CAIRO: Despite very rapid expansion over the last few years, Egypt s gas sector is showing no signs of saturation: it is still the country s fastest-growing industry. Egypt is now the sixth-largest exporter of liquefied natural gas (LNG) in the world, but positive recent developments, in both supply and demand, mean that it has …

Egypt one of 50 developing countries to oppose overall package Reuters WASHINGTON: Africa endorsed a proposal adopted by the International Monetary Fund last week to increase the voting power of emerging economies, despite heavy opposition from major developing nations concerned that the plan may fail to reduce U.S. and European dominance. Damian Ondo Mane, one …

Agence France-Presse CAIRO: Egypt is striving to become an integral part of China s trade strategy and seal a special relationship with the Asian giant that could surpass its partnership with the United States within five years, Trade Minister Mohammed Rachid told AFP. Rachid is leaving Monday on a six-day trade mission to China, where …

Management expects to double bank size in next few years CAIRO: Egyptian American Bank (EAB) and Calyon Bank announced their merger yesterday into Crédit Agricole Egypt (CAE). “From a business perspective, Egyptian society will benefit from increased competition and the development of new useful services that cater to the needs of the Egyptian consumer, says …

CAIRO: Trade Holding Company (THC) Chairman Hadi Fahmy announced yesterday his company is preparing to file a claim to the General Prosecutor s office against businessman Saeed El Hanash after he failed to provide a $40 million (LE 230 million) letter of guarantee for his LE 2 billion offer to purchase Omar Effendi. Fahmy, along …

CAIRO: When the heat begins, so does the flood of Arabs, eager to get out of their home countries for a little rest and recreation. The hot weather of these countries, combined with their conservative attitudes, makes residents search for fun in neighboring Arab countries including Lebanon, Morocco, Tunisia and Egypt, with Egypt being a …

Chinese company reflects on cooperation with local counterparts and its latest project with Telecom Egypt CAIRO: After joining forces with Telecom Egypt (TE) to provide DWDM technology for the local market, it was time for Huawei Technologies to announce its achievements on the domestic and regional level in the past couple of years and reflect …

CAIRO: Egypt s state-owned Banque du Caire has received offers from 27 investors to buy the state s 82 percent stake in Suez Steel, the bank said in a statement on Thursday. The bank said nine Egyptian investors and 18 foreign companies had bid for the stake. The bank will choose the three highest from …

Egyptian labor force abroad subject to abuse and deprived of rights CAIRO: For many Egyptians, working abroad seems like a golden opportunity to make good money and facilitate a better life for their families. Yet many end up making nothing and even imprisoned thousands of miles away from their homeland. The Egyptian Organization for Human …

CAIRO: The median overnight interbank rate on the pound rose to 8.65 percent on Thursday from Wednesday s 8.528 after auctions for higher-yielding certificates of deposit drained market liquidity, traders said. The recent auctions we have seen in the market have absorbed liquidity and there is a demand for high-yielding certificates, one dealer said. We …

CAIRO: In what could be described as a revolutionary economic study, the United Nations Conference on Trade and Development (UNCTAD) issued their 2006 report, rebuffing conventional theories governing economic growth and suggesting a potential change in domestic and international approach to economy. The widely accepted policies of the Washington Consensus that dictates that competitive exchange …

CAIRO: Orascom Construction Industries (OCI) first-half net profit rose 53 percent on last year to LE 1.2 billion ($210 million), the firm said. The construction and building materials group reported in a statement that earnings before interest, tax, depreciation and amortization (EBITDA) of LE 2.03 billion, 55 percent up on last year. Two analysts said …

CAIRO: The median overnight interbank rate on the pound was stable at 8.50 percent on Wednesday, virtually unchanged from Tuesday s 8.506 with the market quiet as traders awaited the results of central bank auctions. The market is quieter today, but everyone is waiting to see the results of the auctions, one dealer said. I …

CAIRO: Google Inc., the company behind the world’s most popular search engine, continues to build up its presence in the Middle East and, to the surprise of many, has decided to base its activities in the Middle East and North Africa region in Egypt instead of Dubai. Since Dubai is associated with a healthier investment …

CAIRO: With studies indicating only 4 percent of Egyptians own computers, the state of information technology in Egypt needs to be reviewed. The country, like the rest of the world, is entering into a vicious circle where increasing accessibility demands a boost in the IT industry, which requires a qualified workforce, which in turn necessitates …

