Mena News

 

  Egypt consumer inflation dips to 4.25 percent in year to end-November
Dec , 11 , 2012  
  Egyptís urban consumer inflation declined to 4.25 percent in the 12 months to November from an annual 6.7 percent in October, Egyptís central bank said. Core consumer price inflation fell to an annual 4.20 percent in the year to November from 4.64 percent in the 12 months to October, the bank said on its website.
 

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  Dubai's DEWA awards USD67mn water storage contract
Dec , 11 , 2012  
  Dubai Electricity and Water Authority, or DEWA, said it has awarded a AED246mn (USD67mn) contract for the construction of water reservoirs at Lusaily. The 20-month project, which includes constructing, testing and commissioning two reinforced concrete reservoirs, "will have a storage capacity of 120mn gallons of desalinated water," said Saeed Al Tayer, DEWA's managing director and chief executive officer.
 

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  UAE's Dana Gas reaches deal with investors on USD1bn sukuk
Dec , 11 , 2012  
  Dana Gas has reached a deal with investors to restructure its USD1bn Islamic bond by repaying USD70mn, canceling USD80mn of the shares and extending the rest for five years in two new instruments, it said. "We believe that these revised terms of the new sukuks place Dana Gas on a firm foundation for further growth and progress," Dana Gas's acting chief executive, Rashid Al-Jarwan, said in a statement. Under the terms of a lock-up and standstill agreement signed by an ad hoc committee of sukukholders, is to make a USD70mn cash payment to its sukuk investors and cancel USD80mn of sukuk shares that it had previously bought back from the market.
 

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  Saudi non oil exports fall 23 percent on year to SAR13.16bn in October
Dec , 11 , 2012  
  Saudi Arabia's non-oil exports reached SAR13.2bn (USD3.5bn) in October, down 23 percent from SAR17.1bn in the year earlier period, data from the Central Department of Statistics and Information, or CDSI, showed. Exports of plastic products ranked first, accounting for 37.8 percent of total non-oil exports, while petrochemical products were the second largest constituent accounting for 33.8 percent, followed by foodstuffs which accounted for 6 percent. The kingdom's imports meanwhile fell 21 percent on year to reach SAR38.9bn in September compared with SAR49.2bn a year earlier.
 

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  KFH Bahrain's unit plans new residential project in Diyar Al Muharraq
Dec , 11 , 2012  
  Bahrain's Diyar Al Muharraq Co., the property development arm of Kuwait Finance House Bahrain, KFH Bahrain , said it plans to launch a new residential real-estate project in Diyar Al Muharraq--a huge residential and commercial development in Bahrain. Diyar Al Muharraq Chief Executive Aaref Hejres said in a statement that a project to build a district in the Diyar Al Muharraq development in a Chinese architectural style is at the engineering design phase and will be launched next year. The Diyar Houses project, whose cost will total about BHD1.2bn (USD3.18bn), will comprise 33,000 units and will have an area of 2.2mn square meters, according to the statement.
 

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  Brent steady above USD107, China, US data spur demand hopes
Dec , 10 , 2012  
  Brent crude futures held above USD107 a barrel on early Monday, December 10, snapping five straight days of losses, as promising data out of the world's top two oil consumers revived demand growth hopes in a well-supplied market.
 

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  Japan October current account surplus falls 29.4 percent YoY
Dec , 10 , 2012  
  Japan's current account surplus fell 29.4 percent in October from a year earlier, Ministry of Finance data showed, as persistent declines in exports weigh on the trade balance. The surplus stood at JPY376.9bn (USD4.58bn), against a median forecast for JPY220.0bn.
 

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  Japan consumer mood worsens in November
Dec , 10 , 2012  
  Japanese consumer confidence worsened in November, a Cabinet Office survey showed, in a sign the economic decline damaged consumer sentiment. The survey's sentiment index for general households, which includes views on incomes and jobs, was 39.4 in November, down from 39.7 in October.
 

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  Japan revised GDP signals economy in recession
Dec , 10 , 2012  
  Japan's economy contracted for a second straight quarter in July-September, revised government data showed, indicating that weak global demand nudged the export-reliant economy into a mild recession. Japan's gross domestic product (GDP) shrank 0.9 percent in July-September from the previous quarter, revised government figures showed, unchanged from preliminary data reported last month. That compared with economists' median forecast for a 0.8 percent contraction. The figure translates into an annualized contraction of 3.5 percent in real, price-adjusted terms, also unchanged from the preliminary data issued last month.
 

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  Egypt's Suez Canal November revenue dips versus October
Dec , 10 , 2012  
  Revenue from Egyptís Suez Canal fell 8 percent to USD407.7mn in November compared to the previous month, the canalís official website said. Revenue in October was USD443.1mn. In November 2011 it was USD435.5mn.
 

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