KUWAIT: Kuwait’s Gulf Bank fell to a net loss of 524,000 dinars ($1.82 million) in the first quarter of 2010 after a profit of 1.6 million dinars in the same period a year ago, the bank said on Sunday. A statement on the Kuwaiti bourse website on Sunday did not give a reason for the …

WASHINGTON: US Treasury Secretary Timothy Geithner on Sunday said that World Bank members had agreed to give emerging nations more say in how the bank is run and how its funds are disbursed. "The new formula will better reflect the weight of the developing and transition countries in the global economy, while protecting the voice …

TEHRAN:Veiled and to some degree hidden from public life, many in the West assume that Iranian women lead largely self-effacing lives. But according to a recent study by an Iranian economics think tank, it turns out Iranian women are some of the world’s top consumers of cosmetics and – together with men – have made …

CAIRO: Mohamed Zidan has been stretchered off injured as Borussia Dortmund missed out on a much-needed Bundesliga win over Hoffenheim on Sunday. Veded Ibisevic scored one minute from time to deny Dortmund three priceless points in their quest for a Champions League place. Egypt forward Zidan was forced to leave the pitch after less than …

Egypt’s Orascom Telecom on Thursday confirmed that Algerian tax authorities had rejected an appeal filed by its Algerian unit Djezzy. The firm, the Arab world’s largest mobile operator by subscribers, said it had now exhausted the appeal process with the tax authorities and intended to challenge the rejection in Algeria’s administrative courts. Algeria’s tax authorities …

  Beltone has downplayed its plans to expand into Algeria, saying it was in preliminary discussions and does not have a year-end deadline.   Al-Mal newspaper had quoted director Aly El Tahry as saying Beltone was talking to two Algerian investors about setting up an Algerian bank with a full range of investment banking services …

CAIRO: Hull City will once again miss Amr Zaki when they face Stoke City on Saturday as the Egyptian has yet to recover from injury. Zaki sustained a knee injury in training two weeks ago and manager Iain Dowie has confirmed his unavailability for the weekend’s crucial clash. "That’s going to run on a little …

CAIRO: Zamalek are set to make an official request to the Egyptian FA suspecting that some Egyptian Premier League players might be using performance-enhancing drugs. "The Zamalek management, in association with the board, will request a precise assessment from the FA for drug tests in the league," football director Ibrahim Hassan told the club’s official …

Egypt’s Raya Technology and Communication made a net profit of LE 41.3 million ($7.5 million), down 23 percent on a year earlier, the stock exchange said on Tuesday. The firm, which sells mobile handsets, runs call centers and provides outsourced IT services, made LE 53.4 million in 2008.

Shareholders in Egyptian International Pharmaceutical Industries Co (Eipico), approved a dividend of LE 1.1 ($0.2) per share and one free share for every 10 owned, the firm said on Sunday. The dividends will be paid during the last week of April, said finance chief Mohamed Nader. Eipico, Egypt’s biggest drug exporter, previously reported a 15 …

Pioneers Holding’s 2009 net income fell 62 percent to LE 105.7 million ($19.22 million), the stock exchange said on Monday. Net income at the financial services firm was LE 276.0 million in 2008. Pioneers earlier this month signed a deal completing its takeover of Egyptian investment bank Beltone Financial.

CAIRO: An electric fire caused Essam Al-Hadari’s house to be badly damaged but no one was hurt. The Egypt and Ismaili goalie wasn’t at home when the apartment caught alight, FilGoal.com understands. His wife, son and one of his three daughters were there but all vacated the building on time and now are understood to …

CAIRO: Emerging markets will be the main drivers of economic growth for the next five years, according to Robert Parker, vice president of asset management for Credit Suisse. “Not that the developed world will go back to recession… We shouldn’t write off the developed economy, but the next few years will clearly be painful. Unit …

CAIRO: One of the potential winners of the global financial crisis, Egypt has maintained a relatively high level of income from Suez Canal and tourism receipts, spurring a GDP growth rate of nearly 5 percent. However, on the back of a massive stimulus spending package in 2009, the country is looking to take advantage of …

In a session discussing scenarios for sustainable energy titled “Fueling the Future, participants from leading energy companies and government representatives discussed the challenges that lie ahead. Springing from a notion that high oil prices and climate change regulations will create business opportunities in green technologies and innovations and that the Middle East will face the …