Business
Egyptian legislators approve Bourse tax, Turkey loan - (35 days ago)
Egypt's Shura council, currently tasked with legislation, approved on Saturday tax increases and stamp duties, and a loan from Turkey.The council passed a stamp duty levy on stock market transactions, amounting to 0.002 percent, to be imposed on buyers and sellers equally. Other initially proposed taxes on capital gains and dividends was not passed."The new tax will not affect market activity,
Suez Cement (SUCE) last payout date on Sunday - (35 days ago)
Suez Cement (SUCE) declared cash dividends of LE 1.65per share payable on 17/04/2013. Shareholders as of 14/04/2013 are entitled to cash dividends
El Obour Real Estate Investment approves LE 0.25/share payout - (35 days ago)
El Obour Real Estate Investment(OBRI) approved in its OGM meeting to distribute cash dividends of LE 0.25 per
Egypt to hold $600 mln auction to cover strategic imports - (35 days ago)
Egypt's central bank will hold on Sunday an exceptional foreign exchange auction for $600 million to cover strategic imports, its said in a statement.Bids will be accepted between 1.30 and 2.00 p.m. Cairo time (1130 and 1200 GMT), it said, adding that no quotas will be applied.The auction is 15 times the size of the three weekly currency auctions the cash-strapped central bank has been holding in
United Housing & Development approves LE 0.29/share payout - (35 days ago)
United Housing & Development (UNIT) approved in its OGM meeting to distribute cash dividends of LE 0.2972 per
United Housing & Development approves LE 0.29/share payout - (35 days ago)
United Housing & Development (UNIT) approved in its OGM meeting to distribute cash dividends of LE 0.2972 per
Alexandria Cement approves LE 0.60/share payout - (35 days ago)
Alexandria Cement - (ALEX) approved in its OGM meeting to distribute cash dividends of LE 0.60 per
General Silos & Storage profits dip to LE 0.39 m in 9 months - (35 days ago)
General Silos & Storage -(GSSC) reported financial results posting a net profit of LE 391,416 for the period from 01/07/2012 till 31/03/2013. Noting that, it posted net profit of LE 18,266,798 for the comparable
Medinet Nasr Housing bonus shares awaits EFSA capital hike approval - (35 days ago)
Arab Finance: Medinet Nasr Housing (MNHD) announced that its bonus shares distribution will be awaiting EFSA ratification for capital hike , knowing that Madinet Nasr Board of directors calls for OGM to be held on 29 April 2013 to discuss increasing issued and paid capital LE 20 million in the form of 2 free stocks for every existing 11.5
GB Auto topping Ministry of Finance second phase white taxi sales - (35 days ago)
Arab Finance :GB Auto" ((AUTO) topped the white taxi sales for the second phase of the Ministry of Finance, which has already expired to hit 170 cars for feb 2013 . knowing that the company has done discounts on models Elantra and Elantra Coupe at about LE 5000 inorder to stimulate sales despite the current economic crisis , Ministry of Finance third phase starts this
Audi sets ElSwedy Electric FV at LE 20.21/share - (35 days ago)
Arab Finanace - Audi Saradar initiated, in a recent study, ElSwedy Electric (SWDY) coverage with a fait value of LE 20.21/share and a Hold rating. Audi added that "Political turmoil hinders investment in the power sector despite insufficient capacity and robust liquidity in the GCC " . It also stated that "With cables sales representing 77% of El Sewedy’s top line, the segment remains the
IMF mission to meet ElBaradei, Sabbahi Saturday - (35 days ago)
The International Monetary Fund delegation is scheduled to meet with Dostour Party founder Mohamed ElBaraei and Popular Current party founder Hamdeen Sabbahi on Saturday, as the delegation seeks to learn more about the opposition’s stance on the US$4.8 billion loan currently being negotiated with the Cabinet. Sabbahi told Al-Masry Al-Youm that in his meeting with the IMF, he would openly
IMF mission to meet Egypt's ElBaradei, Sabbahi Saturday - (37 days ago)
The International Monetary Fund delegation is scheduled to meet with Dostour Party founder Mohamed ElBaraei and Popular Current party founder Hamdeen Sabbahi on Saturday, as the delegation seeks to learn more about the opposition’s stance on the US$4.8 billion loan currently being negotiated with the Cabinet. Sabbahi told Al-Masry Al-Youm that in his meeting with the IMF, he would openly
Egypt hits 2-wk high after funding pledge - (38 days ago)
The stock exchange hit a two-week high on Thursday after Qatar and Libya pledged US$5 billion in funding to a cash-strapped Egypt, while most Gulf markets also gain in earnings anticipation. Qatari Prime Minister Sheikh Hamad bin Jassim al-Thani said Qatar would provide an extra US$3 billion on top of some US$5 billion the Gulf state has already given Cairo. Later on Wednesday, the state news
Cairo Investment increases its ownership in Egyptian education systems to 91.5% - (38 days ago)
Cairo - Cairo Investment & Real Estate Development (CIRA) purchased Ghada Mahmoud Sherif stake of 20% in” Egyptian Company for education systems “ (a subsidiary of CIRA) for E 7.5 million by which its ownership is up to 91.5%. It is worthy to note that Egyptian education systems owns Futures International School located at
Upper Egypt contracting 2012 profits declines to LE 27.8m - (38 days ago)
Arab Finance: Upper Egypt Contracting (UEGC) reported financial results posting a net profit of LE27.8 million for the period from 01/01/2012 till 31/12/2012. Noting that, it posted net profits of LE37.7 for the previous
Egyptian stocks up at mid-day after Qatari financial package - (38 days ago)
Egypt’s stocks have risen during Thursday’s mid-trading in response to the Qatari $3 billion financial pledge announced on Wednesday.The proposed fiscal-injection aims to boost the Egyptian economy.Egypt will sell dollar-denominated treasury bonds to Qatar worth a total of $3 billion, a Central Bank of Egypt (CBE) source told Al-Ahram's Arabic-language news website on Wednesday.The
