ZawyaEgypt will adopt a new licensing policy for its future oil and gas exploration contracts signed with foreign companies that will allow the North African country to obtain a bigger share of the production, its oil minister Osama Kamal said."We have developed a new system that will be implemented in the next licensing round," Mr. Kamal said in a video interview posted on the Al Borsa newspaper
National Drilling - (NDRL) reported financial results posting a net profit of $ 989.655 for the period from 01/01/2013 till 31/03/2013.
Noting that, it posted net profit of $ 2,786,218 for the period from 01/01/2012 till
APBP's sale of its Russian joint venture helped boost its first-quarter replacement cost profits to $16.5 billion, more than triple the $4.7 billion for the same period last year.The jump Tuesday reflects the oil giant's one-off gain from the sale of its stake in TNK-BP. The replacement cost figure omits gains or losses in inventories, making it similar to net profit figures used by US oil
Egyptian Iron & Steel - (IRON) BOD approved financial results for the fiscal period from 01/07/2012 till 31/03/2013 with net loss of LE 675.883 million, compared to net loss of LE 396.816
Paint & Chemicals Industries (Pachin) - (PACH) BOD approved financial results for the fiscal period from 01/07/2012 till 31/03/2013 with net profits of LE 66.36 million, compared to net profit of LE 70.07
plastemart.comEgyptian Minister of Petroleum and Mineral Resources Osama Kamal said that some petrochemical projects are expected to be established between the Saudi Basic Industries Corporation (SABIC) and Egyptian companies at investments amounting to US$ 10 bln, as reported by a Saudi newspaper.
A meeting will be held in Cairo next week between SABIC, Egypt's Petroleum Ministry and the
The 5 percent interest rate that Qatar has requested for a potential $3 billion worth of Egyptian treasury bonds is not particularly low, but the cash-strapped Egyptian government is likely to accept it nonetheless.On 10 April, oil-rich Qatar pledged to buy $3 billion worth of Egyptian treasury bonds in a bid to support Egypt's struggling economy.On Monday, a source close to the negotiations
ZawyaReutersEgypt's economy is poised to grow by only 3 percent in the fiscal year ending June 2014, well below the pace needed to generate jobs for the country's disaffected youth, and lower than previously forecast, a Reuters poll showed.The North African country's growth prospects have deteriorated over the last six months as political turmoil has made it harder to push through austerity
El Orouba Securities Brokerage - (EOSB) BOD approved financial results for the fiscal period ending in 31/03/2013 with net profits of LE 13.920 (unaudited), compared to net loss of LE
The worlds biggest watchmaker, Swatch Group (UHR.VX), sees double-digit sales growth in China this year for its mid- and entry-price products, even though demand for luxury goods has weakened in recent months.
Several Swiss watchmakers admitted this month that demand for upmarket pieces had gone down due to the governments crackdown on illegitimate gifting and conspicuous
ReutersEgypt's parliament halted its reading of a new income tax law on Monday, saying the government had not shown who would be affected by the measure that is needed to secure a badly needed $4.8 billion IMF loan.Lawmakers criticised the government's competence in drafting the legislation, adding to uncertainties about the IMF deal just days after a deputy finance minister who was a key
IVCPOSTMajid Al Futtaim, the Dubai retailer is in discussions with Mansour Group for the purchase of the largest supermarket chain in Egypt.
This was confirmed by two sources who spoke on condition of anonymity.Thus, a due diligence process has been conducted for the purchase of the Metro Chain and Kheir Zaman discount grocery store according to one of the sources.
Currently, the retail
Stock Market WireTelecom Egypt will announce its consolidated and standalone financial results for the first quarter ended 31 March on 3 May.
Assiut Islamic Trading - (AITG) reported financial results posting a net loss of LE 91,443 for the period from 01/01/2013 till 31/03/2013.
Noting that, it posted net profits of LE 55,063 for the comparable
Wall Street JournalEgypt is working to secure oil supply deals on favorable credit terms from major Arab producers in an attempt to ease fuel shortages and a government cash crunch that have proved politically damaging for the country’s Islamist president, Mohammed Morsi.
Egypt’s neighbor Libya has agreed in principle to offer Cairo close to 1 million
Oman's Nawras made its largest one-day decline in six months on Monday after the telecommunications operator posted a fifth straight drop in quarterly profit, weighing on a downbeat Muscat bourse.
