Latest in Tag: nasr city Highlight
Latest in Tag: nasr city
Kuwait’s IIG defaults on $152.5 mln bond payment
DUBAI: Kuwait’s International Investment Group (IIG) said it was unable to make a $152.5 million Islamic bond payment, its second default this year, and named as its advisor to look at restructuring options. IIG said on Monday its payment on the Islamic bond, or sukuk, had been scheduled for July 12. The company said KPMG …
More gas for Egypt after BP, RWE deal
CAIRO: A groundbreaking $9 billion agreement signed by Egypt this week should help it meet growing domestic and foreign gas commitments by boosting supplies and encouraging new exploration. Under its terms BP and Germany’s RWE Dea agreed to bear all the costs in developing five offshore fields that will supply up to 1 billion cubic …
Naeem gets bids for Arabeya Online Brokerage
Naeem Holding, Egypt’s third-largest publicly traded investment bank, rose to the highest level in more than a month after saying it received bids for Arabeya Online, the company’s web-based brokerage arm. Naeem gained 4.4 percent to 47 cents at 12:06 p.m. in Cairo, its highest intraday level since June 21. Naeem received final offers for …
Oil falls towards $77 on US crude stock build
LONDON: Oil slipped to around $77 per barrel on Wednesday after weekly government data showed a surprise increase in US crude oil stocks after widespread predictions of a drawdown. The US Energy Information Administration (EIA) said commercial crude inventories rose 360,000 barrels in the week to July 16 to 353.46 million barrels, confounding an average …
Confidence is high among small businesses globally, says poll
HONG KONG: Many small businesses around the world, especially in Turkey and the Middle East, plan to boost investment and hiring, a survey showed on Wednesday, at a time when the global outlook is increasingly uncertain. An index of confidence at small and medium-sized enterprises (SMEs) in 21 markets rose to 118 in the second …
Oil rises above $78 on economic growth optimism
LONDON: Oil rose above $78 a barrel on Wednesday after Tuesday’s strong US corporate earnings raised optimism over the strength of economic recovery in the world’s largest economy. US crude for September, the front-month contract after Tuesday’s expiry of August, rose 53 cents to $78.11 a barrel, before dipping to $77.83 at 0950 GMT. London …
Apache to buy BP assets in US, Canada, Egypt
NEW YORK: US energy firm Apache said on Tuesday it had agreed to buy from British rival BP oil and gas assets in the United States, Canada and Egypt for seven billion dollars. Apache said in a statement it had agreed to acquire all of BP’s oil and gas operations, acreage and infrastructure in the …
Sites of rebellion and subversion
The year 2010 marks two momentous episodes in the history of Mexico, both are 100 years apart. The first is the bicentennial of the Mexican War of Independence (1810–1821). The second is the centennial of the Mexican Revolution. To celebrate both events, the Mexican Embassy in Cairo has organized a new photographic exhibition entitled, “Mexican …
Rights groups call for release of ‘estimated 10,000’ emergency law detainees
CAIRO: Rights groups have renewed calls for the release of detainees held under the emergency law, pursuant to a May amendment that restricted application of emergency powers to narcotics and terrorism cases. Speaking in a press conference organized by Hashd, the Popular Democratic Movement for Change, on Tuesday, lawyer Haitham Mohamedein from the Nadim Center …
MENA private equity activity to rebound in 2010: report
CAIRO: Private equity in the Middle East and North Africa witnessed a decline in 2009, with fund managers raising only $1.06 billion, according to a recent report, but numbers are expected to rebound in 2010. Private equity firms in MENA raised $1.25 billion in the first quarter of 2010, an 18 percent increase …
Phase two of Upper Egypt-Red Sea road to cost LE 1.6 bln
CAIRO: The second phase of the Upper Egypt-Red Sea road will cost LE 1.6 billion, reported local newspapers citing Investment Minister Mahmoud Mohieldin. "The phase of upgrading the road to be a two-lane road will start after the holy fasting month of Ramadan,” Mohieldin said in a statement on the ministry’s website. Mohsen El-Nomani, governor …
Hodoud downed by Gaborone
CAIRO: Harras Hodoud lost a 1-0 defeat to Botswana’s Gaborone United in the CAF Confederation Cup round of 16 on Saturday. The hosts scored the winner 20 minutes from time. Now the Alexandrian side need to beat Gaborone by a two-goal margin in the second leg, which takes place in around two weeks at Max …
Lawyer demands equality between all converts
CAIRO: A lawyer representing a man who converted from Islam to Christianity told Daily News Egypt Sunday that he plans to initiate a legal case demanding equality between all converts. Lawyer Ashraf Edward Kirolos, who represents convert Mohamed Hegazy, said that he will file an appeal at the Administrative Court demanding that it implement the …
Egypt telco space shaped in court, compounds
CAIRO: Egypt’s telecoms regulator is fighting in the courts and looking to mushrooming suburban compounds as it seeks to guide the course of the country’s robust tech and telecom sector. The National Telecommunication Regulatory Authority (NTRA) this week approved two groups of companies to provide cable, telephone and internet services in residential compounds, …
Youth without work
ROME: Among the many devastating effects of the current global financial crisis, one of the most pernicious in the developed world is the upward trajectory of the unemployment rate for youth, which rose by six percentage points in the OECD area from 2007 to 2009, with Spain experiencing an alarming 42% youth unemployment rate in …