Rising costs of living are forcing many foreigners homeward bound DUBAI: Ali Mahmoud, 42, is a UAE-based Egyptian expatriate. Having worked between Dubai and Sharjah as a translator for the last 15 years, he has decided to put an end to his career away from home. The reason: for him as well as for many …

Debts owed by Egyptian state-owned companies to local banks will be completely settled by the end of the 2006-07 fiscal year following the successful settlement of a LE 10 billion debt owed mostly to the Bank of Alexandria, said Mahmoud Mohieddin, the Minister of Investment, on Sunday. “The settlement of about LE 20.5 billion of …

CAIRO: Three multinational companies have submitted offers to buy stakes in Egypt s Raya Telecom, a subsidiary of Raya Holding, the stock exchange said on Monday. In a statement on its Web site (www.egyptse.com), the exchange said the offers ranged from bids for a minority interest to a full acquisition of the subsidiary. It did …

CAIRO: El Sewedy Cables, listed on the stock exchange in May, reported a net income of LE 256 million ($45 million) for the first half of 2006, the stock exchange said on Monday. The results were the first by the cable manufacturer since major shareholders sold 30 million shares, or half of the company, in …

CAIRO: The median overnight interbank rate on the pound rose on Monday to 8.65 percent from Sunday s 8.416 percent with the market short after a recent central bank auction drained market liquidity, traders said. The market is very squeezed. Yesterday s auction absorbed all the liquidity in the market, one dealer said. On Sunday, …

Service availability and data management “key challenges for Mideast companies CAIRO: A technology infrastructure conference was held yesterday that targeted CEOs, CIOs and IT company directors and professionals. Its goal was to further inform the attendees about how to best manage a company’s technology set-up while also insure long-term stability and cost-effectiveness. Organized by the …

CAIRO: Telecoms regulators, embroiled in a licensing dispute with Mobinil over the use of EDGE technology, have given the mobile phone operator two weeks to stop using the technology, government officials said on Sunday. A senior official at Egypt s National Telecom Regulatory Authority (NTRA) said Egypt considered EDGE, whose enhanced speed allows users to …

CAIRO: After a slow start, Egypt s Qualified Industrial Zones (QIZs) are finally beginning to deliver significantly increased textile export growth. And, perhaps just as importantly for the long term, they are attracting fast-growing numbers of foreign investors. Top representatives of Italian fashion houses Ferragmo, Ermenegildo Zegna and Marioboselli recently toured Egypt to look at …

CMA Chairman: small-caps market coming CAIRO: Capital Market Authority (CMA) Chairman Hani Sarie El-Din says the proposed small caps stock market is at least a year away. Speaking to The Daily Star Egypt, Sarie El-Din says the goal is to make it easier for small and medium-sized companies to comply with capital market regulations even …

Noozz CAIRO: Mobile phone service provider MobiNil announced on Thursday that the National Telecom Regulatory Authority (NTRA) had officially notified the company that the introduction of the 2.75G, or EDGE, network would require a special license. The industry regulator regards EDGE as similar to 3G technology which requires obtaining a license before installation. MobiNil, meanwhile, …

Lack of regulation left investors vulnerable to outside-market rumors CAIRO: Capital Market Authority (CMA) Chairman Hani Sarie El-Din announced yesterday efforts are underway to establish a separate stock market for small and medium companies now being traded on the sidelines of the CASE. The new market, he says, will help regulate what is commonly referred …

Bakers, millers protesting new contracts CAIRO: The ongoing conflict between government-subsidized bread bakeries and the Ministry of Social Solidarity (MSS) has reached a new height this week with bread producers now threatening to take their case to the High Constitutional Court if the ministry does not agree to amend its new proposed contract. Hassan Mohammady, …

CAIRO: Egypt has set the domestic price ceiling for bagged cement bought from the factory at LE 290 ($50.50) per ton, the trade and industry minister said, a level below recent market prices. Analysts said the new ceiling would cut cement company profits but might provide a boost to construction firms. We need to revise …

CAIRO: Orascom Telecom (OT) said on Monday its first-half net profit grew 12 percent to LE 1.9 billion ($331 million), in line with analysts expectations. Telecoms analysts had anticipated net profit of LE 1.76 to LE 2.10 billion. The company, which has mobile phone subsidiaries in the Middle East, Africa and Pakistan, said earnings before …

Analysts expect uphill battle for new operator to gain market share CAIRO: Third mobile network consortium leader Etisalat will begin commercial operations this February, the network s newly appointed CEO Saleh El Abduli announced yesterday during the contract signing ceremony held in Alexandria. With test runs scheduled for November or December, El Abduli says the …