Business
European development bank cuts growth forecast for emerging economies - (8 days ago)
Europes development bank slashed its 2013 growth forecasts for emerging Europe and North Africa on Friday by almost a full percentage point, saying a sharp slowdown in Russia would drag down the regional economy. The European Bank for Reconstruction and Development (EBRD) said Russias problems should galvanize the region to pull down barriers to new businesses and investment. But the
Global LNG-Asian prices lag Latin America - (8 days ago)
Asian prices of liquefied natural gas steadied at low levels this week due to feeble demand, while Latin American importers continued a more-than-two-month trend of paying premiums to attract supplies. The price of spot LNG in Asia hovered around $14.25 per million British thermal
UPDATE 2-Egypt report casts doubt over Centamin gold mine appeal - (9 days ago)
Shares of Egypt-focused gold miner Centamin Plc fell as much as 21 percent after the company said an advisory body had made unfavourable recommendations to the court that will decide the fate of its only operating mine. Centamin is appealing to the Supreme Administrative Court of Egypt to overturn a decision by another court to revoke its lease for the Sukari gold mine in Egypts Eastern
Alexandria Flour Mills profits hit LE 13 m in 9 months - (9 days ago)
Alexandria Flour Mills - (AFMC) reported financial results posting a net profit of LE 13,165,336 for the period from 01/07/2011 till 31/03/2013. Noting that, it posted net profits of LE 7,512,645 for the same period of the previous
Remco says not to pay dividends from hotels’ selling proceeds - (9 days ago)
Remco for Touristic Villages Construction (RTVC) announced that it disclosed in a statement its intention to sell some of its hotels in order to support finance structure. The company added, in a release sent to EGX that, it won’t distribute part of selling proceeds for
Egypt cut to record low at S&P on increased financing pressure - (9 days ago)
Business WeekEgypt’s long-term credit rating was cut to seven levels below investment grade at Standard & Poor’s, the second-lowest of any country rated by the agency, which cited increased financing pressures.The country’s long-term sovereign credit rating was lowered one notch to a record low CCC+ from B-, and the short-term rating was cut four levels to C from B. The
Qatar to supply Egypt up to 24 LNG cargos in swap deal - (9 days ago)
ZawyaOPEC member and gas-rich Qatar will supply Egypt with up to 24 cargos of liquefied natural gas starting May 28 as the North African country struggles to meet its domestic energy needs, the first under-secretary for agreements and exploration at the Egyptian Oil Ministry said in remarks published on Wednesday.Under the swap deal, BG Group PLC and Malaysia's Petroliam Nasional Bhd will give
Egypt expects to collect $388.5 mn in property tax revenues - (10 days ago)
Egypt’s government expects to collect around LE2.7 billion (roughly $388.5 million) in revenues from property taxes imposed on 15 million units and that have been counted by the tax authority’s committees, reported the state-owned Arabic-language news website Al-Ahram Thursday.Hassan Abbas, head of Egypt's Property Tax Authority, said that there are 17,000 constructed factories under
Egypt wheat harvest better than expected: Supply minister - (10 days ago)
The Egyptian Supply Minister Bassem Ouda said on Thursday that Egypt's wheat harvest this year is "better than expected" and has exceeded expectations. To date, Egypt has already received a total of 996,000 of wheat from the local market, Ouda said. EGYPT
ADIB -Egypt achieves profit first time since 2007 - (10 days ago)
CPI Financial“After five years of dedicated efforts and strict adherence to professional banking practices, ADIB - Egypt successfully transformed annual losses into profit and started to achieve a solid position in the Egyptian banking market,” said a press release. “Supported by the efforts exerted to execute the restructuring plan, renovation of the bank's infrastructure,
ADIB–Egypt Q1/13 net income increased by LE 109 m; 1st time since 2007 - (10 days ago)
Cairo - The Q1 financial results for Abu Dhabi Islamic Bank – Egypt (ADIB), (previously the National Bank for Development) revealed that the bank has achieved profitforthe first time since the Emirati consortium acquired the bank in 2007. After five years of dedicated efforts and strict adherence to professional banking practices, ADIB – Egypt successfully transformed annual
OT not notified about Djezzy’s talks stoppage; Statement - (10 days ago)
Orascom Telecom Holding (ORTE) announced that it didn’t informed about stoppage of negotiations between Russian VimpelCom, owner of Orascom, and the Algerian Government about OT’s unit in Algeria Djezzy and offering 3G mobile network in
FSA approves Cairo Oils & Soap capital increase - (10 days ago)
Egyptian Financial Supervisory Authority (EFSA) sent a release to EGX stating that it approved Cairo Oils & Soap - (COSG) to call for the existing shareholders to subscribe in company’s issued capital increase from LE 40 million to LE 80 million through issuance of 4 million shares at a nominal value of LE 10 per share in addition to LE 0.15 issuance fees per
We didn’t informed about talks stoppage about Djezzy; Orascom Telecom - (10 days ago)
Orascom Telecom Holding (ORTE) announced that it didn’t informed about stoppage of negotiations between Russian VimpelCom, owner of Orascom, and the Algerian Government about OT’s unit in Algeria Djezzy and offering 3G mobile network in
Egypt's Cbank offers USD40m at Thursday's forex auction - (10 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, the pound has lost a tenth of its value against the dollar at official
Egypt April Inflation accelerates driven by rise in food prices - (10 days ago)
