CAIRO: Corporate finance advisers Akanar Partners, which is working on six merger and acquisitions deals in Egypt, sees more transactions flowing with the improving economy and from the consolidation of family-run businesses. Akanar, which specializes in mid-market mergers and acquisitions, has closed two transactions since its five founders quit Egyptian investment bank Beltone Financial in …

CAIRO: Egyptian real estate developer Palm Hills Developments saw its fourth-quarter profit and revenue jump on a year earlier, beating two analysts forecasts after the company booked more contracts than expected. Egypt s real estate sector, while not immune to the financial crisis, has fared relatively well compared with other regional economies, thanks to strong …

CAIRO: The National Bank for Development (NBD) introduced two new Islamic banking products last week: sukuk, a debt instrument, and yosr murabaha, a personal finance tool. Since the acquisition of 49 percent of NBD’s stock by the Abu Dhabi Islamic Bank (ADIB) in 2007, NBD has been transitioning to Sharia-compliant financial services. Prior to ADIB’s …

NEW YORK: Wall Street turns its focus to the job market in the coming week with a key labor market report due after a weekly loss for the first time in three weeks for US stocks. Friday s employment report for February may provide a direction for the market, which has seen choppy trading so …

DUBAI: Merger and acquisition activity in the Middle East is expected to recover in 2010, driven by sovereign wealth funds in Abu Dhabi and Qatar, the potential for consolidation in several industries and as companies are forced to restructure, a senior banker said on Sunday. There is quite a bit of fragmentation, i.e. the region …

CAIRO: Morgan Stanley upgraded its rating of the Egyptian stock market to “overweight , adding Egypt to the ranks of China, Russia, Brazil, India, Malaysia and Poland as markets in which investors should acquire stock. Morgan Stanley Capital International (MSCI) Barra calculates global stock market ratings for every country in its All Country World Index …

CAIRO: Egypt will rely increasingly on private companies to provide social services and infrastructure through public-private partnerships (PPP) and expects to offer a string of new projects soon, officials said. The government awarded the first such contract, to build and run a wastewater treatment plant near Cairo, last May and will invite bids for more …

CAIRO: Research and consultancy firm Oxford Business Group (OBG) said last week that it has renewed its longstanding agreement with Helmy, Hamza and Partners law firm – member firm of Baker & McKenzie International – as its official legal research partner for the upcoming publication “The Report: Egypt 2010. The annual report is a guide …

CAIRO: Egypt should be prepared to raise interest rates if inflation does not abate and should work to cut its budget deficit, the International Monetary Fund (IMF) said in a report. Inflation, the country’s most closely watched price indicator, still remains high at 13.6 percent after having soared to above 23 percent in August 2008. …

JUBA: Political stability is typically viewed as a prerequisite for attracting foreign investment. In the case of Southern Sudan, however, economic development spearheaded by foreign investment may just be the precursor for sustainable political stability. Investors flocked to Juba on Tuesday to explore the potential business ventures touted by the Government of South Sudan (GOSS), …

CAIRO: Late-session interest in heavyweights Orascom Telecom and Commercial International Bank (CIB) helped nudge Egypt s benchmark index higher after a day of seesaw trade. Orascom Telecom gained 3.3 percent and CIB rose 1.1 percent. The EGX30 index ends 0.5 percent higher at 6,608 points after dipping to a six-week low in intraday trade. The …

The glamour of Transatlantic crossings has returned to New York with an exhibit on the Art Deco elegance of the French liner SS Normandie. The Normandie was the most magnificent of all the ocean liners, said Bill Miller, curator of the DECODENCE exhibit running until January next year at the South Street Seaport Museum in …

Since the near collapse of financial markets across the world, strengthening risk management processes has jumped to the forefront for bankers as the top focus area. One only needs to look at the Global 100 list of top banks from 2006 to see that almost 25 banks on that list have since received government financial …

If parliament passes the microfinance law, they will enable private companies to provide microcredit, establishing the first legal framework to regulate microfinance institutions (MFIs) in Egypt. Currently only four Egyptian banks provide microcredit, as well as numerous NGOs, but they do so under the authority of the Ministry of Finance and the Ministry of Social …

As countries on the southern shore of the Mediterranean look north for assistance in economic development, the European Union is looking south for solutions for its increasing energy needs. In between, the European Investment Bank (EIB) has managed to facilitate such cooperation by financing the energy sector, among other fields, in the south with a …

