Latest in Tag: FJP Highlight
Latest in Tag: FJP
EFG-Hermes raises valuation for OT
CAIRO: Investment bank EFG-Hermes raised its long-term fair value estimate for Orascom Telecom (OT) to LE 437 ($76.27) a share because of what it called OT s aggressive growth strategy. EFG-Hermes previously gave the Egypt-based international mobile operator an estimate of LE 306.25 a share. But it said in December this should already be 5 …
Egypt median o/n interbank rate steady at 8.35 pct
CAIRO: The median overnight interbank rate on Egypt s pound was 8.35 percent on Thursday, with market conditions little changed from Wednesday when the rate was 8.399 percent, bankers said. Four of seven banks contacted by Reuters had dealt overnight at between 8.3 and 8.4 percent. Rates were between 8.35 and 8.45 percent on Wednesday. …
A solid turnout
CAIRO: The Orascom companies are experiencing a good week, following a good year. Mobinil, one of the companies under Orascom Telecom Holding (OTH), announced yesterday their full year 2005 results, and Orascom Construction Industries (OCI) announced that it has signed an initial agreement with Sonatrach, the Algerian state-owned oil and gas company. MobiNil reported increases …
Egypt median o/n interbank rate creeps up to 8.4 percent
CAIRO: The median overnight interbank rate on Egypt s pound ticked up to 8.4 percent on Wednesday from 8.385 percent on Tuesday, traders said. The rates are slightly higher, but there isn t much of a change because there are no new developments in the market, one of the traders said. Four out of the …
Industrial development growth in line with far-reaching business plans
CAIRO: The Minister of Trade and Industry, Rachid Mohamed Rachid, announced that industrial investments reached LE 15.0 billion during 2005. Workers, 115,000, were hired and 3,200 new companies were granted establishment licenses. He also added that a draft consumer protection law will be presented to the Peoples Assembly shortly for discussion. According to the quarterly …
EFG-Hermes helps drag down stocks
CAIRO: Egyptian investment bank EFG-Hermes helped drag Egyptian stocks down on Wednesday as retail investors sold ahead of a planned capital increase, traders said. The benchmark Hermes index fell 2,560.24 points, or 3.7 percent, to 66,042.04 points. The broader CIBC index ended the session down 2.7 percent at 271.86 points. It s mainly small retail …
CIB acquisition finalized
CAIRO: The sale of 18.7 percent of Commercial International Bank (CIB) to a consortium of investors was announced yesterday in a deal worth approximately $230 million. All regulatory approvals for the acquisition have been obtained. The consortium, led by Ripplewood Holdings, Eton Park Capital Management and RHJ International, will purchase the stake at the equivalent …
Coca takes her designs overseas
CAIRO: As though competition within Egypt is not strenuous enough, Jaylan “Coca Ezzat has been providing her interior designing spaces to clients based outside of Egypt, and in other cases been subcontracted by international companies to handle their local projects. But for Coca, designing is a passion and not a competition, although she realizes the …
Ripplewood to buy stake in Egypt's CIB
CAIRO: A group led by U.S. fund Ripplewood Holdings will buy an 18.7 percent stake in Egypt s Commercial International Bank (CIB) for $227 million to $244 million, a banking source said on Tuesday. It s being sold to a consortium led by Ripplewood, the source, who asked not to be identified, told Reuters, adding …
Telecom Egypt considers third mobile license bid
CAIRO: Telecom Egypt said on Tuesday it was considering bidding for Egypt s third mobile license, but denied it was holding any talks to sell a stake in Vodafone Egypt to do so. Egyptian daily Al-Alam Al-Youm said Telecom Egypt had begun talks to sell its 25.5 percent stake in Vodafone Egypt, a subsidiary of …
Regulating a free market
CAIRO: Egypt s competition law was first drafted in 1995. Ten years later, after numerous revisions and modifications, the law was finally passed by parliament in February of last year. Mona Yassine, who has been charged with establishing and heading up the new authority that will implement the law, discusses her progress and plans for …
MobiNil, Vodafone and …
CAIRO: Laying rumors to rest, Telecom Egypt (TE) has officially revealed that the company will bid for the third mobile license that is expected to be offered during the next two weeks. “We will definitely bid for the third operator, confirmed Tarek Tantawy, general manager for Investor Relations, Investments, and Financial Planning at TE to …
Alcatel to expand international service center
CAIRO: Cairo ICT (Information and Communication Technology) continued yesterday with discussions on various topics including third-generation mobile networks and e-government. Minister of Communications and Information Technology, Tarek Kamel, said at the opening of the conference that the tender for the third mobile license will be announced next week. Two licenses for international calls will also …
Xceed on call
CAIRO: The Cairo Information and Communication Technology (ICT) conference opened yesterday with exhibits of local and international companies. Discussions continuing all week are on various topics and will include telecommunications liberalization, ICT in manufacturing and electronic payment. Meanwhile, Xceed Chairman and Chief Executive Adel Danish spoke to The Daily Star Egypt about his call center …
AUC on the move
CAIRO: Boyd Hight was elected chairman of the Board of Trustees of the American University in Cairo (AUC) last November. Amongst the university s biggest challenges is the construction of a new campus in New Cairo, which Hight discussed – along with other developments – in an interview with The Daily Star Egypt. Funds for …