ASEC to manage Sudanese cement plant
CAIRO: ASEC Engineering and Management signed a three-year renewable contract to provide technical management services for Alsalam Cement Production Company’s (ACPC) cement plant near Atbara in Sudan, the company said in a statement. The Atbara plant, which produces clinker that is then ground with gypsum to make cement — has a production capacity …
Amonsito workers back to protest for unpaid pay pledges
CAIRO: Workers from the Amonsito textiles company have resumed protest action four months after redundancy pay pledges remain unpaid. On Monday workers gathered at the headquarters of the Egyptian Federation of Trade Unions (EFTU) and began a sit-in in the building’s lobby. Around 100 workers were there on Tuesday afternoon. Amonsito’s Alaa Abdel-Meneim expressed anger …
Former bourse chief, EFSA head to be questioned
CAIRO: Prosecutor General Abdel Meguid Mahmoud referred Tuesday a complaint filed by a group of investors against the former chairman of the stock exchange and the head of the country’s regulatory body to the financial affairs prosecution office for investigation. In a statement to Daily News Egypt, the EGX said that the former chairman …
The Market Confidence Bugaboo
CAMBRIDGE: A specter is haunting Europe — the specter of “market confidence.” It may have been fear of communism that agitated governments when Karl Marx penned the opening line of his famous manifesto in 1848, but today it is the dread that market sentiment will turn against them and drive up the spreads on their …
Bank of Alexandria to approve LE 350 mln for SODIC
The board of directors at Bank of Alexandria Sanpaolo will approve in the next meeting LE 350 million in financing for Six of October Development and Investment Company (SODIC) before signing final contracts, Al-Mal reported. SODIC announced earlier this year that it is looking to secure LE 1 billion to finance its main …
Egypt allocates LE 10.5 bln for bread subsidies
The Egyptian government allocated LE 10.5 billion of its budget to subsidized bread for fiscal year 2010/11, according to the Ministry of Finance, reported Al-Masry Al-Youm. Of the total amount, LE 9.37 billion will cover the import of 5.9 million metric tons of wheat and 2.1 million metric tons of local wheat purchase. …
Gujarat, Egypt to work jointly for tourism
The Tourism Corporation of Gujarat and tourism department of Egypt will work together to develop the tourism sector in India, reported Business Standard. Vipul Mitra, tourism secretary in the government of Gujarat, met with officials from the Egypt International Tourism Board at a road show in Bangalore to promote tourism in Gujarat. Tourism …
Alcotexa sells 992 T cotton in past week
Egypt’s Alexandria Cotton Exporters’ Association (Alcotexa) committed to sell 992 tons of cotton in the week that ended on July 10, an Alcotexa official told Reuters on Sunday. The sales comprised 250 tons of Giza 70, 221 tons of Giza 88 and 521 tons of Giza 86, the official said. The deal brings …
Al-Hadari suffers head injury in training
CAIRO: Zamalek new recruit Essam Al-Hadari required ten stitches to treat a head injury sustained in the team’s pre-season camp in Switzerland, the Cairo club said. Al-Hadari was forced out of Friday’s training session after a collision with teammate Hussein Yasser, who accidentally kicked the Egypt’s goalie’s forehead. The 37-year-old is expected to miss Saturday’s …
Ghaly rejoins Ahly on three-year deal
CAIRO: Hossam Ghaly has rejoined Ahly on a three-year contract, following his departure from Saudi Arabia’s Nassr by mutual consent. Egypt player Ghaly, who came through Ahly’s youth system, spent the first three years of his professional career at the Cairo club. The 28-year-old parted company with the Red Devils in 2003 to experience European …
Run on German coach’s ‘lucky’ World Cup sweater
BERLIN: Football-mad Germans have snapped up the "lucky" blue cashmere sweater that German coach Joachim Loew gives partial credit for his side’s World Cup winning streak, a retail chain said Tuesday. The jumpers have flown off the shelves, upscale clothier Strenesse said, with fans having to travel to the neighboring Netherlands, home of the Germans’ …
CBE lowers cash cover from importers to minimum 50 pct
The Central Bank of Egypt (CBE) reduced the cash cover requirement that importers have to provide to banks to finance their import transactions from 100 percent to 50 percent, effective immediately, Al-Mal newspaper reported. “This move should facilitate importing transactions and boost imports growth,” investment bank Beltone Financial said in its daily market …
Egypt real estate attractive, SODIC shines: Deutsche
Egypt’s real estate sector is an attractive long-term prospect in an acutely undersupplied market, Deutsche Bank said in an initiation-of-coverage note that placed SODIC top among three main property developers. While warning of regulatory risk and of limits to mid-market affordability due to minimal access to mortgages, Deutsche said a growing population and …
Admin Court calls off deportation of two Darfur refugees, says lawyer
CAIRO: The Cairo Administrative Court has called off orders by the Ministry of Interior to deport two Sudanese refugees from Egypt, lawyer at the Egyptian Center for Economic and Social Rights (ECESR) Ahmed Hossam said Monday. The ruling, which was announced Sunday, put into force for the first time the 1951 United Nations Convention relating …
Beltone initiates coverage on Lecico with ‘Buy’
Beltone initiated coverage on Lecico with a target price of LE 20.95 and a ‘Buy’ recommendation, the Cairo-based investment firm said in a statement. Lecico is one of the world’s largest sanitary ware producers with a capacity of 6.75 million pieces, of which 60 percent is exported to Europe, Beltone said. Lecico is …