Latest in Tag: Economy Highlight
Latest in Tag: Economy
Ending post-Soviet journey, Russia takes WTO seat
Moscow (AFP) — Russia on Wednesday crowned a tortuous 18-year journey from communist economic isolation by becoming the largest state outside the World Trade Organization to join the preeminent free trade club. Optimistic economists think the move will give Russia’s $2 trillion economy a serious boost and herald the end of an era marked by …
Banque Du Caire scores EGP 201 million in Q1
By Islam Serour Banque Du Caire’s financial operations results for the first quarter of 2012 indicate a net profit of EGP 201 million, as opposed to EGP 44.9 million by the end of 2011. According to bank officials, the achieved profit exceeded the targeted figure by 200 percent. Banque Du Caire’s General Assembly, headed by …
Lagarde on IMF loan: No discussions over details
Presidential spokesman Yasser Ali: Morsy has officially requested to increase loan from $3.2 billion to $4.8 billion
‘Fiscal cliff’ plan will send US into recession: CBO
Washington (AFP) — The US Congress’s budget analysts said Wednesday that current plans designed to slash the budget deficit after January 1 will plunge the country into recession and push up joblessness. The Congressional Budget Office said the poison-pill political deal on the budget last year — sharp cuts to spending and tax increases that …
Bailout request by Spain would not affect debt rating: S&P
Madrid (AFP) – Ratings agency Standard and Poor’s said Wednesday that if Spain requested a full bailout from European Union rescue funds and the IMF, this would not affect the country’s debt rating. “The sovereign ratings on the Kingdom of Spain would likely not be directly affected should Spain’s government request a bailout through official …
Review: Washington, witch hunts and wheat
Possible new directions for Egyptian foreign policy under President Morsy, the spectre of Islamic fascism haunting opponents of the Muslim Brotherhood, possible conspiracies in Sinai, dubious claims of a miraculous wheat harvest and privitisation in the United Kingdom; columnists address a range of issues relevant to Egyptians in today’s column review. Morsy in Beijing …
Protests against IMF chief visit to discuss loan.
Revolutionary socialists reject $4.8bn IMF loan, criticise Lagarde visit to Egypt
IMF Managing Director arrives in Cairo
Lagarde to meet Hesham Qandil, Morsy to discuss economic and reform programme
Morsy to visit China
Syria, Palestine and strengthening economic ties the foci of the visit
Syria’s battling economy may hold on with help from friends
Russia, Iran and Iraq may support the Syrian economy, despite of the revolution and international sanctions
EFG Hermes reports a 66 percent drop in net profits during Q2
By Islam Serour EFG Hermes released the Consolidated Financial Report for the second quarter of 2012. The report concludes that the company’s net income was EGP 27 million on total consolidated revenues worth EGP 477 million, denoting 66 percent decline, in comparison to the same period 2011. Investment Banking revenues account for 41 percent of …
Financial Supervisory Authority to revive EGX Pre-trading session mechanism
The revival of the pre-marketing session was suggested by the board of the Egyptian Stock Exchange
International renewable energy companies take interest in Marsa Allam
By Abdelrazik Al Shewikhy In collaboration with several Italian organisations in the field of renewable energy, the RES Group, a UK-based renewable energy company, offered to to construct 30 photovoltaic power stations for the Investors Association in Marsa Alam with investments worth €70 million. The project comes in light of addressing fuel shortage currently crippling …
IMF Managing Director to visit Egypt
By Islam Serour Managing Director of the International Monetary Fund (IMF), Christine Lagarde, is scheduled to visit Cairo on 22 August for further discussions with President Mohamed Morsy over a possible IMF loan to Egypt. It has been reported that an IMF mission, led by Masood Ahmed, the IMF director for Middle East and Central …
Standard Chartered fined $340m over Iran deals
New York (AFP) – Standard Chartered has settled allegations that it helped Iranian clients dodge US sanctions, announcing a fine of $340 million from a New York banking watchdog. The “civil penalty” disclosed on Tuesday came amid allegations that the London-based bank hid 60,000 transactions with proscribed Iranian clients worth $250 billion over 10 years. …
Marriott teams up with Visa to offer free nights this summer
 Leading hotel group Marriott International has teamed up with VISA in the Middle East and Africa to offer 3 nights stay for the price of 2, for the duration of the summer. The offer also includes 20% off all food and beverage at participating outlets. “At Visa, we know the summer season can be an …
Amer Group’s profits slump in first half
