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CAIRO: An Egyptian public bus collided head-on with a minibus on a highway on Egypt s northern Mediterranean coast on Thursday, killing 14 people and injuring eight, the state news agency Mena reported. Mena said the crash occurred on a road linking the coastal cities of Alexandria and Marsa Matrouh. Reckless driving, lax traffic rules …
CAIRO: Egypt s main indexes dipped on Wednesday after scoring fresh closing highs for three consecutive sessions, led by profit-taking in heavyweight Orascom Construction Industries, traders said. Despite good news coming on OCI s new airport deals, people chose to offload the stock among other market leaders. They got worried that the market reached the …
CAIRO: Egyptian mobile operator Mobinil said on Wednesday it will apply for a third generation mobile phone license following months of hesitation on whether to proceed. Market growth appears to have driven the move after the company said in April that it did not want to burden investors with the high costs of a 3G …
CAIRO: National Bank of Egypt said on Monday it had signed an agreement with South Korea s STX Shipbuilding Co. to fund Egypt s purchase of six ships for $251.6 million, according to state news agency MENA. Atiya Salem, vice chairman of National Bank of Egypt told MENA the bank was funding the purchase of …
For much of its core 20- and 30-something male audience, Michael Bay s Transformers film is more than just a reason to go to the movies on a hot, summer night. It s also an excuse for grown men to head to the toy store. Nostalgia for the shape-shifting cars, planes and robots that many …
CAIRO: Egyptian shares continued a week-long rally as the CASE30 index recorded a new year closing high for a third consecutive day on Thursday, despite cautious investor sentiment, according to analysts. Market performance during the day was relatively volatile as it headed down early in the session before reversing the trend before the market s …
ATHENS: Egyptian billionaire and Orascom Telecom Chairman Naguib Sawiris said on Thursday he was interested in expanding his interests in Greece beyond the telecoms sector. “We expressed our interest in further investments in Greece such as the media and banking sectors, Sawiris told reporters after meeting Greek Finance Minister George Alogoskoufis in Athens. Sawiris s …
Bruce Willis returns to the big screen as John McClane, the signature character he originated in 1988 s Die Hard and followed up with two sequels in the 1990s. In Live Free or Die Hard, Willis uses bare-knuckles brawn and brain to take on a computer-age villain bent on virtual terrorism. The action is kept …
CAIRO: Egyptian shares rose on Monday, led by Orascom Telecom and housing and real state stocks because a major state-owned insurance body resumed trading on the Egyptian exchange, dealers said. The National Authority for Social Insurance, which has portfolio investments in the stock exchange, did not buy or sell shares from June 15 until June …
CAIRO: The median overnight interbank rate on the pound dropped to 8.76 percent on Monday from 8.791 percent on Thursday in a liquid market on the last day of a two-week reserve calculation period, dealers said. The market is still very liquid because it s the last day of the reserve ratio period, one dealer …
CAIRO: Inflation in Egypt declined to 10 percent in the year to May 2007 from 11.7 percent in the year to April, a monthly government report on economic indicators showed on Monday. The month-to-month rate slid to -0.2 percent in May from 0.4 percent in April. The month-to-month rate in May 2006 was 1.3 percent, …
CAIRO: Egypt s President Hosni Mubarak has said that Israeli Prime Minister Ehud Olmert, who called in April for a regional conference with Arab leaders, should forget about holding talks with Saudi Arabia s King Abdullah. In an interview with Israeli television, a transcript of which was published by Egypt s Al-Ahram newspaper, Mubarak said …
The median overnight interbank rate on Egypt s pound dropped marginally at 8.76 percent on Thursday from 8.766 percent on Wednesday in a liquid market with the absence of certificates of deposit auctions. The market is very liquid with the overnight interbank rate levels remaining at 8.76. The CDs are over already so that s …
CAIRO: Egyptian hotel company Sharm Dreams for Tourism Investment said on Thursday it will offer 6.4 million shares for subscription in late August. Amr Helmi, director of investor relations for Sharm Dreams, said the shares will be available to investors on the Egyptian stock exchange at a nominal value of 10 Egyptian pounds per share. …
CAIRO: A private placement of shares in Egyptian auto company Ghabbour Auto has been seven times oversubscribed two working days before it closes, a stock exchange statement said on Thursday. Brokerage firm Beltone, which is managing the offering, said 25.6 million shares were being offered at LE 37 ($6.50) per share and that people had …
