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Piraeus Bank Egypt reported a net profit of LE 13.5 million ($2.4 million) for the first nine months of 2006, the Egyptian stock exchange said on Wednesday. No comparison figures were available. Piraeus Bank Egypt is the outcome of last year s buyout of Egyptian Commercial Bank by Greece s Piraeus Bank. Piraeus Bank bought …
CAIRO: Commercial International Bank (CIB), one of Egypt s top three private-sector banks, said on Monday it was eyeing potential expansion in Syria, Lebanon, Jordan and the Gulf. The bank said in a conference call it also expected to announce the shareholding structure and exact start-up date for its Algerian subsidiary by year-end. It said …
CAIRO: Commercial International Bank (CIB), one of Egypt s top three private-sector banks, said on Monday it was eyeing potential expansion in Syria, Lebanon, Jordan and the Gulf. The bank said in a conference call it also expected to announce the shareholding structure and exact start-up date for its Algerian subsidiary by year-end. It said …
CAIRO: Foreign Minister Ahmed Abul-Gheit said on Saturday he was dismayed at what he called Israel s excessive use of force in a four-day military offensive in the Gaza Strip that has killed 39 people. Israeli forces killed five Palestinians in Gaza on Saturday, including four militants in air strikes and clashes during one of …
Bahraini bank says interested in Cairo bank CAIRO: Bahrain Islamic Bank has asked the Central Bank of Egypt for permission to conduct a due diligence study of Cairo-based Arab Investment Bank with a view to acquiring it, state news agency MENA said on Thursday. Arab Investment Bank is a small, mainly public-sector bank with 13 …
CAIRO: Dubai-based Al Futtaim Group will invest LE 20 billion Egyptian pounds ($3.5 billion) to build a new residential area on 1,750 hectares of New Cairo, state news agency MENA said on Thursday. MENA quoted Phil McArthur, managing director of Al Futtaim Group Real Estate, as saying the project would be built on land purchased …
CAIRO: Egypt s two main stock indexes dropped nearly one percent on Thursday as Arab investors sold to cover losses in the Gulf and local investors followed their lead downwards, traders said. The Gulf markets are having a negative effect on local retail investors here, continuing a sell-off based on yesterday s weakness, said Mohamed …
CAIRO: Egyptian share indexes rose more than 1 percent on Tuesday as Arab and other foreign investors bought into the major listed companies, brokers said. Arab investors were net buyers by a margin of about LE 50 million ($8.7 million) and other foreigners by a margin of 12 million, the stock exchange said. There was …
LONDON: Jailed Islamic cleric Abu Hamza Al-Masri begins a legal challenge on Monday against his convictions for inciting racial hatred and soliciting murder. Egyptian-born Hamza, 48, was jailed for seven years in February after being found guilty of 11 of 15 charges. The charges mostly referred to sermons he delivered in the late 1990s. His …
MUMBAI: India s top motorcycle maker, Hero Honda Motors Ltd., is likely to acquire subsidiaries of Honda Motor Co in Egypt, Nigeria, South Africa, and other African countries, the Business Standard reported on Monday. New Delhi-based Hero Honda, in which India s Munjal family and Japan s Honda each hold 26 percent, would manufacture its …
CAIRO: Egyptian shares jumped on Sunday, with Orascom Telecom climbing more than 4 percent following an announcement it was raising its stake in its Algerian subsidiary, dealers said. They said retail investors were also in the market in force following the Eid Al-Fitr holiday, and their generally positive sentiment had pushed up favorites EFG-Hermes and …
MILAN: An Italian prosecutor called on Friday for an Egyptian accused of helping to plan the 2004 Madrid train bombings to be sentenced to 14 years in prison. The accused, Rabei Osman Sayed Ahmed, had close links to the commuter train attackers and has claimed credit for the bombings that killed 191 people in the …
ISMAILIA: Egyptian police have recovered nearly one ton of high explosives hidden in a mountainous area of central Sinai, security sources said on Friday. The explosives were buried in 13 plastic bags and were discovered by Bedouin trackers working for the government, according to the sources, who did not specify the type of explosive. The …
ISMAILIA: An expanded Panama Canal could win some business from the Suez Canal, its partial competitor on the other side of the world, an adviser to the Suez Canal Authority said on Monday. But the Suez Canal can fight back by adjusting its transit fees to keep it attractive to ship-owners who might be tempted …
LOS ANGELES: Two Egyptian nationals who pleaded guilty to enslaving a 10-year-old Egyptian girl at their Southern California home, making her work long hours serving their family of seven, were sentenced on Monday to prison terms. Abdel Nasser Youssef Ibrahim, 57, was sentenced to three years in federal prison and his former wife, Amal Ahmed …