Nawras dropped 6.8 percent, its biggest fall since Oct. 22, to slump to a 10-week low.
The operator, majority-owned by Qatars Ooredoo, reported a 21 percent drop in first-quarter profit on
ReutersQatar is asking for 5 percent interest and an 18-month maturity on $3 billion in bonds it has offered to buy from Egypt, an Egyptian official involved in the negotiations said on Monday.Qatari Prime Minister Sheikh Hamad bin Jassim al-Thani promised the money during a visit to Qatar by Egyptian Prime Minister Hisham Kandil on April 10.
The Gulf state had already lent Egypt $5 billion
The head of the Egyptian bourse Mohamed Omran said on Monday that a link-up between Egypt's and Turkey's stock exchange is projected to be finalised by the end of September 2013.The link-up will enable Egyptian investors to trade directly in the Turkish bourse and vice versa.Omran added on the sidelines of a press conference that joint trading will be implemented on the “major”
Middle East MonitorThe Egyptian government has signed four cooperation agreements with Chinese companies to develop and improve the economic area northwest of the Gulf of Suez.
During a press conference, Minister of Investment, Osama Saleh, confirmed that the total amount of investments to be made by the companies amounts to $500 million and will be delivered in 3 stages.
The Egyptian Minister of Finance El-Morsi El-Sayed Hegazi said that Egypt is making “huge progress” in its talks with the International Monetary Fund for a $4.8 billion loan and an accord may be signed within a “few weeks”.Discussions over the long-delayed loan, seen by Egypt as critical for unlocking billions of dollars more in foreign funding, were continuing and the IMF
The Egyptian Supply and Domestic Trade Minister Bassem Ouda a total of 79,285 tonnes of locally-produced wheat have so far been distributed in 2013.He said that the amount distributed during the whole of 2012 totalled only 6,614 tonnes.The comments came after the minister’s meeting on Monday with Egypt’s Wheat Supply Programme Committee, to review the country’s stock of wheat
The North Africa PostTwo senior officials in the Libyan oil ministry have claimed that Libya could be exporting $1,2 billion worth of crude oil at world prices, but on interest-free credit for a year to Egypt, in order to save the country from fuel shortages with the government finding it difficult to honor energy importation dues.
These importations on soft credit terms can begin as early as
Egypt has signed a financial and technical cooperation agreement with Germany worth 172.6 million euros, state-owned news agency MENA reported on Monday.Under the terms of the agreement, 165 million euros will be allocated to financing development projects, according to Planning Minister Ashraf El-Araby, who signed the agreement on behalf of Egypt at the German embassy in Cairo on Sunday.The
ReutersEuropean shares edged up on Monday after Italy finally formed a government, ending two months of political uncertainty, although analysts saw the gains petering out in the near term.The FTSEurofirst 300 added 0.1 percent to 1,197.98 by 1052 GMT, having jumped 3.7 percent last week. That left it around 1 percent shy of its 2013 peak."We're slightly high and dry in terms of what drives the
ReutersDubai retail firm Majid Al Futtaim (MAF) is in advanced discussions to buy Egypt's largest supermarket chain from family-owned Mansour Group, two sources said on Monday.A due diligence process for the purchase of Mansour Group's Metro chain and discount grocery store Kheir Zaman has been concluded, one source said, speaking on condition of anonymity as the matter is not public. The Mansour
ReutersA key Egyptian negotiator with the International Monetary Fund said on Sunday he has resigned as first deputy finance minister, in a potential blow to Cairo's prospects of an early IMF deal.Hany Kadry Dimian has been the crucial point man in Egypt's protracted and so far fruitless negotiations to obtain a $4.8 billion loan needed to help combat a severe economic crisis."The only comment I
UTOPIA - (UTOP) reported financial results posting a net profits of LE 747,681 for the period from 01/01/2013 till 31/03/2013.
Noting that, it posted net profits of LE 25,919 for the comparable
Acrow Misr (ACRO) OGM approved BOD suggestion to distribute cash dividends of LE 2 per share
Dr. Moustafa Abdel Kader, Tax Department Chief at Ministry of Finance, revealed that negotiations with Orascom Construction Industries (OCIC) to reach a settlement over LE 14 billion tax dues from Lafarge deal have stopped, Alborsa newspaper reported.
He added that, talks have stopped and the file was submitted to General Prosecutor for investigations.
He denied accepting OCI offer to pay $ 500