CAIRO: Devilish scheme, crime, conspiracy, chaos, hoax; are some of the labels a group of economists, lawyers, and opposition MPs gave the ruling party’s proposal to partially privatize some public sector firms through distributing free shares to citizens. “This proposal concludes the government’s privatization program adopted since the 90s with a crime, said Ahmed El …

CAIRO: Service on FLAG Europe-Asia cable – which along with cuts in two other cables had disrupted internet and international phone services in some parts of the Middle East and South Asia – would be restored by Tuesday, said Egypt’s Ministry of Communications and Information Technology (MCIT) “Repairs on the cable were completed on Monday …

The market fluctuated last week in low volume trade and low volatility, as interest was waning ahead of year-end holidays. Brokers explained selling pressure was common this time of the year as investors balance their accounts, expecting thin trade to the end of the year. Overall, Egypt’s benchmark CASE30 index shed 2.14 percent to close …

Top cement company executives found guilty of price-fixing, a real estate magnate on trial for murder, a UAE-based property giant accused of causing a deadly rockslide – these were just some of the year’s headlines as rumors and scandals involving high profile businessmen swirled. On the heels of a ravenous real estate sector and with …

Volatility would be the best word to describe Egypt’s stock market in 2008 – actually, markets the world over. After months of mind-numbing losses around the world, the year comes to an end on unrelentingly negative global economic news and fading hopes of a recovery. Worldwide, investors were being battered by a wave of economic …

CAIRO: The French Development Agency (FDA) is to give Egypt between ?100 and ?150 million annually over the next three years for development, French Prime Minister Francois Fillon announced on Monday during his two-day visit to Egypt. “The grant aims to support small-and-medium-sized enterprises [SMEs], help abate industrial pollution, and improve living conditions for the …

Inflation was one of the top newsmakers of year, and rightly so. When it comes to cost of living, particularly amid a global economic crisis, what issue can be more pressing? Indeed, 2008 will probably be remembered as the year of soaring inflation, jumping from an annualized 6.9 percent in December 2007 to a whopping …

CAIRO: A recent rally in the Egyptian pound against the US Dollar may unwind as economists said the greenback’s slump this week may have been overdone. On Sunday, the Egyptian pound appreciated to 5.5162 against the dollar by press time from Thursday’s closing weighted average of 5.5199. The figure compares to a rate of 5.52, …

CAIRO: Traditional assistance packages are counterproductive and multilateral cooperation is the only viable solution to weather a deepening global financial crisis, said the United Nations Conference on Trade and Development (UNCTAD) in a report released Thursday. As the financial crisis becomes increasingly global, the world economy is caught in a loop of weaknesses and seems …

CAIRO: The market rallied last week after an extended market holiday, boosted by Orascom Telecom’s (OT) announcement that it would begin operations of North Korea’s first mobile license. Overall, Egypt’s benchmark CASE 30 index climbed 3.16 percent to close the week at 4,319.74 points. News that OT – the largest Arab mobile operator by subscribers …

CAIRO: While the government s recently announced LE 15 billion stimulus package will weigh on the budget deficit, the pressing goal remains to be supporting growth, said Trade Minister Rachid Mohamed Rachid. Everyone is willing to sacrifice an increase in budget deficit to stimulate growth, Rachid told Daily News Egypt in a phone interview. The …

CAIRO: MobiNil, Egypt s largest mobile phone operator by subscribers, said it would continue to experience robust growth despite the global economic crisis. “Our third quarter results beat expectations, and we expect that end of year results would match analysts’ expectations, MobiNil Chairman Alex Shalaby told a conference Wednesday to mark reaching 20 million subscribers. …

CAIRO: The stock market zigzagged throughout the week to post a mix of green and red, mirroring performance of regional and global markets. Overall, Egypt’s benchmark CASE30 index inched up a hair, closing the week 0.38 percent higher to 4,059.08 points. The market jumped Sunday on a fourth consecutive day of gains, tracking a rally …

CAIRO: The banks of the Nile River will be home to Cairo’s first Ritz-Carlton Hotel after the capital’s storied Nile Hilton undergoes a LE 350 million ($63.6 million) renovation beginning next month. The Ritz-Carlton Hotel Company sealed Wednesday a 20-year contract with Misr Hotels Company – the holding company for the Nile Hilton and the …

CAIRO: Egypt-based investment bank Beltone Financial recently announced it will launch the region’s first exchange-traded fund (ETF) in January. The fund – named XT-Misr – is an open-ended fund investing in a basket of securities that mirror performance of the benchmark CASE 30 Index. “XT-MISR responds to institutional and private investors who want to spread …

