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Middle East & Africa


Bunds rally after Moody LONDON: German government bonds rose at Tuesday's open after rating agency Moody's cut Italy and Spain among others and warned it may do the same to France, the UK and Austria The move curtailed a modest rally in risk assets seen after Greece's parliament approved reforms needed to qualify for a bailout and avoid an unruly default and may weigh on the euro zone's lower-rated bonds. Moody's late on Monday cut by one notch the ratings of Italy, Portugal, Slovakia, Slovenia and Malta and downgraded Spain by two notches saying it was worried about Europe's ability to undertake the kind of reforms needed to address the region's debt crisis. "Between Moody's and Greece not being a done deal, we're reassessing the recent risk rally," a trader said. Bund futures were 39 ticks higher at 138.62 with 10-year yields 3.5 basis points lower at 1.899 percent. Greece has admitted it still faces a tough job in ...

Telecom giant Zain 2011 profit slides 73pc KUWAIT CITY: Kuwaiti telecom giant Zain net profit dived 73 percent last year mainly because the 2010 profit included a huge capital gain from the sale of its African assets, a statement said Tuesday. Zain's net profit in 2011 was 285 million dinars ($1.03 billion) compared to 1.06 billion dinars ($3.82 billion) the previous year, according to a statement posted on the Kuwait Stock Exchange website. The 2010 net profit however included 770 million dinars ($2.78 billion) ...
Yield rises at Egypt 266-day T-bill auction CAIRO: The yield on Egyptian treasury bills rose at an auction on Sunday, and the central bank sold the entire 3.5 billion Egyptian pounds ($549.5 million) worth it had asked for, the Finance Ministry said. The average yield on the 266-day treasury bills rose to 15.923 percent from 15.802 percent at the last issue on January 24. The central bank sells the bills on behalf of the Finance Ministry. Copyright Reuters, 2012a ...
Saudi Mobily signs $2.7bn loan refinancing DUBAI: Saudi Arabia's Etihad Etisalat (Mobily) signed a 10 billion riyals ($2.67 billion) sharia-compliant loan refinancing with a group of seven local banks, the telco said on Sunday, taking advantage of favourable borrowing rates in the kingdom. Mobily, Saudi Arabia's second-largest telecoms operator by market capitalisation, rolled three existing facilities into a new, four-tranche Islamic loan with tenors of between five and seven years, the statement said. Mobily said it undertook the refinancing now, rather than in ...
South African bonds fall ahead of weekly auction           JOHANNESBURG: South African sovereign bonds weakened against the dollar on Tuesday before a weekly auction at which the government is taking the unusual step of issuing three bonds, mostly from the long end of the curve. The weakness comes despite Treasury data showing a narrower fiscal deficit in the first nine months of the 2011/12 financial year compared to the previous year. Investors expect South Africa's budget to be under pressure over the next few years as ...
Yield at Egypt T-bill auction rises, size reduced CAIRO: Egypt's central bank cut back on the amount of 273-day treasury bills it was prepared to sell at an auction on Sunday after the yields that potential buyers were demanding increased. The average yield on the bills that the central bank sold rose to 15.822 percent from 15.645 percent at the last issue on January 17, it said. It sold bills worth 1.452 billion Egyptian pounds ($240.7 million) instead of the 4 billion pounds it ...
Zain Saudi Arabia to extend $2.6bn facility JEDDAH: Zain Saudi Arabia said it has approval to extend the maturity of its 9.75 billion riyal ($2.6 billion) Islamic financing facility for an additional six months, in a bourse statement on Saturday. "Saudi Arabia Zain announces that it has secured unanimous consent on January 25 from its Murabaha investors to extend the maturity of its approximately 9.75 billion riyal Murabaha facility. The facility will now mature on July 27, 2012," it said. Earlier this month, Zain ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln