CAIRO: Egyptian shares fell by more than 2 percent on Sunday as they tracked global falls sparked by fears of a credit crisis in the United States housing market. The Case-30 index of the Cairo and Alexandria Bourse closed the session down 2.59 percent at 7,966 points – the first time it has closed lower …

MBABANE: Swaziland s government has opened talks with Egypt in a bid to end the impoverished country s shortage of medicinal drugs for hospitals, a spokesman for the prime minister said Wednesday. Our talks with Egypt are already at an advanced stage such that we are expecting to sign on the dotted line soon and …

ALEXANDRIA: In many ways, Egypt is an unlikely place to find one of the world’s leading and most innovative producers of luxury power yachts. With no culture or tradition of manufacturing these kinds of luxury items, Egypt has never been the place wealthy business executives turn to when it comes to buying their opulent toys. …

CAIRO: Amid escalating prices, the government vowed to monitor markets in a bid to protect consumers, specifically those living on a fixed budget. To balance supply and demand and avoid the seasonal price hikes during the holy month of Ramadan – a time when the demand on food commodities skyrockets – the government unveiled plans …

CAIRO: In an effort to reduce the pollution caused by black clouds, the Ministry of Environmental Affairs plans to educate farmers and create incentives to prevent rice husk burning. According to reports by Al-Masry Al-Youm newspaper, Minister of Environmental Affairs Maged George announced that the Ministry spent almost LE 1 billion trying to reduce rice …

CAIRO: Nestle Egypt recently launched a campaign that might motivate Egyptians to take a closer look at food labels and make healthy selections of food products. Under the slogan “Be at Your Best, Nestle says that balancing the needs of the body with those of the mind helps people to be at their best throughout …

CAIRO: The value of the Egyptian pound recently appreciated against the US dollar after a global downturn knocked the dollar down to a 15-year low. Within the past two weeks, the US dollar exchange rate fell from LE 5.75 to LE 5.69 and later to LE 5.64, attributed to strong foreign direct investment (FDI), a …

CAIRO: The monthly business show “CNN Business Traveller will be sponsored by the Artoc group after an agreement was signed by the Egyptian company and CNN International. The deal also includes a multimedia advertising campaign, with TV advertising on the international news channel and online adverts on the CNN International website, with exclusive advertising on …

CAIRO: The Intel Corporation announced that it has partnered up with the Egyptian Education Initiative (EEI) to open several new computer training and development labs on five university campuses. The facilities will be specifically designated towards research in multicore processing – a new form of computer technology that allows researchers to develop more energy efficient …

CAIRO: Interpipe has recorded 11.8 percent growth in shipment volumes of pipes and wheels in the first six months of 2007 against the same period last year. The growth in the number of pipes shipped totaled 13.3 percent (total volume – 638,000 tons) and the amount of wheels shipped grew 4.5 percent (115,700 tons shipped). …

CAIRO: Ahli United Bank Bahrain (AUB) has announced that it has received shareholder approval to increase its stake in Ahli United Bank Egypt to up to 100 percent, subject to receiving all regulatory approvals in Egypt. After clearing the regulatory approvals, shareholders in Ahli United Bank Egypt will be given the opportunity to tender their …

Egypt’s Ministry of Petroleum agreed to participate in the international conference on petroleum and natural gas to be held in India this coming November. Egyptian Minister of Petroleum Sameh Fahmy received an invitation from his Indian counterpart Murli Deora, stressing the importance of the participation of Egypt and its African neighbors in this event. An …

CAIRO: A long-term plan to reform the agriculture sector and solve the prevailing shortage of fertilizers is currently in the works, the government announced on Sunday. Following a ministerial meeting in Alexandria, Prime Minister Ahmed Nazif requested that Minister of Agriculture Amin Abaza find a solution to the shortage of fertilizers in the market that …

CAIRO: Following an official visit to France last week, Egypt has announced it will foster economic ties with the European country through new agreements in a variety of business sectors. Minister of Trade and Industry Rachid Mohamed Rachid met with French Minister of Finance Christine Lagarde and discussed means to boost economic and industrial cooperation …

CAIRO: The price of pita bread (shami) and artisan bread (fino) increased by 100 percent due to a global increase in the price of wheat. Wheat prices surged from $109 to $334 dollars a ton, said Mohamed Reda, general manager of the Egyptian Industrial Chamber of Grains, to Daily News Egypt. International wheat prices increased …

LANGKAWI: Malaysia s national car maker Proton may open assembly facilities in Egypt to help it penetrate Africa and the Middle East, a top company official said Monday. Proton sells models such as the Gen.2 and Savvy in African countries, including Egypt and South Africa, but assembling cars in Egypt could boost its exports further, …

DUBAI: Eli Lilly and Company announced strong financial results for the second quarter of 2007 and raised its full-year sales and earnings per share guidance. In the second quarter, there was a 20 percent increase in sales to $4.631 billion. Reported net income and earnings per share were $663.6 million and $.61, respectively, compared with …

CAIRO: Transactions on the Cairo and Alexandria Stock Exchanges (Case) were boosted this week, thanks to the hefty participation of Arab and foreign buyers and sellers. Case30 index gained 0.2 percent to close at 8,129.48 points, while the benchmark Hermes index closed 0.1 percent higher at 71,894.42 points. Support for the indexes came from Alexandria …

CAIRO: Opposition parties from the Wafd, Tagammu and the nascent Democratic Front have joined forces in condemning the possible sale of Egypt’s third largest bank by spearheading a major opposition campaign. The controversial decision to privatize Banque Du Caire (BDC) by selling 80 percent of its shares through auction, and floating an additional 15 percent …

CAIRO: Egyptian Prime Minister Ahmed Nazif and investors of the Dubai-based Al Futtaim Group agreed to a deal last Sunday that will pour LE 12.5 billion of investments in Egypt over the next five years. The company plans to invest the money in a series of large-scale retail trade initiatives around the country. It plans …

CAIRO: Link Development has received recognition from Microsoft for outstanding customer commitment and sales achievement and has been named to the Microsoft Dynamics President’s Club, according to a statement released to the press. This recognition came during Microsoft s recent global partner event in Denver, US. It is an elite club, recognizing the top five …

CAIRO: Egyptian traders received with joy and relief the news that Chinese imports entering the local market will have to meet standards set by the World Trade Organization (WTO). Minister of Trade and Industry Rachid Mohamed Rachid delegated a supervisory committee to ensure that the quality of Chinese products is on a par with WTO …

Egyptian billionaire and Orascom Chairman Naguib Sawiris boosted his reach on Tuesday with a deal to buy out Tellas, Greece s second-largest phone company. Greek power utility Public Power Corp. (PPC), which owns 50 percent minus one share of Tellas, accepted a 175 million euro ($239.8 million) offer from Sawiris s Weather Investments unit for …

Qualifying Industrial Zone (QIZ) exports have increased this quarter by 10.6 percent from $164.7 million to $182.3 million. While the increase in exports may seem substantial, Karim Shafie managing partner of Gherzi – a specialized textile consulting company – thinks it should have been much greater. “The QIZ is doing much better in other countries, …

CAIRO: The Cabinet released Banque Du Caire’s balance sheet dated March 31, 2007, publicizing the bank’s declining monetary status amid controversy surrounding plans to privatize the bank. According to the balance sheet, the debts of 14 bank clients have increased by LE 5 billion – comprising 63 percent of the amount of their total loans …

CAIRO: The International Labor Organization (ILO) and the Suez Cement Company partnered to organize a multimedia advocacy campaign to spread awareness about workers’ safety in the cement industry. Salamtak Bel Donia will be launch in early September, targeting workers and their families to promote safety measures and precautions that should be taken to avoid accidents. …

CAIRO: The median overnight interbank rate on Egypt s pound rose to 8.7625 percent on Sunday from 8.754 percent on Thursday, with the market liquid in the absence of auctions of certificates of deposits, dealers said. Many banks were offering money as they have a lot of liquidity available. I believe this will not change …

CAIRO: The Egyptian cabinet passed a new law that would allow the construction of investment zones in accordance with the regulations applied to the construction of free zones. Essentially, this entails simplifying the licensing process through the General Authority for Investment and Free Zones (GAFI). The new law aims to facilitate the licensing process, making …

DUBAI: Amadeus, a provider of technology and distribution solutions for the travel and tourism industry, launched the latest version of Amadeus e-Travel Management, according to a statement released to the press. Version 10.2 provides travelers with increased functionality and access to a wider range of customized services. Travel managers can give users access to external …

CAIRO: The Kuwaiti Watheeqa Group has offered to buy an additional 5 million shares in Egypt s Raya to help fend off a takeover by Orascom Telecom, Raya Chairman Medhat Khalil said on Monday. Orascom Telecom (OT), a regional mobile operator, offered to buy the technology and communications firm in mid-July for LE 12 per …