CAIRO: Moody s rated the credit future outlook of Egyptian banks as “Stable in a report released Wednesday, even though risks are on the downside, it said. Satiated with excess liquidity, banks operating in Egypt are expected to survive the ongoing global financial tempest that has devoured big names. However, two financial institutions argue that …

CAIRO: Inflation and interest rates have soared. Growth rates are contracting. The stock market has fallen to erratic lows. Though Egypt’s economic picture seems bleak, Beltone Financial argues the country will survive the global financial storm. “While growth in Egypt is slowing, the economy is in a better situation to weather the fallout of global …

CAIRO: At times when major corporations are jittery about sustaining their businesses – especially those with international reach – Samsung Electronics is looking forward to further growth in the region. “Even though global economy is tumbling, we expect strong growth from the Middle East and Africa [MEA] region, said ChangHo Park, senior manager of Samsung’s …

CAIRO: Marico India will officially inaugurate Wednesday its third plant in Egypt’s Sadat City that will bring Parachute, the company’s largest selling hair care brand worth LE 700 million, to the Arab world’s most populous market. “The fact that we are setting up our third factory here shows a lot of confidence in the Egyptian …

CAIRO: Egypt’s bourse snapped a three-day rally this week, as mild positive sentiment was offset by worries that the global economy was still heading towards a recession. Overall, Egypt’s benchmark CASE 30 Index shed 3.68 percent to end the week at 4,716.25 points. The index tumbled Sunday 6.79 percent to 4,564.18 points, as a global …

CAIRO: Some of Microsoft’s top researchers spend their time thinking about complex software, algorithms, and security systems. Others think of ways to help the poorer segments of society realize their full potential. On Tuesday, Microsoft launched its iCafe program in Egypt, offering five local community libraries free access to the latest software technology and training …

CAIRO: Ezz Steel, Egypt s largest steel producer, cut its November prices by 30 percent, as slowing economic growth and the global credit crunch have forced builders to slash orders. “This price decrease is due to the global economic crisis. Commodity prices have fallen across the board, and naturally steel prices got impacted, said Samir …

CAIRO: Egypt’s stock market headed for another precipitous drop last week as fears of a punishing global recession stirred panic among investors and sent world financial markets into a tailspin. Overall, Egypt’s benchmark CASE 30 index plunged 15.46 percent to close the week at 4,986.53 points, triggering a freeze in selling. On Sunday, the index …

CAIRO: With the Egyptian stock market following the erratic downs of Wall Street and to some extent those of Asian and European stock markets, when is it going to see a rebound? “That’s the trillion dollar question these days, isn’t it? Mohamed Yassin, managing director of Shuaa Securities, said Tuesday on the sidelines of the …

CAIRO: Egypt plans to utilize its year-round sunshine and its fair share of wind by producing 20 percent of its total energy needs from renewable energies by the year 2020, said Minister of Electricity and Energy Hassan Younes. “Eight percent of this will be hydro energy and 12 percent will come from a variety of …

CAIRO: Want to venture into a successful initial public offering (IPO)? Timing, pricing, and distribution are essential elements. Panelists at a workshop Monday explained that a successful IPO has to take place at an opportune time for both the economy and the company. Correctly pricing at book value is also key. Distribution of shares is …

CAIRO: The faltering global economy has left Egypt grappling with a major challenge: a slowdown in its real economy that could see growth rates fall to around 6 percent, Finance Minister Youssef Boutros Ghali said on Monday. “The problem comes from the real economy which is [triggered by] the slowdown in global economic growth, Ghali …

CAIRO: As global economic woes deepen, the International Monetary Fund (IMF) expects global growth to drop sharply for the rest of this year and the next year. However, financial analysts expect Egypt to experience mild turbulence. Government officials and economists agree that fallout from the global crisis, which has stoked recession fears, could come in …

CAIRO: “If you are in a good mood and enjoying your time, then leave now because what I’m going to say won’t leave you in a good mood, this is how Minister of Trade and Industry Rachid Mohamed Rachid opened his speech on impacts of the global financial crisis. The minister justified his statement by …

