Business
Vodafone says it paid no UK corporate tax in two years - (10 days ago)
ReutersVodafone Group Plc said it paid no corporation tax in Britain for the year to March 2013, prompting fresh criticism from campaigners who have made the UK mobile telephone group a target in debate on corporate tax payments. Revelations of profit shifting by big companies have provoked anger among austerity-weary citizens across Europe and political leaders have pledged to
Egypt placed on ILO blacklist due to receding workers' freedoms - (10 days ago)
The International Labour Organisation (ILO) has short-term blacklisted Egypt citing the government violates the workers’ freedom standards, Al-Ahram Arabic-language news website reported on Friday.Al-Ahram added that ILO’s experts committee on Egypt has received several complaints submitted by the country’s independent trade unions criticising receding organising freedoms.The
Egypt seen asking France for delayed payment for Grain imports - (13 days ago)
BloombergEgypt, the world’s biggest importer of wheat, asked France for permission to delay paying for grain purchases for nine to 12 months after loading, according to a group representing French cereal growers.Egypt also is seeking free storage in France for its imports for as long as six months and aid in building silos at home, the Paris-based Association Generale des Producteurs de Ble
Egypt's gathering economic gloom leaves millions facing food shortages - (13 days ago)
The GuardianThe queues get longer every day. The rising cost of food in Egypt is sending more people to the thousands of government-subsidised bakeries across the country offering a lifeline to a population struggling to cope.As they wait for bread, customers in Cairo's Sayeda Zeinab neighbourhood say they are feeling the pinch acutely. "Rice and beans suddenly seem so expensive," says one mother
IMF says it lowered own standards for Greek bailout programme - (13 days ago)
ReutersThe International Monetary Fund (IMF) on Wednesday said that it lowered its normal standards for debt sustainability to bail out Greece, and that its projections for the Greek economy may have been overly optimistic. The IMF was one of a trio of international lenders that in 2010 stepped in to keep the Eurozone country from defaulting on its debt and departing the common currency
Egypt spirits market to grow by nearly 3% till 2016: Report - (13 days ago)
Drinks Business ReviewSpirits consumption in Egypt will grow by 2.88% during 2011-16 as compared to 1.22% in the previous five years, according to a report by Canadean Wines & Spirits.The report, "The Future of the Spirits Market in Egypt, to 2016", says that all the categories within the sector will post positive compound annual growth rate (CAGR) during 2011-16, which was not the case in
Egypt's central bank offers USD40m at Thursday forex auction - (13 days ago)
ReutersEgypt's central bank said it would offer $40 million to banks at its auction of foreign currency on Thursday.The central bank introduced the foreign exchange auctions at the end of December in an effort to stave off a currency crisis triggered by political unrest.Since then, it has allowed the pound to weaken by more than 11 percent against the dollar on the official market, while on the
Egypt CBank accepts bids for $38.5 mln at forex auction - (13 days ago)
ReutersEgypt's central bank sold $38.5 million to banks in a foreign exchange auction on Wednesday, with the cut-off price edging weaker to 6.9774 Egyptian pounds to the dollar.The cut-off price at Monday's auction was 6.9753 pounds.The central bank has slowed the speed of the pound's fall over the last two weeks, and currency dealers say it seems reluctant to allow it to weaken below the
Carrefour falls as Europe equity pullback deepens - (14 days ago)
ReutersEuropean shares fell on Wednesday, extending a retreat from multi-year highs reached last month, as fresh concerns about a possible tapering in U.S economic stimulus measures hit markets.The pan-European FTSEurofirst 300 index, which touched a 5-year high of 1,258.09 points in late May, fell 0.4 percent to 1,206.45 points, while the euro zone's blue-chip Euro STOXX 50 index was down 0.5
U.S. blacklists global network of Iranian 'front' companies - (14 days ago)
ReutersA global network of private companies were blacklisted by the United States on Tuesday for providing revenue to the Iranian government and helping Tehran evade international sanctions on its nuclear program, the U.S. Treasury Department said.The move targets 37 companies spread across the world, from Iran to Croatia, Germany and South Africa, and is the fourth action the United States has
NBE to fund green luxury hotels in Egypt - (14 days ago)
Egypt's largest bank has agreed to fund luxury hotels in South Sinai and the Red Sea province that aim to "go green," as the country is gripped by increasingly frequent power cuts that threaten to cause further harm to the tourism industry.In a protocol signed on Monday between the National Bank of Egypt, the Egyptian Hotel Association and the Solar Energy Development Association (SEDA), the bank
