Latest in Tag: Economy Highlight
Latest in Tag: Economy
Delta Communication acquires CompuMe
Delta Communications and Trade (DCT) has taken 100 percent of shares in CompuMe, an electronics retail company. Amr Sheira, Deputy Manager of CompuMe, said that all the company’s shares and trademarks CompuMe were sold to DCT in the biggest acquisition agreement in communications sector since January. He refused to disclose the value of the agreement …
Standard Chartered hid huge Iran trade: NY
New York (AFP) — New York regulators accused Standard Chartered Bank of hiding $250 billion in transactions with Iranian banks for almost a decade in violation of US sanctions. Branding the London-based global financial giant a “rogue bank,” state regulators said Standard Chartered systematically disguised foreign exchange deals with Iran in a breach of controls …
Clinton urges South Africa to take leading role
Pretoria , South Africa (AFP) — US Secretary of State Hillary Clinton on Tuesday called on South Africa, the continent’s leading democracy, to play a more influential role in African and global issues. “We are looking for ways to enhance and deepen our partnership. South Africa has so much to offer to the rest of …
Sinai event impedes tourism revival efforts
By Abdel Razaq El-Sheweikhy Tourism investors expressed fear that the terrorist attack in the Sinai will negatively impact tourism in Egypt, particularly in southern Sinai. They predicted that hotel reservations would decline in that area the coming week by 40 percent. Samy Soliman, head of the Taba and Nuweiba Investors Association, said that the effects …
Minister of Industry: The economy is capable of overcoming the current stage
By Salah El-Monoufy Hatem Saleh, Minister of Industry and Foreign Trade, confirmed that the Egyptian economy is capable of overcoming the current stage, particularly because Egypt has a strong infrastructure, which makes high growth rates possible within the coming period. In a statement, the minister said that during the coming period the ministry will focus …
The Arab African Bank launches e-business
By Islam Serour Capitalising on the internet boom in Egypt, the African Arab Bank (AAIB), in co-operation with Amadeus and Cloud Lock International, has announced the launching of a more secured online payment gateway through its Click2Shop service. “The new product provided by the AAIB and supported by Wallety security system will diminish the risks …
Transportation authorities meet new Minister to discuss solutions for sector’s ills
The Minister of Transportation, Dr Mohamed Rashad, held a meeting with directors and officials of transportation authorities, companies and the ministry, to study plans for the coming period. The directors shared their vision for the future, stressing the necessity of providing and developing infrastructure. They also discussed the importance of reshaping transportation so that it …
Vodafone Egypt nets EGP 2.9b during Q2
Vodafone Egypt’s revenues amounted to EGP 2.9 billion by the end of the second quarter, compared to EGP 2.8 billion in the first quarter, with a growth rate of 2.5 percent. The domestic company acquired 2.7 percent of Global Vodafone’s revenues with a value of ÂŁ10.7 billion. Vodafone Egypt’s Internet subscribers reached 5 million users …
EU funds city sanitation and beautification project
By Mohamed El-Atroush The Chairman of the Federation of Egyptian Chambers of Commerce (FECC), Ahmed El-Wakeel, revealed that the Alexandria Chamber of Commerce obtained financing for the first stage of a project to remove trash and to beautify the city. The European Union (EU) is providing the financing for the project, which will cost EGP 40 …
Experts advocate real estate companies to partner up
By Ahmed Samir Political disturbances in Egypt affected investment in a number of sectors, particularly the real estate sector, which has suffered from a lack of liquidity and capital flow. Developers have begun to search for greater liquidity, either through joint ventures and partnerships or merging with other companies in order to increase companies’ capital. …
Egypt among the group of most optimistic countries about their future Global Consumer Confidence declines three points to 91 in Q2 2012
Consumer Confidence among Egyptians reached 103 points in Q2 2012, up 6 points from last quarter, which is the highest increase in MENAP. Consumer Confidence is the highest since the survey was established in 2005 – placing Egypt among the group of countries most optimistic about their future. Global consumer confidence declined three index points …
Employees at Ministry of State for Administrative Development protest their marginalisation in the new cabinet
By Mohamed Fawzy Employees in the Ministry of State for Administrative Development (MSAD) organised a demonstration at the Ministry’s headquarters the day before yesterday to protest against their Ministry being overlooked in the new cabinet. Officials within the MSAD indicated that a meeting had been set between Dr Ashraf Abdel Wahab, the acting head of …
New Minister of Industry negotiates with banks to resuscitate indebted factories