CAIRO: “There will be both winners and losers from this global financial crisis, and it is very difficult at this stage to bet who are going to be winners and losers, Minister of Trade Rachid Mohamed Rachid said. “We are doing our best to make our country one of the winners in this crisis, Rachid …

CAIRO: The EGY Finance Conference opens today in Cairo, and will present over $2 billion of grants, technical assistance instruments and lines of credit availed by donors. “EGY Finance is an initiative of the business community aiming at supporting the business community in its strive to modernize, globalize and grow, said Alaa Ezz, secretary general …

CAIRO: After falling to its lowest close in 45 months earlier in the week, the Egyptian market rose for three consecutive sessions as investors chased beaten-down shares on renewed hopes on Wall Street. Overall, Egypt’s benchmark CASE 30 index rebounded 4.27 percent this week to close at 4,043.73 points. On Sunday, the index ended an …

CAIRO: At times of global financial turmoil, companies can fall victim to tightened credit conditions from commercial banks. But when money gets tight, factoring companies thrive. With Egypt’s first factoring company now up and running, local exporters can turn to a less traditional source of finance to ensure they have access to credit. “At times …

CAIRO: Price stability will be the Central Bank of Egypt’s (CBE) main focus in the coming period, said CBE Governor Farouk El-Okdah. I am not saying that growth is not important. I said our overriding objective is price stability, Okdah told a news conference Wednesday, which some interpreted as an attempt to curb expectations of …

CAIRO: President Hosni Mubarak’s calls for promoting private investments by offering incentives and cheaper credit has some analysts saying the government can’t just wave a magic wand to spur investments. “The real question is: Can Egypt compete with countries such as China and Malaysia in attracting new investments? These countries want to attract pools of …

CAIRO: Global financial turmoil may be painful for the Egyptian economy, but top real estate executives as well as researchers said on Sunday it could also weed out property and bourse speculators looking for quick cash and help curb spiraling prices. While few expect to escape unscathed from the worst financial crisis in 80 years, …

CAIRO: Last week marked another dismal performance for the market, as global economic gloom weighed on Egyptian shares, dragging the index to its lowest close since May 2005. Overall, Egypt’s benchmark CASE 30 index skidded 19.6 percent to end the week at 3,878.11 points. Blue-chips tracked Gulf markets down on Sunday, dragging the index 0.85 …

CAIRO: The Egyptian bourse will ring its opening bell next Thursday on a new trading platform built by Nasdaq OMX, making it among the region’s first three exchanges to make the switch. The Egyptian Stock Exchange announced this week that it will switch to X-Stream – a high performance trading system supplied by the world’s …

CAIRO: Egypt’s Ministry of Trade referred this week the public-run Sugar and Integrated Industries Company (SIIC) to the general prosecutor on price-discrimination charges in violation of the anti-monopoly law, said officials. “The Egyptian Competition Authority (ECA) found [in its investigations] that the company in question was preferential in selling molasses produced from sugar cane among …

CAIRO: As leaders of the G20 met in Washington on Friday, Egyptian officials and Arab business leaders gathered in Cairo, calling for more united action to battle a dire and deepening economic crisis. “We are all in one ship.and Arab economies should cooperate more closely in the face of this global financial crisis, Egyptian Prime …

CAIRO: Heavy losses pinched most Egyptian shares last week despite a plethora of third quarter results, after a wave of negative sentiment shrouded major markets around the world earlier in the week. Overall, Egypt’s benchmark CASE 30 index plunged 8 percent to end the week at 4,823.59 points. The stock market ended almost flat on …

CAIRO: As fears of global recession and tight lines of credit begin to suffocate trade in vital parts of the world, several finance providers gathered Monday in Egypt to give a boost to trade finance tools. The one-day Egypt Trade and Export Finance Forum on Nov. 10 gathered manufacturers, distributors, importers/exporters, export credit agencies, multilateral …

CAIRO: Egypt’s bourse kicked off the week with gains, posting four days of green trading. Investors had bought up shares since the start of the week on Sunday in anticipation of the outcome of the US elections – boosting the market – and took profits on the first day after Democrat Barack Obama won the …

CAIRO: Apple s iPhone 3G will soon be available in Egypt, and Vodafone Egypt is reportedly gearing up to be the first mobile operator to sell the high-tech gadget in the Arab world s most populous country. Customers nationwide can pre-register online and be notified when the phone arrives to Vodafone Egypt s stores, according …