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ZAGREB: Croatia s oil concern INA and a production unit of the German utility firm RWE announced on Tuesday an oil discovery in Egypt s Western Desert. The newly discovered oilfield will be put into production during 2007 and by 2010 the whole concession area should be put into full production, INA said in the …
No progress has been made in talks to free an Israeli soldier held captive by Palestinian fighters in Gaza, an Israeli government official said on Monday, denying Hamas assertions of a breakthrough. Palestinian armed factions have demanded Israel release more than 1,000 Palestinian prisoners in exchange for Corporal Gilad Shalit, abducted in June by gunmen …
CAIRO: Egypt reopened on Thursday three ports on the Red Sea which had closed because of bad weather, an official from the Red Sea Port Authority said. At 6 am (0400 GMT), the Adabiya, Port Taufiq and Petroleum ports were reopened after wind speeds and waves subsided, said one official, who asked not to be …
CAIRO: Authorities closed five ports on Wednesday and prevented some oil tankers and ships from passing through the Suez Canal because of bad weather, officials said. The Suez Canal Authority stopped at least three ships from entering the canal from the north, including a Liberian oil tanker carrying 170,000 tons, said an authority official who …
CAIRO: Egypt s median overnight interbank rate slipped to 9.75 percent on Wednesday from 9.772 percent on Tuesday as fewer banks bought certificates of deposits in auctions from the central bank, traders said. The rate is slightly lower today as many banks took part in the CD auctions yesterday, and are trying to square their …
CAIRO: Local retail investors who lost hope of a possible end-of-year rally dragged Egyptian shares more than 1 percent lower on Monday in the absence of foreign institutions that usually buy blue-chip stocks. It is pure negative sentiment, said Mohamed Radwan of Delta Securities. There were expectations of a rally by the end of the …
ISMAILIA: Egypt s revenue from the Suez Canal is expected to reach a record LE 21.7 billion ($3.8 billion) in 2006, up around 10 percent from last year, a Suez Canal Authority official said on Monday. Revenue was $3.457 billion in 2005, said the official, who asked not to be named. We also expect that …
CAIRO: French coach Henri Michel has taken a short-term contract with Egypt s Zamalek after the club had a last-minute change of heart over a new trainer. Michel, recently fired after a brief coaching spell in Qatar, will remain with the club until the end of the season in June. He was named as coach …
CAIRO: Egyptian share indexes were barely changed on Sunday after a day of quiet trade as foreign investors began their holidays and local and Arab investors adjusted their portfolios ahead of their own holiday period, traders said. It s quiet — all foreign institutions started their holidays on Saturday, and we will have (the Muslim …
JERUSALEM: European monitors overseeing the Rafah crossing between Gaza and Egypt said on Thursday that Egypt made a commitment to Palestinian President Mahmoud Abbas to keep Hamas officials from using the border to bring in funds. But top Abbas aide Saeb Erekat said later that Egypt may not stop officials from Hamas, which took control …
CAIRO: The median overnight interbank rate on the Egyptian pound jumped to 9.8 percent on Tuesday from 9.443 percent on Monday, with central bank auctions of certificates of deposit draining market liquidity, traders said. The market is short today after banks put their funds into the one-week and 128-day certificates of deposit auctions, so there …
Security forces barred a top member of the banned Muslim Brotherhood, Egypt s strongest opposition group, from traveling to Qatar on Tuesday, security and Brotherhood sources said. Essam El-Erian, who heads the Brotherhood s political department, said airport authorities told him they had been instructed by State Security officials to stop him from traveling. El-Erian, …
CAIRO: The Egyptian government could cut its budget deficit faster without compromising economic growth, the International Monetary Fund said on Monday. In a statement issued in Cairo after an IMF visit, the fund also said recent Central Bank of Egypt decisions to raise interest rates were timely and appropriate. Some of the factors behind the …
CAIRO: British Prime Minister Tony Blair said on Saturday he thought talk of the West opening dialogue with Iran and Syria on how to defuse regional tensions and help stem violence in Iraq had been overstated . Blair criticized Tehran for backing forces that are seeking to destabilize the government of Lebanon, and Palestinian President …
CAIRO: Orascom Telecom said on Thursday its subscriber base has grown to 50 million, up from 46.5 million in September and 30 million a year ago. Orascom Chariman Naguib Sawiris said in a statement that the company had set 50 million as its target for this year and had achieved it. I look forward to …
