Mena News

 

  Saudi Maaden says launches Aluminum production at new smelter
Dec , 16 , 2012  
  Saudi Arabian Mining Co., or Maaden, said it has started aluminum production for the first time in Saudi Arabia with the first output from its smelter at Ras Al Khair. The new smelter is part of the USD10.8bn Maaden-Alcoa aluminum complex and was built by the U.S. company Bechtel Corp. over a period of 29 months, the statement said.
 

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  Abu Dhabi's Union National Bank in USD250mn tap issuance
Dec , 16 , 2012  
  Abu Dhabi's Union National Bank priced a USD250mn "tap issuance" on an outstanding bond it sold last year, the lender said in a statement. The new bonds, which come with the same terms and maturity date as the previous bond but with the current market pricing, are to yield 2.65 percent, UNB said in a statement on the Abu Dhabi bourse website. The bank had said that it was looking to issue when market conditions were right.
 

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  Qatar Telecom prices USD1bn bond issue at 1.75 percent over Treasury
Dec , 16 , 2012  
  Qatar Telecom, better known as Qtel, said it priced its USD1bn, 10-year bond issue at a margin of 1.75 percent above 10-year U.S. Treasurys, as the group aggressively expands overseas. In a statement, the Qatari Telco said the senior unsecured notes will be issued by its subsidiary, Qtel International Finance Limited, under a Global Medium Term Note Program set up on the Irish Stock Exchange last week. The company said the funds would be used for "general corporate purposes", including refinancing existing debt. The bonds mature on 21 February 2023 and have a coupon of 3.25 percent.
 

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  Dubai's Drake says JV wins 2.7bn riyals Saudi contract
Dec , 16 , 2012  
  Dubaiís Drake & Scull International , in which Goldman Sachs bought warrants worth USD40mn, said its joint venture with Arabian Construction Co won a new contract in Saudi Arabia valued at SAR2.7bn (USD719.96mn). The contract is to build the third phase of the Jabal Omar development in Mecca, Drake said in a statement on Dubaiís bourse. The company, which specializes in mechanical, engineering and plumbing operations, said its share will be 50 percent of the overall value of the contract.
 

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  U.S. retail sales rebound, consumer spending gains traction
Dec , 16 , 2012  
  U.S. retail sales rose in November in a sign that steady job creation is adding momentum to consumer spending in the fourth quarter. Sales rose 0.3 percent, the Commerce Department said. Economists polled by Reuters had expected an increase of 0.5 percent. A separate measure of sales that strips out automobiles, gasoline and building materials rose a more healthy 0.5 percent.
 

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  U.S. industrial output gain biggest in nearly two years
Dec , 16 , 2012  
  U.S. industrial output rose more than expected in November, posting its sharpest increase in nearly two years, as production bounced back from the disruptions of super storm Sandy. Industrial production expanded 1.1 percent last month after a revised 0.7 percent fall in October, the Federal Reserve said. That was the steepest increase since December 2010. Analysts polled by Reuters had expected output to gain by 0.3 percent last month, after October's previously reported 0.4 percent drop.
 

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  U.S. industrial output gain biggest in nearly two years
Dec , 16 , 2012  
  U.S. industrial output rose more than expected in November, posting its sharpest increase in nearly two years, as production bounced back from the disruptions of super storm Sandy. Industrial production expanded 1.1 percent last month after a revised 0.7 percent fall in October, the Federal Reserve said. That was the steepest increase since December 2010. Analysts polled by Reuters had expected output to gain by 0.3 percent last month, after October's previously reported 0.4 percent drop.
 

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  Oil rises on China data as January Brent nears expiry
Dec , 16 , 2012  
  Oil prices rose on expectations for improved demand in China after data showed the manufacturing sector of the world's No. 2 oil consumer expanded in December at its fastest pace in more than a year.
 

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  Brent stays above USD108 after OPEC cuts output
Dec , 12 , 2012  
  Brent crude held above USD108 a barrel on early Wednesday, December 12, as OPEC reduced oil supply, although rising output from the United States and uncertainty about its budget for next year limited price gains.
 

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  OPEC keeps forecast for world oil demand unchanged
Dec , 12 , 2012  
  OPEC held steady forecasts of demand for its own crude, a move that could signal the group will maintain its combined oil production ceiling of 30mn barrels a day. The Organization of the Petroleum Exporting Countries said in its monthly oil market report that expected demand for its crude in 2013 remains unchanged from its previous report, standing at 29.7mn bpd. This is 400,000 bpd lower than the 2012 level. The report also kept expectations for growth in world oil demand for 2013 unchanged at 800,000 bpd. Non-OPEC supply growth is projected at 900,000 bpd in 2013 to average 53.8mn bpd.
 

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