Middle East & Africa
Sunday, 20 January 2013 18:05
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KUWAIT: China's foreign exchange regulator has increased the amount which Kuwait's sovereign wealth fund can invest directly in the Chinese securities markets to $1 billion, state news agency KUNA reported on Sunday.
The regulator awarded Kuwait an additional $700 million quota on top of $300 million awarded in March last year, KUNA said. Kuwait said last year that it was seeking a maximum quota of $1 billion.
The quota allows the fund to buy yuan-denominated stocks and bonds. Only five other foreign investors in China have quotas as large as $1 billion, according to Reuters records; they are Qatar Holding, the Hong Kong Monetary Authority, Norway's Norges Bank, Government of Singapore Investment Corp, and Singapore-based investment firm Temasek Fullerton.
Chinese officials were not immediately available to comment on the KUNA report. But Guo Shuqing, chairman of the China Securities Regulatory Commission, indicated last week that authorities would continue to open up channels for ...
JOHANNESBURG: South African stocks rose for the first time in five sessions on Thursday, although gains were capped by a fall in mining shares such as Anglo American Platinum and retailers like Mr Price.
Shares of Mr Price, a clothing retailer, fell 3.3 percent to 121.25 rand after it said quarterly sales grew by 10 percent, disappointing investors who may have been expecting a bigger rise.
"What we are still seeing at the moment is sentiment around ...
JEDDAH: Saudi Arabia's Etihad Etisalat (Mobily) said on Saturday it has approved a board recommendation for a 10 percent increase in capital through a bonus share issue.
The firm said in a statement posted on the bourse's website that a general assembly meeting approved a recommendation of the board to increase the company's capital to 7.7 billion riyals from 7 billion riyals through a bonus share for every 10 owned by registered shareholders.
"The total number of ...
JEDDAH: Saudi Arabian Fertilizers Co (SAFCO) posted a 10.3 percent decline in fourth-quarter net profits, missing analyst forecasts, due to lower Urea prices, the firm said in a bourse statement on Saturday.
Safco, the affiliate of the world's biggest petrochemical company by market value, Saudi Basic Industries (SABIC) , made 1.146 billion riyals in the three months ending on Dec. 31 compared with 1.277 billion riyals in the same period a year earlier, it said.
Nine analysts ...
NAIROBI: Benchmark Kenyan shares rallied for the eighth straight session on Friday to a 23-month high as investors bet on a better economic outlook after policymakers cut interest rates, while the shilling ended steady against the dollar.
The central bank cut its key lending rate by 150 basis points to 9.50 percent, larger than the 100 basis point reduction markets were anticipating, to boost lending.
"Lower interest rates will mean more money in investors hand and this ...
JOHANNESBURG: The Johannesburg Stock Exchange's All Share Index hit a record high at the close Thursday, buoyed by a deal to avoid fiscal tightening in the United States.
Africa's leading index ended the day up nearly half a percent at 40,245 points.
President Barack Obama on Thursday signed into law a deal that avoids the world's largest economy being squeezed simultaneously by a sharp cut in government spending and higher taxes on consumers.
On Wednesday the JSE had ...
LAGOS: Nigerian stocks rose to a 32-month high on Monday, ending the year up 34 percent in the index's best performance since 2007, led by growth in the consumer goods and banking sectors which is expected to continue next year.
Africa's second biggest economy and top oil producer is growing in popularity as an investment destination, offering the promise of high economic growth and a consumer market of 160 million people.
Its sovereign debt has soared since ...
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