Mena News

 

  UK economy makes weak start to Q4, public finances worsen
Dec , 23 , 2012  
  Britain's dominant services sector posted meager growth in October, adding to the challenge for the economy as a whole to expand in the last three months of 2012. The Office for National Statistics also said that Britain's economy grew 0.9 percent in the third quarter of the year, in slightly below previous estimates of 1.0 percent growth on the quarter. Third-quarter GDP growth was the strongest since the third quarter of 2007, but much of that reflected a one-off boost from the London Olympics and a rebound from the second quarter when an extra public holiday dented output.
 

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  U.S. crude edges up in choppy trade
Dec , 23 , 2012  
  U.S. crude futures edged up on Thursday, December 20, in choppy trading, supported by data showing the U.S. economy grew faster than previously thought in the third quarter, while U.S. budget talks continued.
 

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  Saudi will stick to OPEC ceiling but will meet all Demand requests
Dec , 23 , 2012  
  Top oil producer Saudi Arabia will adhere to the 30mn barrels-a-day production ceiling maintained earlier this month by the Organization of the Petroleum Exporting Countries, but will meet any customer demand for additional crude, the country's Oil Minister Ali Al-Naimi said. There are customers that will come to every producer and ask for a volume, today, we will honor their requests," Mr. Naimi told reporters in a briefing in Cairo. Mr. Naimi declined to specify how much Saudi Arabia was currently producing, but said he was keen to meet its customers' demand.
 

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  Dubai Emirates NBD to buy BNP Paribas's Egypt assets
Dec , 23 , 2012  
  Emirates NBD said it would acquire the Egyptian business of France's BNP Paribas SA in a deal worth USD500mn, becoming the latest Middle East lender to bet on Egypt's growth prospects despite the country's political upheaval. Under the terms of the deal, NBD will purchase the 95.2 percent stake in BNP Paribas Egypt held by the French bank, and launch an offer for the remaining 4.8 percent owned by minority shareholders.
 

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  BoE offers glum outlook for 2013 minutes
Dec , 20 , 2012  
  Britain's economy is likely to remain stagnant in the near term but inflation will probably exceed 2 percent in the next year and also faces further risks from higher food prices, Bank of England policymakers said. After its December 5-6 meeting, the BoE's Monetary Policy Committee decided to keep its main interest rate at a record-low 0.5 percent and its bond purchases at GBP375bn (USD609bn) as expected, with stubborn inflation trumping worries about a sluggish economy.
 

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  BOJ expands stimulus again amid pressure from incoming PM
Dec , 20 , 2012  
  The Bank of Japan eased monetary policy by expanding its asset-buying and lending programme. The central bank topped up its asset-buying and lending programme by JPY10tn (USD118.7bn) to JPY101tn by a unanimous vote, expanding stimulus for the third time in the past four months. It also said the board would review at its next policy-setting meeting in January its guidelines for medium- and long-term price stability, which is now set in a range of zero to 2 percent consumer inflation. As widely expected, the BOJ maintained its overnight call rate target at a range of zero to 0.1 percent by a unanimous vote.
 

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  Brent hovers near USD110, stalled U.S. fiscal talks dent demand outlook
Dec , 20 , 2012  
  Brent crude held near USD110 a barrel on early Thursday, December 20, as investors took profits from recent gains after talks to avert a U.S. fiscal crisis stalled, stoking worries about demand from the world's biggest oil consumer.
 

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  BP Sells 34.3 percent interest in Yacheng gas field for USD308mn
Dec , 20 , 2012  
  BP said it has agreed the sale of its 34.3 percent interest in the Yacheng gas field in the South China Sea to Kuwait Foreign Petroleum Exploration Company, or KUFPEC, for USD308mn in cash. "This sale is part of BPs ongoing global portfolio optimization," BP China President Chen Liming said. The sale takes BPs total divestments announced since 2010 to USD37.8bn.
 

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  U.S. crude stocks fall, gasoline rises on more refining-EIA
Dec , 20 , 2012  
  U.S. crude stocks fell by 964,000 barrels to 371.65mn barrels, compared with an average analyst forecast for a 1.1mn barrel drawdown in a Reuters poll, data from the U.S. Energy Information Administration (EIA) showed. Crude imports fell 101,000 barrels per day (bpd) to 8.36mn bpd. Gasoline stocks rose by 2.21mn barrels to 219.32mn barrels in the week to December 14. Analysts had expected a 1.8mn barrel increase. U.S. gasoline stocks have posted their largest four-week gain since 1993, rising by 18.9mn barrels over the period. Distillates, which include diesel and heating oil, fell 1.09mn barrels to 116.97mn barrels, versus analyst expectations for a 1mn barrel build. The distillate draw was likely attributable to increased U.S. fuel exports to South America, said Dominick Chirichella of New York-based Energy Management Institute.
 

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  Emirates Islamic Bank shareholders approve AED1.5bn capital increase
Dec , 20 , 2012  
  Shareholders of Emirates Islamic Bank, a lender majority owned by Dubai's Emirates NBD, have approved a capital increase worth AED1.5bn (USD409mn). The increase in capital from AED2.4bn to AED3.9bn was approved at an extraordinary general meeting, according to a statement on the Dubai bourse website.
 

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