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Orascom Telecom said the Algerian central bank has not frozen its local unit Djezzy’s accounts but it was prohibited from transferring money outside of the country. The largest Arab mobile operator by subscribers, which is in dispute with the Algerian government over a sale of Djezzy, did not refer to a report the unit was …
Orascom Construction Industries (OCI) said on Tuesday its Dutch unit OCI Nitrogen B.V. had raised €175 million for working capital and to refinance a loan for the unit’s purchase. The facilities comprise a €100 million term loan and €75 million in revolving credit to replace bridge financing that OCI arranged for its €310 million acquisition …
Net profit at Egypt’s Misr Cement Qena, which has been boosting capacity in southern Egypt, rose 14.2 percent in the first half of 2010, the stock exchange said on Tuesday. Profit rose to LE 219.6 million ($38.6 million) from LE 192.3 million in the first half of 2009. This implies a second-quarter profit of LE …
MANAMA: Kuwait’s International Investment Group (IIG) the investment house in the midst of a restructuring process, on Wednesday said its board is proposing not to pay out any dividend for 2009. IIG is one of the Kuwaiti investment houses badly hit during the financial crisis and last month was unable to make a $152.5 million …
KUWAIT: Kuwait Oil Company said on Wednesday it has awarded Petrofac Ltd a 123.3 million dinar ($430.8 million) contract to inject mixed effluent and seawater into 69 wells in northern Kuwait. The state-owned firm said the project in Sabriyah and Rawdatain oil fields was needed to reach a production target of one million barrels a …
SINGAPORE: Front-month Brent/Dubai Exchange of Futures for Swaps (EFS) for September jumped on Wednesday to the highest since December 2008 when OPEC producers began record supply curbs. The spread between the price markers for Atlantic Basin and Middle Eastern crudes surged more than $1 from Monday to $2.75 a barrel on Wednesday. Traders attributed the …
SAN JUAN: Mercosur, a South American trade bloc that groups big agricultural exporters Brazil and Argentina, signed a free-trade deal with Egypt on Monday, the Egyptian Ministry of Trade and Industry said. The agreement is expected to double the volume of trade between Egypt and the Mercosur countries. “The agreement will allow preferential treatment for …
EFG-Hermes revised its year-end forecast for the Egyptian pound to 5.65 against the dollar from its previous 5.80 pounds to reflect a stronger near-term euro outlook. The Egyptian pound has inversely tracked euro/dollar movements over the last two years, and during the euro’s recent decline it strengthened. "We do not expect to see a further …
Egypt’s Alexandria Cement posted a 13 percent gain in first-half net profit, the stock exchange said on Tuesday, defying a slowdown in its Greek parent’s main markets. The firm, a subsidiary of Titan Cement, reported net profit rose to LE 286.5 million ($50.32 million) from LE 253.3 million a year earlier. The bourse statement gave …
ALGIERS: Orascom Telecom’s Algerian unit has been blocked from importing new mobile phone equipment due to an ongoing dispute with the Algerian government, a source who has dealings with the firm said. Djezzy, the biggest single source of revenue for Egypt’s Orascom, has been unable to import mobile phone equipment since April, when the Algerian …
CAIRO: Orascom Telecom fell after reports its Algerian unit would be blocked from importing new mobile phone equipment, weighing on Egypt’s benchmark index, traders said. If faced with an import freeze, Djezzy, the biggest single source of revenue for Orascom, will see its sales hit during the upcoming Ramadan and Eid seasons, a traditionally busy …
DUBAI: Oman’s Nawras, a subsidiary of Qatar Telecommunication is set to launch its initial public offering in September, a company official said on Tuesday. Nawras, which broke the monopoly of state-controlled Omantel in 2006, agreed to float 40 percent of its capital in February under the condition of its licence but the government granted the …
BAGHDAD: Iraq exported an average of around 1.85 million barrels per day of crude oil in July at an average price of $70 per barrel, an Iraqi oil official said on Monday. Falah al-Amri, the head of Iraq’s State Oil Marketing Organization, said a rise in domestic consumption, a spike in temperatures and heavy oilfield …
Commercial International Bank led Egypt’s main index lower, ending eight sessions of gains, traders said. "The market saw some profit taking. Institutional investors offloaded positions in the financial and telecoms sectors in specific," said Mohamed Radwan of Pharos Securities. Commercial International Bank declined 3.2 percent, EFG-Hermes 0.5 percent, and Telecom Egypt 1.5 percent. Talaat Moustafa …
KUWAIT: BP Plc has asked Kuwait’s sovereign wealth fund to raise its share in the company to three percent, the Al-Anbaa newspaper reported on Monday. Quoting a Kuwait Investment Authority official it did not identify by name, the paper said BP’s outgoing chief executive, Tony Hayward, made the offer in a telephone call to the …
