CAIRO: Shares of Mobinil, Egypt s largest mobile firm, surged 20 percent on Monday, leading a telecom rally after a court ruling that Mobinil shares should be sold to France Telecom at a premium. Mobinil shareholder Orascom Telecom said France Telecom would tender for the shares at LE 273.26 ($48.60) following the ruling of the …

CAIRO: Egypt’s main stock index rose by its most in more than a week on Tuesday, led by shares of El Sewedy Cables as investors bet share prices had fallen too low compared to earnings expectations. The EGX 30 index rose 3.14 percent to 4,214.64 points, extending gains to a sixth consecutive session. Shares of …

CAIRO: Mobinil, Egypt s largest mobile operator by subscribers, said on Sunday it was on track to meet its target for 10 percent revenue growth this year and that a dispute between shareholders should be resolved soon. The first two months of the year we can t say it has been business as usual, but …

CAIRO: Shares of Orascom Telecom rose for a fifth straight session on Thursday despite a decline in Egypt s benchmark index as investors anticipated the firm could post strong earnings. Orascom shares, which have tumbled more than 30 percent this year, gained 5.58 percent to LE 21.20 ($3.73). The benchmark EGX 30 eased 0.32 percent …

CAIRO: Talaat Moustafa Group, Egypt s largest real estate developer by market value, made a fourth quarter net profit of LE 100 million ($18 million), on lower sales, but missed an analyst forecast. The company said it made LE 1.44 billion net profit for full-year 2008, up 8 percent year-on-year, while its nine-month net profit …

CAIRO: Orascom Development Holding said on Sunday it had agreed with the Turkish government to build low- and middle-income housing in Turkey. Orascom did not give details of the project in a statement on Egypt s stock exchange website, but Egyptian daily Al-Mal said it would develop a 7.5 million square meter plot in Ankara …

CAIRO: Maridive & Oil Services posted its sharpest single-day gain in almost two weeks on Monday, lifting Egypt s index as investors bought its US dollar-denominated shares on hopes the dollar would gain. The main index rose 1.23 percent to 3,572.06 points, shrugging off a bomb attack that killed a French tourist on Sunday evening. …

CAIRO: Ghabbour Auto, Egypt s largest listed auto maker and assembler, could spend as much as LE 1 billion ($180 million) on acquisitions to take advantage of low prices, its chief executive said on Sunday. Ghabbour was looking to buy auto distributors or auto parts manufacturers in the Middle East and North Africa region, Raouf …

CAIRO: Egypt s benchmark CASE 30 index fell nearly 2 percent on Monday as investors sold shares of real estate companies on concerns profits could fall. The index, which has lost 24 percent this year to Sunday s close, shed 1.81 percent to 3,421.14 points. Shares of Heliopolis Housing, which posted a 36 percent decline …

CAIRO: Shares of Palm Hills hit their highest level since early November on Sunday, lifting Egypt s broader market as investors deemed them cheap compared to the value of the company s land. Egypt s second-largest developer by market value surged 10.49 percent to LE 8.74 ($1.60), extending gains since Jan. 13, when it said …

CAIRO: Italy s second biggest power producer Edison SpA may sell a 25 percent stake in an Egyptian gas field, the company s chief executive said on Thursday. Umberto Quadrino also said a 10 percent stake of Edison itself could be sold, confirming speculation that the company, jointly controlled by A2A and France s EDF, …

CAIRO: Shares of Orascom Telecom posted their sharpest single-day gain in at least a year on Wednesday, lifting Egypt s main index, as the firm said it would start operations in North Korea next week. Shares of Orascom, the largest Arab mobile operator by subscribers, surged 11.11 percent to LE 26.70 ($4.84). The company said …

CAIRO: Ezz Steel, Egypt s largest steel maker by sales, gained for the sixth time in seven sessions on Wednesday, lifting Egypt s index, as investors scrambled for its dividend. Ezz, the best performer on the benchmark CASE 30 index in the past five sessions, rose 3.33 percent to LE 11.48 ($2.08). The company has …

CAIRO: Shares of Orascom Construction extended a tumble on Monday, pulling down Egypt s benchmark index, as investors worried that its earnings could fall. Shares of Egypt s largest builder by market value plunged 13.6 percent to LE 103.02 ($19.14), their lowest in more than two years. The share was the second-worst performer on the …