Shareholders in Egypt's OCI to meet June 19 to discuss OCI NV bid - (14 days ago)
ReutersEgypt's Orascom Construction Industries (OCI) has called a shareholder meeting for June 19 to discuss a takeover offer that will likely lead to the company's delisting from the Egyptian stock market.OCI's Dutch-listed parent, OCI NV, announced an offer in January to buy the ordinary shares of its Egyptian-listed subsidiary that it does not already own. OCI NV owns 70 percent of the
Blue Nile dam row drives Egypt stocks down - (14 days ago)
Egypt's main EGX30 index fell by 1.57 percent on Tuesday to 5,222 points one day after a meeting convened by the presidency – inadvertently broadcast on live television – exacerbated investors' fears regarding Egypt's supply of Nile water.Last week, Ethiopia began diverting the flow of the Blue Nile ahead of construction of its planned Renaissance Dam project – a move that
EFG Hermes Named Best Investment Bank in Egypt in Euromoney 2013 Awards - (15 days ago)
ZawyaEFG Hermes, the leading investment bank in the Arab world, has been recognized as the "Best Investment Bank in Egypt" in the Euromoney Awards for Excellence 2013. The prestigious recognition is a testament to the firm's continued market leadership in Egypt and the region across all lines of business despite a challenging operational environment that has seen international and local players
Cemex to invest US$100 million in Egypt - (15 days ago)
World CementCemex has announced that it will invest US$100 million in Egypt in order to enhance its operations and support housing, commercial and infrastructure development in the country.Assiut cement plantA large portion of the investment will go towards increasing the capacity to use coal and petcoke at the Assiut cement plant, helping to eliminate fuel subsidies by 2014. There are also
More than 60 countries sign arms trade treaty - (15 days ago)
AFPMore than 60 countries on Monday signed a landmark arms trade treaty, but the United States held back from joining the first wave of backers while Russia and China are not expected to sign on.The UN-brokered treaty is the first covering weaponry of any kind for more than a decade and aims to bring transparency and protection of human rights into the often dubious $85 billion a year global
Egypt stocks continue to slide on Altimo's pullout from OT deal - (15 days ago)
Egypt stocks slipped for the second consecutive session on Monday, as domestic investors continued to suffer the negative effects of the withdrawal of Russian telecom giant Altimo from a planned acquisition deal for Egypt's Orascom Telecom (OT).The main EGX30 index shed 1.3 percent to alight at 5,305 points one day after Egypt's High Constitutional Court (HCC) ruled that some articles of the law
Saudi prince forks out 15 mn euros at Paris Disneyland - (16 days ago)
AFPA Saudi prince spent 15 million euros ($19.5 million) for three days of fun at Disneyland near Paris to celebrate his degree, the group that runs the theme park said Monday.Prince Fahd al-Saud booked entire areas of the park over May 22 to 24 for his 60-odd guests. The festivities included tailor-made events involving "rare Disney characters," Euro Disney told AFP.Special security was put in
ECB's Draghi says euro zone on track for 'very gradual' recovery - (16 days ago)
ReutersThe euro zone economy is on track for a recovery later this year driven by the European Central Bank's loose monetary policy and demand from abroad, the bank's President Mario Draghi said.The ECB cut interest rates to a new record low in May and said it would act again if necessary but its hand may in part be stayed this month and going forward by a rebound in inflation, which rose back to
Egypt's CBank offers USD40m at Monday forex auction - (16 days ago)
ReutersEgypt's central bank said it would offer $40 million to banks at its auction of foreign currency on Monday.The central bank introduced the foreign exchange auctions at the end of December in an effort to stave off a currency crisis triggered by political unrest.Since then, it has allowed the pound to weaken by more than 11 percent against the dollar on the official market, while on the
Egypt stocks shed 1pct as Altimo's OT offer is cancelled - (16 days ago)
Egypt’s stocks started the trading week down Sunday as the Russia telecommunication giant Altimo cancelled plans to buy out minority shareholders in Egypt's Orascom Telecom (OT).Earlier Sunday, the Egyptian financial regulator (EFSA) rejected Altimo’s attempt to reopen its earlier tender.Altimo launched an offer in April to buy out minority shareholders of Orascom, which has mobile
IMF releases $2.26 bn for Greece - (17 days ago)
AFPThe International Monetary Fund (IMF) released 1.74 billion euros ($2.26 billion) in fresh funds for Greece Friday after the country passed the third review of its performance under the joint IMF-EU bailout program.Earlier Friday the European Financial Stability Facility also released another aid installment, worth 7.2 billion euros, to help recapitalize Greece's stricken banks.The funding is
