CAIRO: Egypt jumped 11 places in aggregate rankings on the ease of doing business and scored the world’s 10th business reformer this year, according to the World Bank’s “Doing Business 2009 Report. “Egypt was once again among the top 10 global reformers – the third time in four years – and top regional reformer this …

CAIRO: Egypt’s telecom regulator postponed on Monday an auction for the second fixed-line license for a year, citing global telecom market woes. This is the third time the auction is postponed. “The National Telecom Regulatory Authority (NTRA) … has decided to postpone the auction for the second fixed-line network . after consulting the 12 interested …

CAIRO: Egypt’s growth rate contracted to 6.8 percent in the fourth quarter of fiscal year 2007/08, down from 7.3 percent in the first nine months of the year, hit by a global economic slowdown and soaring inflation rates, said Minister for Economic Development Osman Mohamed Osman. “We are now facing a major challenge which is …

CAIRO: After plummeting to an all-time low, shares of Talaat Moustafa Group (TMG) rebounded on Wednesday as news spread of its chairman’s arrest in a murder case. Shares in Egypt’s largest listed real estate developer TMG witnessed heavy buying on Wednesday, one day after its chairman was arrested and charged with hiring a man to …

CAIRO: Economists expect the US dollar’s month-long rally against the Egyptian pound to remain intact, as Europe appears to be slipping closer towards recession. “We think that the pound will weaken against the US dollar over the next 12 months based on expectations that the dollar will get stronger against the euro and the sterling, …

CAIRO: Mirroring declines in international prices, El Ezz Steel Rebars lowered Sunday its retail steel prices by LE 820 to LE 6,150 per ton, a 12 percent decline from its year’s peak prices in August. “This price decline is mainly due to falling international steel prices, especially the prices of raw materials such as scrap, …

CAIRO: A recent government report ranked Egypt as the ninth fuel subsidies provider in the world, failing however to consider the controversial energy prices hikes implemented last May. “Egypt remains among the world’s biggest subsidies on fuels, which makes domestic energy prices (gasoline and diesel) less than global prices, said the report. “As global energy …

CAIRO: Want to avoid falling into the grips of mortgage foreclosures, default loans and credit denial? You’d better improve your credit score. Pay your bills on time and pay off any small collections that may have accrued on your credit files because the higher your credit score, the more lending tools you are eligible for …

CAIRO: After a months-long trial, an Egyptian court on Monday found 20 cement industry executives guilty of price-fixing, slapping each with a LE 10 million ($1.87 million) fine and another LE 10 million for each company. The 20 executives were found to be in violation of Law No.3 of 2005 on the Protection of Competition …

CAIRO: Pressured by a relentless global sell off that looms on Egypt’s telecom stocks as well as an imminent second fixed-line operator, Telecom Egypt’s (TE) expansion into the region is the logical next move, said an analyst. “At a time when global telecoms are feeling the pinch from an overall negative sentiment, it’s time for …

CAIRO: The buzzword on the Egyptian stock exchange was foreign selling this week. While starting off the week in the green, the Egyptian stock market quickly reversed trends, reeling from a downgrade report by rating agency Fitch, and foreign selling weighed on the bourse. Cheaper stocks triggered Thursday foreign buying on the market and the …

CAIRO: As the US dollar recently rallied against the Egyptian pound and other major currencies, economists expect the greenback to take a breather and slip again against the pound. After struggling for almost a year, the dollar strengthened this week. On Monday, the dollar jumped to its highest in a month against the Egyptian pound …

CAIRO: On the heels of the bourse crash last week, opposition MP Mohamed Moustafa Sherdy submitted an inquiry to the Prime Minister and Minister of Finance, demanding a probe into reasons behind the relentless collapse. “These days, Egypt’s stock market is getting hit hardest than any other market worldwide, Sherdy said. “We want to know …

CAIRO: Talaat Moustafa Group Chairman Hisham Talaat Moustafa appeared on Egyptian television twice this week to warn investors against making trading decisions based on rumors. Moustafa appeared on “El Beit Beitak and “Good Morning Egypt, reiterating his call for more stringent measures against rumor mongering, which he said can have a detrimental affect on the …