CAIRO: An Egyptian cleric who says he was kidnapped by the CIA in Italy and flown to Egypt for interrogation is considering a political career in his home country thanks to the fame the case has brought him. Hassan Mustafa Osama Nasr, also known as Abu Omar, announced his political intentions in a wide-ranging interview …
CAIRO: Major Egyptian shares rose on Thursday, lifted by a rebound in global equities and the heavy-weighted Orascom Telecom as the market digested news it was buying a majority stake in a Pakistani mobile operator, traders said. Pakistan has a huge potential and now OT being a majority shareholder will move the company forward in …
CAIRO: The median overnight interbank rate on Egypt s pound was broadly steady at 8.755 percent on Tuesday compared with 8.756 percent on Monday in a liquid market despite a large central bank auction, traders said. The central bank was auctioning 7-day certificates of deposit worth LE 10 billion, but traders said they were replacing …
CAIRO: Egyptian investment bank Naeem Holding and Saudi-based Siraj Capital Ltd. launched a $500 million company to invest in the hospitality and tourism sector, a statement from the companies said. The new company, Rahala, will hold exclusive rights in Saudi Arabia to Express by Holiday Inn hotels, and planned to invest $200 million in at …
DUBAI: A man described as a leader of Al Qaeda s wing in Egypt called for attacks on Israeli and Western targets in the Arab world s most populous country in support of the Palestinian Islamist group Hamas. O heroes, strike … all the Zionist-Crusader targets in the land of Egypt without shedding the blood …
CAIRO: Egypt has pressed Israel to pave the way for peace talks with Palestinians by meeting longstanding Palestinian demands on Jewish settlements and the barrier in the West Bank, the Foreign Ministry said on Sunday. In advance of a meeting between Israeli, Palestinian, Egyptian and Jordanian leaders in Egypt, Foreign Minister Ahmed Aboul Gheit said …
CAIRO: Egypt s benchmark Hermes stock index hit an all-time high on Wednesday led by investment bank EFG-Hermes, which rallied to a one-year high after breaking a key technical price level. Shares in EFG-Hermes, the most heavily traded stock by turnover, closed 5 percent up at LE47.30 ($8.3), the highest since May 21, 2006 according …
CAIRO: The median overnight interbank rate on the Egyptian pound remained steady at 8.755 percent on Thursday in a liquid market, traders said. The market has been very liquid for the past four months, since there have been no CDs (Certificates of Deposit), one trader said. Banks tend to turn to the interbank market in …
CAIRO: Egyptian shares fell on Thursday from profit taking on EFG-Hermes and Mobinil , dealers said, one day after the benchmark Hermes index reached an all-time closing high. The whole market fell on profit taking today. A lot of retail investors cashed out before the weekend, said Mohamed Radwan of Delta Securities. Institutional investors were …
CAIRO: El Sewedy Cables said on Monday it will build a $50 million power transformer plant in Egypt, with production expected to start by April 2008. The Egyptian firm, one of the biggest cable manufacturers in the Middle East, said in a statement the plant would have an initial annual production capacity of 600 dry …
CAIRO: Egyptian stocks slid on Tuesday as a wave of profit-taking hit Heliopolis Housing, which had helped lift the market over the past two sessions on talk that it was seriously undervalued, dealers said. In the housing shares, we have seen profit-taking because of a huge rise on Sunday, especially in Heliopolis Housing. People are …
CAIRO: The median overnight interbank rate on the Egyptian pound was steady at 8.755 percent on Monday compared with 8.757 percent on Sunday in the absence of auctions for certificates for deposit, dealers said. We expect the market to stay liquid this week because we don t see any Central Bank deposits to absorb the …
CAIRO: Egypt s shares rose on Sunday led by gains in Heliopolis Housing and investment bank EFG-Hermes and boosted by an increased appetite in the international equity market, dealers said. Heliopolis Housing, the second most heavily traded stock by turnover, soared 30.4 percent to close at LE 539.50 following roughly three weeks of steady declines. …
CAIRO: The government is forecasting an overall budget deficit for the 2007 to 2008 fiscal year of 6.9 percent of gross domestic product and a cash deficit of 6.7 percent of GDP, a finance ministry report said on Sunday. The ministry said in the report it was committed to a deficit target of 3 percent …
CAIRO: Egyptian shares rebounded on Thursday when investors showed renewed interest in Orascom Telecom (OT), despite the company s decision to abandon its bid for Telecom Italia s stake in Brasil Telecom Participaecoes, dealers said. Orascom Telecom was the second most heavily traded stock, after Suez Cement, because the company was buying back its shares, …
