Mena News

 

  Inflation in Germany rises in December
Jan , 03 , 2013  
  Germany raised EUR4.15bn from an offering of two-year benchmark treasury notes. The average yield was 0.01%, the first positive yield since October. However, demand seemed marginally subdued, as investors bid for 1.5 times the amount allocated, below the 1.9 times seen at the previous auction.
 

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  Factory PMI reaches a 15-month high in the UK
Jan , 03 , 2013  
  The UK’s manufacturing sector returned to growth surprisingly, with the purchasing managers’ index rising to a 15-month high of 51.4 in December from 49.2 in the previous month. The reading came in above the market’s expectation of 49.1. New business for manufacturing firms and factory production rose for the second consecutive month.
 

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  US manufacturing activity expands in December
Jan , 03 , 2013  
  Manufacturing activity in the US expanded in December, with the ISM Purchasing Managers’ Index rising to 50.7 from 49.5 in November. The market expected the index to touch 50.5. Employment in the manufacturing sector also improved, as reflected by the employment index, which rose to 52.7 in December from 48.4 in November.
 

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  Emirates Integrated Telecommunications Co. signs USD100mn financing deal
Jan , 03 , 2013  
  Emirates Integrated Telecommunications Co. signed USD100mn funding agreement with Standard Chartered to boost liquidity and facilitate short- and medium-term capex.
 

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  TAQA buys 53.2% stake in Atrush oil block
Jan , 03 , 2013  
  Abu Dhabi National Energy Co. (TAQA) acquired 53.2% interest in Kurdistan’s Atrush oil block for USD600mn from General Exploration Partners. Production is scheduled to commence in 2013.
 

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  Dubai Islamic Bank needs to boost capital to avert downgrade – Moody’s
Jan , 03 , 2013  
  According to Moody’s, Dubai Islamic Bank must increase the capital base to absorb bad loans arising from a slump in the real estate market. Weaker asset quality vis-à-vis peers and insufficient provisioning cover remain key concerns.
 

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  Share capital of Al Madinah Hotels Ltd to undergo significant reduction
Jan , 03 , 2013  
  Saudi Hotels and Resort Areas Co, which owns 50% stake in Al Madinah Hotels Ltd, announced plans to reduce its share capital in the latter to SAR1mn from SAR25mn since the existing capital is more than the requirement.
 

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  Munshaat Real Estate Projects Co. signs agreement to swap debt
Jan , 03 , 2013  
  Kuwait’s Munshaat Real Estate Projects Co. formed a preliminary agreement with several creditors to swap a debt of KWD91.5mn (USD325.3mn) against its stake in one project. The company’s stock price rose 7.7% Wednesday.
 

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  China’s official PMI indicates steady growth in manufacturing
Jan , 02 , 2013  
  China's official PMI indicated steady growth in manufacturing activity in December, despite a slight slowdown in production. The headline manufacturing PMI stood at 50.6 in December, coming in slightly below the market expectations of 51. New export orders dropped to 50 in December from 50.2 the previous month, while the production index declined to 52 from 52.5 in November.
 

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  Singapore’s economy expands in fourth quarter
Jan , 02 , 2013  
  Growth in the economy was more than the market expectations during the fourth quarter, after witnessing a steep contraction in the previous quarter. The country’s GDP climbed by a seasonally-adjusted annualized rate of 1.8% during the fourth quarter after declining 6.3% the previous quarter. Growth was marginally higher than the 1.6% increase forecasted by the market. Overall, the economy expanded 1.2% in 2012, much weaker than the 4.9% growth reported in 2011.
 

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