Orascom Telecom slumps as Altimo offer withdrawn: Cairo Mover - (17 days ago)
BloombergOrascom Telecom Holding SAE dropped the most in more than six months in Egypt after billionaire Mikhail Fridman withdrew an offer to buy a 16 percent stake in the mobile phone company.The shares of Cairo-based Orascom Telecom fell 5.6 percent, the most since Nov. 25 , to 4.7 Egyptian pounds (67 cents) a the close. The drop made them the biggest decliner on the EGX 30 Index, which
Libya 'seeking to recover Gaddhafi riches in S.Africa' - (17 days ago)
AFPLibya has called on the South African government to help it recover more than $1 billion in diamonds, gold and cash allegedly stashed in the country by slain dictator Moamer Gaddhafi, a local newspaper reported on Sunday.The Sunday Times newspaper said Libyan investigators had approached the Treasury with evidence that the assets were being held by four South African banks and two local
Russia's Altimo says has no plan for new Orascom Telecom offer - (17 days ago)
ReutersRussian firm Altimo said on Sunday it had no plans to launch a new offer to buy out minority shareholders in Egypt's Orascom Telecom (OT) after the Egyptian financial regulator (EFSA) rejected its attempt to reopen its earlier tender.Orascom Telecom, a heavyweight on the Egyptian Stock Exchange, is already 51.9 percent owned by Russia's Vimpelcom , which in turn is 47.85 percent owned by
Egypt budget deficit hits 10.6% of GDP in 1st 10 months of 2012/13 - (17 days ago)
Egypt’s total budget deficit recorded 10.6 percent of the country's gross domestic product (GDP) in the first ten months of the 2012/13 fiscal year, the finance ministry revealed on Thursday.According to the ministry's May bulletin, the deficit has reached LE184.8 billion (roughly $26.4 billion), compared to LE117.8 billion (roughly $16.8 billion) in the period from July to April of the
Cadbury's owner group abuses worker rights in Egypt, Tunisia: Unions - (17 days ago)
AFPMondelez, which until last year was known as Kraft Foods, has cracked down on the rights won by Egyptian and Tunisian workers during the 2011 uprisings to organise in unions, charged Ron Oswald, the head of the International Union of Food Workers (IUF).Brands owned by the group such as chocolate giant Cadbury initially refused to talk with union representatives about legitimate grievances
Egypt Central Bank unaware of Islamic bonds programme - (20 days ago)
Governor of Egypt’s Central Bank Hisham Ramez said that he is unaware of the government’s plans to issue Islamic bonds (sukuk) worth $12 billion by next year’s outset, reported Al-Ahram’s Arabic-language website on Thursday.On Wednesday, Reuters reported that Egypt aims to issue sovereign Islamic bonds early next year, which could help ease pressure on its public
Under the Sponsorship of Credit Agricole Egypt - (20 days ago)
Under the sponsorship of Credit Agricole Egypt , the Misr El Khaeir Foundation has completed the delivery of potable water to 200 of the poorest families in villages in the Governorate of Assuit. The work is in fulfillment of the protocol previously signed with the Governorate of Assuit and the National Water Company.The protocol aims to deliver potable water to up to 800 needy families in Assuit
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AFPTurkish Prime Minister Recep Tayyip Erdogan rallies supporters after riot police again clash with thousands of anti-government demonstrators in a second week of nationwide unrest.Three people have died in the protests against Erdogan and his Islamic-leaning Justice and Development Party (AKP), in power since 2002.Following are the main events of the past days:- May 28: A peaceful local protest
AFPTurkish Prime Minister Recep Tayyip Erdogan is facing one of the biggest challenges of his decade in power with anti-government protests that critics say have exposed growing discontent with his increasingly authoritarian and conservative agenda.Here are the key events since Erdogan's Islamist-rooted Justice and Development Party (AKP) assumed power in the predominantly Muslim but staunchly
AHRAM ONLINEFounders of Egypt’s 'Rebel' campaign, a newly established movement that aims to withdraw confidence from President Mohamed Morsi by collecting citizens' signatures, spoke at an open forum on Wednesday to discuss the campaign, which has recently gone viral online and on the streets.'Rebel' campaigners hope to collect 15 million signatures and hold a mass sit-in on 30 June –
BBC SportWhen it's put to him that he might be the most talented athlete in the world to hold a racquet, a bashful Ramy Ashour admits "that's pretty great".The 25-year-old Egyptian is more than just the current squash world number one - his elastic, unorthodox brilliance and charisma could be the key to squash breaking out beyond its four walls and regaining a place on the wider sporting
