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CAIRO: Egyptian shares edged higher on Wednesday, driven by optimism about telecom firms and with investors also buying undervalued stocks, traders said. Telecom Egypt was among the day s best performers, gaining around 3 percent to close at LE 15.75 ($2.75) per share after officially concluding a deal to increase its stake in Vodafone Egypt …
Egyptian authorities barred the leader of Egypt s strongest opposition group, the banned Muslim Brotherhood, from traveling to Saudi Arabia for a religious pilgrimage, an official from the group said on Tuesday. Masoud El-Sebahy, a senior aide to Mohamed Mahdi Akef, the group s General Guide, told Reuters Akef had requested permission to perform the …
CAIRO: Egypt s government will delay listing a part of state-owned pharmaceutical firm Chemical Industries Development to conduct a review of the planned public offering, Egypt s official MENA agency quoted Investment Minister Mahmoud Mohieddin as saying on Monday. As much as 35 percent of the company was expected to be offered on the Egyptian …
CAIRO: Security forces have arrested a Bedouin scrap dealer in the Sinai Peninsula after finding dozens of old mines in his house, security sources said on Saturday, but the man denied any connection to militants. The Sinai Peninsula has been the scene of a string of three deadly bomb attacks targeting popular Red Sea beach …
CAIRO: Egypt s second and third-largest state-owned bank would merge by the end of the year, chairman of Banque Misr, one of the two banks, said in remarks published on Sunday. The government had announced plans to merge Banque Misr and Banque du Caire last year as part of a move to create fewer, bigger …
LONDON: Spanish power company Iberdrola has received the first shipment of liquefied natural gas (LNG) under a deal it has with the developers of Norway s yet-to-start Snoehvit gas field, it said on Friday. The 145,000 cubic meters of gas delivered to the Sagunto LNG plant on the Mediterranean coast came from Egypt. The Snoehvit …
ISMAILIA: A Liberian tanker impounded in Egypt for spilling oil in the Suez Canal is facing more than LE 50 million ($8.7 million) in compensation demands, a Canal Authority official said on Thursday. The official said that the authority would ask the owners of the P.C. Anna to pay around LE 30 million in damages …
MILAN: Italian power company Enel said on Friday it is not in talks to end its 26 percent stake in Weather Investments, in response to a newspaper report that it could sell the holding. Enel said its stake in Weather, which controls Wind, Italy s number-two mobile phone operator, remained unchanged. Enel also said it …
CAIRO: The median overnight interbank rate on the pound dipped to 8.9 percent on Wednesday from 8.972 percent on Tuesday as the absence of central bank auctions pumped liquidity into the market, traders said. It is going down because there are no auctions today, one dealer said. The rate slide followed a similar decrease on …
CAIRO: The bourse was hit by a second, milder day of profit taking across the board after a two-week rally boosted by gains in the telecom sector, traders said on Wednesday. A lot of selling pressure occurred, especially profit-taking, taking advantage of the rally that took place in the market the past couple of weeks, …
CAIRO: Profit-taking in Egypt s telecom sector sent Egyptian shares down on Tuesday as retail investors sold stocks after a bullish run last week over Telecom Egypt s deal to raise its stake in Vodafone Egypt. The market has been doing very well in the last week. It was gaining every day, especially Telecom Egypt, …
CAIRO: Egyptian stocks edged a sliver higher on Sunday driven by the telecom sector, which has gained momentum since Telecom Egypt said it would seek a larger share in Vodafone Egypt. The momentum in the market has been up since the Telecom Egypt offer for Vodafone and the healthy momentum was extended today, Mohammed Radwan …
AL-ARISH, Egypt: Egyptian police busted a weapons-dealing ring on Saturday that sold guns and grenades in Egypt s Sinai Peninsula and whose members included security men, security sources said. Nine members of this network were caught red-handed while selling weapons and explosives on one of the streets in Al-Arish to a group of Bedouin and …
Seven people were killed and nine injured when a four-storey building collapsed in the Nile Delta town of Mansoura on Saturday, police said on Sunday. Rescue workers are lifting the rubble from the site but members of six families who lived in the building have been accounted for, they added. Building collapses are a frequent …
DAMASCUS: Syria will keep supporting Hamas and Hezbollah despite U.S. threats to impose more sanctions on it, a government newspaper said on Thursday. U.S. Secretary of State Condoleezza Rice threatened this week to toughen sanctions Washington imposed on Syria in 2004, mainly because of its support for the two movements, which Washington regards as terrorist …
CAIRO: Implementation of the banking sector reform plan, now well under way, is resulting in a strengthening banking system, says Moody s Investors Service in its new Banking System Outlook for Egypt. Nevertheless, the ongoing reform process still has some way to go. According to Moody s, the Egyptian government has acknowledged the longstanding issues …
CAIRO: Stocks edged upwards on Thursday in quiet Ramadan trade at the end of the third quarter. Interest in Vodafone Egypt subsided on an announcement that Cairo-based business group Alkan will accept Telecom Egypt s offer to buy its 5 percent stake in Vodafone at 100 pounds a share. The Egyptian press had speculated that …
CAIRO: Alkan chairman Mohamed Nosseir has accepted Telecom Egypt s offer of LE 100 ($17.42) a share for the business group s 5 percent stake in Vodafone Egypt, a Vodafone Egypt spokeswoman said. The company has been notified that the chairman has submitted sell orders for Alkan s stake, investor relations manager Marwa El Ayouti …
CAIRO: The two main Egyptian share indexes rose at least 1 percent on Wednesday on continuing interest in telecommunications after the Telecom Egypt offer to raise its stake in Vodafone Egypt. Telecom Egypt shares last traded 2 percent higher at LE 15.02 ($2.62) and brokers said the company had a good chance of increasing its …
Cairo-based Orascom Telecom (OT) said on Monday it had signed a deal to complete the sale of its controlling 65 percent stake in a mobile phone service operator in Congo Republic for $66.6 million.
An Egyptian court extended the detention of liberal politician and former presidential candidate Ayman Nour on Saturday until today, when his trial on forgery charges resumes, Nour’s lawyer said.
Telecom Egypt (TE) raised LE 5. 132 billion ($892 million) from its initial public offering, valuing the company at $4. 6 billion on the London and Cairo exchanges where it will begin trade next week, it said on Thursday.
