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CAIRO: The median overnight interbank rate on Egypt s pound edged up slightly to 8.8 percent on Thursday from 8.788 percent on Wednesday, but traders said the market was still liquid in the absence of large auctions. It s the same liquidity as yesterday, one dealer said, explaining that there were no central bank auctions …
The highest-ranking Egyptian American in the Bush administration has resigned from her post at the US State Department to take a job with Wall Street investment firm Goldman Sachs, officials said on Wednesday. Dina Habib Powell, assistant secretary of state for educational and cultural affairs, is the latest in a series of senior State Department …
RANCHI, India: An employer in eastern India beheaded one of his workers for failing to milk his cows, police said on Saturday. Neighbors watched in horror as Upendra Yadav was dragged out of his house in Jharkhand state on Friday by his angry employer. The employer s father and brother held Yadav down before he …
Egyptian mobile phone operator Mobinil said on Sunday first-quarter net income rose 28 percent to LE 397 million ($69.9 million) from LE 311 million a year earlier. Earnings before interest, taxes, depreciation and amortisation (EBITDA) was LE 851 million, 21 percent up on LE 702 million in the January-March period of 2006, it said. Mobinil, …
Abu Dhabi Islamic Bank (ADIB) said its board of directors will meet on Wednesday to discuss acquiring Egypt s National Bank for Development (NBD). ADIB directors will also consider the establishment of an investment company, the bank said in a statement on the Abu Dhabi bourse Web site. It was not more specific. ADIB and …
CAIRO: Egyptian stock prices rose on Monday with continuing interest in the housing and real estate sector because of high prices at a government land auction. Ezz Steel, the most heavily traded stock, also gained 3.3 percent to last trade at LE 53.00 because of aggressive foreign buying and mobile phone operator Mobinil rose 1.3 …
Dubai-based family firm Al Ghurair Group plans to set up steel plants in Egypt at an estimated cost of up to $1.4-billion to tap the north African country s natural gas and iron ore resources, an Egyptian government official said on Tuesday. The group was interested in Egypt before, particularly in the iron and steel …
Stock indexes rose on Thursday, led by heavy foreign buying in Orascom Construction Industries (OCI) after the stock s global depository receipts (GDRs) rose a day earlier, traders said. A rebound in global equity markets had restored confidence in both retail and foreign investors, causing shares to rise, they added. The volatility that was seen …
BEIJING: Chinese tourism authorities are seeking investment to build a novel concept attraction – the world s first women s town, where men get punished for disobedience, an official said Thursday. The 2.3-square-km Longshuihu village in the Shuangqiao district of Chongqing municipality, also known as women s town, was based on the local traditional concept …
AL-ARISH: Hundreds of Egyptian Sinai Bedouin massed at the border with Israel yesterday seeking entry into the Jewish state a day after two Bedouin men died in a police chase, security sources and witnesses said. The security sources said Egyptian police were monitoring the tribesmen from a distance but had not approached them, as a …
Egypt Aluminum , the country s only primary producer of aluminum, expects to make profits of LE 800 million ($140 million) in the financial year ending June 30, the stock exchange said. Egypt Aluminum sent the stock exchange the forecast in response to media reports on the expected profit, it said. In the financial year …
Draw for the fourth round of the African Confederation Cup: Etoile du Congo (Congo) v Benfica Luanda (Angola) Wydad Casablanca (Morocco) v Ismaili (Egypt) TP Mazembe Englebert (DR Congo) v Mwana Africa (Zimbabwe) Young Africans (Tanzania) v Al Merreikh (Sudan) Nasarawa United (Nigeria) v Kwara United (Nigeria) Mamelodi Sundowns (South Africa) v EGS Gafsa (Tunisia) …
CAIRO: Stocks drifted downwards on Sunday in thin trade with no news to move prices decisively in either direction, brokers said. Sentiment among local retail investors was negative while non-Arab foreigners were net buyers by a margin of LE 85 million ($15 million). The market was very quiet and it s drifting. There seems to …
CAIRO: Egypt on Tuesday condemned Israeli forces for killing nine Palestinians and also called on the Palestinians to refrain from firing rockets into Israel, saying that would give the Jewish state an excuse to attack. Foreign Minister Ahmed Aboul Gheit called on the Palestinian side not to do anything that the enemies of peace … …
Dubai-based private equity company Abraaj Capital is in talks to take over Egyptian Fertilizers Co. EGFR.CA, the general manager of the Egyptian company said on Monday. Mustafa Kamel said that Abraaj started due diligence studies on the company three weeks ago. The largest single shareholder in Egyptian Fertilizers, which has an output capacity of about …
