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Gold miner Centamin Egypt Ltd produced a lower than expected 30,236 ounces in the quarter to end June, but said it remains on track to produce 200,000 ounces in 2010. Production fell to 30,236 ounces in its fourth quarter, from 36,621 ounces in its third quarter to end March, on lower grades. Cash operating costs …
Egypt’s main government wheat buyer said on Wednesday it would allow French wheat suppliers to use two ports in France to load cargoes, provided they cover freight costs. Nomani Nomani, vice chairman of the General Authority for Supply Commodities (GASC) told Reuters the decision would be effective as of Wednesday, July 28. This reverses a …
AMMAN: Jordan Telecom Group, the country’s sole fixed-line operator, said on Wednesday its net profit in the first six months of 2010 fell 10.9 pct to 45.6 million dinars ($64.3 million) due to the cost of launching a 3G service. The telecom group, in which France Telecom owns a 51 percent stake, said revenue at …
LONDON: Oil slipped towards $77 per barrel on Wednesday after an industry report of an unexpected rise in US crude stocks and a fall in US consumer confidence fuelled doubts about the pace of recovery in energy demand. Traders awaited data from the US Department of Energy on oil inventories and refinery utilization due to …
CAIRO: Egypt’s benchmark index rose for a sixth day, with EFG-Hermes saying market conditions are ripe for a short-term rally. The index gained 0.5 percent to close at 6,226 points. "Rising global risk appetite and overall positive second quarter 2010 earnings releases will likely be the immediate catalysts, and we expect that retail investors will …
CAIRO: Egypt’s Mobinil posted a fall in second-quarter net profit to LE 381 million, adding far fewer subscribers than its main rival, blaming the regulatory and competitive environment. "We still expect those adverse conditions to continue in the foreseeable future," Mobinil Chief Executive Officer Hassan Kabbani said in the earnings release. The profit figure was …
CAIRO: Egyptian real estate firm SODIC, seeking new land near its flagship Allegria project, said on Tuesday it had bid for 410 feddans (426 acres) in the Cairo suburb of Sheikh Zayed City. The firm, Egypt’s fourth largest developer by market value, sells mostly high-end residential and commercial property on the outskirts of Cairo. "We …
ABU DHABI: Abu Dhabi’s Sorouh Real Estate, one of the Middle East’s biggest developers, said on Tuesday a lack of land sales in the second quarter explained a sharper-than-expected drop in net profit and revenues, both of which fell about 80 percent. "There were no land sales this quarter, so revenues and profits were lower. …
The Egyptian pound traded as low as 5.7037 to the dollar on Monday, its weakest level since Jan. 9, 2007. "It’s not supposed to be moving like this given the fundamentals," said a Cairo-based currency trader. "What I’m expecting is that it will stop shy of 5.80" to the dollar. He added that Egypt’s central …
Egyptian state-owned National Bank of Egypt (NBE) and New Urban Communities Authority (NUCA) plan to sell medium-term bonds in the coming weeks, two people familiar with the transactions said on Sunday. NBE last week began marketing dollar-denominated bonds it is issuing through a fully owned special purpose entity, Nile Finance Limited, incorporated in the Cayman …
CAIRO: Egypt’s main index inched up, helped by Orascom Telecom, which has gained 6.5 percent since Algerian ministers said in parliament on Thursday talks would soon begin with the Egyptian company over its Algeria unit. Orascom gained 2.2 percent. Algeria is waiting until experts complete a valuation of Orascom’s Djezzy unit, which the Algerian state …
LONDON: Oil fell moderately on Monday as Tropical Storm Bonnie faded over the Gulf of Mexico, but trading was cautious ahead of US economic and corporate earnings data. Oil traders were reluctant to push oil prices too far in either direction before the release of US figures later in the day. Many are concentrating on …
ISMAILIA: Egypt has deepened its strategic Suez Canal to ensure the biggest ships will be able to pass between the Red Sea and the Mediterranean as its revenue, traffic and tonnage perks up from a slow 2009. The waterway, a barometer for the health of global trade, suffered through the financial crisis as flows shrunk …
Dubai: Emirates NBD, one of the Gulf banks most exposed to indebted Dubai World, missed analysts’ forecasts as its quarterly profit more than halved due to higher bad loan provisions, sending its shares lower. ENBD, the biggest bank by assets in the United Arab Emirates, posted a 53-percent fall in second-quarter profit to AED398 million …
MUMBAI: Indian real estate firm DLF is buying out the stake held by a property unit of debt-laden Dubai World in an equal joint venture in India for about 2 billion rupees ($43 million), the Economic Times reported on Monday. A unit of DLF will buy the stake owned by Limitless Group, part of Dubai …