CAIRO: The Egyptian economy grew at an annualized rate of 5.8 percent in the three months to the end of September, the lowest quarterly rate in at least two years, the country s economic development minister said. Minister Osman Mohamed Osman, in remarks quoted by the state newspaper Al-Ahram on Wednesday, said the decline in …

CAIRO: OCI posted a near-fourfold increase in third-quarter net profit on higher fertilizer revenue, but still missed analysts forecasts, sending the stock tumbling. Egypt s largest builder by market value said it had made $205.1 million in the quarter, below forecasts ranging from $248 million to $285 million. Revenue for the quarter rose 75 percent …

CAIRO: Orascom Telecom and Orascom Construction Industries shares plunged on Tuesday after both firms missed third-quarter profit forecasts, dragging down Egypt s index. The CASE 30 index fell 7.78 percent to 4,205.99 points, the lowest in over 3 years. Shares of Orascom Telecom, the largest Arab mobile operator by subscribers, tumbled 14.02 percent to LE …

CAIRO: Shares of Orascom Telecom plunged nearly 10 percent on Wednesday, dragging Egypt s benchmark index to its sharpest single-day fall in two weeks. Orascom Telecom, the sixth-worst performer on the CASE 30 index this year, shed 9.96 percent to LE 31.01. The CASE 30 index, down 50 percent this year to Tuesday s close, …

CAIROL Egypt s central bank ended a nine-month cycle of interest rate rises on Friday, saying it would leave rates on hold and signaling it could ease monetary policy in the future to support growth. The central bank of the most populous Arab country left the overnight deposit rate at 11.5 percent, the overnight lending …

3 business By Reuters CAIRO: Orascom Construction Industries posted its sharpest single-day fall in three weeks on Thursday, weighing on Egypt’s CASE 30 index as investors dumped a share that had outperformed the market. Shares of Orascom, Egypt’s largest builder by market value, tumbled 9.35 percent to LE 184.99 ($33). The benchmark CASE 30 shed …

CAIRO: The median overnight interbank rate on the Egyptian pound rose to 12 percent on Sunday, from 11.959 percent on Thursday with traders saying some banks had a shortage of Egyptian pounds. With the stock market down, the market is short of Egyptian pounds, one trader said, saying foreigners were taking their investments out of …

CAIRO: Shares of EFG-Hermes, Egypt s largest investment bank, dropped to their lowest level in three years on Sunday, helping drag down Egypt s benchmark index as part of a global stock sell-off. Shares of EFG-Hermes, down about 70 percent this year, tumbled 7.68 percent to LE 22.01 ($3.94), while the benchmark CASE 30 index …

CAIRO: Talaat Moustafa Group, Egypt’s largest real estate developer by market value, expects net profit to grow at least 30 percent in 2008 on strong residential sales, its chief financial officer said on Sunday. The company also said it made a net profit of LE 1.34 billion ($240 million) in the first nine months of …

CAIRO: Shares of Ezz Steel, Egypt s largest steel producer by sales, tumbled to their lowest in more than three years on Thursday as emerging markets dropped, weighing on Egypt s index. Ezz shares, down more than 60 percent this year, plunged 9.83 percent to LE 10.27 ($1.84), their sixth straight session of losses. People …

CAIRO: Orascom Telecom posted its sharpest single-day drop in 22 months on Thursday, dragging down Egypt s CASE 30 index, as foreigners dumped the stock as part of a global equity sell-off. Shares of Orascom, the largest Arab mobile operator by subscribers, tumbled 8.18 percent to LE 34.90 ($6.24). The share had fallen 58 percent …

CAIRO Egypt s stock market regulator said on Tuesday it had penalized two brokerages for manipulating shares of Egyptian investment bank Pioneers Holding. Pioneers Securities and Prizma Securities, both subsidiaries of Pioneers Holding, had violated trading rules and manipulated shares of their holding company, sources at the regulator said in comments carried by official state …

CAIRO: Egypt s central bank said on Friday it had raised key interest rates by a half percentage point, its sixth increase this year, to contain inflation expectations. It raised overnight deposit rates to 11.5 percent, the overnight lending rate to 13.5 percent and the discount rate to 11.5 percent – in line with analysts …

CAIRO: Telecom Egypt beat second-quarter forecasts to post its fifth-largest quarterly profit on record on Thursday helped by its stake in mobile phone operator Vodafone Egypt. Egypt s monopoly fixed-line telephone company said it made LE 681.2 million ($127.8 million) in the three months to the end of June, up 65 percent from last year. …