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DUBAI: The central bank of the United Arab Emirates forecast the countrys growth to be low in 2010 but better than the previous year, its governor told a media briefing on Monday, according to a source at the briefing.

Sultan Nasser Al-Suweidi told local media the central bank expected the growth rate in 2009 to be slim, while the 2010 rate would be low but better than in 2009, the source said.

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NEW YORK: US and European stocks eked out gains on Monday, lifted by defensive shares, while the euro edged up from 8-1/2-month lows despite persistent worries about the fiscal health of highly indebted nations in the euro zone.

A modest rebound on Wall Street helped pushed the euro to a session high above $1.37, although sentiment toward the single currency remained broadly negative, analysts said. US stocks edged higher after results at drugstore operator CVS Caremark Corp. and toy maker Hasbro Inc. topped expectations and both companies raised their outlooks. Rising defensive stocks such as drug makers helped European shares snap three days of losses, but worries about Greece and other debt-laden European countries kept gains in check.

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JEDDAH: Fernvale Investments (Mauritius) Pte Ltd. is making a capital commitment of $75 million to Pan-African Investment Partners II Ltd. (the second Kingdom Zephyr fund, known as PAIP II). This was announced here on Monday by Kingdom Holding Company (KHC).

Fernvale is a wholly owned indirect subsidiary of Temasek Holdings (Private) Ltd.

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MANAMA: Despite the recession, mergers and acquisition (M&A) activity in the high-tech sector worldwide made 365 deals worth $27.2 billion by September 2009, the highest total since December 2007, according to a new report by Booz & Company.

The report, which was released on Monday, said that despite being widely affected by the economic downturn, the technology sector experienced various bright spots in 2009, something that points to the direction the sector is to take throughout 2010.

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RIYADH: The first meeting of the Gulf Central Bank will be held in March this year, said GCC Secretary General Abdul Rahman Al-Attiyah here on Monday.

Al-Attiyah made the announcement during his address at the Saudi and Qatari Businessmen Forum, which was held for the second day on Monday under the patronage of Custodian of the Two Holy Mosques King Abdullah.

He also expressed hope for the imminent comeback of the United Arab Emirates to the GCC Monetary Union.

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JEDDAH: Jadwa Investment has won the Best Saudi Equity Fund award in Dubai, it was announced on Monday.

The award was given to Jadwa for its Saudi Equity Fund performance in 2009 at a ceremony held recently in Dubai by MENA Fund Manager magazine.

Ahmed Al-Khateeb, managing director and CEO of Jadwa Investment, attributed this achievement to Jadwa asset managements skilled and experienced team. This prestigious award proves the success of our strategy, our dedication to this business and to set records in a short time, and our dedication to world-class investment and asset management practices. It also highlights our pursuit of Jadwas ultimate goal of becoming the leading provider for Islamic investment services in the region Al-Khateeb added.

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RIYADH: A US dollar-denominated, open-ended, Shariah-compliant fund was launched Monday in Riyadh by NCB Capital, the investment banking arm of National Commercial Bank (NCB), the largest commercial bank in the Kingdom.

Under the new Sukuk and Murabaha Fund, NCB Capital will invest in sukuk and Murabaha issued by highly rated companies and governments.

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TOKYO/DETROIT: Japanese carmaker Toyota Motor Corp. said it was preparing a global recall of its new Prius model, risking a fresh dent to its battered reputation for quality and reliability.

As US plants resumed production of eight models involved in an earlier safety recall, the worlds largest automaker readied action on the hybrid car in Japan as early as Tuesday.

Steps to fix problems with delayed braking in certain road conditions would follow in the United States, Europe and other markets, a source familiar with the plans said.

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KUWAIT CITY: The Central Bank of Kuwait (CBK) on Monday cut its one-week and one-month repurchase rates by 25 basis points each in a bid to expand money supply, a day after reducing the benchmark discount rate.

The bank cut the one-week repo rate to 1.5 percent and its one-month rate to two percent, according to the banks official website.

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JEDDAH/DUBAI: Middle East markets rebounded on Monday, with Egypt recouping most of its previous days losses, but volumes were thin as investors remained on the sidelines in the absence of significant catalysts.

What we are seeing today, with regard to volumes, is a contagion effect of high volatility internationally, said Marwan Shurrab, vice-president and chief trader at Gulfmena Alternative Investments.

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