Mena News

 

  Saudi Arabian Fertilizers Co. records 10.3% YoY fall in 4Q12 net income
Jan , 13 , 2013  
  Saudi Arabian Fertilizers Co. posted 10.3% YoY decline in net earnings for 4Q12 due to lower urea prices. Operating income dipped 7% YoY to SAR1bn.
 

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  Etihad Etisalat approves 10% rise in capital
Jan , 13 , 2013  
  Saudi Arabia’s Etihad Etisalat (Mobily) approved the Board’s recommendation to increase capital by 10% to SAR7.7bn through the issue of bonus shares.
 

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  Saudi Hollandi Bank reports 35.6% YoY rise in 4Q12 net income
Jan , 13 , 2013  
  Saudi Hollandi Bank’s net earnings grew 35.6% YoY to USD83.6mn (SAR313.4mn) in 4Q12. Income from special commission totaled to SAR345.1mn, an increase of 10.5% YoY, and operating profit rose 9.2% YoY to SAR550mn in 4Q12. Loans and advances expanded 20% YoY to SAR45.3bn.
 

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  France’s services sector contracts at a faster pace in December
Jan , 08 , 2013  
  The services sector contracted at a faster rate in December, with the index falling to 45.2 from 45.8 in November, marking its decline for the fifth consecutive month. This was in contrast to the results of the preliminary report, which indicated a reading of 46.
 

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  Italian inflation remains stable in December
Jan , 08 , 2013  
  Italy’s inflation remained stable with the harmonized index of consumer prices (HICP) at 2.6% YoY in December. However, economists were expecting inflation to ease to 2.4%. On a monthly basis, the HICP increased 0.3% in December, while the market estimated a rise to 0.2%. On the other hand, the consumer price index (CPI) advanced at a slower pace of 2.4% vis-à-vis 2.5% in November.
 

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  Australian services sector contracts in December
Jan , 08 , 2013  
  The services sector in Australia contracted for the 11th consecutive month in December, with the index declining 3.9 points to 43.2. New orders index also decreased 2.6 points to 43.7 during the month.
 

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  Retail sales improve in Germany
Jan , 08 , 2013  
  Retail sales increased 1.2% MoM on a seasonally-and-calendar adjusted basis in November, after witnessing a 1.3% decline the previous month. The improvement surpassed market expectations of a 0.8% growth. On the other hand, retail sales fell 0.9% on an annual basis, after rising 0.2% in October.
 

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  Mortgage approvals rise in the UK
Jan , 08 , 2013  
  Mortgage approvals for house purchases in the UK rose to 54,036 in November from 53,071 in October. The rise was almost in line with market expectations of an increase of 54,000. Total lending declined GBP0.1bn vis-à-vis the six-month average of GBP0.4bn. However, consumer credit grew GBP0.1bn in November, after declining GBP0.3bn the previous month.
 

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  US factory orders remain almost unchanged
Jan , 08 , 2013  
  New orders for manufactured goods in the US remained almost unchanged in November, after rising 0.8% in October. In contrast, the market was expecting orders to increase 0.3%. Orders for durable goods and machinery grew 0.8% and 3.0%, respectively. However, orders for non-durable goods declined 0.6%. At the same time, shipments of manufactured goods climbed 0.4% in November, after rising 0.3% the previous month.
 

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  IFA Hotels and Resorts opened USD330-mn Fairmont the Palm hotel
Jan , 08 , 2013  
  IFA Hotels and Resorts announced the opening of its first hotel in Dubai, Fairmont the Palm. Establishment of the USD330-mn five-star beach front hotel reflects strengthening of Dubai as a tourist destination.
 

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