CAIRO/AMMAN: Intel announced in a press conference held recently in Jordan, the names of young talented students to participate in Intel’s International Science and Engineering Forum in Georgia, USA. “We are extremely proud of these students. I am certain that they will honour our nation and deliver excellence in this prestigious event, Jordanian Minister of …

NEW YORK: Gold prices tumbled to a one-month low Thursday, plunging after the dollar gained some muscle against the euro and hedge funds cashed in profits following the metal s record-setting rally above $1,000. Gold had staged a phenomenal run before this week s decline, gaining nearly 20 percent this year as investors snapped up …

PITTSBURGH: The US Justice Department has begun a criminal investigation into whether aluminum maker Alcoa Inc. participated in bribery in Bahrain. In documents filed Thursday in US District Court, federal prosecutors asked a judge to halt a federal civil lawsuit that accused Pittsburgh-based Alcoa of bribing officials through overseas shell companies to secure hundreds of …

Russia, Egypt talk Gazprom entry in Egypt projects Senior officials from Russia and Egypt on Wednesday discussed the entry of Russian natural gas export monopoly Gazprom into energy projects in Egypt, the Ministry of Trade and Industry told Reuters. One of our important points is cooperation in energy, now oil and gas. Novatek and LUKOIL …

SHARJAH: Around 1,500 workers striking over pay in the United Arab Emirates torched offices and vehicles on Tuesday, the official WAM news agency reported. Reuters reported that the protestors were Egyptian. However, an AFP report said their nationalities were not disclosed. They destroyed office documents, broke windows and torched the first floor of the management …

CAIRO: Mortgage finance is not a magic wand that can solve Egypt’s housing problems in light of relatively high interest rates, several real estate experts said conference Tuesday. “Demand on housing units is on the rise, but supply cannot meet this growing demand. There are not sufficient mortgage finance schemes available, and interest rates are …

CAIRO: Google recently launched its Business Pages feature for AdWords in Arabic. AdWords Business Pages are a free feature of the AdWords Starter Edition advertising platform aimed at small and medium-sized enterprises (SMEs) that want to try online marketing, according to a press statement. “They enable these AdWords advertisers to create a simple, basic landing …

CAIRO: Egypt became the first Arab and North African nation to join the Organization for Economic Cooperation and Development (OECD), according to a report published on the Cairo and Alexandria Stock Exchange website. OECD is a forum where different countries exchange experience and share knowledge to promote a global dialogue about economic policies. The organization …

CAIRO: Link Development recently sponsored the launch of Microsoft Windows Server 2008 in Saudi Arabia. The software development subsidiary of Egypt’s LinkDotNet, and a Microsoft Gold Certified Partner, has enjoyed a long-term strategic partnership with Microsoft. Its latest launch was meant to “ensure that IT professionals in Saudi Arabia are among the first in the …

6 telecom companies eye Egypt license France Telecom has expressed interest in buying Egypt s second fixed-line license, joining five Arab companies that are also interested, Egypt s telecom regulator said on Tuesday. A spokesman for the National Telecom Regulatory Authority (NTRA) said France Telecom had bought a booklet of conditions for the sale of …

TOKYO: Japan said Tuesday it will hold parallel summits on climate change and African development on the sidelines of the Group of Eight gathering of major rich nations in July. Tokyo has invited heads of state and government from 15 nations for meetings involving the G8 members during the July 7-9 gathering in the northern …

SINGAPORE: Oil prices steadied Tuesday in Asia after falling more than $4 a barrel overnight as investors worried that the sale of Bear Stearns Cos. is a sign of deep economic trouble in the United States. JPMorgan on Sunday agreed to bail out Bear Stearns by buying the investment bank in a US Federal Reserve-backed …

CAIRO: The National Telecom Regulatory Authority (NTRA) announced it will shut down unregistered mobile lines starting July, according to sources in the industry. Estimates place the amount of unregistered mobile lines in Egypt at 5 to 10 percent, meaning the policy could disable 1.5 to 3 million of the country’s 31 million subscribers. According to …

CAIRO: In developing markets, often rich in growth but poor in formality, soothing investors’ worries can be a big business. At least, that’s what Coface is betting. Following a decade and a half of limited presence in Egypt, the French credit insurer announced Sunday that it will move headlong into the local market with its …

CAIRO: Goldman Sachs bought 5.5 percent of the shares of Palm Hills Developments from its majority shareholder, El Mansour and El Maghraby Investment and Development Company, together with an option to purchase a further 4.5 percent equity stake in the company. We are proud to welcome Goldman Sachs as a shareholder and look forward to …

