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A shipment of Russian wheat destined for a private wheat buyer in Egypt and handled by international commodity trade house Cargill has been delayed at a Russian port, European traders said on Tuesday. The Oksywe, due to carry 32,500 tons of Russian wheat to Egypt has been delayed since May 28 after Russian phytosanitary inspectors …
Egypt’s Industrial Development Authority has given ArcelorMittal, the world’s largest steel maker, an August deadline to start building work on a steel plant or lose its license, an official said on Wednesday. ArcelorMittal was granted a license in 2008 for a $340 million plant to produce 1.6 million tons of steel using DRI technology and …
Egypt’s telecoms regulator will take further legal action to lower the fee Egypt’s landline monopoly Telecom Egypt must pay to connect fixed-line calls to mobile phones, a newspaper reported on Wednesday. The regulator first called for lower fees in 2008, after Telecom Egypt complained that high rates — known as interconnection fees — were making …
Egypt’s benchmark index edged up 0.6 percent, led by heavyweights Orascom Telecom (OT) and Ezz Steel as improving European markets brighten sentiment on Egyptian stocks. OT gained 1.2 percent, while Ezz Steel added 1.7 percent. "I expect the same performance tomorrow because there is no new news," said Osama Mourad of Arab Finance Brokerage. The …
LONDON: The oil market has no room for more crude supplies, OPEC said on Wednesday as it trimmed its forecast for world oil demand growth in 2010 and hiked its estimate for production from countries not in the group. The monthly report from the Organization of the Petroleum Exporting Countries, which pumps more than one …
DUBAI: UAE-based investment fund Essdar Capital, which bought the senior debt of the troubled $15 billion Blue City property development in Oman, plans to focus on developing hotels and tourism in the project, an executive said. Earlier on Wednesday, Essdar said in a statement it had bought about 99 percent of Blue City’s class A …
CAIRO: The government submitted a draft pensions law to parliament on Wednesday designed to boost savings and growth, but which some employers grumble carries tough penalties for errors in implementation that could harm businesses. The bill raises the retirement age by five years to 65 for those entering the workforce from 2012, establishes a fund …
Centamin Egypt Ltd raised its estimated gold resources at its flagship Sukari gold project, lifting the miner’s shares to a record high. Measured and indicated resource estimates were increased by 699,000 ounces to 10.99 million ounces, while resources on a less certain inferred basis grew 74,000 ounces to 3.5 million ounces, the gold producer said …
Egypt’s Raya Holding has agreed to build New York-based technology firm GPX Global Systems Inc’s second data center in Egypt, the two firms said on Tuesday. The center, to be built on Cairo’s outskirts, will provide services such as data recovery for local and multinational companies and will cost from LE 150 million to LE …
DUBAI: Dubai World’s indebted property arm Nakheel is very close to hitting a key threshold among large trade creditors that would allow it to begin paying overdue bills, a company spokeswoman said on Monday. For Nakheel, once known for its glitzy palm-shaped islands, paying arrears to large contractors would be the first step towards helping …
KUWAIT: Trading in the shares of Kuwaiti telecoms firm Zain will remain halted until it completes all the preparations for closing a deal to sell African assets, a newspaper reported on Monday. "The bourse has responded to Zain’s request for the trading halt…which is expected to be lifted within the next few days after the …
CAIRO: A Cairo court overturned a regulatory ruling that had lowered the fee which Telecom Egypt must pay to connect fixed-line phone calls to mobile phones, the landline monopoly said on Monday. The regulator ruled in September 2008 that the fee, known as an interconnection rate, should be lowered after Telecom Egypt complained that high …
CAIRO: A private offering in Egypt’s Juhayna Food Industries, part of a plan to raise about LE 1 billion ($176.5 million), was 1.75 times oversubscribed, the financial adviser said on Sunday. The private placement involves 80 percent of 206 million new shares being offered. The remaining 20 percent of shares are being offered to the …
The Egyptian pound weakened against the dollar, tracking the euro’s decline against the US currency to a four-year low. "What is happening is a reflection of what is happening with the European sovereign debt crisis. All the moves in the EGP in the past month were only following Europe," a forex trader at an Egyptian …
Egyptian investment bank Naeem Holding has received offers for its 80 percent stake in Arabeya Online Brokerage and hopes to conclude a sale within a month and a half, Arabeya Online said on Sunday. Arabeya Online was Egypt’s ninth biggest brokerage in the first quarter of 2010 by value of transactions, it said on its …
