Mena News

 

  Japan machinery orders up, but outlook uncertain
Dec , 12 , 2012  
  Japan's core machinery orders rose for the first time in three months in October, but uncertainty over the global outlook will likely continue to weigh on business investment and dull the economy's recovery from recession. Core machinery order rose 2.6 percent in October from September, when they had fallen 4.3 percent, Cabinet Office data showed.
 

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  U.S. trade deficit widens, imports and exports decline
Dec , 12 , 2012  
  The U.S. trade deficit widened in October as exports suffered the biggest drop in nearly four year. The Commerce Department said the trade gap increased 4.9 percent to USD42.2bn even as imports declined to the lowest level in 1-1/2 years. September's trade gap was revised to USD40.3bn from the previously reported USD41.6bn. Economists polled by Reuters had expected the trade deficit to rise to USD42.6bn in October. The wider trade gap in October reflected a 3.6 percent fall in exports of goods and services to USD180.5bn. That was the biggest percent drop in exports since January 2009.
 

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  China grants Qatar Holding USD1bn QFII quota to invest in local markets
Dec , 12 , 2012  
  The international-investment arm of Qatar's sovereign-wealth fund can invest up to USD1bn in China's capital markets after securing permission from China's foreign-exchange regulator. Qatar Holding was awarded investment quotas up to that amount November 21 under the Qualified Foreign Investitutional Investor program, the State Administration of Foreign Exchange said in a statement posted on its website. QFII is the main way international investors can access China's stock and bond markets.
 

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  Abu Dhabi lender UNB says plans to tap bond market
Dec , 12 , 2012  
  Union National Bank plans to tap bond markets "shortly" under its existing bond programme, subject to market conditions, the Abu Dhabi-based lender said. It did not provide any further details on intended size of the offering, timeframe, or mandated banks to arrange the potential sale.
 

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  Jaguar Land Rover mulls Saudi Arabia plant
Dec , 12 , 2012  
  Jaguar Land Rover (JLR) signed a preliminary deal to build a plant in Saudi Arabia, extending its expansion in fast-growing markets having already started work on a plant in China. The British luxury marquee, owned by India's Tata Motors, signed the deal to look at the possibility of making 50,000 Land Rovers a year at a Saudi plant costing some SAR4.5bn (USD1.2bn), the country's commerce and industry ministry said in a statement.
 

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  Saudi Arabia's 3Q GDP slows to 5.9 percent from 6.8 percent year earlier
Dec , 12 , 2012  
  Saudi Arabia's gross domestic product, or GDP, growth rose to 5.9 percent in the third quarter, compared with 5.5 percent in the previous quarter but slowed when compared with 6.8 percent a year earlier. Saudi Arabia saw its key oil sector slow to 2.3 percent in the third quarter, compared with 5.8 percent in the previous quarter, and with the 5.5 percent in the year earlier period. The kingdom saw its private sector GDP growth slow to 5.1 percent compared with 7.9 percent for the same period of 2011. However, the growth rate in the government sector has doubled to 12.2 percent in the current quarter compared with 6.1 percent for the same period of 2011.
 

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  OPEC aims to maintain oil market's balance - Saudi Arabia's Naimi
Dec , 11 , 2012  
  Saudi Arabian Oil Minister Ali Al-Naimi said that the main aim of the Organization of the Petroleum Exporting Countries when it meets Wednesday is to keep the balance of the global crude markets to serve the interests of producers and consumers. Balancing the market will also help the growth of the global economy, particularly the developing countries, Mr. Naimi said, according to the state-run Saudi Press Agency.
 

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  Brent edges down near USD107 as U.S., Italy woes rattle investors
Dec , 11 , 2012  
  Brent crude edged down towards USD107 a barrel on early Tuesday, December 11, as a stalemate over fiscal talks in the United States and political uncertainty in Italy rattled investors, even as geopolitical tensions in the Middle East supported prices.
 

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  German trade surplus narrows on weak export rise
Dec , 11 , 2012  
  Germany's trade surplus narrowed in October to its lowest level in over half a year as exports posted meager growth in the face of weakening demand from the country's recession-hit European partners. Imports rose 2.5 percent, far stronger than the 0.3 percent increase in exports. Still, exports were stronger than economists had expected. In a Reuters poll they had forecast a 0.5 percent decline, while imports had been expected to push up by a more modest 0.3 percent. The seasonally-adjusted trade surplus shrank to EUR15.2bn from EUR16.9bn in September. It was the lowest level since March, and well below a consensus forecast for it to narrow to EUR16.1bn.
 

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  Euro-zone sentiment rises for 4th straight month in December
Dec , 11 , 2012  
  Euro-zone sentiment improved for a fourth consecutive month in December boosted by a rise in expectations to their strongest level since May 2011, as investors took heart from pledges by the European Central Bank and politicians to stand by the Euro. Sentix research group said its index tracking investor sentiment in the Euro-zone strengthened to -16.8 from November's -18.8, though it fell short of expectations in a Reuters poll that mood would rise to -16.0. A sub-index of current euro zone sentiment rose modestly to -31.0 from -31.3, while the expectations component climbed significantly to -1.5 from a previous -5.5.
 

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