TOKYO: The dollar nose-dived to its lowest levels in 12 1/2 years Monday in Asia, falling below 96 yen as the Federal Reserve s rate cut failed to calm market fears about more US bank write-downs. The US Fed on Sunday cut its discount rate, or its lending rate to financial institutions, by a quarter …

CAIRO: British Airways has confirmed an increase in the use of its e-services in Egypt ahead of the opening of its new home at Heathrow, Terminal 5, later this month, according to a press statement.Recently released British Airways statistics for January 2008 detail the use of e-services in the region and Egypt. It showed a …

AMMAN: The US government organized a four-day workshop in Jordan to teach officials from the Arab countries how to detect and investigate the smuggling of money, said a statement from the US embassy in Amman Saturday. The US has been working with Jordan and other Arab countries to ensure that banking institutions are subject to …

Egypt s Olympic Group 2007 net up 14 pct Reuters reported that appliance maker Olympic Group made net profit of LE 242.9 million ($44.5 million) in 2007, up 14 percent on LE 212.9 million in 2006, the company said in a statement. Sales and other revenues in the year rose to LE 2.296 billion pounds, …

CAIRO: Gold’s ornamental value has taken a back seat to its value as a commodity with demand for the precious metal making a comeback amid volatile global currencies and rising oil prices. The price of gold has skyrocketed reaching LE 152 per gram and, according to gold dealers, its value is bound to rise to …

MANILA: Petron Corp., the Philippines largest oil refiner, said Friday that Saudi Aramco aimed to sell its 40 percent stake in the firm to British investor Ashmore Group for $550 million. State-run Saudi Aramco, the biggest oil refiner in Saudi Arabia, told the Philippine government of its plan to sell all of its shares in …

LONDON: The dollar struck a fresh all-time low against the euro Friday as gold prices traded close to record highs a day after topping $1,000 for the first time on US economic woes. Oil prices fell on profit-taking after striking a historic peak of $111 per barrel Thursday. The European single currency reached a record …

SINGAPORE: Oil simmered down Friday after hitting a record $111.00 per barrel overnight, but analysts said prices remain on the boil due to a sharp fall in the value of the US dollar. New York s main oil futures contract, light sweet crude for delivery in April, was at $109.78 per barrel in Asian trade, …

VIENNA: OPEC on Friday left unchanged its estimate for growth in world oil demand this year, arguing that while high oil prices and mild winter weather would brake demand in major industrialized countries, the market for crude would be strong elsewhere. World oil demand in 2008 is forecast to grow by 1.2 million barrels per …

BEIRUT/DUBAI: Leo Burnett MENA has triumphed as Agency of the Year at the third edition of the MENA Cristal Awards, 2008. In addition to the highly sought after title, the agency scooped a total of 12 major awards across its various regional offices as well as 3 Grand Prix. The winners were announced during the …

BRUSSELS, Belgium: French President Nicolas Sarkozy said Friday he won unanimous backing for his plan to forge closer political ties with Europe s North African and Mideast neighbors on the Mediterranean Sea. The agreement came at the end of the first day of a two-day EU summit, but the specific details of the plan will …

CAIRO: A brief chapter in the trial of 20 Egyptian cement company executives charged with price-fixing and stifling competition concluded Monday, when a short introductory session took place, according to court officials. Ismail Abdel Rehim, a spokesperson for the Egyptian Competition Authority, said the court presented defendants with a report issued by the Antitrust and …

CAIRO: The Middle East and African region will be one the world’s leading hotspots for technology investment in 2008, alongside China and India, according to new research from leading analyst house IDC. This year, total investment could reach $40.5 billion – growing by more than 13 percent over 2007 – with GCC investment amounting to …

LONDON: iBAHN announced the acquisition of Menacom, a provider of digital internet services to hoteliers in Egypt. Menacom provides plug and play connectivity for guests in leading hotel groups with secure internet access in guest rooms, meeting facilities and business centers, with easy roaming between wired and wireless areas. It was established in 2001 by …

SHARM EL-SHEIKH: Participants of EFG-Hermes’ sixth annual One-on-One Conference’s confirmed the region’s “huge potential for expanding trade, exports and foreign direct investment, the investment banking firm said in a statement. Utilizing the market slow down in the US and Europe, high oil prices and new investment laws and government regulations in the region, Yasser El-Mallawany …