Latest in Politics Highlight
Latest in Politics
EFG-Hermes says 2005 net profit up about 560 pct
CAIRO: Cairo-based EFG-Hermes Holdings said on Sunday its unaudited 2005 net profit had risen by about 560 percent to between LE 348 million and LE 356 million ($60.73 million and $62.13 million). The firm, which earned LE 52 million in net profit in 2004, said in a statement posted on the Egyptian bourse s Web …
Median o/n interbank steady at 8.6 percent
CAIRO: The median overnight interbank rate on the Egyptian pound was 8.6 percent on Monday, little changed from Sunday s 8.583 percent as bankers awaited the result of a 182-day T-bill auction. It s the same levels as yesterday, one banker said of overnight rates. The central bank was auctioning treasury bills worth LE 1.5 …
Principles of governance
CAIRO: Transparency and governance of corporations are increasingly important issues as public participation in capital markets grows. The popularity of the stock market was clearly demonstrated with several of last year s privatization offerings, including Telecom Egypt, for which numerous individuals put aside their savings to purchase shares. Furthermore, as local companies turn to foreign …
Ancient war goddess statues unearthed in Egypt
CAIRO: A team of Egyptian and German archeologists has unearthed six statues of the lion-headed war goddess Sekhmet during restoration work at an ancient temple in the southern city of Luxor, officials said Monday. The team found the artifacts in the Kom Hitan area on the location of the 18th dynasty (1580-1314 BC) temple of …
Foreign ministers of Egypt and Burkina Faso discuss student protest at Cairo embassy
CAIRO: The foreign ministers of Egypt and Burkina Faso spoke Sunday about an angry protest in Cairo last week and the subsequent arrest of 35 students, a Foreign Ministry statement said. In the telephone call, Burkina Faso s Foreign Minister Youssouf Ouedraogo expressed his gratitude for the firm way the Egyptian authorities dealt with those …
South Korean president heads to Africa
SEOUL: South Korean President Roh Moo-hyun left on Monday for a three-country tour of Africa, where securing steady energy supplies for his resource-poor country will be high on the agenda. Roh will visit Egypt, Nigeria and Algeria, in a first trip by a South Korean president to the region in 24 years, the presidential Blue …
Opinion
CAIRO: Amr Khaled’s efforts to organize venues for dialogue between Muslims and Danes have put him under attack, not from Western critics, but from local religious leaders, who say Khaled’s initiative undermines their own efforts, implying the young preacher has a hidden political agenda. Last weekend, Cairo demonstrators protested Khaled’s move. Other demonstrations throughout the …
Taking it to the streets
CAIRO: On Thursday, March 2, the Movement of Writers and Artists for Change (MWAC) held a street performance in Talaat Harb Square that included the recital of lyrics by famous poet Ahmed Foad Negm and Sayyed Higab, as well as songs by young artists in the movement. This was the movement’s first appearance since the …
Investors eyeing textile industry
CAIRO: According to the Ministry of Trade and Industry, international investors are eyeing the Egyptian textile industry. The ministry stated that it is developing and aiding in the growth of textile companies in order to meet the demands of European importers and global markets. “A number of initiatives and programs have already begun to assist …
More Brotherhood members arrested
CAIRO: Security forces arrested five members of the Muslim Brotherhood on Sunday in what the opposition Islamist group said was the latest sign of curbs on political freedoms. An Interior Ministry official said the arrested men were found in possession of anti-government publications. By making the arrests, the government was sending a message to Egyptian …
EgyptAir made $75.2 million profit last year
CAIRO: State carrier EgyptAir, 20 percent of which the government is preparing to sell, made a profit of LE 431 million ($75.2 million) last financial year, the chairman of the company said on Friday. Atef Abdel Hamid, chairman of EgyptAir Holding Company, said the sale of the 20 percent stake would not take place until …
Median o/n interbank steady at about 8.65 percent
CAIRO: The median overnight interbank rate on the Egyptian pound was broadly unchanged on Sunday at 8.65 percent compared to 8.631 percent on Thursday with no new factors affecting liquidity, traders said. Demand was also quiet in the middle of a two-week central bank period to calculate banks reserves, the traders added. The market is …
Reporters and housing minister reconcile
CAIRO: In an unexpected change of heart, former Housing Minister Ibrahim Suleiman agreed to reconcile with the press, reportedly withdrawing more than 30 libel cases and petitions that he had brought against journalists in the past few years. The official withdrawal annuls a one-year sentence issued last week against Al-Masry Al-Youm journalist Abdel Nasser Al-Zoheiry, …
Leading German cap producers inaugurate factory in Egypt
CAIRO: The German group BERICAP inaugurated its new cap factory in Egypt yesterday. The group is a leading international manufacturer of plastic caps for a wide range of containers, including those for food, pharmaceutical and cosmetic products. It has production facilities in 16 countries, including the United States, the United Kingdom, Spain, China and Turkey. …
Quiet surrounding voter registration angers opposition
CAIRO: Egyptians have until March 9 to register tand receive a voting card, which allows the holder to vote in any future presidential elections or national referendums. The lack of publicity of the registration process has come under pressure from opposition groups. Many, including the Kefaya movement, believe that this is due to the National …
Arab League decides to open office in Baghdad
CAIRO: The Arab League decided on Saturday to open an office in Baghdad as part of its preparations for a reconciliation meeting of Iraqi politicians to be held in Iraq in June, Egypt s foreign minister said. Abul-Gheit made his comments after a meeting of Arab foreign ministers at the 22-member Arab League s Cairo …
Paradise Now sparks anger on Oscar night
CAIRO: For the Arab world, the stakes were high at this year’s Academy Awards. Palestinian director Hany Abu-Assad’s controversial film, Paradise Now, has already won Hollywood’s second highest honor, the Golden Globe, last month and so many predicted it would walk away with the Oscar last night as well. The Arabic-language film documents 27-hours in …
A walk-in kaleidoscope
CAIRO: What is a Kaleidoscope? According to the Merriam Webster dictionary, it is an instrument containing loose bits of colored material, perhaps glass or plastic, between two flat plates and two plane mirrors. So placed that changes of orientation of the bits inside are reflected in an endless variety of patterns. Now imagine that this …
Hala Gorani Interview
CAIRO: In one of her news reports, CNN’s Hala Gorani learned to stuff pigeons. As it took 14 takes to get the right shot, Gorani eventually got “pretty good at it. Another time, she learned all about Aleppoan food, the best culinary offerings of her hometown. It’s not just cooking though; “Inside the Middle East, …
Head: Former minister drops cases against press
CAIRO: Former Housing Minister Mohamed Ibrahim Suleiman dropped all his lawsuits against the press on Friday, clearing the way for an end to a confrontation between the press and the government over prison sentences. President Hosni Mubarak promised two years ago to work to abolish custodial sentences for publishing offences but the law has not …
Today we are not united
CAIRO: Good news for people in a hurry. This evening, sometime between 6-9 p.m, you ll get where you want to go in no time because of the unusual emptiness of the city s perpetually bustling streets. Ahli and Zamalek will be at it again and only those coming from Mars will not be watching …
Egypt to study second landline operator mid 2008
CAIRO: Egypt will not begin studies on a second fixed-line telephone operator until mid-2008, Communications Minister Tarek Kamel said on Thursday. Kamel said prices for local calls should be reviewed before a second operator is considered. The study of the existence of a second land line operator will not happen until mid-2008, the state news …
CAREER
CAIRO: So, you’re fresh out of university. You’ve got a lifetime of excitement ahead of you; paying bills, buying a house or apartment, starting a family with expenses, expenses and expenses. The first step is to find a job, not a job in daddy’s company, a job that you earned and genuinely want to do. …
Analysis
CAIRO: With the demise of an immediate free trade agreement between Egypt and the United States, the time has come to shed light on other priorities of the trade and industrial development agenda. Qualified Industrial Zones (QIZ), which were expected to be eventually made redundant by comprehensive free trade with the U.S., have now become …
Young Muslims, eager to display religious identity, find a role model in a pop star
ALEXANDRIA: The audience, mostly young Muslim women in veils, clapped, swayed and sang along as Sami Yusuf belted out a love song. The object of his adoration? Mohammed the prophet of Islam. With a British accent, Islamic lyrics and trendy video clips, 25-year-old Yusuf has become a music idol to a young generation of Muslims …
Switzerland investigating two Egyptians for suspected oil-for-food corruption
BERN, Switzerland: Switzerland is investigating two Egyptians in connection with money laundering and bribery in connection with the U.N. oil-for-food program in Iraq, according to court documents and U.N. records. The Swiss Federal Court in Bellinzona did not name those under investigation in a judgment published on its Web site this week, but the details …
A taste of M1NT
CAIRO: “The atmosphere is of a very feminine club … It’s very seductive, says Tahir Sultan, as he explains the essence of London’s high-end club M1NT. “You walk in and you see eclectic turner prize artworks on the lush purple walls, suede couches with velvet cushions, fish tanks and the lights get dimmer and dimmer …
Present and Tense
Time was that birds were at the top of the food chain. The entire planet was their hunting ground with seeds and shrimps and succulent primordial worms. Then we appeared with our arrows and slings and the bird population had to assess the situation. As carcasses, I am told we’re quiet delicious. Alive, we litter, …
Morning cravings
CAIRO: It’s customary to go out for lunch or dinner; those favoring late night meals also have their preferred locales. The breakfast market, meanwhile, has long been cornered by the numerous fuul and taamiya outlets available on almost every street in the city. That, however, seems to no longer be the case, as many restaurants …
Mubarak to visit Germany
BERLIN: President Hosni Mubarak will visit Germany later this month for talks expected to address the situation in the Palestinian areas and moves toward democracy in the Middle East, the German government said Friday. Mubarak will meet Chancellor Angela Merkel on March 11, spokesman Thomas Steg said. He also is expected to meet Germany s …