Amer Group made EGP 126.79 million net profits during the first half of 2012, a 37.1 percent decline compared to EGP 201.435 million in the same period last year. Riad Refaat, Investors Relations Manager at the company, explained that the decline in profits is understandable given the current economic circumstances, particularly in the real estate …
Cement prices fall as military takes control of Sinai
By Islam Serour Falling cement prices are attributable to decreased demand and the destruction of smuggling tunnels between Gaza and Rafah, Ahmed Al-Zeiny, the head of the Construction Materials Department at the Cairo Chamber of Commerce, told the Daily News Egypt. These two reasons, according to Al-Zeiny, have contributed greatly to the drop in cement …
Minister of Industry: Government will protect domestic industries
By Mohamed Darwish Minister of Industry and Trade, Hatem Saleh, confirmed the Ministry will take measures to protect national industry. The Ministry hopes to put the Egyptian industrial sector on par with its international counterparts. The announcement comes while the Ministry is instating international trade laws and regulations. The decisions followed a meeting held by …
Presidential decision to drop debts of 41,000farmers
By Islam Serour The legal consultant to President Morsy, Mohamed Fouad Gadallah, announced that the president would issue a decision to drop agricultural debts owed by 41,000 farmers. “After meeting Dr Mohsen Al-Batran, Chairman of the Development and Agricultural Credit Bank (DACB) and head of Farmers Syndicate, an agreement to drop EGP 93 million, representing …
Aerospace industry needs young Middle Eastern talent
By Jeffrey Johnson Over the past decade, the Middle East has consistently been in the aviation industry’s spotlight as countries in the region invested heavily in passenger airplanes for their airlines, some of which are amongst the largest and fastest growing in the world, and state-of-the art equipment for their defence forces. In recent times, …
Controversial measures considered to combat power crisis
While a new power plant is launched, plans to close stores at 9 pm considered
Egyptian business community ponder Morsy’s decisions
By Mostafa Salah, Enaam el-Adawy, Nihal Monir and Wafaa Abdelbary The business community is in a state of cautious anticipation following the decision taken by President Mohamed Morsy to retire Supreme Council of Armed Forces (SCAF) and Field Marshall Tantawi and Lieutenant General Anan. Ahmed Alwakel, President of Federation of Chambers of Commerce (FEDCOC), said …
Radwan to al-Arabiya: IMF expects Egypt to devalue its currency
By Islam Serour Former Finance Minister Dr Samir Radwan told al-Arabiya News that he expects the International Monetary Fund (IMF) to demand that Egypt devalue the Egyptian pound. However, Radwan stressed that there should be new steps to inject new investments into the Egyptian economy in order to overcome such critical phase. Angus Blair, founder …
Iraq angered by Kurdish deal with French Total
Total penned a deal for Halfaya with the Iraqi Ministry of Oil at the end of 2009
Vodafone Ventures’ Fund invest in two companies and targets expansion
By Mohamed Fawzy Hatem Dowidar, CEO of Vodafone Egypt, said that in two weeks Vodafone Ventures Fund (VVF) will announce its investment in two companies without exceeding 30% of its shares. He expects that during the first year, VVF will invest in 10-15 technology companies. VVF’s strategy enables it to acquire all of the company’s …
OTH achieves 15 percent subscriber growth, one percent revenue growth
By Islam Serour Orascom Telecom Holding (OTH) consolidated financial and operating results for the first half of 2012 shows a 14.8 percent growth in its subscribers’ base, reaching 83,384 subscribers, up from 72,650 during the same period in 2011.The company’s consolidated revenues increased by 1.1 percent, reaching $1,833,708, compared to $ 1,814,414 during the first …
CIB and EFG-Hermes take over one-third of Tuesday’s trading
By Islam Serour Commercial International Bank (CIB) and Hermes Financial group represented one-third of the total market turnover on Tuesday, after two weeks of stability. The CIB stock witnessed active turnover due to deals by foreign institutions, and closed out at EGP 28.5 after exceeding the EGP 28 barrier, scoring a 1.3 percent increase. In …
Australian livestock shipment quarantined for hormonal infection
By Mohamed Abdul Monsef and Enaam Eladawy The General Organisation for Veterinarian Services (GOVS) decided to confine the Australian shipment of cattle for a month, expecting that the hormones found in the stock may dissolve within one month. Dr Yousef Shalaby, Director of Central Department of Veterinary Quarantine, said that treatment of the stock’s feed …
Telecom Egypt Board reshuffle sparks reactions
By Islam Serour The new reshuffle within Telecom Egypt’s (TE) board of directors has been met by discord from the company’s workers, as calls for protests against the reshuffle after the Eid holidays have circulated on Facebook and twitter. The reshuffle was applauded by Hani Mahmoud, Minister of communication and information technology, in a press …