By Ibrahim El-Masry The newly appointed Minister of Industry and Foreign Trade, Hatem Saleh, has said that the Ministry is negotiating with the National Bank of Egypt (NBE) as well as a number of other banks to reach settlements for 1,500 factories that defaulted on their loans in the aftermath of the 25 January Revolution. Saleh …
Morsy 100 day plan restart
El-Erian explained that Morsy’s 100-day plan should only be appraised starting now
Minister of Manpower gives focus to Cleopatra Ceramics controversy
The newly appointed Khaled Al-Azhary is meeting with business and workers to resolve the ongoing industrial dispute
Sales in automobile spare parts market take a dip
By Inaam El-Adawi Dealers in spare automobile parts have been assured that that their trade will not diminish as car companies launch their 2013 models, even if the market is stagnating. Desouky Sayed Desouky, Spare Parts Division Director at Cairo Chamber of Commerce (CCC), said that new parts will only begin to impact the market …
Board set to finalise virtual licensing of cellular networks
The final touches on launching the Virtual License for new cellular network providers to enter the market
Banks adopt new methods to measure customer satisfaction
he banks compete with one another to create better metrics to assess customer satisfaction in order to provide better services
BMW brings X1 to its 2013 line
Director of sales for BMW Egypt, announced its 2013 model line, which included the addition of the X1 model
Education financing solutions surface as academic year approaches
By WaleedAbd El-Azeem This year Ramadan coincided with academic preparations for the new semester, as students apply for private universities and schools. Banks are trying to seize the opportunity by offering financing solutions for tuition. The United Bank is at the top if the list of banks offering education loans, with an upper limit of …
Housing and Development Bank to invest EGP $900m in Helwan project
By Nasser Youssef The Housing and Development Bank (HDB) plans on building  a moderately-priced, middle-class housing project in Helwan over 27 acres recently acquired from the government. An official at the bank stated that the project comprises of 2000 residential units to be completed within the coming two to three years. The estimated cost of …
Government attracts funding originally allocated for SMEs
By Nasser Youssef The government’s expansion of high interest bonds and treasury bills led to a decrease in financing for small and medium sized enterprises (SMEs), the support of which the state claimed to be the primary goal of the post revolution government. The state resorted to the banking system in order to close the …
HSBC: China manufacturing shows ‘modest improvement’
Slowing economic growth in the United States and Europe’s ongoing sovereign debt crisis have dented growth in China, the world’s largest exporter
European stocks rebound before US jobs data
The European single currency jumped to $1.2285 from $1.2178 late on Thursday in New York
Geithner visit to Germany sparks euro hopes
Brelin (AFP) — The top US finance official began meetings with his German counterpart and the head of the European Central Bank Monday, fuelling hopes Europe is readying decisive action to save the crisis-wracked eurozone. US Treasury Secretary Timothy Geithner met Wolfgang Schaeuble on a holiday island off the north German coast amid pressure on …
IT idea incubator targets launching 20 companies annually
By Mohamed Alaa El-Din Flat6Labs has marketed five companies from among 12 that graduated from the last two rounds of its investment programs. Investments in the five companies equalled EGP 5 million. Ramez Mohamed, CEO of Flat6Labs, said that the company hopes to develop 20 information technology (IT) companies on a yearly basis, with …
EGX30 jumps nearly100 points
By Fatheya El-Garhy The market has reacted positively to the decision to delay the ruling on the legality of the Constituent Assembly. Buying power increased in the market leading to an increase in the value of trading. The Egyptian Exchange (EGX)’s main index, the EGX30, rose 2.03% to close at 4,862.5 points. The EGX70 index …
Customs to impose stricter oversight on maritime ports
By Islam Zayed The Egyptian Customs Authority (ECA) recently scrutinised the status of 740 Chinese companies. The authority had issued a decision banning the companies’ products from entering Egypt because of numerous violations, including disregarding the standards of the Minister of Industry and Trade and presenting forged customs documents. An official within the ECA said …
Israel to vote on sweeping austerity measures
(AFP) – Ministers in Israel’s cabinet were on Monday preparing to vote on a package of sweeping economic austerity measures in a bid to cut the budget deficit, in a move expected to hit the underprivileged hard. Central to the plan is a hike in income tax and VAT, as well as a 700 million …
Steel price to be fixed in August to EGP 4,450 per tonne
Since the beginning of this month, international prices for steel have not changed. Prices stabilised at $615 per tonne of steel and $580 per tonne of billet.