TEHRAN: Iranian President Mahmoud Ahmadinejad said on Monday that crude oil prices were too low due to efforts by some countries to keep it down to help economic recovery, the semi-official Fars news agency reported. "Oil has not found its (real) economic status, and its price, under the influence of some countries, is always unrealistic …
DUBAI: Jeweler Damas International said on Sunday it made a full-year net loss of 1.91 billion UAE dirhams ($520 million), after provisions and non-recurring charges of 1.9 billion dirhams. Before the expenses and impairments, the company made a net profit of 9.7 million dirhams for the period ending March 31, it said in a statement …
DUBAI: The Abu Dhabi Investment Authority (ADIA) has agreed to join Morgan Stanley and private equity group 3i in a bid for the high-speed railway linking London with the Channel Tunnel, Abu Dhabi’s National newspaper said. State-owned ADIA, considered the world’s largest sovereign wealth fund, is in the "very early stages" regarding its involvement in …
DUBAI: The United Arab Emirates will suspend use of Blackberry services in October, citing concerns about security risks, and affecting half a million users in the Gulf Arab state. The UAE said on Sunday it would halt Blackberry services on October 11 until an "acceptable solution" is developed and applied. "It’s a final decision but …
CAIRO: The average yield on Egyptian 91-day Treasury bills fell slightly to 10.013 percent at an auction on Sunday from 10.159 percent last week. The central bank accepted bids for bills worth LE 1 billion ($176 million), the same amount it was seeking. It accepted bids at rates between 9.985 percent and 10.078 percent versus …
CAIRO: Egypt’s main index, EGX30, ended 0.7 percent higher, with Mobinil climbing 2.2 percent after hitting a 15-month low last week on poorly received earnings and Orascom Telecom rising further as Algeria talks loom. Traders said eyes are turning to blue-chip results due out in the next two weeks, including those of Commercial International Bank, …
British oil and gas explorer Dana Petroleum said it discovered a new oil field in Egypt, after its Fin-1X well encountered good quality oil bearing sands. Dana, which owns and operates Fin-1X, said the well was drilled to a depth of 10,038 feet and flowed at 1,049 barrels of oil per day. The company said …
CAIRO: An Egyptian authority assigned to examine the sale of land in Talaat Moustafa’s (TMG) real estate Madinaty project recommended a court scrap the contract, a report from the authority said. The state commission filed the report to the High Administrative Court, which will conduct a session on the case later on Sunday. A lower …
CAIRO: The Bank of Khartoum has lent $4.9 million to finance the first phase of planting of maize for a Citadel Capital agricultural platform company in Sudan, the Cairo-based private equity firm said on Sunday. The loan is to Sabina Solutions, in which Citadel has a 21 percent stake, and a subsidiary of Wafra Co, …
CAIRO: The Central Bank of Egypt (CBE) left its key overnight interest rates on hold on Thursday a day after the government announced that economic growth had accelerated to an annual 5.9 percent. The decision by the bank’s Monetary Policy Committee (MPC) to keep rates unchanged, its seventh pause since it last lowered rates in …
AMMAN: Jordan’s top steel producer Jordan Steel posted a 65 pct drop in first-half net profit to 2 million dinars ($2.8 million), financial statements released on Thursday showed. For the second quarter, Jordan Steel posted a loss of 462,882 dinars ($652,866) compared with a 3 million dinars profit a year before, the statement obtained by …
KUWAIT: The Kuwait Food Co (Americana) said on Thursday its managers did not know of any offers to buy half of its shares. The Kharafi Group company said in a statement to the bourse its "executive management is not informed about this". It did not elaborate, but it said it was reacting to media reports …
LONDON: Major construction work at the Qatargas 4 liquefied natural gas (LNG) facility and Pearl, the world’s largest gas to liquids (GTL) plant, will be completed by year end, with production ramping up in 2011, Royal Dutch Shell said on Thursday. Shell holds 30 percent of the 7.8 million ton per year LNG project, known …
CAIRO: Egypt’s language skills and good working relationships between government, business and academia make it a strategic choice for growth, an IBM executive in charge of Egyptian business process operations (BPO) said. Egypt is eager to develop its IT and related sectors with a view to bringing in $10 billion a year from offshoring by …
Heliopolis Housing net profit for the year to end-June rose 52 percent to LE 151.5 million ($26.6 million), the stock exchange said on Wednesday. Net profit for the mostly state-owned firm was LE 99.4 million a year earlier. Heliopolis Housing has asked shareholders to approve a 50 percent capital increase financed from retained earnings, its …