CAIRO: An Egyptian court on Monday sentenced five Muslims to life in prison for killing two Christian men in a family blood-feud in Upper Egypt, a judicial source said. The court in the southern city of Luxor found the men guilty of shooting two Coptic Christians in the town of Higaza last April in a …

KHARTOUM: The ink on the framework agreement to guide future peace negotiations between the government and Sudan’s main rebel groups is not yet dry, but the wheels are already in motion to capitalize on the hoped for political stability by luring investors to the country’s southern region, starting with its capital Juba. It is with …

CAIRO: Investment risks in Africa are over emphasized, according to the Export Credit Guarantee Company of Egypt (ECGE), which reported that it had doubled credit cover to the continent in the past two years. Alaa Gouda, General Manager of ECGE, told Reuters, We have always been speaking of this part of the world (Africa) as …

DOHA: Egyptian investment bank Beltone Financial said its acquisition by Pioneers Holding was moving ahead and details on the merger would be announced within weeks. Financial services firm Pioneers said on Nov. 8 it would issue 100 million new shares to buy Beltone, at the time valuing Beltone at LE 706 million ($129 million). Based …

LONDON: Oil prices topped $80 a barrel on Monday as a strike at French energy giant Total and concerns over Iran s nuclear program rattled the market, analysts said. New York s main futures contract, light sweet crude for delivery in March, hit an intra-day high of $80.51 a barrel. It later stood at $80, …

CAIRO: The hope for $10 billion in foreign direct investment, one of Egypt’s most important contributors of foreign currency and source of capital for increased production capacity and job growth, will fail to materialize for fiscal year 2009/2010. Director at CI Capital Research Mona Mansour told Bloomberg that, “It’s very difficult to reach the government’s …

CAIRO: Blue chip telecoms push Egypt s main index down slightly by the end of trade, reversing a modest midday rally led by heavyweight conglomerate Orascom Construction Industries (OCI). Traders report low volumes as investors remain wary of equities globally and hold back ahead of upcoming capital increases. OCI gains 0.2 percent. Volumes are dry. …

CAIRO: Consultant, architect and professor of interior design, Amr Abdel Kawi wants to change the design scene in Egypt. Through his company Rhimal and Magaz magazine, Abdel Kawi attempts to restore what he sees as Egypt’s rich aesthetic tradition while closing the gap between designers’ visions and industrialists’ products. “Why are we [Egypt] not participating …

CAIRO: A Digital Marketing Seminar was held this weekend at the Conrad Cairo Hotel with a keynote speech by guest speaker Michael Leander on the “Seven Things You Need to Become a Successful Internet Marketer. Leander, who has 15 years of experience in direct and interactive marketing field and is a specialist in email marketing, …

CAIRO: ASEC Holding raised its stake in ASEC Cement by 9.48 percent in a deal worth $80 million in cash and shares, according to a statement from the firm. ASEC Holding is one of Citadel Capital’s Platform Companies operating in the regional cement production, engineering and construction industries. The holding company will raise its stake …

CAIRO: This year’s International Metal and Steel Exhibition was a display venue not only for products and technology but also for a range of different coping strategies for surviving the financial crisis. Like others in the steel production industry, Beshay Steel has been suffering from both lower demand and steel dumping. “By the end of …

DUBAI: Dubai s debt crisis has stifled sukuk issuance and unfairly put a damper on the Islamic finance industry, experts said, noting that an unstable credit environment and poor due diligence was to blame for the debacle. The state-owned conglomerate Dubai World rocked global markets in November when it unveiled plans to delay repayment of …

LONDON: Oil prices fell on Friday, although New York crude managed to hold above $78, as the US currency strengthened at the end of a volatile week for markets. New York s main futures contract, light sweet crude for delivery in March, fell 99 cents to $78.07 a barrel. Brent North Sea crude for April …

As a cub financial journalist, the first theory one must understand is that of supply and demand. At its core, the model is based on price, usage of product and its availability. The price will fluctuate according to supply and demand. However, in this world of record stimulus plans, solid growth on one side of …

CAIRO: “The Middle East and North Africa were in much better shape than business in other parts. The decline was much smaller than in Asia, the US or Europe, said Frank Appel, CEO of DHL, at a recent conference in Cairo. DHL revenues were down during the downturn, but the company managed to gain larger …