1462 Articles
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms.
Egyptian ceramics firm Lecico will build a brassware factory at a cost of LE 16.5 million ($3 million), of which it has already spent about three-quarters, it said in a statement on Wednesday. The plant, a 70/30 joint venture with a family-owned group, will launch by mid-year and aims to bring in around LE 50 …
Vale SA, the world’s largest iron ore producer, and BHP Biliton Ltd, the world’s third largest producer, ended a 40-year system of setting annual prices by signing short term contracts with Asian Mills. In its deal, Vale won a price rise of 90 percent, taking the iron ore price to a new high of $105 …
Maridive and Oil Services approved a dividend of one bonus share for every five held, a move that will boost its capital 20 percent to finance expansion, officials said on Monday. The company’s fleet of over 60 marine units makes it the biggest offshore marine and oil support services provider in the Middle East by …
Sewedy Cables said on Wednesday that 2009 net profit dipped more than 23 percent to LE 633.6 million ($115 million), much lower than analyst expectations. Revenue was LE 9.29 billion, in line with consensus forecasts and lower than the LE 11.45 billion recorded in 2008. Profit was LE 828.4 million in 2008. Sewedy said the …
Shareholders in Egypt’s GB Auto approved a LE 1 ($0.18) per share cash dividend on Wednesday, a Reuters source at the firm’s annual meeting said. The automotive assembler posted a better-than-expected fourth quarter profit of LE 89.9 million earlier this month. The dividend payout is the company’s first.
CAIRO: Egypt s Raya Technology and Communication is set to sell its call centers to focus on higher returns outside its traditional operations, its chief executive said on Wednesday. The firm, which sells mobile handsets, runs call centers and provides outsourced IT services, has also approved a cash and share dividend, pending shareholder approval, the …
CAIRO: Egypt’s main index inches down as investors switch to cash and close positions ahead of a four-day Easter weekend, traders say, though a handful of construction-related stocks eke out gains. “It’s too much of a risk to stay four days and not be able to take action if any news happens,” said Mohamed Helmy …
Egyptian group Orascom Construction Industries (OCI) is to buy two Dutch companies for €310 million ($418 million) to expand its fertilizer business, Orascom said on Tuesday. “The acquisition of DSM Agro and DSM Melamine fits perfectly in our strategy to become among the global leaders in fertilizer production and distribution,” OCI chief executive Nassef Sawiris …
Egypt’s main index slipped 0.5 percent as two of its heavyweights, Orascom Construction Industries (OCI) and Commercial International Bank (CIB) traded ex-dividend. OCI declined 0.5 percent and CIB fell 1.5 percent. “The market was in the red with both CIB, OCI ex-div today. So they didn’t actually get hit that hard,” said Teymour el-Derini of …
Egypt’s Raya Technology and Communication made a net profit of LE 41.3 million ($7.5 million), down 23 percent on a year earlier, the stock exchange said on Tuesday. The firm, which sells mobile handsets, runs call centers and provides outsourced IT services, made LE 53.4 million in 2008.
Sinai Cement approved a dividend of LE 4 ($0.727) per share, the stock exchange said on Sunday. The dividends will be paid on April 12, the firm’s statement to the stock exchange said. Sinai Cement’s consolidated net profit rose 62 percent in 2009 to LE 671.5 million.
Egypt’s agriculture minister expects LE 220 billion ($40 billion) to be invested in the country’s agriculture over the next 20 years, the daily Al-Alam Al-Youm reported on Sunday. The projected investment includes LE 80 billion in agricultural manufacturing, the paper quoted the minister, Amin Abaza, as saying. "The coming period will witness more coordination between …
Egyptian cigarette monopoly Eastern Company has signed an agreement with a Jordanian firm to produce, market and distribute Eastern’s products in Jordan, Egypt’s bourse said on Sunday. Eastern will supply Jordan’s Tag Company for Cigarettes and Tobacco with raw materials and technical support while the latter will make and sell Eastern’s trademark brand Cleopatra cigarettes …
HC Research cut UAE-based low-cost carrier Air Arabia to "hold" from "buy," citing yield pressures due to excess capacity and competition at a time of rising fuel costs. Despite robust traffic growth last year, Middle Eastern carriers like Air Arabia, the largest listed Arab airline by market value, struggled to keep their seats filled — …
Pioneers Holding’s 2009 net income fell 62 percent to LE 105.7 million ($19.22 million), the stock exchange said on Monday. Net income at the financial services firm was LE 276.0 million in 2008. Pioneers earlier this month signed a deal completing its takeover of Egyptian investment bank Beltone Financial.
