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US new home sales steady near multi-year highs; supply up WASHINGTON: New US single-family home sales fell only slightly in January despite big declines in the snow-battered Northeast while supply rose to its highest level since 2010, hopeful signs for a sluggish housing market.The Commerce Department said on Wednesday that sales dipped 0.2 percent to a seasonally adjusted annual rate of 481,000 units. December's sales pace was revised up to 482,000 units, the highest level since June 2008, from 481,000 units."We are still taking sort of a meandering, bumpy path towards recovery. We expect housing will improve later this year due to the improvement in the labor market and credit conditions," said Stephanie Karol, a U.S. economist at IHS Global Insight in Lexington, Massachusetts.Sales were likely held back by snow storms in the Northeast, where sales recorded their biggest drop since June 2012.Economists had forecast new home sales, which account for about 9.1 percent of the housing market, falling to ...

US new-home sales hold steady in January WASHINGTON: Sales of new US single-family homes held steady in January near the highest pace since mid-2008, the Commerce Department said Wednesday.New homes were sold at an annual rate of 481,000 units in January, a slight 0.2 percent below the upwardly revised December rate of 482,000 units.Sales last month came in well above analysts' expectations of a 470,000 unit pace.The December and January sales paces were the strongest since June 2008, when the sales pace ...
France gets until 2017 to meet EU deficit rules BRUSSELS: The EU on Tuesday gave France two more years until 2017 to bring its budget deficit back into line, meaning the eurozone's second biggest economy avoids an embarrassing fine for now.Paris is not off the hook and must present a reform plan to Brussels by April to show how it intends to get its deficit back below the EU's ceiling of 3.0 percent of economic output, the European Commission said.Italy and Belgium will face ...
India's 2015/16 federal health budget seen at $4bn: govt sources NEW DELHI: India is unlikely to announce any significant increase in its healthcare budget for the financial year that begins in April, two sources said, dampening hopes the federal government would allocate more funds to overhaul the public health system. The Indian health ministry's budget for 2015/16 will be about 244 billion rupees ($3.94 billion), in line with the current year's budget, two government sources told Reuters. Copyright Reuters, 2015 ...
Brazil's federal tax revenues down 5.44pc in January BRASILIA: Brazil's federal tax revenues reached 125.282 billion reais ($43.73 billion) in January, down 5.44 percent in real terms when compared to the same month last year, the country's tax agency said on Wednesday. Although Brazil collected 123.667 billion reais in federal tax revenues in January last year inflation has remained stubbornly high, climbing to 7.14 percent last month. Federal tax revenues amounted to 1.187 trillion billion reais in all of 2014, down 1.79 percent ...
Brazil consumer confidence hits new record low in February SAO PAULO: Brazilian consumer confidence plunged to a new record low in February as weak job growth, higher interest rates and accelerating inflation pinched families' budgets, raising red flags for retailers still smarting from a weak Christmas. The Getulio Vargas Foundation (FGV) said its confidence index fell to 85.4 in February from 89.8 in January, which had been its lowest since the data series began in September 2005. "The negative perceptions about the economic outlook ...
Doga to launch Turkey's first Islamic insurance product ISTANBUL: Turkey's Doga Group plans to enter the takaful, or Islamic insurance, market in the coming months with what would be the country's first such product.Its Doga Sigorta insurance unit is close to signing a cooperation deal with reassurance companies such as Swiss Re and others from the Gulf and Malaysia, the unit's Chairman Nihat Kirmizi told Reuters in an interview.An alternative to conventional insurance, takaful follows religious guidelines including bans on interest and pure ...


Index Closing Chg%
Arrow DJIA 18,214.42 0.06
Arrow Nasdaq 4,987.89 0.42
Arrow S&P 2,110.74 0.15
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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln