Latest in Politics Highlight
Latest in Politics
Call center chief sees offshore growth in Egypt
Reuters SHARM EL-SHEIKH, Egypt: The chairman of Egypt s largest offshore call center company said on Sunday his company was growing at 50 percent a year and that in this sector Egypt could become to Europe what India is to the United States. Adel Danish, chairman and chief executive of Xceed, told Reuters in an …
Another Sinai bombings suspect surrenders
EL-ARISH, Egypt: Another suspect in the terror attacks that rocked the Sinai Peninsula in April has surrendered said security officials on Saturday. Gen. Adel Fawzi of North Sinai s criminal investigations unit said that Maged Ahmed Ali al-Ba era, 28, who was wanted for the bombings that killed 20 people in Dahab last month, has …
Retail selling pulls stock market lower
CAIRO: A slump in EFG-Hermes shares pulled the wider Egyptian stock market lower on Monday, with a sell-off by small investors expecting a further drop in stock prices weighing on the bourse, traders said. There s a lot of selling pressure, retail is continuing to sell across the board, one trader said. They could not …
Court sentences eight to jail over theater fire
CAIRO: An Egyptian court sentenced eight government employees, including the head of a cultural body, to 10 years in jail each on Monday for negligence over a theater fire last year that killed 46 people, a judicial official said. The official said that Mostafa Elwy, head of the authority for cultural centers who was among …
Egypt mulls pound eurobonds
Reuters SHARM EL-SHEIKH, Egypt: The Egyptian government has started talks with investment banks on the possibility of issuing bonds abroad denominated in Egyptian pounds, Investment Minister Mahmoud Mohieddin said in an interview on Sunday. It could be something like 500 million euros or dollars and this I think is going to be taken very positively …
Tide donates one million pounds
ŠΘ # # # P & G cooperated with thousands of supermarkets in this initiative to donate LE 1 pound from every purchase of “Super Tide” (automatic) pack to cover the equipments for the Children’s Cancer Hospital 57357. Above, Wama singing to one of the children # # A magician entertained the children
Press round-up
CAIRO: The World Economic Forum (WEF) on the Middle East held in Sharm El-Sheikh and entitled “The Promise of a New Generation is putting Egypt into the limelight as the event draws extensive local and international coverage. National newspapers published round-ups of the conference’s key speeches and highlighted its high-profile attendees, while independent and international …
Mubarak uses economic forum to signal dissatisfaction with U.S. Mideast policy
SHARM EL-SHEIKH, Egypt: President Hosni Mubarak opened the World Economic Forum in a booming Red Sea resort with a surprisingly tough speech that signaled deepening strains in the once-ironclad links with Egypt s American allies and benefactors. Addressing the 1,300 assembled delegates Saturday at the first WEF on the Middle East to be held in …
Kuwait's NBK wants to buy Egyptian bank next year
SHARM EL-SHEIKH, Egypt: National Bank of Kuwait is looking to buy an Egyptian bank with a strong retail business next year and hopes to push into the United Arab Emirates and Syria soon, its chief executive said on Saturday. Kuwait s largest bank is expected to emerge unscathed from a regional stock market slump and …
U.S. condemns Egypt over opposition crackdown
SHARM EL-SHEIKH, Egypt: U.S. Deputy Secretary of State Robert Zoellick condemned Sunday as a mistake the heavy-handed reaction of the authorities in ally Egypt to opposition demonstrators. These (actions) strike me as not only wrong actions but mistakes, like beating people up and the heavy-handed security reaction to these things, he told reporters on the …
Local holiday destinations offer more than affordable prices
CAIRO: There are many things Egyptians can look forward to with the onset of summer: ideal weather, outdoor cafes, a jump-start to the summer and an abundance of holidays. “Spring is one of the best seasons for travel, says Mohammed Al Rifai, director of sales at Eastmar Travel. “The weather is accommodating to most of …
Spurring development
CAIRO: Ask any random passer by on an Egyptian street if they are familiar with the name Sawiris, and the answer will be more often than not a definite yes – the name is almost as, if not as, well known as the Mubaraks. The office, from a first impression, is unassuming. Taking a seat …
Another Sinai bombings suspect surrenders
EL-ARISH, Egypt: Another suspect in the terror attacks that rocked the Sinai Peninsula in April has surrendered, security officials said Saturday. Gen. Adel Fawzi of North Sinai s criminal investigations unit said that Maged Ahmed Ali al-Ba era, 28, who was wanted for the bombings that killed 20 people in Dahab last month, has turned …
Nazif wants no Brotherhood block in parliament
SHARM EL-SHEIKH, Egypt: The Egyptian government wants to prevent the Muslim Brotherhood forming a parliamentary group by winning seats as independents in future elections, Prime Minister Ahmed Nazif said on Saturday. The Brotherhood, a well-established Islamist movement which says it is committed to political reform by peaceful means, won a fifth of the seats in …
Fundraising for orphans
ŠΘ # # # The money raised from the event will go to the orphans of Zenhoum, an area in Egypt. Here, Nevine Saeda and Poussy Shalaby # # Mr and Mrs Faisal Hayaly
Arab states and Arab League welcome formation of Iraqi government
