Mena News

 

  The bond market's stocking stuffers for a Santa Claus rally
Dec , 05 , 2012  
  Thatís the question I posed to the top-performing advisers among those monitored by the Hulbert Financial Digest. I focused on all those who have beaten a buy-and-hold in the stock market over the last 15 years; no fewer than 40 made the cut. Surprisingly, no stock appears on the list of those securities that have been upgraded over the last month by at least two of these market beaters. And of the seven mutual funds that do appear on this list, all but one are bond funds. So much for a Santa Claus Rally. Furthermore, not only are these top performers upping their bets on bonds, the average maturity of the bonds they hold is also increasing ó albeit modestly. So these top performers are allocating more to bonds than before, and they are also holding riskier bonds. The accompanying table shows the six bond funds that have been upgraded over the last month by at least two of these 15-year market beaters. The average effective duration of the bonds held by these six funds is currently 4.8 years. This summer, in contrast, when I last presented a similar table, the average stood at 4.4 years. Thatís not a huge increase, but itís noteworthy that there has been any increase at all. At least based on these top performers, it would therefore appear that the Santa Claus Rally worth betting on is in the bond market rather than in stocks.
 

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  Kuwait aims to produce 15 percent of its energy from renewable by 2030
Dec , 05 , 2012  
  Kuwait, an OPEC member, plans to produce 15 percent its energy from renewable such as solar and wind by 2030, the country's emir, Sabah Al-Ahmad Al-Sabah, said. The Gulf state, in a bid to diversify its energy sources, plans to raise the percentage of wind and solar to "1 percent of the total energy usage in Kuwait in 2015 and up to 15 percent in 2030," the emir said in a speech at United Nations climate talks in Doha.
 

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  Brent hovers near usd110 as US demand worries resurface
Dec , 05 , 2012  
  Brent crude was steady around usd110 a barrel on early Wednesday, December 05, nursing losses from the previous two sessions, as investors fretted over the U.S. fiscal crisis hurting oil demand despite supply fears fanned by Middle East tensions.
 

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  China HSBC November services PMI eases on soft new orders
Dec , 05 , 2012  
  Growth in China's services sector slowed in November as lackluster growth in new orders and a surge of recent hires reduced work backlogs. The HSBC Purchasing Managers Index for China's services sector released showed the index slipped to 52.1 in November from October's 53.5, as sales prices continued to fall despite a rise in input prices.
 

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  UK construction activity crumbles as optimism evaporates ĖPMI
Dec , 05 , 2012  
  British construction activity shrank last month and confidence about the next 12 months fell to its lowest in almost four years, in a blow to the government the day before a budget statement. The Markit/CIPS Construction Purchasing Managers' Index (PMI) fell to 49.3 last month from 50.9 in October.
 

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  Euro-zone factory prices nearly flat line in October
Dec , 05 , 2012  
  Euro-zone factory prices barely rose in October, echoing the slowing pace in consumer inflation, although the European Central Bank is expected to wait a little longer before cutting interest rates to help the slumping economy. Prices at factory gates in the 17 countries using the Euro rose 0.1 percent in October from September, just above the 0.0 percent level expected by economists polled by Reuters. The producer price index was up 2.6 percent in October compared to the same month a year ago. Consumer inflation in the Euro-zone, which has been well above the ECB's target of just below 2 percent for more than a year, fell sharply in November to 2.2 percent.
 

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  NYSE Euronext cuts stake in Qatar Exchange
Dec , 05 , 2012  
  NYSE Euronext (NYX), which posted a sharp drop in third-quarter profit, has cut its stake in the Qatari bourse to 12 percent from 20 percent previously. Qatar Holding, the investment arm of the Persian Gulf state, now holds 88 percent of the shares and NYSE Euronext maintains a 12 percent investment in the Qatar Exchange, the Doha-based bourse said in an emailed statement. A restructuring of the company's shareholding was completed in October, it noted.
 

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  Dubai's Arabtec wins USD632mn Qatar construction project
Dec , 05 , 2012  
  Arabtec said it has been awarded a contract worth QAR2.3bn (USD632mn) for a construction project in Qatar. The contract from Msheireb Properties is for the complete execution of the second phase of its Downtown Doha project.
 

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  Dana Gas gets USD48mn payment for Iraq fuels
Dec , 05 , 2012  
  Dana Gas has received USD48mn in overdue payments for fuel supplied in Kurdistan, the United Arab Emirates based company said. Dana Gas said it had received payment for some of the liquid fuels it has produced in Kurdistan after Iraq's Federal Government paid the Kurdistan Regional Government. "In Egypt the government has been settling the company's receivables for current production and working pro-actively with the company to address the USD200mn of receivables from 2011," Rashid Al-Jarwan, the acting chief executive of the energy company said in a statement.
 

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  Saudi Arabia's NCB Capital plans Islamic equity and sukuk funds
Dec , 05 , 2012  
  NCB Capital is launching a range of Irish-domiciled Islamic mutual funds, as it seeks to broaden its investor base and appeal to emerging market investors. The Jeddah-based firm has launched two funds which invest in Saudi Arabian and GCC (Gulf Cooperation Council) equities, with plans to launch other funds including one that will invest in sukuk, or Islamic bonds. "We are very keen on offering a gateway to the region. The hope is to have a broad investor base," Faysal Badran, chief investment officer and head of asset management at NCB Capital, told Reuters. Future plans call for developing a range of up to 10 funds within 18 months, including a fund that will invest in sukuk, Badran said. "
 

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