Fire that engulfed an export warehouse belonging to Egyptian sanitary ware and ceramics maker Lecico last week caused damage worth LE 70 million ($12.3 million), the firm said in a statement on Monday. A significant portion of exports was destroyed along with the warehouse, it added. Higher sanitary ware volumes were the main driver behind …
Egypt’s Alexandria Cotton Exporters’ Association (Alcotexa) committed to sell 1,238 tons of cotton in the week that ended on June 5, an Alcotexa official told Reuters on Sunday. The sales comprised 491 tons of Giza 88 and 747 tons of Giza 86, the official said. The deal brings Alcotexa’s export commitments for the 2009/10 season, …
Egyptian dairy and juice maker Juhayna is offering 206 million shares at LE 5.64 ($1) each to raise LE 1.16 billion, it said in an announcement published in a newspaper on Sunday. In a statement to the stock exchange website, the Egyptian Financial Supervisory Authority (FSA) said that it approved exempting obligatory tender offer submitted …
TEHRAN: Iran’s inflation rate dropped to 9.9 percent year-on-year in May, down from 10.3 percent the previous month, central bank figures published on Sunday said. "The inflation rate in the 12 months ending in the month of Ordibehesht dropped to 9.9 percent," Central Bank Governor Mahmoud Bahmani was quoted as saying in the daily Resalat. …
MUSCAT: Non-OPEC producer Oman was expects to resume crude exports from the Mina Fahal terminal on Sunday, an Oman oil official said. Oman halted exports on Friday after Cyclone Phet hit the coast of the Gulf Arab state. "Operation has resumed and we expect ships to dock at Mina Fahal anytime," Suleiman Al-Mandhari, head of …
KUWAIT: Kuwait’s sovereign fund is not considering exiting its investment in BP and believes the energy giant’s future is not threatened by the Gulf of Mexico oil spill, a newspaper reported on Sunday. Quoting sources it did not identify by name, Al-Rai daily said the Kuwait Investment Authority (KIA) currently has no fears that would …
CAIRO: Egypt’s benchmark index fell 2.3 percent, dragged lower by blue chips and tracking losses in other markets. A sell-off at the end of last week in oil and global equities spurs local traders to reduce positions. Big caps that are usually among the most heavily traded among foreign investors, such as CIB and Orascom …
Algeria’s government cannot give a timetable for resolving a dispute over Orascom Telecom’s Algerian unit Djezzy, a government minister said on Thursday. Algeria has blocked Orascom’s planned sale of Djezzy to South Africa’s MTN, saying it has a right of first refusal to acquire the business, which leads Algeria’s mobile market by subscribers. Egypt’s Orascom …
CAIRO: Egypt launched an exchange offering cash-starved smaller firms a new a way to raise capital as markets pick up, the bourse chief said. Maged Shawky, chairman of the Egyptian Exchange, said the new Nilex platform for smaller companies, on which trading started on Thursday, also gave private equity firms a route to exit some …
AMMAN: Kuwait-listed mobile operator Zain’s Jordanian arm secured a $70 million loan from Jordan-Kuwait Bank to finance expansion of its network with new technology, the firm said on Thursday. Wholly owned unit Zain-Jordan is the largest mobile operator in the kingdom, with around 2.5 million subscribers and a share of 42 percent in a market …
LONDON: Oil prices pared early gains of nearly 2 percent on Thursday to pull back to near $73 a barrel, as traders waited to see if US government data would confirm an industry report showing falling crude stockpiles. US crude prices for July rose as high as $74.40 in early trade, before dipping to trade …
HSBC said it had appointed a new head of its global banking and markets division for the Middle East and North Africa, who will focus on key markets in Saudi Arabia, Egypt and Abu Dhabi. Mohammad Al Tuwaijri, a Saudi national, joins HSBC from JP Morgan, where he was managing director and head of Saudi …
An export warehouse belonging to Egyptian sanitaryware and ceramics maker Lecico has been destroyed by a fire, the firm said in a statement issued on the stock exchange on Thursday. No one was seriously injured in the fire in Alexandria but stocks were damaged and exports would be disrupted, it added. Higher sanitaryware volumes were …
Egypt’s benchmark index rose 1.4 percent, cooling down after heavyweight Orascom Telecom pulled back from early gains to end up 1.3 percent. Traders said investors lack appetite for Egyptian stocks as worry sets in over what might happen over in US and European markets while the Egyptian exchange is closed on Friday. "The market started …
BEIRUT: South Africa’s MTN has offered to pay $7.8 billion for Orascom Telecom’s lucrative Algerian unit Djezzy, Orascom’s chairman said on Wednesday, putting a price to a deal blocked by Algeria. The Egyptian mobile firm said last week it would enter talks to sell Djezzy to the Algerian government after weeks of pressure from Algerian …
