Daily Archives: December 23, 2015

U.S. Durable-Goods Orders Flat

Washington, Rabi’I 12, 1437, Dec 23, 2015, SPA — Orders to U.S. factories for durable goods were flat in November, as the impact of a strong dollar and a weak global economy hurts manufacturers, while a closely watched measure of business spending plans fell, the government reported Wednesday.
The Commerce Department said orders for durable goods—expensive manufactured items expected to last at least three years—were nearly unchanged last month after a 2.9 percent surge in October.
Demand for autos, electronic products, and fabricated metals increased last month, but the gains were offset by declines in machinery and aircraft.
Orders for non-defense capital goods excluding aircraft—a key measure of business investment—fell 0.4 percent in November after a 0.6 percent rise the previous month.
Durable-goods orders have fallen 3.7 percent in the past 11 months. Slow economic growth among major U.S. trading partners—including Europe, China, and Japan—has caused the dollar to rise in value, making U.S. goods more expensive overseas. The dollar has gained nearly 20 percent against other major currencies in the last 18 months.
Manufacturing, which accounts for 12 percent of the U.S. economy, also has been hurt by business efforts to reduce excess inventory, which has limited growth in new orders. Plunging crude-oil prices, which on Monday hit their lowest levels since 2004, have pressured oilfield services firms, forcing them to cut capital spending budgets.
–SPA
21:28 LOCAL TIME 18:28 GMT
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Canada Economy Stalls

Ottawa, Rabi’I 12, 1437, Dec 23, 2015, SPA — Canadian economic growth stalled in October, struggling soon after emerging from recession, as a rebound in the energy sector was offset by declines in manufacturing and retail activity, Statistics Canada (Statscan) said Wednesday.
Gross domestic product (GDP) was unchanged in October, missing economist forecasts for a 0.2 percent gain. GDP declined 0.5 percent in September.
The Canadian economy was in a mild recession in the first half of the year, hit by the shock of cheaper oil, a major export for the country. While growth resumed in the third quarter, the final quarter of the year started weakly.
–SPA
21:14 LOCAL TIME 18:14 GMT
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U.S. New-Home Sales Rise, But Momentum Slows

Washington, Rabi’I 12, 1437, Dec 23, 2015, SPA — New U.S. single-family home sales in November rose, but only because fewer people purchased new homes in October than initially reported, the government said Wednesday, suggesting some loss of momentum in the housing market.
The Commerce Department said sales of new homes increased 4.3 percent to an annual rate of 490,000 units. But the October sales pace was revised down to 470,000 units from the previously reported 495,000 units.
Economists expected sales of new homes, which account for about 9.3 percent of the housing market, to rise to a rate of 505,000 units last month. New-home sales were up 9.1 percent from a year earlier.
The inventory of new homes on the market increased 2.2 percent to 232,000 in November, the highest since early 2010. At last month’s sales pace, it would take 5.7 months to clear the supply of houses on the market, down from 5.8 months in October. The median hew-home prices increased 0.8 percent from a year ago.
–SPA
21:13 LOCAL TIME 18:13 GMT
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جوجل تختار تطبيق أنغامي Anghami من بين أفضل التطبيقات في عام 2015

بيروت، 21 ديسمبر 2015 / بي أر نيوزوير PRNewswire — اختارت شركة جوجل تطبيق أنغامي Anghami، خدمة الموسيقى الرائدة في منطقة الشرق الأوسط، كواحد من أفضل التطبيقات في عام 2015، والذي حاز على شهرة عالية في متجر التطبيقات بلاي ستور Play Store. وخلال عام 2015، جمع تطبيق أنغامي أكثر من 10 مليون مستخدم جديد يسجلون […]

UK economic growth revised down

LONDON, Rabi’I 12, 1437, December 23, 2015, SPA — Britain’s economy grew less strongly than previously thought in much of 2015, according to official data that is likely to surprise the Bank of England as it ponders when to raise interest rates, Reuters reported.

Britain’s economy grew by 0.4 percent in the third quarter, down from a previous estimate of 0.5 percent, the Office for National Statistics said on Wednesday.

Weaker growth in the country’s huge services sector, especially in financial services, was behind the new, lower assessment of growth, the ONS said.

In annual terms, growth was revised down to 2.1 percent from a previous reading of 2.3 percent.

Economists taking part in a Reuters poll had expected no change to the previous ONS estimates.

The ONS also lowered its estimate of growth in the April-June period to 0.5 percent from 0.7 percent in quarterly terms and to 2.3 percent from 2.4 percent in annual terms.

The BoE has previously said it expects growth in the third quarter to come in at 0.6 percent.
–SPA
12:54 LOCAL TIME 09:54 GMT
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Saudi-Moroccan Business Council concludes meetings in Rabat

Riyadh, Rabi’I 12, 1437, December 23, 2015, SPA — Saudi-Moroccan Business Council delegation has concluded its works in the Moroccan capital, Rabat, emphasizing the need for finding solutions for the challenges, and discussing new investment opportunities according to programs aiming to promote the development of economic and trade relations between business men in the Kingdom of Saudi Arabia and the Kingdom of Morocco.
The Chairman of Agriculture and Food Security Committee at the Chamber of Commerce and Industry in Riyadh Mohammed bin Fahd Al-Hammadi said in a statement to Saudi Press Agency that the most important achievements made during these meetings included setting up mechanisms to follow up the works and recommendations of the joint committees between the two sides that would eliminate the challenges and facilitate some administrative procedures or customs related to the field of export and import.
–SPA
11:51 LOCAL TIME 08:51 GMT
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Asian stocks rally as crude oil prices stabilize

Hong Kong, 12 Rabi’I,1437 AH, 23 December,2015 , SPA — Asian stocks rallied Wednesday in light trading following gains on Wall Street and stabilization of crude oil.
Hong Kong’s benchmark Hang Seng index climbed 1.2 percent to 22,080.37 while South Korea’s Kospi gained 0.3 percent to 1,999.22. The Shanghai Composite Index in mainland China added 0.5 percent to 3,668.45 and Australia’s S&P/ASX 200 rose 0.5 percent to 5,141.80. Japanese markets were closed for a holiday.
Oil prices are staging a recovery that’s helping lift energy and material stocks. U.S. crude futures rose 30 cents, or 0.8 percent, to $36.44 in electronic trading on the New York Mercantile Exchange. The contract closed up 33 cents to $36.14 a barrel Tuesday. Brent crude, which is used to price international oils, added 39 cents, or 1.1 percent, to $36.50 a barrel in London. Prices for both contracts had fallen by more than a third over the past year but gains over the past day have provided hope to investors that the sector has hit bottom and is now stabilizing.
— SPA
11:05 LOCAL TIME 08:05 GMT
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