CAIRO: Mercury (Egypt) Pharmaceutical Manufacturing SAE announced yesterday the acquisition of a 93 percent stake in Amoun Pharmaceutical Co. (Amoun) for a price of $459 million, which translates to LE 47 per share. The acquisition has been sponsored by a consortium of US and international private equity investors, led by Citigroup Venture Capital International (CVCI), …

Capmas: Inflation rate reaches 10 percent in October CAIRO: The Central Bank s (CB) Thursday decision to raise overnight interest rates by 0.5 percent to help curb inflation has drawn mixed responses from local analysts. Meanwhile, a new Central Agency for Public Mobilization and Statistics (Capmas) report shows the annual inflation rate has reached a …

CAIRO: Commercial International Bank (CIB), one of Egypt s top three private-sector banks, said on Monday it was eyeing potential expansion in Syria, Lebanon, Jordan and the Gulf. The bank said in a conference call it also expected to announce the shareholding structure and exact start-up date for its Algerian subsidiary by year-end. It said …

National production 1.7 million chickens per day; 2.6 million projected for mid-2007 CAIRO: A new law to eliminate the sale of live poultry by 2010 is now being drafted for presentation to parliament in its upcoming session, Minister of Finance (MOF) Youssef Boutros-Ghali and Minister of Agriculture (MOA) Amin Abaza announced Saturday. Under the proposed …

CAIRO: In what some analysts expect to be a major weapons procurement policy shift, Egypt is considering a Russian offer to sell the advanced MiG-29 fighter jet. Chief of Staff General Hussam Sueweilam told The Daily Star Egypt that Egypt s decision to purchase the MiG-29 fighter planes from Russia should not be considered a …

Mubarak in Beijing for trade talks that could represent major policy shift CAIRO: While Egyptian leaders are keen on increasing Chinese investment, they should do so carefully, warns an economic expert. Samir Radwan, managing director of the Economic Research Forum in Cairo, says that relying too heavily on Chinese investment and technology could have serious …

Bahraini bank says interested in Cairo bank CAIRO: Bahrain Islamic Bank has asked the Central Bank of Egypt for permission to conduct a due diligence study of Cairo-based Arab Investment Bank with a view to acquiring it, state news agency MENA said on Thursday. Arab Investment Bank is a small, mainly public-sector bank with 13 …

CAIRO: At Egypt Invest Conference Al-Futtaim Group Real Estate chief affirms Dubai-based real estate developer s long-term commitment to Egypt Dubai-based Al-Futtaim Group LE 20 Billion Cairo Festival City, the 700 fedan mixed-use, residential, commercial, hospitality and retail development under construction in New Cairo City on the Eastern Ring Road, just South of Murbarak Police …

CAIRO: Mortgage Finance Authority (MFA) Chairman Osama Saleh announced Monday total lending under the government s revised mortgage finance system had reached LE 650 million by the end of September. The figure is up from LE 514 million in June 2006 and just LE 15.8 million in June 2005. Saleh added he expects total lending …

Associated Press MOSCOW: Egypt is offering incentives in an attempt to lure Russian companies to set up operations there in pharmaceuticals, energy and other industries, President Hosni Mubarak said Thursday on a visit to Moscow. The Egyptian leader met with President Vladimir Putin and told reporters afterward that he hoped the special economic zone for …

CEO: company looking to duplicate Kuwaiti business model locally CAIRO: Kuwait s Efad Holding, a private company with 16 subsidiaries operating in the real estate, transportation and banking sectors in the gulf, announced the establishment of Efad Egypt Holding (EEH) during last week s Egypt Invest 2007 Conference. EEH is now the 17th subsidiary under …

Mohamed Omran: MCIT studying offering WiMax operation license CAIRO: The Egyptian IT sector received strong acclaim Thursday from several representatives of local and international corporations including Vodafone Egypt, ITWorks, Xerox Egypt and Minah Ventures despite the absence of Minister of Communication and Information Technology (MCIT) Tarek Kamel on the closing day of the fourth annual …

CAIRO: Italy s Sanpaolo IMI will keep the current management of Bank of Alexandria, which it bought in an auction on Oct. 17 for $1.6 billion, the Italian bank said on Wednesday. Asked at an investment conference in Cairo if Sanpaolo would retain the current management, Giuseppe Cuccurese, the head of Sanpaolo IMI s foreign …

CAIRO: Dubai-based Al Futtaim Group will invest LE 20 billion Egyptian pounds ($3.5 billion) to build a new residential area on 1,750 hectares of New Cairo, state news agency MENA said on Thursday. MENA quoted Phil McArthur, managing director of Al Futtaim Group Real Estate, as saying the project would be built on land purchased …