CAIRO: Egypt has earned an average of $5.5 per million British thermal units (BTUs) for the liquefied natural gas (LNG) it has exported since exports began in early 2005, Oil Minister Sameh Fahmy was quoted as saying on Friday. The minimum price for Egyptian gas is $0.75 per million BTUs but that price would apply …
CAIRO: The spike in Egyptian inflation, will last a few months and the rate could rise above the current 11.8 percent as the economy absorbs the impact of supply shocks, the finance minister said on Monday. Egyptian inflation rose to 11.8 percent in October from 9.6 percent in September. This is temporary phenomenon and will …
CAIRO: An Egyptian telecoms firm has offered to pay $24 million for a stake in a losing unit of state-owned Telkom Kenya as part of the firm’s restructuring process ahead of a planned privatization. Egypt Telephone Company, also called Quicktel, wants to acquire 70 percent of Gilgil Telecommunications Industries, a unit of Telkom Kenya that …
LONDON: Britain made secret plans to cut off the flow of the Nile to undermine Egyptian President Gamal Abdel Nasser weeks before the Suez crisis in 1956, according to papers released for the first time on Friday. British military chiefs hoped to cripple Egypt s economy and pile pressure on Nasser after he nationalized the …
CAIRO: Enel has agreed to sell its remaining 26.1 percent stake in Weather Investments to controlling shareholder Naguib Sawiris for ?1.962 billion ($2.59 billion), the Italian energy firm said on Thursday. Enel said the amount would be paid in two installments, adding it expected the transaction, to be signed over the next few days, to …
President Hosni Mubarak said in an interview published on Saturday that he saw hopeful signs that big powers are turning their attention to a settlement of the Israeli-Palestinian conflict. “There are signs in that sense that has recently come from important international capitals … We hope that this will give birth to an urgent and …
CAIRO: Hamas leader Khaled Meshaal held positive talks with a senior Egyptian security official on Thursday to discuss a prisoner exchange between the Palestinian movement and Israel, a senior Hamas member said. Egypt has been trying to broker the prisoner swap since the capture of an Israeli soldier in a raid near Gaza in June …
CAIRO: Greece s Piraeus Bank raised its stake in Piraeus Bank Egypt, its subsidiary, by 1.9 percent to 95.3 percent by buying shares held by Libya s foreign investment company, Piraeus Bank Egypt said on Thursday. The Greece-based parent bank paid LE 18 million ($3.1 million) to increase its stake from 93.4 percent, valuing the …
CAIRO: Shares rose on Thursday, with shares in investment bank EFG-Hermes and Commercial International Bank (CIB) rising on rumors of a possible merger between them. A CIB official denied the rumor on Wednesday. The banking sector was on fire today, with demand for Commercial Investment Bank, EFG Hermes and National Societe Generale pushing the sector …
CAIRO: Egyptian shares gained on Wednesday with investment bank Naeem Holding soaring 88 percent after the firm listed 60 percent of its shares on the stock exchange at a par value of $1 per share, traders said. This stock is seen as a good investment. The investment banking story in the region is a good …
Egyptian shares slipped on Thursday in spite of some strong nine-month results released in the past 10 days and some heavy buying by foreigners. Brokers said local retail investors were now in the mood to sell after recent rises in small-cap stocks, which they favor. People are negative about the market and want to get …
Ratings agency Standard & Poor s on Thursday maintained Egypt s long-term sovereign credit ratings at BB+ for foreign currency and BBB- for local currency. It said it could raise the ratings if the government meets its target to reduce the fiscal deficit, cuts public debt and maintains the momentum of structural reform. But the …
CAIRO: Egypt has barred several members of the Muslim Brotherhood, Egypt s strongest opposition group, from travelling to Jordan for an event commemorating the group s founder, the Brotherhood said on Thursday. Brotherhood deputy leader Mohamed Habib told Reuters the members had wanted to travel on Wednesday to a celebration marking the centenary of the …
CAIRO: Egyptian police have detained the opposition Kefaya movement s coordinator in western Cairo hours before he planned a demonstration to demand better public services, the movement said on its Web site on Monday. Mohamed El-Ashkar, an activist who organizes Kefaya in Giza province, was picked up and questioned on Sunday, it said. A few …
CAIRO: Egypt s Orascom Telecom, one of the Middle East s biggest telecoms firms, reported a 1.4 percent increase in net profit to $601.8 million in the first nine months of 2006. The firm said in a statement net income for the first nine months of 2005 was $593.3 million. Net income attributable to equity …
