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LONDON: Oil rose by almost 3 percent on Wednesday to climb back above $70 a barrel after a US industry report showed a steep drop in gasoline stockpiles in the world’s largest energy consumer. Prices had slumped to lows near $67 a barrel at one stage on Tuesday, pressured by concerns about the health of …
Sanitary ware and ceramics maker Lecico Egypt will distribute a dividend of one bonus share for every two owned, it said in a statement published on Wednesday in Al-Mal. The bonus share, to be financed from 2009 profit and retained earnings, will increase the company’s capital by LE 100 million ($17.67 million) to LE 300 …
Algeria’s government will not allow Egyptian operator Orascom Telecom to sell its Algerian mobile phone business Djezzy to South African group MTN, Algeria’s trade minister said. "The Algerian state holds to its right of pre-emption over the sale of Djezzy … and will not allow its purchase by the South African firm MTN," trade minister …
A return to risk appetite helped push Egypt’s main index up 4.4 percent on Wednesday from a 25-week low, with most stocks on the index recovering some of their losses. Egypt’s largest real estate developer Talaat Moustafa shot up 18.8 percent, rebounding from Tuesday’s losses to its highest close since May 18. An executive at …
Fallout from global markets, which have been reeling from Europe’s debt crisis, hammered Egypt’s main index, sending it to its lowest point in over 25 weeks. The index tumbled 6.1 percent, its biggest single-day fall since November 30, to close at 5,938 points. “Egypt is actually leading global markets in the declines, spurred by concerns …
The Egyptian pound weakened to its lowest against the dollar since March 13, 2009, as it tracked the euro downward on concerns over the health of euro zone economies. The pound traded at 5.6543 to the dollar, down from its Monday close of 5.6480, while the euro traded at 1.2204 to the dollar. "Everyone is …
El Sewedy Cables said on Tuesday it was negotiating for a 50-megwatt power generation project in Pakistan, in a bid to open a new market in Asia. The firm, the largest Arab cable maker by market value, did not provide further details on the project but said Pakistani banks were ready to finance up to …
Egyptian operator Orascom Telecom has shown no willingness to discuss a sale of its Algerian business to the Algerian government, finance minister Karim Djoudi said on Tuesday. Algeria last month blocked Orascom Telecom from selling its profitable Algerian unit to South African group MTN and said it wanted to buy the business itself, but there …
CAIRO: Orascom Construction Industries (OCI), Egypt’s biggest listed builder, will be forced to seek more work at home and in Gulf Arab states as economic and political tensions make its Algerian business riskier. Algeria accounted for about a fifth of OCI’s unfinished construction at year-end, but officials are less likely to grant it more contracts …
Egyptian group South Valley Cement posted a 39 percent jump in first-quarter net profit to LE 40.7 million ($7.2 million), the stock exchange said on Monday. The company gave no further details on its results. South Valley’s shareholders approved a LE 15 billion capital increase in May to buy the owner of the Citystars shopping …
Egypt’s Finance Ministry is reopening three-year and five-year bonds with offerings worth LE 1.5 billion ($266 million) for each bond, the central bank said on Monday. The three-year bonds, which mature on April 6, 2013, carry a coupon of 11.35 percent. The five-year bonds, maturing on March 2, 2015, have a 12.25 percent coupon. The …
Arafa Holding, Egypt’s biggest garment exporter, will distribute a dividend of one share for every 10 owned, the firm said on Monday. Later in the year, it will distribute yet another share for every 10 owned "subject to the improvement in the global financial markets in general and local market in specific," the firm said …
Ezz Dekheila Steel, a unit of Ezz Steel, increased its first quarter net profit 47 percent from a year earlier, the stock exchange said on Sunday. The firm made a profit of LE 253.7 million ($45 million) in the first quarter of 2010, up from LE 172.3 million a year earlier, the bourse said.
