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Middle East & Africa


Ugandan shilling inches up vs dollar, seen weaker  KAMPALA: The Ugandan shilling edged up against the dollar on Monday due to lower demand for the greenback and traders expected it to weaken in the medium to long term as a monetary policy easing cycle makes locally-issued debt less attractive. At 0924 GMT, commercial banks quoted the currency of east Africa's third largest economy at 2,478/2,488, slightly up from Friday's close of 2,483/2,493. "We are not seeing any serious demand coming through particularly from the corporate sector and that's keeping the shilling supported for now," said Christopher Makombe, trader at Standard Chartered Bank in Nairobi. The shilling could however come under pressure from the dollar in the weeks ahead after the central bank loosened its monetary policy for a third consecutive time, trimming 200 basis points off its policy rate to 17 percent last week. "CBR (Central Bank Rate) has been cut significantly which points us to a weaker shilling in the medium ...

Qatar Telecom unit agrees $406mn tower deal with Tower Bersama DUBAI: Qatar Telecom unit Indosat has concluded a sale and leaseback agreement worth $406 million with Tower Bersama Infrastructure (TBIG), the Qatari firm said in a statement on Sunday. The deal, which covers 2,500 towers, will be financed using cash and newly-issued shares worth 5 percent of TBIG's enlarged share capital, the statement said. Proceeds from the sale will be used to repay outstanding debt and to finance investment and other general corporate purposes at Indosat. Shareholders of ...
South Africa stocks close at record high on stimulus  JOHANNESBURG: South Africa's All-share index closed on Monday at the highest in its 17-year history, rising 0.8 percent as hopes of further global monetary stimulus buoyed shares of miners Assore and BHP Billiton. That topped its previous closing high of 34,788.37 and previous intraday high of 34,808.92, both set on June 20. The benchmark Top-40 index finished up 0.88 percent at 30,775.22, which was off its record high of 31,393.10 set in 2008. Copyright Reuters, 2012 ...
Gulf mixed; Europe stimulus hopes give fleeting boost  DUBAI: Gulf Arab bourses were mixed on Sunday as hopes for fresh central bank support in Europe and the United States lifted regional sentiment, but the effect proved fleeting on some markets. Qatar's index made its largest advance in four weeks, rising 0.7 percent while Abu Dhabi also rallied, but Saudi Arabia was muted following Saturday's three-week high and Dubai gave back early-session gains. European Central Bank President Mario Draghi will meet with Germany's Bundesbank President Jens ...
Saudi Savola Q2 net profit up 48pc JEDDAH: Saudi Savola Group posted a 48 percent rise in its second quarter net profit, a bourse statement on Saturday. The firm, which owns the Middle East's biggest sugar refining business, made 341.3 million riyals ($90.9 million) in the three months ending June 30, compared with 230.7 million riyals in the same period a year earlier. Copyright Reuters, 2012 ...
South Africa stocks inch down as miners falter  JOHANNESBURG: South African stocks dipped for the second straight session on Tuesday, with Anglo American and other miners declining after the head of the US Federal Reserve gave few new clues on another round of monetary stimulus. Broad losses were limited by another round of gains by banks and retailers, two sectors that have been consistent investor favourites this year, helped by their growth prospects on the African continent. Investors had hoped US Federal Reserve Chairman Ben ...
Key Dubai shareholder opts out of Bank Muscat rights sale: sources DUBAI: Dubai Group, the investment vehicle owned by the emirate's ruler and second-largest shareholder in Bank Muscat, has sold its rights to buy into a share offering by the Omani lender at a significant discount, two sources said on Sunday. Bank Muscat, Oman's largest lender, offered new shares to existing holders at a 25-percent discount to raise about $251 million to fund its credit growth and venture into Islamic finance. Dubai Group, in the midst of a ...


Index Closing Chg%
Arrow DJIA 16,982.59 0.13
Arrow Nasdaq 4,444.91 0.10
Arrow S&P 1,978.91 0.03
Arrow FTSE 6,788.07 0.05
Arrow DAX 9,598.17 0.48
Arrow CAC-40 4,344.77 0.33
Arrow Nikkei 15,529.40 0.46
Arrow H.Seng 24,428.63 0.88
Arrow Sensex 25,991.23 0.52

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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln