Egypt's pound has continued its slump, hitting a new low against the US dollar despite recent foreign currency injections from Libya and Qatar and a relative improvement in tourism.The official exchange rate has reached LE7 against the dollar at commercial banks in Egypt, a rate unseen since 2003."While Egypt has seen injections of foreign currency from Qatar and Libya in the past few weeks, the
ReutersEgypt's central bank sold $38.5 million to banks in a foreign exchange auction on Thursday at a cut-off price of LE6.9660 to the dollar. The cut-off price at the previous auction on Wednesday was LE6.9591.On the black market, one dealer offered to buy dollars for LE7.30 and to sell dollars LEat 7.37 - similar to Wednesday's levels. Earlier this week, one dealer quoted 7.45/55.The central
Dow Jones NewswiresTotal confirmed it acquired Shell fuel retail network in Egypt as part of its strategy to strengthen its distribution position in the country and wider region."Through this acquisition, we reaffirm our ambition to pursue our development in Africa and in the Middle East in the retail business," a spokesman for Total said. Asked about the price of the transaction, he declined to
The GuardianEgypt is suffering its worst economic crisis since the Great Depression, a former finance minister of the country and one of its leading economists have warned.In terms of its devastating effect on Egypt's poorest, the country's current economic predicament is at its most dire since the 1930s, Galal Amin, professor of economics at the American University in Cairo, and Samir Radwan,
AgraNetPOTENTIAL French wheat exports to Egypt, the world's largest importer of the grain, are in question because the North African country requires financing of purchases, according to crop office FranceAgrimer."If the Russians agree to finance, then they will get the wheat orders," Remi Haquin, the president of FranceAgriMer's cereal council, told reporters on Wednesday at a meeting in
ReutersThomas Cook unveiled a 1.6 billion pound ($2.4 billion) refinancing plan on Thursday designed to cut debt and enable it to resume paying dividends in the latest stage of a turnaround at the world's oldest travel firm.The 172-year old group is recovering after a dramatic slump in sales over the last two years, hit by the euro zone debt crisis, high fuel costs and social and political
ReutersThe Islamic Development Bank (IDB), a Jeddah-based multilateral institution, has called for the creation of a global sharia advisory board that can offer greater uniformity for the Islamic finance industry, its president said on Thursday.A centralised format to the supervision of sharia-compliant banking products is gaining favour across the globe, as regulators seek to standardise
Gulf Business NewsEgypt said on Wednesday it had settled disputes with the Dubai-based developer DAMAC involving projects dating back to the Mubarak era – an agreement the government hopes will reassure prospective investors.The government said the settlement covered three disputes: two involving housing projects near Cairo and the third involving a piece of land on the Red Sea. It said the
Egypt’s jobless rate climbed 0.2 percent in the first quarter of 2013 compared to the last quarter of 2012, reaching 13.2 percent of the country’s total labour force, according to state-run statistics body CAPMAS.CAPMAS’s quarterly report, released on Wednesday, attributed the increase in the unemployment rate to the stricken economy, which has seen frequent hits since the 2011
Creamer Media's Mining WeeklyToronto- and London-listed Centamin on Wednesday reported that the Stage 4 plant expansion of its Sukari gold mine, in Egypt, to ten-million tons a year, remained on track for the bulk of commissioning to start, and be completed, in the second half of 2013.To date, expenditure was $274.4-million, of the total forecast of $325-million, including contingency, with the
AFPGlobal oil prices slid on Wednesday as traders awaited the latest inventories report from leading world consumer the United States.In London early afternoon deals, Brent North Sea crude for delivery in June dipped 32 cents to $102.28 a barrel.New York's main contract, West Texas Intermediate (WTI) or light sweet crude for June, shed $1.19 to $93.02 a barrel.The US government's Energy
Real estate developer Palm Hills Development (PHD) realised a consolidated net profit of LE45.3 million (approx. $6.5m) in the first quarter of 2013, up from a net loss of LE16.3 million in the same period last year.Palm Hills Development, Egypt's second largest listed developer, was battered by legal troubles over its land bank and client cancellations following the 2011 revolution.The company
ReutersEgypt's central bank sold $38.3 million to banks in a foreign exchange auction on Wednesday at a cut-off price of 6.9591 Egyptian pounds to the dollar.
The cut-off price at the previous auction on Thursday was 6.9545 pounds.The pound strengthened on the black market, with dealers in central Cairo offering to buy dollars for 7.30 pounds on Wednesday and to sell dollars for 7.40 pounds.
