the largest U.S. bank, said fourth-quarter net income jumped 53 percent, and earnings for 2012 set a record. Fourth-quarter results were helped by increased mortgage lending profit and a decline in costs for bad loans. "As chief executive officer, Mr. Dimon bears ultimate responsibility for the failures that led to the losses in the Chief Investment Office," the bank said in the filing. The trading loss, which was suffered primarily in the second quarter of 2012, has been a major embarrassment for the company. Dimon's pay for 2012 was $11.5 million, the company said in a filing with the Securities and Exchange Commission, including a salary of $1.5 million and a bonus of $10 million. In 2011 Dimon was paid $23.1 million, including the same salary and a bonus of $21.5 million. The bank's fourth-quarter net income rose to $5.69 billion, or $1.39 a share, from $3.73 billion, or 90 cents a share, a year earlier. Results for both periods included special items. Revenue from mortgage production, excluding losses on repurchases of past loans, increased 51 percent to $1.6 billion. The provision for credit losses plunged 70 percent to $656 million. "We continued to see favorable credit conditions across our wholesale loan portfolios and strong credit performance in our credit card portfolio," Dimon said in a statement. The trading loss is known for the "London Whale" nickname that hedge funds gave to JPMorgan trader Bruno Iksil for the large positions he established from London for the company's Chief Investment Office. The trade, made with credit derivatives, became too big for the company to exit easily. (Reporting by David Henry in New York and Rick Rothacker in Charlotte, North Carolina; Editing by Jeffrey Benkoe)
 

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  Facebook launches new social search tool
Jan , 16 , 2013  
  "Graph search" to allow Facebook users to search within social connections for information such as photos and places. Facebook has unveiled a new search feature which is likely to increase competition with review websites such as Yelp and Google. 'Graph search' allows users to gain recommendations and reviews by searching their social connections for information on people, interests, photos and places rather than links to sites available across the internet. "Graph search is designed to take precise query and return to you the answer, not links to other places where you might get the answer," said Mark Zuckerberg, the chief executive and founder of Facebook. "What you've seen today is a really different product from anything else that's out there," he added. The tool, which was launched on Tuesday, will gradually be available to all Facebook users and marks the popular social networking website's biggest foray into the online search market. Zuckerberg addressed potential privacy concerns by stressing that users can sort through content that has only been shared with them. Contrary to the his comments on how the new search feature did not encompass internet searches like Google's system, analysts say that it is a long-term possibility. "We think this will enable them to expand beyond display ads and ultimately compete with Google," said Arvind Bhatia, analyst at Sterne Agee. Susan Etlinger, another analyst, said that one of the challenges Facebook has had is how it is not using the "incredible cache of data and information about people and their relationship and their likes" to help their users. The introduction of the search feature is considered one of Facebook's boldest steps since its initial public offering of shares flopped eight months ago. At the start of 2013, Facebook shares climbed to 15 percent, but slid three percent on Tuesday to just about $30.
 

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  Germany's economy rises 0.7% in 2012
Jan , 16 , 2013  
  AP reported today that Germany's economy grew by 0.7% in 2012; down from the year before but outpaces the recession-hit Eurozone as a whole. Government figures showed today that Europe's largest economy slowed from 3.0% as a debt crisis sapped the Eurozone, which includes Germany's major trading partners.
 

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  U.S. stocks driven lower by debt limit worries, Apple
Jan , 16 , 2013  
  U.S. stocks fell today on worries over the debate brewing in Washington over raising the U.S. borrowing limit, while Apple's stock extended its fall on concerns of weaker demand for its products, Reuters reported. Economic data offset some of the negative tone after retail sales rose more than expected in December. But manufacturing activity in New York state contracted for the sixth month in a row in January. "The concern is just the uncertainty and the negotiating going down to the last minute," said John Fox, co-manager of the FAM Value Fund, in Cobleskill, New York. Apple fell for the third day in a row, weighing on the Nasdaq after reports on Monday of cuts to orders for iPhone parts. Apple was down more than 2 % at $491.96. The stock fell below $500 for the first time in almost a year on Monday. The Dow Jones industrial average slipped 29.55 points, or 0.22 %, to 13,477.77. The Standard & Poor's 500 Index fell 4.35 points, or 0.30 %, to 1,466.33. The Nasdaq Composite Index gave up 18.82 points, or 0.60 %, at 3,098.68.
 

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  U.S. PPI drops to 1.3% y/y in Dec.
Jan , 16 , 2013  
  US Producer Price Index declined to 1.3% in December year over year, data showed today on FXStreet website.
 

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