BloombergEgypt’s inflation accelerated to 8.1 percent in April, pushed up by rising food prices that are pressuring the government as it seeks to conclude a $4.8 billion International Monetary Fund loan.Consumer prices rose 1.5 percent in April from the previous month, according to the government’s statistics office. Food and beverage prices climbed 2.7 percent.“The food was a
Egypt's Wheat farmers hobbled by fuel shortages as Silos run low - (10 days ago)
BloombergSucking tobacco smoke through a water pipe shared with three fellow farmers during a midday tea break, Osama Abdel-Ghani surveys the ripening wheat that Egypt is counting on to help feed its people.A water pump, idled by lack of fuel, juts from his field on the outskirts of Giza, west of Cairo. Abdel-Ghani expects lower yields from his 4-feddan (4.2-acre) plot this year amid a shortage
Mokhtar Ibrahim targets LE 10.5 m profits in 2013/14 budget - (10 days ago)
Egyptian Contracting (Mokhtar Ibrahim) - (ECMI) announced that it is targeting net profits after taxes of LE 10.554 million in the fiscal year
Orascom Telecom awaits court decision over rebate taxes on licenses abroad - (10 days ago)
Khaled Al-Leithy, Chief Financial Officer of Orascom Telecom Holding (ORTE), stated that OT is awaiting court decision on the claim filed against Tax Authority over rebate taxes on licenses gained between 200-2004 in Tunisia and Iraq, Almal newspaper reported. He added that, it is not logical to impose such taxes as these investments belong to company’s subsidiaries abroad. In the same
EL Ezz Aldekhela Steel declares LE 20/share payout - (10 days ago)
EL Ezz Aldekhela Steel - Alexandria - (IRAX) declared cash dividends of LE 20 per share payable on 22/05/2013. Shareholders as of 19/05/2013 are entitled to cash dividends
Egypt's new economic ministers prioritise IMF deal, Islamic finance - (10 days ago)
Egypt’s newly-appointed economy ministers highlighted the importance of continuing the efforts exerted by their predecessors to ensure Egypt’s economic future in their first public statements on Wednesday.The finance ministry’s highest priorities over the coming period will be to complete negotiations with the International Monetary Fund over an economic reform plan required to
Egypt foreign currency reserves up for first time in 5 months - (10 days ago)
Egypt's Net International Reserves (NIR) grew by around $1 billion in April, registering the first increase since October of last year, due to Libyan cash deposits at the Central Bank of Egypt (CBE).Total NIR reached $14.42 billion by the end of April 2013, up from $13.4 billion at the end of the previous month.In April, Libya deposited $2 billion at the CBE in an effort to support Egypt's
Egypt stocks hit 4-week high on cabinet reshuffle - (10 days ago)
Egyptian stocks maintained their upward trajectory for the third consecutive day of trading on Wednesday, one day after a cabinet reshuffle that saw the replacement of nine government ministers.Wednesday saw the market hit a four-week high, with the main EGX30 index rising by 0.5 percent for the day to reach 5,403 points.Out of 164 listed shares, 99 ended the session up while daily turnover stood
Juhayna jumps as packaged milk demand boosts profit - (10 days ago)
Cairo - Juhanya Food Industries (JUFO) climbed to a record after demand for packaged milk helped the Egypt’s biggest dairy producer more than double first-quarter profit. The company’s stock increased 2 percent to 9.15 Egyptian pounds, the highest since Juhayna sold shares to the public in June 2010, as of 1:32 p.m. in Cairo. Volume increased to 2.1 times the three-month daily
Egypt's urban inflation rises to 8.1 pct in April - (10 days ago)
Egypt's urban consumer inflation rose to 8.1 percent in the 12 months to April, from 7.6 percent in the 12 months to March, statistics agency CAPMAS said on
Dubai Group creditors to own equity stake post-$10 billion deal - (10 days ago)
Dubai Group, an investment vehicle owned by the emirates ruler, will be spun off as an independent company with creditors owning an equity stake after its planned $10 billion debt restructuring, a top official said.The company, which is a unit of Dubai Holding, the investment arm of Sheikh Mohammed bin Rashid al-Maktoum, expects to sign an agreement with its creditors on the restructuring in six
Tunisia stock market stirs, points to stronger economy - (10 days ago)
Tunisia is struggling with rising inflation, a big external deficit and an uncertain political outlook. These obstacles did not deter local businessman Mohamed Frikha from launching an initial public offer of shares in his fledgling carrier Syphax Airlines last week. Syphax, founded in 2011, operates three planes, competing with state-owned flag carrier Tunisair. The IPO, which will run
Banks, energy firms dominate list of Egypt's largest taxpayers - (11 days ago)
Banks and energy companies dominate a list of Egypt's ten largest taxpayers, the tax authority has announced.Commercial International Bank (CIB) was the largest taxpayer in Egypt during the current financial year at LE836 million ($119m), state news agency MENA reported on Tuesday evening, quoting a statement from the Egyptian Tax Authority (ETA).Landline monopoly Telecom Egypt (TE) was the
Egypt Investment collapsing as citizens turn into vigilantes - (11 days ago)
BloombergIn a dimly lit Cairo workshop, Hussein spins a metal pipe on a lathe, sending sparks flying. In a few minutes, it’ll become the barrel of a gun. Sometime after that it will join the growing arsenal of illegal weapons on the streets of Egypt.Artisans who make machine parts by day are turning into bootleg gunmakers at night, says Hussein, 54, who asked not to be identified by his
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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