Vodafone Egypt says Q3 net profit up 34 percent
CAIRO: Vodafone Egypt said on Thursday its net profit for the third quarter to end-December rose 34 percent to LE 430 million ($75 million) compared with a year earlier. A subsidiary of Vodafone Group Plc, Vodafone Egypt also said it had increased its subscriber base to 6.125 million customers from 5.921 million at the end …
Egypt median o/n interbank rate steady at 8.40 percent
CAIRO: The median overnight interbank rate on Egypt s pound held broadly steady at 8.4 percent on Thursday from 8.413 percent on Wednesday, after a central bank auction in the previous session boosted demand, traders said. Most banks entered the auction on Wednesday for 6-day Central Bank Notes worth LE 8 billion ($1.4 billion), and …
EFG-Hermes share issue drags Egypt bourse lower
CAIRO: Egyptian investment bank EFG-Hermes led a fall on the Egyptian bourse on Thursday after it announced it would increase its capital by issuing more shares, traders said. At an extraordinary general meeting the company said it would issue 16 million shares at LE 115 ($20.1) a share. It was also to offer existing shareholders …
Egypt's CIB lifts 2005 net profit
CAIRO: Egypt s Commercial International Bank (CIB) increased its net profit by 20.6 percent to LE 610.14 million ($106.48 million) in 2005, the bank said in a statement on Monday. The bank said it made LE 505.76 million in net profit in 2004. Most of the increase in 2005 came from an increase in net …
London Lord Mayor visits with U.K. business delegation
CAIRO: The Lord Mayor of the City of London, David Brewer, is visiting Egypt this week with a business delegation to meet local companies and government officials, including President Hosni Mubarak, Prime Minister Ahmed Nazif and a number of other ministers. Brewer heads up government services for the Square Mile, an area in central London …
Conquering the world
CAIRO: When Dina Abdel Hadi started her career in Proctor and Gamble (P&G) she became the first woman, regionally, to work in the sales domain. A decade later she is running, in partnership with her husband, ProAct World, a multinational marketing company,while taking care of her two children and participating in a community service organization …
Egypt signs FTA with Turkey
CAIRO: Minister of Foreign Trade and Industry Rachid Mohamed Rachid signed a free trade agreement Tuesday with Turkish Minister of State Kursad Tuzmen. The agreement will take effect upon ratification by the Turkish and Egyptian parliaments, at which point the Turkish market will immediately become free of duties to Egyptian businesses for most products. Certain …
Housing stocks up on mixed Egypt stock market
CAIRO: Investor interest in housing stocks helped up small and mid-cap Egyptian shares on Tuesday amid expectations firms in the sector will benefit from increasing land prices, traders said. The benchmark Hermes index fell because seasonal holidays in western markets meant many foreign institutional investors, who traditionally prefer big-cap stocks,were absent from the market, the …
Assessing the exchange
CAIRO: As the excitement over Telecom Egypt’s initial public offering (IPO) settles, the Cairo and Alexandria Stock Exchanges Chairman Maged Shawky spoke to The Daily Star Egypt about recent developments and future plans for the stock market. The Telecom Egypt offering was generally considered a success, but several investors complained that they did not receive …
National Bank of Egypt to merge with Tegaryoun bank
CAIRO: Egypt’s Bank of Commerce and Development (Al-Tegaryoun) will merge with the state-owned National Bank of Egypt (NBE) with effect from Thursday, the stock exchange said in a statement on Monday. The Bank of Commerce and Development is itself more than 97 percent state-owned but 2.8 percent of the shares are in the hands of …
Egypt-Turkey to sign free trade zone agreement
CAIRO: Minister of Foreign Trade and Industry Rachid Mohamed Rachid and Turkish Minister of State Kursad Tuzmen announced that Egypt and Turkey will sign a free trade zone agreement today meant to improve trade and economic exchange between the two countries. The agreement will be signed by President Hosni Mubarak and Turkish President Ahmed Necdet …
Kharafi Group goes high-tech
CAIRO: “Pity the nation that wears a cloth it does not weave, Khalil Gibran once wrote. This sentiment was echoed by Ibrahim Saleh, who heads up several of the Kharafi Group’s manufacturing ventures in Egypt, including a smart card factory and a computer hardware manufacturing plant that started operation earlier this month. “Up to when …
Egypt median o/n interbank rate dips to 9.15 pct
CAIRO: The median overnight interbank rate on the Egyptian pound inched down to 9.15 percent on Sunday from 9.155 percent on Thursday in the middle of a period for calculating banks’ reserves. “There isn’t anything new in the market today and trade is quiet, one trader said. “No one really needs funds right now …we …
EgyptAir signs environment-friendly protocol
CAIRO: In an effort to activate its role in environmental protection, EgyptAir Holding Company signed a collaboration protocol with the Ministry of State for Environmental Affairs. The holding company’s role would be activated throughout its seven subsidiaries, locally regionally and internationally, “through materializing the Egyptian and international laws in the field of occupational health and …
Talaat and Hafez under investigation
CAIRO: Investigation is currently underway in the case of businessman Ihab Talaat and former President of Egyptian Radio and Television Union and Media Production City Abdel Rahman Hafez.The Administrative Monitoring Authority will determine exact charges on Wednesday. Talaat is facing charges of appropriating public funds, and Hafez is facing charges of facilitating the embezzlement. The …