CAIRO: Egypt s two main stock indexes dropped nearly one percent on Thursday as Arab investors sold to cover losses in the Gulf and local investors followed their lead downwards, traders said. The Gulf markets are having a negative effect on local retail investors here, continuing a sell-off based on yesterday s weakness, said Mohamed …

4th annual event marked by absence of Nazif, economic cabinet CAIRO: Two months after the World Bank ranked Egypt 165 on its list of 175 countries in its annual Ease of Doing Business report, the ranking is still casting a dark shadow over discussions at the Egypt Invest 2006 conference. The fourth annual investment and …

Reuters CALGARY, Alberta: Centurion Energy International Inc., a small oil firm operating in Egypt and West Africa, said on Tuesday it is in talks with an unnamed company about a possible transaction, sending its shares up nearly five percent. Calgary-based Centurion, whose stock had already jumped by about 20 percent in the past week, gave …

Have the vegetable vendors gone mad? Prices of vegetables soared to worrying levels for consumers who were out looking for cheaper foodstuff after the Eid Al-Fitr holiday. But most of them were disappointed that the price of tomatoes – considered a staple – had reached LE 5 per kg. and onions and potatoes, which were …

CAIRO: Egypt Invest, heralded as the largest conference on investment in Egypt, kicks off its fourth annual meeting at the InterContinental Hotel in Heliopolis today. With over 430 international and local delegates representing 26 countries, organizers expect the conference to once again be the leading investment to be the leading investment forum for the country. …

CAIRO: Egyptian share indexes rose more than 1 percent on Tuesday as Arab and other foreign investors bought into the major listed companies, brokers said. Arab investors were net buyers by a margin of about LE 50 million ($8.7 million) and other foreigners by a margin of 12 million, the stock exchange said. There was …

SYDNEY: Battling widespread condemnation and failing health, Australia s beleaguered Islamic leader stepped aside and conceded that his comparison of women without head scarves to uncovered meat was not appropriate in western society. The 65-year-old Egyptian-born Sunni cleric was admitted to a Sydney hospital Monday after weathering accusations in the media last week that he …

Reuters CAIRO: Commercial International Bank (CIB) and businessman Naguib Sawiris have completed details of their alliance in investment banking and brokerage operations, a CIB statement said. Sawiris, along with fellow investors in Oasis Capital, will integrate their banking and brokerage activities with those of the CIB subsidiary Commercial International Capital Holding (CICH), said the statement …

Tolba: Nasr City plot remains main obstacle; no talk of withdrawing offer CAIRO: A 16,000 sq. m. land plot in Nasr City has caused a contract signing delay in Trade Holding Company s (THC) sale of Omar Effendi to Amwal Group of Saudi Arabia. The contract was scheduled to be signed Sunday morning after THC …

CAIRO: Over thirty Egyptian companies will participate in the GITEX Dubai 2006 exhibition scheduled for Nov. 18-22 this year with support from the Egyptian Ministry of Communication and Information Technology. The Information Technology Industry Development Agency (ITIDA) will be responsible for the organization and arrangement of Egyptian companies’ participation in the event. Mohammad Emran, chief …

CAIRO: The General Authority for Industrial Development (GAID) has approved a proposal from investors to create a new beet sugar factory with a capital of $160 million (approximately LE 916 million), said Amr Assal, chairman of GAID. He pointed out that the new joint-stock company will produce sugar and cattle fodder from beet plant. The …

CAIRO: The Minister of Finance Yousef Botrus Ghali said on Sunday that a ministerial committee has prepared a new bill on pensions, which is currently being reviewed by concerned government agencies. “The new bill will create a high commission for pensions with representatives from the Ministry of Finance, the Ministry of Investment, the Ministry of …

MUMBAI: India s top motorcycle maker, Hero Honda Motors Ltd., is likely to acquire subsidiaries of Honda Motor Co in Egypt, Nigeria, South Africa, and other African countries, the Business Standard reported on Monday. New Delhi-based Hero Honda, in which India s Munjal family and Japan s Honda each hold 26 percent, would manufacture its …

Chief of US foreign assistance program sees results of small business loans CAIRO: The chief of America s foreign assistance program got a firsthand look Saturday at the results of US-backed small business loans, visiting shops in Cairo s 600-year-old Khan El-Khalili market district whose owners obtained financing under the loan program. The overall objective …

100 scientists, 22 policymakers meet under AU auspices to debate solutions in Alexandria CAIRO: More than 120 African scientists and politicians met in Alexandria over the weekend under the sponsorship of the African Union (AU) to increase the role of scientific innovation in solving the continent s problems and establish dialogue between the two sides. …

CAIRO: Egyptian shares jumped on Sunday, with Orascom Telecom climbing more than 4 percent following an announcement it was raising its stake in its Algerian subsidiary, dealers said. They said retail investors were also in the market in force following the Eid Al-Fitr holiday, and their generally positive sentiment had pushed up favorites EFG-Hermes and …