Egypt's 2012/2013 wheat stocks to fall dramatically: USDA report - (38 days ago)
Top importer Egypt's wheat stocks are likely to plunge below 1 million tonnes by June 30, as the country's economic crisis cripples purchases from the international market, a U.S. Department of Agriculture report said.The USDA estimated stocks at the end of the 2011/12 July 1 -June 30 marketing year were around 6.7 million tonnes.Economic turmoil in the North African country has made it harder to
China March auto sales hit record high - (38 days ago)
China's auto sales rose more than 10 percent year-on-year in March to a record monthly high of 2.04 million vehicles, an industry group said Thursday, citing strong demand for passenger cars.In the first quarter, automakers sold 5.42 million vehicles in the world's largest car market, up 13.2 percent year-on-year, the China Association of Automobile Manufacturers (CAAM) said in a statement."Auto
Orascom Telecom considers Wind Mobile Canada restructuring alternatives - (38 days ago)
Orascom Telecom Holding (ORTE)studies Wind Mobile Canada restruction alternatives whether to sell, merge or retain investment considering the canadian telecom sector variables. The company added that it announced in Jan 28,2013 and under the terms of the signed agreement that Orascom will indirectly acquire all of AAL Corp.’s interest in Globalive Wireless Management Corp., which operates
General Silos & Storage targets LE 9.4m profits during 2013/14 - (38 days ago)
General Silos & Storage (GSSC) announced that it is targeting LE 9.434 million distributable profits during the fiscal period of 2013/2014.It added, in a release sent to EGX that, its investments will hit LE 47.215 million in the same
GB Auto declares LE 1.25/share payout - (38 days ago)
GB Auto (AUTO) declared cash dividends of LE 1.25 per share payable on 28/04/2013. Shareholders as of 22/04/2013 are entitled to cash dividends
Japan carmakers to recall 3.4m cars over airbag defect - (38 days ago)
Japan's top four carmakers are recalling a total of 3.4 million cars over a defect in passenger airbags.Toyota, which is recalling 1.73 million cars, said the vehicles had a defective part which "could cause the airbag inflator to rupture and deploy the airbag abnormally in a crash".Honda Motors is recalling 1.13 million cars, while 480,000 of Nissan's and 45,000 Mazda cars are affected.Tens of
Egypt gets US$2 bn loan from Libya - (38 days ago)
Egypt and Libya finalized a US$2 billion loan agreement Wednesday evening to shore up the Egyptian economy and foreign reserves, according to state news agency MENA. The interest free loan is repayable in five years, with a grace period of three years, an Egyptian Finance Ministry official told the agency. The anonymous official anticipated the government would receive the loan by next week. He
Medinet Nasr Housing unaudited profits hit LE 85.9 m in 2012 - (38 days ago)
Medinet Nasr Housing (MNHD) reported unaudited consolidated financial results posting a net profit of LE 85,916,185 for the period from 01/01/2012 till 31/12/2012. Noting that, it posted net profits of LE 59,865,689 for the previous
Medinet Nasr Housing profits hit LE92.2 m - (38 days ago)
Medinet Nasr Housing (MNHD)reported consolidated financial results posting a net profit of LE92.2 million for the period from 01/01/2012 till 31/12/2012. Noting that, it posted net profits of LE65.6 for the previous
Sources: Preliminary approval upon OCI suggested tax settelment - (38 days ago)
Sources disclosed that Finance Minister approves in principal Orascom Construction Industries(OCIC) offer to pay EGP7.1 billion in taxes for sale of cement business to Lafarge , OCI requested before to pay over installments , sources say payment consists of EGP4.5 billion for taxes, EGP2.6 billion delay
Egyptian Pound devaluation had no implications on our portfolio companies, Citadel Capital - (38 days ago)
Doha - Citadel Capital Managing Director and veteran investment banker Marwan Elaraby participated in a panel discussion with global turnaround guru Wilbur Ross, sharing views on the current investment climate in Africa and Egypt. “African markets will be the long-term engines of growth for Citadel Capital,” said Marwan Elaraby, Managing Director of Citadel Capital, the leading
Video
Spot Lights
Ministers in Prime Minister Hisham Qandil's cabinet following the recent reshuffle (new appointees are in italics): 1. Minister of Agriculture Ahmed Mahmoud Ali El-Gizawi2. Minister of Antiquities Ahmed Eissa3. Minister of Aviation Wael Maadawi4. Minister of Communication Atef Helmy5. Minister of Culture
AP— April 15, 2013: Two bombs explode in the packed streets near the finish line of the Boston Marathon, killing three people and injuring more than 140.— January 17, 2011: A backpack bomb is placed along a Martin Luther King Day parade route in Spokane, Washington, meant to kill and injure participants in a civil rights march, but is found and disabled before it can explode. White
The convenient marriage between Iran and the Arab left would have been unthinkable only a few years ago, given the traditional ideological paradoxes between patriarchal Persian Shiism, on the one hand, and leftist orthodoxy on the other.Indeed, a casual viewer of Hizbullah's Al-Manar television, or the Iranian-funded Al-Mayadin TV, these days would probably think that the two Shia propaganda
"Abdullah's appointment was done via constitutional decree; it was a sovereign act by the head of the executive and therefore cannot be reversed by court ruling," said one leading FJP/Brotherhood figure. His comments echoed earlier assertions by Brotherhood lawyer Abdel-Moneim Abdel-Maksoud.The return of former prosecutor-general Mahmoud is "not going to happen," according to several government
