NEW YORK: Dow Jones Indexes Friday launched the Dow Jones Islamic Market (DJIM) China Offshore Hong Kong Index, according to a press statement. The DJIM China Offshore Hong Kong Index represents the performance of companies that have been screened for compliance with Islamic principles and whose primary operations are in mainland China but trade on …

Mobinil Q1 profit up as subscriptions jump Mobinil posted its sixth rise in profit in seven quarters on Wednesday as subscribers rose sharply, but the company s chief executive said the pace of growth could slow, reported Reuters. Mobinil, Egypt s largest mobile operator by subscribers, said net income rose 14 percent to LE 451 …

CAIRO: Technology leviathan Microsoft sued eight software resellers last week for breaching copyright rules, including one in Egypt that held hundreds of thousands of dollars worth of pirated goods garnered largely through the state’s PC for Every Home Initiative, according to the company’s regional office. Karim Ramadan, general manager of Microsoft Egypt, said the lawsuit …

CAIRO: Merrill Lynch’s Global Wealth Management (GWM) group held on May 7 an educational event for women investors from Egypt and the Middle East, the firm said in a press statement. The event, held in Cairo, was meant to help the delegates better understand the financial markets while outlining the different services available to them. …

CAIRO: CAPMAS announced Thursday that urban inflation in Egypt rose to a new three-year high of 16.4 percent in the year to April, up from 14.4 percent in the year to March. Abu Bakr El-Guindi, head of the state statistics agency, told reporters in a news conference that inflation was driven mainly by higher food …

CAIRO: International Turnkey Systems (ITS) announced that it has signed a memorandum of understanding (MOU) with the Egypt’s Information Technology Industry Development Agency (ITIDA) to set up a center for remote managed services (RMS) in the Middle East, according to a press statement. The center, to be located in Cairo’s Pyramids Heights Technology Campus, will …

BANGALORE: Bharti Airtel, India s top mobile-phone operator, said Wednesday it had joined a consortium to build a $700 million submarine cable system. Bharti signed a construction and maintenance agreement in London for the Europe India Gateway (EIG), the first high-bandwidth, optical-fibre cable system from India to Britain, the company said. Fifteen other firms are …

EU eyes gas pipelines from Egypt The European Union said it was progressing with efforts to secure gas supplies from Egypt and Iraq as part of its efforts to reduce its heavy dependence on Russian oil and gas. The European Commission ruled out on Monday the possibility of linking Russia up to the Nabucco gas …

CAIRO: Global furor over rice export bans – which many accuse of swelling global prices, warping farmers’ incentives and starving neighbors for the sake of domestic stability – has adopted an increasingly urgent tenor over the past weeks as the estimated number put at risk by mounting food prices continues to climb. As one in …

CAIRO: While government officials see that raising vehicle license fees is a way of achieving social solidarity, car owners see an extra burden on their budget. Opposition figures, meanwhile, see that the newly-passed measure stains several segments of society and overlooks luxury citizens. Car retailers, however, remain unsure about the consequences of the decision on …

LONDON: British mobile phone giant Vodafone announced Tuesday that it will distribute Apple’s wildly popular iPhone in 10 new countries including Australia, India and South Africa and Egypt. Vodafone said in a statement that under its accord with Apple, it will also get the right to sell iPhones in the Czech Republic, Greece, Italy, New …

CAIRO: Under the theme “Learning from the Future, the World Economic Forum (WEF) on the Middle East will open May 18 in Sharm El-Sheikh, bringing 13 heads of state as well as key political and business leaders together under one roof, organizers announced yesterday. Among those expected to attend the well-celebrated event are US President …

CAIRO: Canadian ambassador Phillip MacKinnon refuted, in a statement made available to Daily News Egypt, press reports which indicated he had a sent a letter to Petroleum Minister Sameh Fahmy giving an ultimatum of three weeks to end Damietta’s Agrium plant crisis. “Over the past few days, a number of striking articles were published including …

CAIRO: As domestic steel prices continue to rise, Egypt’s General Federation of Cooperatives revealed Sunday plans to import steel rebars at prices lower than those of domestic market. “Our Construction and Development Committee received complaints that small contractors are going bust as a result of ongoing steel hikes. Therefore, the committee had to resort to …

Sawiris denies interest in Roma takeover Businessman Naguib Sawiris has denied that he is interested in buying Serie A club Roma. Media reports had suggested that Sawiris might be involved in bid to takeover the Giallorossi as the club’s parent company Italpetroli is in debt estimated at $570m. However, the 54-year-old telecom mogul insisted that …

There is a rich history of trading in Dubai that stretches back to the 1850s. And it is this mindset which is at the heart of the Emirate s business plan for the next quarter century. Take DP World, the trading division of the company, Dubai World. It has forged 23 different deals stretching from …

CAIRO: Following an upward trend led by Orascom Construction Industries (OCI) on Tuesday, the stock market dipped 0.01 percent on Wednesday on a strong turnover of LE 3.53 billion. Due to holidays, the Cairo and Alexandria Stock Exchange (CASE), like most business, was only open for two days. The stock market opened the week on …

LEXINGTON, Kentucky: South Korean bloodstock agent Jay Bang attended the American thoroughbred auction with instructions from his clients to bring home the best horses he could for a few thousand dollars apiece. Then the bidding started, and a mare – not a traditionally pricier stallion – sold for an unprecedented $10.5 million, leaving Bang in …

OUAGADOUGOU: African countries should devote 15 percent of their budgets to health, a sector where progress has been hampered by poverty, a conference here decided Wednesday. The conference on health in Africa attended by 600 delegates opened Monday, sponsored by the African office of the World Health Organization (WHO). In their final declaration Wednesday, the …

Real estate developer Palm Hills Developments (PHD) said on Wednesday it would begin trading on the main London and Egyptian stock exchanges on May 8 after pricing its $201.3 million initial public offering. The offer price has been set at LE 21.75 per share and $20.31 per Global Depository Receipt (GDR), the company said in …

Money supply growth fastest in decade Egyptian money supply jumped 23.9 percent in the year to March, its fastest pace in at least a decade, Reuters reported. The central bank, which has raised interest rates twice this year to control inflation, said M2, the broadest measure of money supply in Egypt s economy, reached LE …

LONDON: The dollar rose against the euro and yen on Tuesday ahead of the US Federal Reserve s rate-setting meeting due to start later in the day, dealers said. In early European trade, the euro fell to $1.5574 from 1.5662 in New York late on Monday. Against the Japanese currency, the dollar climbed to 104.25 …

BANGKOK: Nobel Peace Prize recipient Rajendra Pachauri Tuesday warned tourism industry chiefs they need to reduce their impact on climate change as consumers become more environmentally aware. The tourism industry, for its own sake, will have to adapt, Pachauri said to more than 200 Asia Pacific airline, hotel and tourist company chief executives at a …