CAIRO: Egyptian stocks ended mixed in low volume on Thursday in advance of the Muslim feast of Eid Al-Fitr, which will disrupt trading most of next week. Out of the 10 most heavily traded stocks, seven advanced and three declined. The two most widely watched indexes declined by very small margins. Media Production City unexpectedly …
JOHANNESBURG: The second leg of this year s African Champions League final will not be played at the home ground of Tunisia s CS Sfaxien but moved some 200 km north near the capital Tunis, the Confederation of African Football said on Wednesday. The home ground of the Tunisian club, which has a capacity of …
CAIRO: An Egyptian-Chinese company will start producing oil rigs in Egypt next year, the Egyptian Oil Ministry said in a statement on Wednesday. The new company, which will be 50 percent Egyptian and 50 percent Chinese, will start production with three rigs in 2007, rising to seven in 2008 and 20 a year in 2010, …
CAIRO: Egyptian stock indexes were barely changed in a quiet market on Wednesday, with cautious investors maintaining their positions before the start of the Eid-al-Fitr holiday season that marks the end of Ramadan. Everyone is waiting until after the holidays to start building up a position and seeing the direction of the market, but there …
CAIRO: A banking sector buoyed after Italy s Sanpaolo won 80 percent of Bank of Alexandria for about $1.6 billion helped Egyptian shares edge higher on Tuesday, traders said. The auction for the state-owned bank was one of the largest Egyptian privatizations of the year and a landmark in the process of reducing the state …
CAIRO: Investment bank and equities researcher EFG-Hermes gave El Sewedy Cables an estimated fair value of LE 58.50 ($10.21) a share and recommended buying for both the short and long term. The estimate was a fraction below the LE 58.70 at which EFG-Hermes valued the shares in July, before El Sewedy released its results for …
Egypt s friendly international against South Africa on Nov. 15 has been fixed for Brentford s Griffin Park, the South African Football Association said on Monday. The ground in the west of the capital has a capacity of almost 13,000, although division Brentford average around half that for their third division games. The friendly will …
CAIRO – Investment bank and equities researcher EFG-Hermes has raised its long-term fair value estimates for three Egyptian cement companies because of their exposure to a more favorable export market. But it cut its estimates for two other companies because of changes in the domestic market, where higher energy costs and government pressure to hold …
CAIRO: Potential buyers have asked Egypt s government for more details on supply of raw materials before they commit to buy 50 percent of Alexandria Mineral Oils Company (AMOC), a cabinet minister said on Monday. The investors are still waiting for some answers related to the availability of the raw material or feedstock, Investment Minister …
Royal city of Tutankhamun s childhood is focus of US exhibition PHILADELPHIA: Tutankhamun, ancient Egypt s famous boy pharaoh, grew up 3,300 years ago in the royal court at Amarna, the ancient city of Akhetaten, whose name meant the Horizon of the Aten. This extraordinary royal city grew, flourished – and vanished – in hardly …
MOSCOW: Russia s Gazprom and the Egyptian government have signed a memorandum of understanding on cooperation in Egypt s gas sector, the Egyptian Trade and Industry Minister told Reuters on Friday. Minister Rachid Mohamed Rachid said the Russian gas giant could help Egypt develop its natural gas production and exports. The memorandum covered exploration, sharing …
CAIRO: Egyptian shares climbed higher on Thursday, with Commercial International Bank (CIB) soaring on optimism over its chances to win an auction for up to 80 percent of state-owned Bank of Alexandria, traders said. Shares in CIB, one of six candidates short-listed to buy the stake, jumped 6.6 percent to close at LE 49.80 ($8.68) …
CAIRO: An Egyptian government opinion poll showed 61 percent of those surveyed had never heard of opinion polls, the official Middle East News Agency (MENA) reported on Thursday. The poll, conducted by the Cabinet s Information and Decision Support Centre, also showed that only 10 percent of those surveyed had taken part in opinion polls …
CAIRO: Egyptian shares climbed higher on Thursday, with Commercial International Bank (CIB) soaring on optimism over its chances to win an auction for up to 80 percent of state-owned Bank of Alexandria, traders said. Shares in CIB, one of six candidates short-listed to buy the stake, jumped 6.6 percent to close at LE 49.80 ($8.68) …
CAIRO: An Egyptian government opinion poll showed 61 percent of those surveyed had never heard of opinion polls, the official Middle East News Agency (MENA) reported on Thursday. The poll, conducted by the Cabinet s Information and Decision Support Centre, also showed that only 10 percent of those surveyed had taken part in opinion polls …
