Mena News

 

  Dubai announces residential project, 1st in MBR City
Dec , 10 , 2012  
  Dubai developer Emaar Properties and an arm of Dubai Holding, the ruler's conglomerate, launched the first project in a planned multi-billion U.S. Dollar flagship development on Sunday - a complex of luxury residences and a golf course. Dubai Hills will be part of the Mohammed Bin Rashid (MBR) City, the mega tourism and retail development project announced by the emirate in November, Emaar and Dubai Holding said in a joint statement. The statement provided no information on the number of villas, the value or the time frame for completion of the project.
 

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  U.S. fuel stocks rise sharply as refiners produce more-EIA
Dec , 06 , 2012  
  Stocks of refined fuel products in the United States rose sharply last week, and crude inventories fell as refineries processed more crude, data from the U.S. Energy Information Administration showed. U.S. crude oil inventories fell by 2.36mn barrels last week to 371.77mn barrels, compared with analyst expectations for a drop of around 300,000 barrels. Crude imports rose by 112,000 barrels per day (bpd) to 8.19mn barrels a day. Gasoline stocks rose by the biggest weekly margin since September of 2001, surging 7.86mn barrels to 212.12mn barrels in the week to November 30. The rise was much sharper than a 1.8mn barrel build forecast by analysts in a Reuters poll. Distillates, which include diesel and heating oil, rose by 3.03mn barrels to 115.07mn barrels, versus analyst expectations for a smaller, 800,000 barrel build.
 

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  Euro-zone retail sales fall sharply in October
Dec , 06 , 2012  
  Shoppers in the Euro-zone cut back on spending by the biggest margin in six months in October, economizing on everything from clothes to medical goods and offering little hope of a consumer-led recovery from recession. The volume of retail trade in the 17 countries using the Euro fell 1.2 percent in October from September, the biggest drop since April. That was worse than the 0.1 percent fall forecast by economists in a Reuters poll. In a further sign of the difficult times for Euro-zone households, September's reading was revised down to -0.6 percent from an earlier -0.2 percent estimate.
 

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  U.S. factory orders rise for second straight month in October
Dec , 06 , 2012  
  New orders received by U.S. factories unexpectedly rose in October as demand for motor vehicles and a range of other goods offset a slump in defense and civilian aircraft orders, a hopeful sign for the manufacturing sector. The Commerce Department said orders for factory goods increased 0.8 percent after a revised 4.5 percent rise in September. It was the second straight month of gains and beat economists' expectations for a flat reading.
 

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  Abu Dhabi's TAQA to raise USD2bn from bond
Dec , 06 , 2012  
  Abu Dhabi National Energy Co (TAQA), the state-owned firm buying some of BP's North Sea assets, will raise USD2bn from its two-part bond, amid strong demand for the deal. Proceeds from the bond sale are to be used for refinancing debt that is coming to maturity. The company has USD1.75bn in bond maturities next year.
 

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  Dubai's Shuaa, Indonesia's Pratama Capital in investment bank deal
Dec , 06 , 2012  
  Shuaa Capit said it signed a cooperation deal with Indonesia's PT Pratama Capital Indonesia as the two companies look to capitalize on the trade flow between Indonesia and the United Arab Emirates. The two financial institutions signed a memorandum of understanding under which they will offer investment banking services to issuers and investors in the U.A.E. and Indonesia.
 

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  UAE PMI broadly unchanged in November at 53.7 Vs October; new export orders rise
Dec , 06 , 2012  
  Non-oil private sector business activity in the United Arab Emirates remained at a healthy level in November as new export orders continued to rise and the number of projects increased, HSBC said. The bank's purchasing managers index, or PMI, was broadly flat at 53.7 in November, compared with the month earlier. HSBC said an expansion in output at non-oil producing firms in the U.A.E during November was mainly driven by a higher number of projects.
 

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  Saudi investment firm Alkhabeer eyes 2014 IPO
Dec , 06 , 2012  
  Alkhabeer Capital, a Saudi Arabia-based investment advisory firm, plans to offer new shares worth about 30 percent of its capital in an initial public offering (IPO) on the local bourse by early 2014, its chief executive said. Alkhabeer, in which conglomerate Saudi Binladin Group is a top shareholder, is awaiting the regulatory nod to initiate the IPO process, CEO Ammar Shata said in Dubai. Alkhabeer is bullish on real estate opportunities in the United States and UK, Shata said, adding those investments offer attractive returns for the coming 18 months.
 

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  Kuwait's Global gets full backing for restructuring
Dec , 06 , 2012  
  Kuwait's Global Investment House said it had secured the full backing of its creditors for its USD1.7bn restructuring plan. Under the restructuring, Global plans to create two SPVs one of which will hold company assets, along with debt, worth USD1.3bn. The other vehicle will take part in a capital increase for the parent company, in which Global will offer KWD122.2mn (USD433mn) of new shares to creditors, leaving them owning 70 percent of the investment firm.
 

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  Obama says no fiscal-cliff deal without higher tax rate on wealthy
Dec , 05 , 2012  
  White House: GOP deal ‘magic beans and fairy dust’ Obama digs in his heels on higher taxes for wealthy In an interview on Bloomberg TV, Obama rejected a House Republican plan, saying it didn’t add up. “Unfortunately, the [Republican] proposal right now is still out of balance,” he said. “When you look at the math, it doesn’t work.” In a letter to the president on Monday, House Republicans unveiled their deficit-reduction plan, calling for an $800 billion increase in revenue without hiking tax rates on the rich. This is only half of the new revenue that Obama has proposed. Instead, House Republicans want to overhaul the tax code and wipe out deductions. But Obama said closing loopholes and deductions would only raise $300 billion to $400 billion, and “that is not enough.” White House spokesman Jay Carney was more succinct, calling the House plan “magic beans and fairy dust.” “We’re going to have to see rates on the top 2% go up. We’re not going to be able to get a deal without it,” he said. “It is not me being stubborn or me being partisan; it is just a matter of math.” Carney added that Republican opposition to an increase in tax rates on the wealthy was the only obstacle to a long-term deficit reduction deal. Obama expressed confidence that a deficit-reduction deal could be reached. “We have the potential of getting a deal done,” he said. Carney denied that the budget talks had come to a standstill, saying that talks between the two sides continued behind the scenes.
 

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