Mena News

 

  South Korean exports dip in December
Jan , 02 , 2013  
  Exports dropped 5.5% YoY to USD45.1bn, following a 3.8% YoY increase in November. At the same time, imports declined 5.3% YoY to USD43.1bn, leading to a trade surplus of USD2.03bn. This was also lower than the USD4.4bn surplus recorded in the previous month.
 

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  Retails sales in Greece declines for 14th month
Jan , 02 , 2013  
  Retail sales in Greece fell for the 14th consecutive month in October. Sales volume, excluding automotive fuel, dropped 16.8% YoY after declining 11.8% YoY in September. Sales of food and non-food products dipped 16.5% YoY and 16.9% YoY, respectively. At the same time, trade in automotive fuel decreased 25.2% YoY.
 

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  US Senate reaches agreement to avoid fiscal cliff
Jan , 02 , 2013  
  The US Senate approved the bill that would help in averting the fiscal cliff situation. Approval of the “fiscal cliff” bill would avoid tax increases (came into effect on January 1, 2013). The legislation was passed with a majority of 89-8 and thus led to permanent tax reductions for most households and delayed automatic spending cuts for two months.
 

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  Salalah Mills recommends cash dividend
Jan , 02 , 2013  
  Oman-based Salalah Mills recommended a cash dividend of 50% of paid capital which translates into a dividend of 50 Baiza per share.
 

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  Qatar Telecom buys 15% stake in Tunisiana
Jan , 02 , 2013  
  Qatar Telecom reached an agreement with the Tunisian government to acquire 15% stake in Tunisiana for USD360mn. The former would now hold 90% stake in the latter.
 

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  Dubai to boost public spending in 2013
Jan , 02 , 2013  
  Dubai plans to increase government spending by 6% YoY, but estimates an 18% YoY decline in the budget deficit to AED1.5bn (USD409mn) in 2013. Government revenues and expenditure are forecasted at AED32.6bn and AED34.1bn, respectively.
 

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  Saudi Ethylene and Polyethylene Co. signs SAR4.8bn credit facility
Jan , 02 , 2013  
  Saudi Ethylene and Polyethylene Co. signed a SAR4.8bn long-term Murabaha facility agreement with eight local banks and one regional bank to refinance the debt that was obtained from the multicurrency credit facility, signed in 2006.
 

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  Southern Province Cement Co. announces 4Q12 results
Jan , 02 , 2013  
  Saudi Arabia-based Southern Province Cement Co. reported net income of SAR253mn in 4Q12, almost flat YoY. However, net income rose nearly 12% YoY in 2012 led by higher local demand. The company announced DPS of SAR4 in H212, translating into a total dividend payout of SAR980mn for 2012. Separately it awarded a SAR96mn contract to Wartsila Power Contracting Company to expand the power generation plant at the Tahama factory.
 

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  Fitch affirms rating of Al Ahli Bank of Kuwait
Jan , 02 , 2013  
  Fitch affirmed the Long-term Issuer Default Rating of Al Ahli Bank of Kuwait at A-, with a Stable outlook. The rating reflects the strong possibility of sovereign support during an emergency. Other key positive triggers include strong impairment reserve coverage, robust capital position and resilient earnings performance.
 

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  Japan jobless rate inches down to 4.1 percent in November
Dec , 30 , 2012  
  Japan's jobless rate edged down in November and the availability of jobs was unchanged, indicating that severe economic conditions are keeping firms cautious on hiring. The seasonally adjusted unemployment rate fell to 4.1 percent from October's 4.2 percent, figures from the Internal Affairs ministry showed. The November result compared with economists' median forecast of 4.2 percent. The jobs-to-applicants ratio was 0.80 in November, unchanged from the previous month and the same as the median forecast. The number of new job offers rose 0.1 percent in November from the previous month and was up 8.4 percent from a year ago.
 

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