Economic News – suadi press agencyU.S. Pending Home Sales FallKuwait Stock Exchange ends in green zoneRussia's ruble hits lowest level in a yearGerman industry has high hopes for 2016 with further growth forecastPhilippines to join new China-le…
Washington, Rabi’I 19, 1437, Dec 30, 2015, SPA — Fewer Americans signed contracts to purchase homes in November, an industry group said Wednesday, as the real estate market appears to have cooled after sales gains for much of 2015.
The National Association of Realtors reported that its seasonally adjusted pending home sales index fell 0.9 percent to 106.9 last month. It was the lowest reading in 10 months, but still the index has risen 2.7 percent from a year ago.
Steady hiring and low mortgage rates lifted home sales for much of the year. But the pace of buying slowed after the end of the summer, with inventories tight and home values rising faster than incomes.
Pending sales are a barometer of future purchases. A lag of a month or two usually exists between a contract and a completed sale.
20:07 LOCAL TIME 17:07 GMT
KUWAIT, Rabi’I 19, 1437, December 30, 2015, SPA — Trading at Kuwait Stock Exchange (KSE) for Wednesday ended in the green zone.
Price index was up by 28.48 points to reach 5.612.48, weighted index increased 2.5 points to stand at 381.84, while KSX 15 index climbed by 6.7 to read 902.3 points.
Value of trades was KD 15,590,916.137 while share turnover was at 182,805,202 done through 3,030 deals.
14:55 LOCAL TIME 11:55 GMT
MOSCOW, Rabi’I 19, 1437, Dec 30, 2015, SPA — The Russian ruble has hit its lowest level in a year against the dollar as the country’s economy is battered by a decline in the price of its oil exports, AP reported.
The ruble dropped 1.3 percent in early morning trading on Wednesday to 73.2 rubles per dollar, its weakest level in about 12 months. The national currency lost 40 percent of its value last year and is now 20 percent down compared to a year ago.
14:26 LOCAL TIME 11:26 GMT
Berlin, Rabi’I 19, 1437, December 30, 2015, SPA — The head of Germany’s industry federation predicts
economic output could grow by “almost 2 per cent” in 2016, reassuring
businesses that Europe’s biggest economy can fend off financial risks
in the coming year, dpa reported.
“The economic situation in Germany is still driven by a very positive
development in employment and private consumption,” Ulrich Grillo,
president of the Federation of German Industries (BDI), told dpa.
“The real income of households will grow significantly in the next
year,” he said. “The good development in the job market should
Grillo’s prognosis is more optimistic than that of many economists.
He concedes that many factors remain uncertain as Germany tries to
accommodate a steady wave of migrants and refugees to the country,
which has become a top destination in Europe for people fleeing war
and misery in the Middle East and Africa.
Grillo also cited the cheap price of oil and modest interest rates as
factors in driving German business in the new year, while unstable
markets in developing countries such as Brazil or China threatened a
knock-on effect for global trading.
13:54 LOCAL TIME 10:54 GMT
Riyadh, Rabi’I 19, 1437, December 30, 2015, SPA — Saudi scouts have offered models of their initiatives in the global scout project “Messengers of Peace” during a meeting with the coordinators of the project recently in Dubai, organized by Arab Bureau of Education for the Gulf States in collaboration with the Arab Scout Organization, and Saudi and Emirates Scouts.
The Saudi delegation participating in the meeting has offered initiatives including the care of the family, student’s breakfast, and my city is my friend, which have been met with appreciation and admiration by the participants in the meeting, particularly services to pilgrims and Umrah performers, the environment, its development , conservation, and paying attention to dialogue events.
12:34 LOCAL TIME 09:34 GMT