ReutersEgyptian mobile phone operator Orascom Telecom Holding said on Wednesday it swung to a net loss in the first quarter of 2013, blaming foreign exchange losses and impairment of some assets.The firm, controlled by Russia's Vimpelcom, made a net loss before minority interests of $204 million for the quarter compared to a profit of $120.4 million a year earlier, it said in a statement.It said
Gulf NewsRegional private sector natural gas company Dana Gas on Tuesday reported a net profit after tax of Dh241 million ($66 million) for the first quarter of 2013, up 17 per cent compared to Dh206 million reported in the first quarter of 2012.Revenue from the sale of hydrocarbons during the period was Dh557 million ($152 million).However, revenues and gross profit declined during the quarter
Egypt-focused gold miner Centamin PLC announced Wednesday a 42 percent growth in its net profits for the first quarter of 2013 to $71 million, compared to $50.8 million in the same period a year earlier.Revenues grew by a healthy 58 percent in Q1 2013 to sit at $138.1 million, up from $87.6 million in Q1 2012.Centamin's principal asset is the Sukari gold mine, located in Egypt's eastern desert.
ReutersEgyptian mobile phone operator Orascom Telecom Holding said on Wednesday it made a net loss before minority interests of $204 million in the first quarter of 2013.Revenues were $849 million for the quarter, a decline of about 1 percent year on year, it said in an earnings statement.
Orascom said its total subscribers increased 3 percent from a year earlier to about 85
ReutersEFG Hermes (HRHO), Egypt's biggest investment bank, is seeking to raise its capital to 2.87 billion Egyptian pounds ($412.1 million) from 2.39 billion by issuing bonus shares, the bank said in a statement to the bourse on Tuesday.EFG plans to issue one free share per five shares held, the statement said, adding that the financial regulator must approve the
ReutersEgypt's Orascom Telecom Holding (ORTE) management has recommended shareholders reject an offer by a subsidiary of Russian billionaire Mikhail Fridman's Altimo to buy the company for $0.70 (46 pence) a share.A Cyprus-based subsidiary of Altimo made the offer in late March. Orascom has mobile businesses in Canada, Algeria and other emerging markets such as Bangladesh.A statement by Orascom
Egypt's benchmark EGX30 index edged down 0.3 percent on Tuesday after Dutch-listed OCI N.V reduced its tender offer to shareholders of Orascom Construction’s (OCI) Egyptian listed shares, disappointing investors who expected an increase in the offer.OCI, the market's biggest listed company, said in a statement that its parent company will proceed with the tender offer to acquire 100 percent
Egypt's Supreme Constitutional Court ruled on Tuesday that clauses in the tax law allowing the authorities to impose arbitrary taxes are in some cases unconstitutional.The court said the law did not specify any criteria to govern the actions of the authorities, which violates the 1971 constitution under which the law was issued.
AFPTurkey has paid off all debt owed to the IMF which extended its first loans more than 50 years ago, and is now set to contribute to the Fund's operations, owing to economic growth that gave a priority to the private sector, Turkish officials said on Tuesday."After a long period, Turkey has paid off, cut to zero its debt with the IMF. I hope this development will be positive for our country,"
Telecom Egypt (TE), who has a monopoly on land lines, reports first quarter of 2013 (January-March) profits decrease by 6.2 percent compared to the same period of the previous year, maxing out at LE858 million ($123 million).
Revenues, however, increased slightly over the same period to LE2.171 billion ($311 million). Net operating profits decreased significantly to LE533
ZawyaEgyptian private equity firm Citadel Capital (CCAP.CI) said Tuesday its subsidiary Mashreq Petroleum has signed a 25-year concession agreement with the East Port Said Port Authority to build Egypt's first independent tank terminal.The 3 billion Egyptian pound ($430.5 million) facility will be built on the north side of Suez Canal, Egypt's main waterway, to serve the global shipping market
BloombergTelecom Egypt Co., the country’s monopoly fixed-line phone service, said first-quarter profit fell 6.2 percent as slowing economic growth led to reduced calling abroad.Net income dropped to 857.7 million Egyptian pounds ($123 million) from 914.2 million pounds a year earlier, the Cairo-based operator said today in a statement. Revenue increased 1.4 percent to 2.72 billion
BloombergOCI NV (OCI) reduced the cash offer to stockholders of its subsidiary, Orascom Construction Industries, by 8.9 percent as it seeks to complete a tender for the unit’s shares listed in Egypt. The stock fell.Amsterdam-based OCI NV will pay investors 255 Egyptian pounds a share as an alternative to a stock swap, Orascom Construction said in a statement on its website today. The
Negotiations with the International Monetary Fund (IMF) to secure a $4.8 billion loan for Egypt are nearing their end, Prime Minister Hisham Kandil said on Monday.Kandil added that he expects Egypt to obtain the loan with 45 days before the parliamentary elections are held."The financial gap is big since revenues are less than expenses," Kandil told al-Arabiya channel.Closing this gap is the core
Journal of Turkish WeeklyEgyptian Prime Minister Hesham Kandil called on Turkish businessmen to invest in the Suez Canal, one of the world’s the most important waterways, as the Egyptian government wants to turn the canal into a “development corridor” by establishing industrial zones on the left and right banks of the canal.“The Suez Canal’s contribution to the