Mena News

 

  Etihad Etisalat awards contracts worth USD256mn
Jan , 14 , 2013  
  Saudi Arabia-based Etihad Etisalat (Mobily) awarded deals worth USD256mn to Ericsson and Huawei to expand its high-speed networks.
 

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  Saudi Kayan Petrochemical Co. posts 4Q12 results
Jan , 14 , 2013  
  Saudi Kayan Petrochemical Co. reported a net loss of SAR194.4mn in 4Q12 compared to SAR190.8mn in 4Q11 and SAR178.4mn in 3Q12. Net loss for 2012 widened to SAR772.3mn from SAR250.3mn in 2011.
 

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  Japan announces stimulus package of JPY10.3tn
Jan , 13 , 2013  
  Japan announced a new stimulus package worth JPY10.3tn to revive the economy. The package is expected to aid spending on public works, disaster prevention and financial help for small companies, thus adding close to 2% to the country’s GDP and creating 600,000 new jobs.
 

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  Crude falls on wider-than-expected US trade deficit data
Jan , 13 , 2013  
  Crude oil futures declined Friday on wider-than-expected US trade deficit data, triggering fears of lower demand for the commodity. Light sweet crude futures for delivery in February declined 0.49% to close at USD93.36 a barrel on the NYMEX.
 

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  Gold falls as investors engage in profit-booking
Jan , 13 , 2013  
  Gold prices fell as investors rushed to book profits after China announced higher-than-expected inflation data. Gold futures for delivery in February fell 1.10% to close at USD1,659.55 a troy ounce on the Comex.
 

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  US import prices decline in December
Jan , 13 , 2013  
  US import prices declined for the second successive month in December (down 0.1%) following a 0.8% decrease in November. On the other hand, the market was expecting import prices to move up 0.1% after the 0.9% drop reported in November. This is due to the 0.1% fall in fuel import prices. Non-fuel import prices also dipped 0.1% after sliding 0.2% in November.
 

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  US trade deficit widens unexpectedly
Jan , 13 , 2013  
  US trade deficit widened to USD48.7bn in November, from a revised USD42.1bn in October. In contrast, economists expected the deficit to narrow down to USD41.1bn from the previously reported USD42.2bn in October. Unexpected widening of the trade deficit is mainly ascribed to the 3.8% rise in value of imports.
 

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  Drydocks World sells 7.4% stake in Oslo-listed Polarcus
Jan , 13 , 2013  
  Drydocks World divested its 7.4% stake in Polarcus for USD40mn, through the sale of 37.5mn shares at USD1.1 per share.
 

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  Saudi Arabia’s non-oil exports decrease 5.6% YoY in November
Jan , 13 , 2013  
  Saudi Arabia’s non-oil exports fell 5.6% YoY to USD3.6bn (SAR13.6bn) in November. Petrochemicals contributed 38.8% to non-oil exports, followed by Plastics (35.8%) and Food (4.6%). US, China and Germany were the three major importers.
 

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  Dubai Group reaches debt settlement agreement
Jan , 13 , 2013  
  Dubai Group reached an agreement with four of the 18 lenders that participated in the USD1.5bn Shariah-compliant credit facility in 2008. As part of the settlement, the Group is expected to repay 18.5 cents per dollar to its lenders, Royal Bank of Scotland Group Plc, Standard Bank Group Ltd., Commerzbank AG and Commercial International Bank Egypt SAE.
 

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