Mena News

 

  United International Transport Company buys stake in Indian firm
Jan , 08 , 2013  
  Saudi Arabia-listed United International Transport Company acquired 32.5% stake in TranzLease Holdings Pvt. Ltd, an India-based car leasing company. The acquisition is in line with the formerís strategy to expand in South Asia.
 

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  Saudi banking sectorís earnings estimated to rise 15% in 2013
Jan , 08 , 2013  
  According to the estimates of Saudi bankers and economists, earnings of 11 listed commercial banks in the Kingdom is forecasted to grow 15% YoY in 2013, higher than the 2012 estimate of 11%, driven by robust economic performance, higher government spending and revival in domestic credit. However, the banking sectorís earnings may dip 5% in 4Q12 due to higher provisions for loan losses.
 

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  Gold slips to a five-month low
Jan , 06 , 2013  
  Gold settled steeply lower on concerns over deflation and the possible impact of the end of the Fed Reserveís stimulus program in 2013. Gold futures for delivery in February declined USD25.70, or 1.5%, to end at USD1,648.90 an ounce on the Comex.
 

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  Japanís service sector grows at a faster pace in December
Jan , 06 , 2013  
  Economic activity in the Japanese service sector expanded at a faster rate in December, as indicated by the Activity Index, which reached 51.5 from 51.4 in November. The index has maintained consistent growth since March 2012. Also, confidence in the service sector reached a new five-year high during the same period.
 

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  Chinaís service sector expands at a slower rate
Jan , 06 , 2013  
  China's service sector continued to strengthen in December, albeit at a slower rate compared to the previous month. The headline HSBC business activity index dropped to 51.7 in December from 52.1 in November. The composite output index moved up to 51.8 from 51.6 in November.
 

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  UKís service sector contracts in December
Jan , 06 , 2013  
  Business activity in the UK service sector deteriorated for the first time in two years in December. The seasonally adjusted purchasing managers' index for the service sector fell to 48.9 in December from 50.2 in November. This is mainly ascribed to a decrease in new businesses for the second consecutive month. At the same time, confidence among UKís services providers remained unchanged during the month.
 

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  Non-farm payroll employment rises in the US
Jan , 06 , 2013  
  US non-farm payroll employment added 155,000 jobs in December following the addition of 161,000 jobs in November. The increase was in line with market expectations. Unemployment rate remained unchanged at 7.8% during the month.
 

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  Eurozone inflation remains unchanged
Jan , 06 , 2013  
  Inflation in the Eurozone remained unchanged in December, with the EU harmonized inflation at 2.2% YoY, the lowest level since November 2010. On the other hand, the market was expecting inflation to ease to 2.1% YoY and remain above the central bank's threshold limit of 2%.
 

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  US service sector expands in December
Jan , 06 , 2013  
  Business activity in the US service sector surprisingly improved in December, with the ISM non-manufacturing index climbing to 56.1 from 54.7 in November. The improvement was better than the market expectations of a decline to 54.5 and also marked its highest level since February 2012.
 

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  Egypt to request IMF for USD4.8bn loan
Jan , 06 , 2013  
  Egypt is expected to hold talks with the IMF to procure a funding of USD4.8bn. According to the planning minister, the countryís budget deficit for the year ending June 2013 could increase 50% vis-ŗ-vis the original forecast (in July).
 

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