CAIRO: Egypt’s state-owned oil company – along with other unnamed investors -will spend $9 billion over five years to build an oil refinery complex in the north of Egypt, the country’s petroleum minister recently told Reuters. The refinery will have a capacity of 350,000 barrels per day (bpd) and should begin operations by 2010, said …

CAIRO: Hit by a series of unfortunate events – from a record-high inflation rate to Moody’s negative rating – it seems that the auction of state-owned Banque Du Caire was doomed to fail. “A couple of days before the auction, Moody’s rating agency lowered its outlook on a number of Egyptian banks from stable to …

CAIRO: Egypt s bourse rang the distress bell for two consecutive days this week – plunging 4.21 percent – after shares of both Orascoms dragged the benchmark stock index to a year low. On Tuesday, Egypt s benchmark CASE 30 Index shed a heavy 3.6 percent to 9,191.81 points, its lowest close since November 8, …

CAIRO: Egypt’s Commercial International Bank (CIB) announced Monday it received a $250 million (LE 1.3 billion) loan from the US government to expand low- and middle-income mortgage lending in Egypt. CIB said it would allocate 80 percent of the loan – $200 million (more than LE 1 billion) – to other Egyptian public lenders, including …

CAIRO: Egypt’s economy shows signs of reform in privatization, fiscal, and business freedom, however, it remains weak in freedom from corruption, banking freedom and property rights protection, a recent study shows. “Egypt made the biggest worldwide leap in economic freedom over the last year, gaining four percentage points, the largest improvement of any country, according …

CAIRO: The market strongly zigzagged this week, reversing trends almost on a daily basis. As several stocks fell to cheap levels over the past weeks, investors grabbed stocks they deemed a bargain relative to earnings expectations. Overall, Egypt s benchmark CASE 30 Index gained 0.28 percent to end the week at 9,382 points. The market …

CAIRO: As the hot waves of the US subprime crisis continue to melt down the global economy, many are questioning Egypt ability to maintain its record high growth rates in the current fiscal year. While statements from government officials point to the affirmative, a recent Reuters opinion poll predicts Egypt’s economic growth to ease below …

CAIRO: Egypt’s giant telecom operator Orascom Telecom (OT) announced Tuesday its participation in a consortium chosen to create a new Canadian wireless operator. OT – which currently operates in six countries – said it formed a joint venture with Canada’s Globalive Communications Corp to bid for the new license offered by the Canadian government to …

CAIRO: The Egyptian Competition Authority (ECA) denied news reports that it will finalize Tuesday findings into the steel monopoly case filed two years ago. This news is incorrect. We don t announce the dates of our meetings in advance . because they can get postponed for any reason, said Ibrahim Abdel Rehim, press officer at …

CAIRO: On the heels of the country s worst rail disaster in almost two years, will the government s handling of railway transport safety recuperate amid a budget deficit that mounted to LE 2 billion in fiscal year 2007/08? According to the state s recent figures, total revenues for the railway budget for the next …

CAIRO: Among the many obstacles to housing in Egypt, the rising cost of building materials has been the most controversial. While skyrocketing steel prices and industry players have been headline news all year, the cost of other building materials have gone up as well. Construction material costs leapt almost 80-100 percent over the last two …

CAIRO: The value of the US dollar depreciated this week against the Egyptian pound after fears about the deteriorating health of the two largest US mortgage finance companies. The dollar was knocked down to a five-year low. The greenback slid 1.5 piasters on Sunday to reach a bidding price of LE 5.3048 and an asking …

CAIRO: On the heels of Egypt s latest stock market collapse, investment bank EFG-Hermes recommended buying back into CASE 30 index major constituents, expecting the market to enter a bull run that could continue into the first quarter of 2009. The recent correction is a short-term event that has set the ground for the CASE …

CAIRO: Egyptian urban inflation hiked to a fresh record high of 20.2 percent in the year to June, up from 19.7 percent in the year to May, CAPMAS said on Thursday. The state statistics agency explained the new June rate was driven by monthly price rises in food and entertainment, while transport costs stabilized, Reuters …

CAIRO: The strength of EFG-Hermes, the largest investment bank in the Middle East, lies not only in its continuous climb up the stock market or its revenues that amounted to some LE 2.6 billion last year. The firm counts on its investment in a pipeline of talent to give it an edge over the competition. …