CAIRO: Arab countries and Iran welcomed the formation of the new Iraqi government, saying it opened the way for the region s powers to step up efforts to bring stability to the conflict torn nation. After five months of wrangling, Iraq has a new cabinet in place under the helm of Prime Minister Nouri Al-Maliki, …
Orascom says to bid for third Saudi mobile license
SHARM EL-SHEIKH, Egypt: Orascom Telecom will be among bidders for a third mobile phone license in Saudi Arabia, but does not intend to take a large stake, Chairman Naguib Sawiris said on Saturday. Saudi authorities plan to grant new mobile and fixed-line licenses by the end of the year, breaking a monopoly of Saudi Telecom …
Interbank rate falls to 8.05 percent
CAIRO: The median overnight interbank rate on the pound dipped to 8.05 percent on Sunday from Thursday s 8.067 percent with no new auctions to affect demand close to the end of a reserve period, traders said. The present period for calculating banks reserves ends on Monday and a new one begins the following day. …
Emaar to redevelop site near Alexandria library
SHARM EL-SHEIKH, Egypt: Dubai-based property development group Emaar aims to build a hotel and other facilities close to the site of Egypt s ancient Great Library at Alexandria, the company and local officials announced on Sunday. The site overlooks the eastern harbor, which was once dominated by the library and the Pharos lighthouse, one of …
Strict security measures invoked to secure Sharm and Hurghada
CAIRO: Security forces embarked upon a widespread campaign to deport low-rank and construction workers from the Red Sea cities of Sharm El-Sheikh and Hurghada prior to the beginning of the World Economic Forum on the Middle East. The forum began Saturday and is being held until May 22, under the heading “The Promise of a …
Bird-flu death does not signal renewed danger, says health ministry
CAIRO: A new human death from the H5N1 avian influenza virus does not signal increased danger of an epidemic, according to health officials. “The woman in question died because she had very low immunity and because she was late to report her infection, said health ministry media official Sayyid Al-Abbasi. “This is by no means …
Detention for activists extended a third time
CAIRO: On Saturday, two groups of detainees from earlier demonstrations saw their time in prison extended. A group of activists detained in April and another group detained two weeks ago both had another 15 days slapped on them. The acclaimed blogger, Alaa, was amongst the second group. “I don’t expect him to get out on …
Supporting development through education
CAIRO: Intel Corporation announced Saturday that as part of its global commitment to spur economic development in emerging markets, the company, in collaboration with the Egyptian government, will lend its support to the World Economic Forum’s (WEF) launch of the Egypt Education Initiative by training 80 percent of Egyptian teachers in the effective use of …
Muslim Brotherhood pushes for investigations
CAIRO: Disputes between the Interior Ministry and Muslim Brotherhood members of parliament have intensified as the latter insist on a thorough investigation into what they call “the events of Black Thursday. “What is happening is taking us backward on the path of reform, one parliament member was quoted as saying on the official Muslim Brotherhood …
The Midas touch
CAIRO: The recent fluctuations of gold prices, which reached a 25-year high of $727 per ounce and rapidly dropped down to $657 per ounce and have temporarily caused paralysis in gold markets worldwide have not had much of an affect on the sales influx at Azza Fahmy outlets. Yes, [the fluctuation] does affect the price …
Forum focuses on unemployment, youth and women
SHARM EL-SHEIKH, Egypt: Unemployment, the growing young population and the role of women in society dominated much of the discussion of the World Economic Forum on the Middle East, which moves on to its third and final day today in Sharm El-Sheikh. While carefully skirting around the trickiest regional political issues, the forum focused on …
Management restructuring key to success
CAIRO: When Farida Khamis started working regularly at her family business, Oriental Weavers (OW), she faced two challenges: like any businesswoman in the country, her first was to attain credibility in a male-dominated field. As a woman, her second challenge was even more difficult: restructuring the management of the corporation along the lines of multinational …
Developing nations want more say in selection of next UN chief
Associated Press UNITED NATIONS, Egypt: A group of poor nations might reject the next candidate for UN secretary-general in protest unless it gets more say in finding Kofi Annan s replacement, Egypt s ambassador said Thursday. Developing nations that make up the majority of the 191-nation UN General Assembly believe their opinions are being ignored …
Olmert deputies to meet Abbas in Sharm El-Sheikh
Reuters JERUSALEM: Israeli Prime Minister Ehud Olmert s top two deputies will hold talks with Palestinian President Mahmoud Abbas on Sunday in the highest-level contact since Hamas swept to power in January, officials said. The meeting, at the sidelines of the World Economic Forum in Egypt, will come on the eve of Olmert s first …
Tensions rise after Hamas aide caught with cash on Egypt-Gaza border
Reuters GAZA: Rival Palestinian forces faced off briefly at Gaza s border crossing with Egypt on Friday after a Hamas official was caught with 639,000 euros hidden in his clothing, authorities said. Palestinian Prime Minister Ismail Haniya vowed during Friday prayers not to disband a new Hamas-led security force and said he was prepared to …