CAIRO: Amid the financial storm pelting the world economy towards recession, Egypt’s economy appears to be undergoing a more enduring stance, says regional director for the Euromoney Conferences. “Economically, this is a very difficult time.. It is never going to be easy. But Egypt is at a much stronger place than most countries, said Richard …

CAIRO: Emaar Egypt – wholly owned subsidiary of the UAE-based Emaar Properties – is currently finalizing negotiations to build an international school and hospital on its community residential project Uptown Cairo in Moqattam, said a company executive. “International schools and modern healthcare centers are part of the integrated communities we develop in Egypt including Uptown …

CAIRO: With major banks taking a severe beating by the global financial upheaval, experts say the Egyptian government lost out when it canceled the sale of Banque Du Caire ahead of the market crisis. “The government lost when it postponed the auction [last June]. This was not the correct decision, and the bank should have …

CAIRO: Want to be a better employer? Remember to motivate your employees and fulfill their expectations while meeting your business demands. “Best employers are those organizations that have managed to capture the hearts and minds of their people, said Debabrat Mishra, regional consulting business leader at Hewitt Associates. “Employees are typically driven by a fundamental …

CAIRO: Egypt-based investment bank Beltone Financial said Monday it will launch the country’s first exchange-traded fund (ETF) in December tracking the benchmark CASE 30 index. The fund – named XT-Misr – is an open-ended fund investing in a basket of securities that mirror performance of the CASE 30 Index, the bank said in a statement. …

CAIRO: Cairo-based private equity firm Citadel Capital said Wednesday it did not postpone the date of its initial public offering (IPO), contrary to some local news reports. The company told Daily News Egypt that the IPO date was never set in the first place, so it could not be postponed. Citadel Capital confirmed, however, that …

CAIRO: The Central Bank of Egypt (CBE) raised overnight interest rates by a cumulative 2.75 percent this year to battle 16-year high inflation, but economists argue that monetary policy tightening alone is not enough to help the economy. “These rate hikes have not contained inflation, said Passant Fahmy, banking expert and senior consultant at Egyptian-Saudi …

CAIRO: It is often said that when the US sneezes, the rest of the world catches a cold. Now, the US has caught pneumonia and the rest of the world is aching. As major US financial institutions declare bankruptcy – the global economy is paying the bill. “I am not a big fan of the …

CAIRO: Belgium’s Solvai recently won the public auction for the sale of Alexandria Sodium Carbonate Company, after presenting the highest bid at LE 760 million. “Solvai offered the highest price and the best revamp plan, said Farouk Abdel Hamid, information officer at the Holding Company for Chemical Industries, the governmental body in charge of the …

CAIRO: As the ripple effects of the subprime mortgage meltdown signal a seismic shift in global financial markets with big names biting the dust, Egypt’s mortgage finance market remains intact, says one industry executive. “Egypt’s mortgage finance market is decoupled from the ongoing global market turmoil, said Ahmed Haggag, CEO of Amlak Finance and Real …

CAIRO: Egypt’s benchmark CASE 30 index plunged Monday to its lowest close in nearly 13 months, as investors escaped the market amid a deepening US financial crisis. The index plummeted 5.52 percent – its biggest one-day collapse this year – to close at 7,541.24 points on a trading turnover of LE 1.1 billion. Traders explained …

CAIRO: If you are looking for an excuse to buy some gold jewelry, now is the time. The yellow metal slid to an eight-month low which may increase demand and lend the commodity a boost in price. “Gold prices have plunged 25 percent from peak levels at $1,020 an ounce end of February, said Rafik …

CAIRO: Before Egypt starts celebrating its recent ranking as the world’s 10th business reformer, vital steps need to be taken to further facilitate doing business, said critics. “It is very positive that Egypt is once again ranked among the top 10 reformers by a prominent international organization. The fact that Egypt has scored high rankings …

CAIRO: After the May 5 price hikes, the Egyptian Stock Exchange rang bells of distress, collapsing several times during the summer, with real estate and construction sectors among the hardest hit. The notorious May 5 decision fed the bears, and the bourse has plunged 40 percent since then as inflation surged along with operating costs …