RIYADH: Saudi banks raised their investment in securities to support a cash-hungry private sector in April, according to a fresh set of official data that also showed a continued decline in money supply. M3 growth, one factor potentially influencing inflation, slowed for a seventh straight month in April to 2.6 percent — the lowest in …
Sewedy Cables is considering investing in Pakistan’s wind energy sector, Pakistan’s foreign minister said in Cairo on Sunday. "We have met with the Sewedy group yesterday and they have shown interest in investing in the energy sector in Pakistan. They have expertise and technology to fulfill our requirements," Pakistani Foreign Minister Shah Mehmood Qureshi told …
Telecom Egypt, the country’s fixed-line monopoly, said on Sunday it plans to expand the services it offers in Jordan and connect the country to its TE North undersea cable, which runs from Egypt to France. The firm has upgraded its limited license in Jordan to one which will allow it to extend the cable into …
Egypt’s main index continued to decline on Europe debt worries, but heavyweight Telecom Egypt cushioned the fall, jumping 4.1 percent after it said it was considering boosting its stake in Vodafone’s Egypt unit. The prospect of a deal also helped push up shares in mobile operator Mobinil, which started to look undervalued compared to the …
CAIRO: Egyptian Prime Minister Ahmed Nazif said in comments published on Saturday that he hoped 82-year-old President Hosni Mubarak would seek a sixth six-year term in an election due next year. "Egypt needs stability, and Mubarak is capable of realizing this stability," the state news agency MENA quoted Nazif as saying during a meeting with …
CAIRO: Egypt aims to cut its budget deficit to 3.5 percent of gross domestic product in 2015 and raise the growth rate by that time to 8.5 percent, the finance minister said in remarks published by newspapers on Sunday. Finance Minister Youssef Boutros-Ghali has previously said he expected the deficit in the financial year 2010/11 …
BAKU: Azeri state energy company SOCAR said on Thursday it has agreed with private Swiss trading house Aurora Progress to build an oil terminal in the United Arab Emirates’ port of Fujeira, a major tanker refuelling centre. The terminal, which is expected to be ready by the beginning of 2011, will include 20 reservoirs for …
ALGIERS: Algeria’s Sonatrach state energy firm will shut down its Algiers refinery for scheduled maintenance from Sept. 10 to Oct. 10 this year, a Sonatrach official said. The refinery, which has an annual capacity of 2.7 million tons, is shut down for maintenance every three years, said the official, who did not want to be …
Japan has offered to sell more crude oil from its national reserves in Okinawa, the trade ministry said, as it looks to make room for top exporter Saudi Arabia to store crude in the southern Japan islands. Japan’s government is offering about 300,000 kilolitres of Kuwait crude from tanks it rents at the Okinawa Oil …
DUBAI: Dubai-based interiors contractor Depa Ltd said on Thursday it is "cautiously optimistic" about 2010 and expects profit and revenues for the year to be in line with 2009. Depa, which listed shares on the Dubai Financial Exchange in April 2008, will target markets in Abu Dhabi, Saudi Arabia and South East Asia as it …
manama: Bahrain annual inflation rose to 2.7 percent year-on-year in April from 1.8 percent in March, data showed on Thursday. The consumer price index of the Gulf kingdom stood at 112.5 points in April, an increase of 0.6 percent from March, the Central Informatics Organization’s website showed.
DUBAI: The chief financial officer of Investment Corporation of Dubai (ICD), the investment arm of the Gulf Arab emirate, will step down after two years in the post, in the second high-level departure from the firm in recent weeks. ICD said in a statement on Thursday that Nicholas Hegarty’s departure comes at the end of …
SINGAPORE: US oil prices pared sharp losses to trade above $70 on Friday, soothed by a recovery in regional equity markets, but fears about Europe’s debt crisis kept the market on track for its eighth fall in nine sessions. China’s shares rebounded from a one-year intraday low, as bargain hunting in property shares helped offset …
CAIRO: The average yield on Egyptian 350-day treasury bills rose to 10.570 percent at an auction on Thursday from 10.312 percent at the last auction on April 22. The central bank said it accepted bids for bills worth LE 2 billion ($354 million), the same amount it was seeking. It accepted bids at rates between …
CAIRO: Egypt’s index extended its downward trend, sliding 1.04 percent, led by Egyptian Resorts, which tumbled 8.3 percent. Traders expect the index to rebound next week as cheap stocks whet investors’ appetite. "Stocks are very cheap at these levels and investors are bound to jump in and make use of blue chips that are trading …
CAIRO: The Egyptian pound weakened further against the dollar after having dipped on Wednesday to its lowest point since March 16, 2009. "The euro at this level remains expensive and we can see it sliding more over the next week," as it tracks the euro, said an Egyptian forex trader. In a note, Beltone said …
MANAMA: Bahrain has suspended local operations of Qatari broadcaster Al Jazeera and barred a crew from traveling to the Gulf Arab state, accusing the channel of flouting press rules. Al Jazeera, with a record of tense relations with Arab states over its coverage of sensitive political topics, has aired programs on poverty and the treatment …