CAIRO: Egyptian group Ezz Steel reopened this month its Ezz Flat Steel (EFS) plant, which has an annual capacity of 1.3 million tons, the firm’s investor relations manager said on Sunday. Ezz Steel, Egypt’s largest steel producer, had halted production at the facility in November 2008 due to the global financial crisis, but resumed operations …
CAIRO: Swiss-based developer Orascom Development Holding s fourth-quarter net profit jumped 50 percent after the company sold land in Oman and tourism began to recover from the financial crisis. Reuters calculated a quarterly profit of 44.7 million Swiss francs ($42 million) for the firm, which lists depositary receipts in Egypt, based on a stated full-year …
Shareholders in Egyptian International Pharmaceutical Industries Co (Eipico), approved a dividend of LE 1.1 ($0.2) per share and one free share for every 10 owned, the firm said on Sunday. The dividends will be paid during the last week of April, said finance chief Mohamed Nader. Eipico, Egypt’s biggest drug exporter, previously reported a 15 …
Egypt’s Raya Technology and Communication is no longer interested in bidding for two licenses to supply cable, voice and internet services to residential compounds, Al-Mal newspaper reported on Sunday. The National Telecommunication Regulatory Authority announced in September it was offering two such licenses to serve Egypt’s rapidly growing residential compounds in suburbs and satellite cities. …
Egypt’s National Societe Generale Bank (NSGB), Egypt’s fourth-biggest bank by assets, approved a dividend of LE 1.25 ($0.2) per share, the stock exchange said on Sunday. The dividends will be paid starting April 22, the firm’s statement to the stock exchange said. NSGB’s 2009 net profit rose 4.1 percent to LE 1.18 billion ($215 million). …
Canadian oil explorer Sea Dragon Energy Inc raised its bought-deal size to C$57 million ($55.8 million) as it plans to sell C$12 million more shares to the underwriters. The company raised the number of shares it would sell by 30 million to 142.5 million shares, at 40 Canadian cents a piece, it said in a …
Faisal Islamic Bank of Egypt approved a dividend of LE 1.646 ($0.299) per share for stocks issued in Egyptian pounds and $0.3 for stocks issued in dollars, the stock exchange said on Sunday. The payment date will be April 18, the stock exchange said. Faisal Islamic Bank of Egypt’s net profit rose 45 percent to …
Egypt’s Al Ezz Dekheila Steel, a unit of Ezz Steel, approved a cash dividend of LE 37 ($6.72) per share, the stock exchange said on Sunday. The payment date will be April 22, the stock exchange said. Al Ezz Dekheila Steel posted a 78 percent decline in its 2009 consolidated net profit to LE 641.7 …
CAIRO: Egypt still hopes to attract $10 billion in foreign direct investment (FDI) in this fiscal year despite a weak first half, Investment Minister Mahmoud Mohieldin said on Tuesday. Egypt’s FDI fell to $2.63 billion in the first half of fiscal 2009/10, which began on July 1, from $4.03 billion a year earlier, according to …
CAIRO: Egypt s Beltone Private Equity and Sudan s Kenana Sugar Company will launch a $1 billion agricultural investment fund next week, Beltone said on Tuesday. Gulf and other Arab countries have been investing in a range of farming projects in Sudan, Africa s biggest country by area and long viewed as having huge agricultural …
CAIRO: Egyptian developer SODIC plans to secure a LE 400-500 million ($73-91 million) loan in coming weeks to fund its move into commercial property, an executive said on Tuesday. The company, also known as Sixth of October Development and Investment Company, which has previously focused on home sales, has said it wants the leasing …
CAIRO: Egypt s main index ended 0.5 percent down in low volumes, with Orascom Telecom (OT) dipping to a seven-week trough after more than 3 billion newly issued shares begin trading. OT lost 4.2 percent and Orascom Construction (OCI), the index s biggest firm by market cap, dipped 0.3 percent. Citigroup downgraded the construction firm …
Egypt s main index ended 0.9 percent lower, dragged down by Commercial International Bank (CIB) and Orascom Telecom (OT), which posted a fourth quarter net loss of $46 million last week. Due to lower-than-expected results . we see OT following its global depositary receipts (GDR) guidance over the weekend, especially with low foreign intervention on …
DUBAI: Private equity firms in the Middle East are looking at development financial institutions (DFIs) as an alternative to elusive bank lending, executives said on Tuesday. “The change in mix of funding providers – more (reliant) on development financial institutions as opposed to Western commercial banks – is going to be the theme for private …
CANNES, Fra.: The return of European bank bonuses will breathe life into the world’s catatonic market for overseas residential investment in 2010, the developer behind Egypt’s biggest building project told Reuters. Peter Riddoch, chief executive of Port Ghalib Resort Co., a unit of Kuwaiti construction conglomerate M.A.Kharafi Group, said bankers were among those reviving buy-to-let …