An Egyptian living in Saudi Arabia has been sentenced to death for desecrating the Quran and renouncing Islam, Saudi newspapers and a rights activist said on Wednesday. Okaz and Al-Hayat newspapers said worshippers at a mosque in the desert town of Arar in north Saudi Arabia lodged a complaint with police saying the man, a …
CAIRO: Optimism about market heavyweight Orascom Construction Industries (OCI) countered selling pressure by retail investors to help Egypt s main stock indexes end steady on Wednesday. It is the second day foreign buyers have been buying large cap stocks like OCI, while on the other hand retail-led stocks have been going down because of profit-taking, …
CAIRO: Egypt warned the five permanent members of the UN Security Council on Thursday not to threaten Sudan with fresh sanctions over Darfur, calling instead for confidence-building measures and dialogue. Egypt made the call a day after the United States and Britain, cranking up pressure on Khartoum, threatened sanctions and other punitive measures unless Sudan …
CAIRO: Jordan s Al-Faisali pulled off a shock 2-1 away win over Egyptian giants Zamalek in Cairo on Tuesday to book a place in next month s Arab Champions League final. The Jordanian side scored a surprise early goal from Khaled Al-Maitah and were two up midway through the first half to the bemusement of …
CAIRO: Private shareholders owning 53 percent of Egypt s National Bank for Development (NBD) are willing to accept an offer of LE 11 ($1.93) a share from a UAE consortium, a bank official said on Tuesday. NBD General Manager Sharif Farouk told Reuters that the bank had written to the consortium, led by Abu Dhabi …
Egyptian border authorities on Tuesday arrested a Palestinian woman in her fifties who was trying to smuggle weapons parts into the Gaza Strip in her suitcase, security sources said. One of the sources said the woman, Fathia Abdel-Razeq Said of the Beach refugee camp, had tried to take in large quantities of parts, including springs …
CAIRO: Egypt s Paints and Chemical Industries Co. (Pachin) is in talks with a potential buyer for 100 percent of its shares, the stock exchange said on Monday. The Capital Markets Authority received a letter from Pachin which said the buyer would make an offer for the stock after concluding a due diligence study, the …
CAIRO: Egyptian share indexes rose on Monday led by the real estate sector with both Egyptian Resorts Company and Heliopolis Housing gaining five percent, dealers said. Egyptian Resorts, which decided on Thursday on a two-for-three stock dividend, rose to close at LE 28.57 ($5.02). The firm, whose shares are popular among retail investors, is also …
CAIRO: The finance minister said Thursday that he expects the nation s budget deficit to fall to 5.5 percent of gross domestic product (GDP) this year, largely because of a bigger-than-expected sale price for a mobile phone license. This is a windfall. We expect the budget deficit this year to be 5.5 percent of GDP, …
Singer, dancer and one-time Playboy magazine model Willa Ford will star as the late Playboy Playmate Anna Nicole Smith in a biographical film about the billionaire s widow that starts shooting next week. A publicist for Ford, best known for her hit single I Wanna Be Bad and a stint on the ABC television show …
CAIRO: A five-for-one split of Orascom Telecom (OT) shares will take effect on Thursday, the company said in a statement on Tuesday. The split does not apply to Orascom Telecom global depositary receipts, which after the split will become equivalent to five OT shares instead of one, it added. The market has largely discounted the …
CAIRO: Egypt s revenues from tourism, a key part of the north African nation s economy, is expected to rise 18.4 percent to about $9 billion in 2007, Egyptian tourism minister Zoheir Garana said on Tuesday. We are creating more spending outlets, Garana told Reuters in the Qatari capital Doha, adding that revenues from the …
CAIRO: Egyptian share indexes dipped on Thursday on news of a lower-than-expected bid for National Bank for Development and profit-taking by retail investors after two days of light gains in the market, traders said. News about National Bank for Development is causing the selling pressure. Most of the market plunged due to profit taking and …
CAIRO: The median overnight interbank rate on the Egyptian pound fell fractionally to 8.79 percent on Thursday from 8.824 on Wednesday in the absence of central bank certificate of deposit auctions. The market is extremely liquid, said one trader. Banks tend to revert to the interbank market in the absence of auctions for the higher-yielding …
CAIRO: A consortium led by Abu Dhabi Islamic Bank made the only bid for Egypt s National Bank for Development, offering less than a third of its market price, an official at the Egyptian lender said on Thursday. A decision on whether to accept the bid, announced on Wednesday by the Egyptian stock exchange, would …
