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
ReutersEFG Hermes, 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
Gulf Business NewsDana Gas made a net profit of Dhs241 million ($66 million) in the first quarter of 2013, up 17 per cent from a year ago, the Abu Dhabi-listed energy firm said on Tuesday.But revenue and gross profit fell during the first three months of 2013, because of a conservative capital expenditure policy and a temporary suspension of liquefied petroleum gas production in the Kurdistan
Neither Egyptian nor foreign investors will be allowed to own land along the Suez Canal, according to the terms of planned development projects along Egypt's strategic waterway, Housing Minister Tareq Wafik said on Monday.Speaking at the first conference devoted to Egypt's Suez Canal Corridor (SCC) initiative, Wafik explained that investors would be permitted to build projects in partnership with
Lawmakers approved on Monday the changing of Egypt’s tax law so that more taxpayers are included in the top band of tax, a rate of 25 percent.After the changes, those with incomes of LE250,000 will be required to pay the 25 percent rate; previously, the rate was only for those earning more than LE10 million.The amendments to Egypt’s income tax law, approved in Monday's session in the
AFPBloomberg News apologized Monday for an "error" that allowed its journalists to access private client data through its financial terminals, saying it would "strive to continue to uphold the highest standards" in its reporting."Our reporters should not have access to any data considered proprietary," Bloomberg editor-in-chief Matthew Winkler said in a statement posted on the news website."I am
Samsung Electronics Co., the South Korean technology powerhouse, will begin production at its factory in Upper Egypt in June, Trade Minister Hatem Saleh said in a statement on Monday.The company plans to produce 2 million units of TVs and screens in the first phase at the factory in Beni Suef, which was built with investments totalling LE1.8 billion (approx. $257m).It expects to achieve exports
Egypt's benchmark index of thirty companies slid on Monday by 0.54 percent to register 5,417 points, as selling pressure on key stocks pulled the market down.Financial heavyweights EFG Hermes and Commercial International Bank (CIB), and real estate company Palm Hills Development dropped 2.86 percent, 0.42 percent, and 1.78 percent respectively."This negatively affected the rest of the market,"
Average weekly salaries in Egypt grew by 20 percent in 2012 to reach LE641 (approx. $92), data from the country's statistics body, CAPMAS, showed on Monday.In 2011, Egyptian workers were paid an average weekly salary of LE534.The growth was mainly driven by salary increases for public sector and government workers, whose average weekly pay grew by 29 percent in 2012 to reach LE845, according to
Telecom Egypt on Tuesday reported first-quarter revenue of 2.717 billion Egyptian pounds ($390.12 million), up 1.4 percent from same period last year.
The landline monopoly, of which the government owns 80 percent, posted a net profit of 858 million Egyptian pounds and 947 million for its earnings before interest, taxes, depreciation and amortization (EBITDA). The company offers data
British oil and gas company BG Group reset its 2015 output target at between 775,000 and 825,000 barrels of oil
Egyptian Chemical Industries (Kima) (EGCH) reported financial results posting a net profit of LE 113,680,423 for the period from 01/07/2012 till 31/03/2013.
Noting that, it posted net profits of LE 88,741,340 for the same period of the previous
East Delta Flour Mills (EDFM) reported financial results posting a net profit of LE 10.729,000 for the period from 01/07/2012 till 31/03/2013.
Noting that, it posted net profits of LE 6,850,000 for the same period of the previous
Natural Gas & Mining Project (Egypt Gas) (EGAS) reported financial results posting a net profits of LE 109,499,130 for the period from 01/01/2013 till 31/03/2013.
Noting that, it posted net profits of LE 103,849,522 for the comparable
Al Baraka Bank Egypt - (SAUD) reported financial results posting a net profits of LE 39,739,070 for the period from 01/01/2013 till 31/03/2013.
Noting that, it posted net profits of LE 25,820,888 for the comparable
Medical Union Pharmaceuticals - (MEDU) reported financial results posting a net profits of LE 28,131,880 for the period from 01/01/2013 till 31/03/2013.
Noting that, it posted net profits of LE 32,570,207 for the comparable
Egyptian Satellites (NileSat) - (EGSA) reported financial results posting a net profits of $ 7,804,954 for the period from 01/01/2013 till 31/03/2013.
Noting that, it posted net profits of $ 8,453,708 for the comparable
Middle Egypt Flour Mills (CEFM) reported financial results posting a net profit of LE 2,501,232 for the period from 01/07/2012 till 31/03/2013.
Noting that, it posted net profits of LE 7,474,985 for the same period of the previous
Raya Holding For Technology And Communications - (RAYA) declared cash dividends of LE 0.25 per share payable on 06/06/2013.
Shareholders as of 03/06/2013 are entitled to cash dividends
Argentina has secured a total of three liquefied natural gas (LNG) cargoes for delivery this year from oil major BP, Norways Statoil and U.S. bank Morgan Stanley, trade sources said.
Latin Americas No. 3 economy has struggled to source its record LNG requirement of 83 cargoes for this year as it tries to offset falling domestic supplies amid surging demand.
In its latest tender launched
Bahrain Telecommunications Co BTEL.BH (Batelco) reported a 17 percent drop in first-quarter profit on Monday, due to tough competition in its domestic market.
Batelco, Bahrains biggest telecom group, has now reported a fall in profits in 11 quarters out of 12 and has seen its market share eroded by rivals, such as Saudi Telecom affiliate Viva, which launched in 2010 and slashed prices to