DUBAI: Kuwait’s International Investment Group (IIG) said it was unable to make a $152.5 million Islamic bond payment, its second default this year, and named as its advisor to look at restructuring options. IIG said on Monday its payment on the Islamic bond, or sukuk, had been scheduled for July 12. The company said KPMG …
CAIRO: A groundbreaking $9 billion agreement signed by Egypt this week should help it meet growing domestic and foreign gas commitments by boosting supplies and encouraging new exploration. Under its terms BP and Germany’s RWE Dea agreed to bear all the costs in developing five offshore fields that will supply up to 1 billion cubic …
The Egyptian unit of Vodafone may have overtaken Mobinil last quarter as the country’s largest provider of mobile phone subscriptions, data shows. Egypt’s three mobile operators — the third is a subsidiary of Abu Dhabi-based Etisalat —are locked in a pricing spiral as they seek to grab market share before saturation. Total subscriptions in the …
CAIRO: Egypt’s main index ended up 1.4 percent, boosted by a decent number of foreign and institutional investors participating after Friday results of a European bank stress test calmed jitters, analysts said. "Trading is at tight ranges around 6,000 points … Foreigners and institutional investors continue their decent participation in the market," said Omar Darwish …
KUWAIT: Kuwait Finance House (KFH), the country’s biggest Islamic lender, reported on Wednesday a 22 percent rise in second-quarter net profit, beating expectations. The lender made a net profit of 39.9 million dinars ($138.4 million) in the second quarter, up from 32.7 million dinars in the year earlier period, KFH said in a statement on …
LONDON: A curious trend is developing among powerful sovereign and state-backed investment funds: despite being super rich in mainly oil-generated wealth, they are tapping the private sector for more capital. Qatar, Bahrain, Singapore, Abu Dhabi and Kazakhstan are among those that have been raising capital via bond sales, fund placements or bank loans. The participation …
LONDON: Oil slipped to around $77 per barrel on Wednesday after weekly government data showed a surprise increase in US crude oil stocks after widespread predictions of a drawdown. The US Energy Information Administration (EIA) said commercial crude inventories rose 360,000 barrels in the week to July 16 to 353.46 million barrels, confounding an average …
RIYADH: Petrochemical giant Saudi Basic Industries Corp (SABIC) said sales growth slowed in the second quarter as prices for its products fell. SABIC, the world’s biggest chemicals maker by market value, said its inventories surged by around a third due to a slowdown in demand. The annual rise in net profit came from new output …
SINGAPORE: Kenya bought two 600,000-barrel cargoes of Abu Dhabi Murban crude for September arrival in its monthly tender at weaker differentials than last month, traders said on Friday. European majors Shell and Total sold the cargoes at a premium of around 83 and 53 cents a barrel to ADNOC on a cost and freight basis …
DUBAI: Al Qaeda’s Yemen arm said on Friday it was behind coordinated attacks on security offices in the Arabian Peninsula state in which four people were killed, and threatened more strikes on Yemeni targets. Gunmen on motorcycles stormed police and intelligence offices in south Yemen and opened fire on July 14, part of a series …
AMMAN: Jordan’s budget deficit more than halved in the first five months of the year as the government maintained a freeze on non-essential capital spending, finance ministry sources said on Wednesday. They said the shortfall shrank to 137 million dinars ($193 million) from 348.3 million dinars in the same period of 2009 – a year …
LONDON: Oil rose above $78 a barrel on Wednesday after Tuesday’s strong US corporate earnings raised optimism over the strength of economic recovery in the world’s largest economy. US crude for September, the front-month contract after Tuesday’s expiry of August, rose 53 cents to $78.11 a barrel, before dipping to $77.83 at 0950 GMT. London …
CAIRO: Egypt’s main index ended slightly higher on low volume, echoing world markets, which rebounded on Tuesday on a strengthened dollar and positive US company earnings. "Today we’re slightly up, within the same range… [we have been trading] around the 6,000 level, plus or minus 100 points," said Karim Hosny of Pharos Securities."People are being …
Egypt’s largest listed cement company, Suez Cement, said demand for cement rose in the first half, but analysts say growth will slow due to higher electricity prices and a government sales tax hike. Suez, a subsidiary of Italcementi, posted an unconsolidated first-half net profit of LE 766 million ($134 million) — unchanged from last year …
Greek mobile operator Wind Hellas Group said on Wednesday enough senior creditors had approved its debt standstill agreement to put it into effect. Wind Hellas said on July 1 it had a standstill agreement from creditors to defer until Nov. 5 debt payments of at least €17.5 million ($22.6 million), plus other interest and hedge …
