Middle East & Africa
Sunday, 07 August 2011 21:10
1001
KUWAIT: Kuwait's National Mobile Telecommunications Co (Wataniya), the Gulf state's second-largest mobile phone operator, posted an 18.7 percent rise in second-quarter net profit, the firm said in a statement.
The company made a net profit of 23.3 million dinars ($85.2 million) in the second quarter, up from 19.6 million dinars a year earlier, the statement said.
Wataniya, a unit of Qatar Telecommunications Co , said consolidated revenue rose 35.2 percent in the quarter to 182.3 million dinars from a year earlier.
Copyright Reuters, 2011
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JEDDAH: Saudi Arabia's Etihad Atheeb Telecom plans to raise its capital threefold to 1.575 billion riyals ($420 million) through a rights issue after cutting it by more than half to cover accumulated losses, the firm said in statements.
The company, which operates under the brand name GO, was awarded a Saudi fixed line services licence in 2009 and has been facing mounting losses over the past year.
Atheeb, 15 percent-owned by Bahrain Telecommunications Co (Batelco), received regulatory ...
ABU DHABI: The United Arab Emirates will keep its US dollar peg in the aftermath of S&P's downgrade of the world's biggest economy, a central bank official told Reuters on Sunday, and saw no credit risk in investing in US treasuries at present.
S&P cut the US long-term credit rating by a notch to AA-plus in an unprecedented blow amid concerns about the nation's budget deficits and climbing debt burden. It called the outlook ...
DOHA: Qatar's central bank plans to sell 4 billion riyals ($1.1 billion) of treasury bills of different maturities on Aug 8 in a bid to help build a yield curve in the Gulf Arab state, a central bank source said on Thursday.
"It's about 4 billion, divided between both Islamic and regular (debt). The maturities will be ... three months, six months and nine months," the source said.
The issuance will be the fourth this year by ...
JOHANNESBURG: With foreigners holding 27 percent of all rand-denominated debt, South Africa is heavily exposed to an exodus of capital in the event of a euro-zone debt default, as affected banks dump overseas assets to shore up their balance sheets.
However, this scenario essentially a reprise of the 2008 financial crisis, which knocked 39 percent off the value of the rand is far from certain given the growing view that risks in established markets may be ...
NEW YORK: Slumping defence division sales drove down specialty truck-maker Oshkosh Corp's quarterly profit and revenue, and it forecast lower 2012 sales in that key segment, pressing shares down as much as 15 percent.
Cost-cutting pushed the quarter's results above Wall Street estimates for earnings that have been strained by US defence spending pressures and municipal budget woes that have been curbing sales.
Chief Executive Charles Szews on Thursday said fiscal 2012 would likely be a trough ...
CAIRO: Egypt's Finance Ministry said on Monday it sold 3 billion Egyptian pounds ($503 million) in two-year bonds .
The bonds, which mature on July 26, 2013, have a 13.10 percent coupon. The yields at Monday's auction ranged from 13.0 to 13.27 percent.
Settlement will take place on July 26.
Government bonds are sold by the central bank on behalf of the Finance Ministry Copyright Reuters, 2011 ...
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