Sherine El Madany

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Latest by Sherine El Madany


Egypt inflation at 13.6 pct in Jan, figures show

CAIRO: Egypt’s urban annual consumer price inflation climbed to 13.6 percent in the year to January, at the top end of analysts’ expectations, state statistics agency figures indicated on Wednesday. Annual inflation in December was 13.3 percent, the figures showed. Eight analysts had forecast urban inflation – the most closely watched indicator of prices – …

Sherine El Madany

Egypt fuel subsidies to rise to $12 bln: minister

CAIRO: Egyptian fuel subsidies will likely climb to LE 66 billion ($12 billion) in the current fiscal year to June 30, the oil minister said on Tuesday. The government has said it wants to better target subsidies to the most needy in a country where a fifth of its 78 million people live on less …

Sherine El Madany

Egypt aims to start cement bid process by mid-2010

CAIRO: Egypt is targeting to start an international bidding process to grant cement licenses by the middle of this year, the head of the country s Industrial Development Authority (IDA) said on Monday. We re presenting the case to the High (Supreme) Council of Energy to get their blessing, said Amr Assal, chairman of IDA …

Sherine El Madany

Mobinil says lending restricted by Orascom link

Egypt s central bank is limiting Mobinil s ability to borrow by linking its credit to that of one of its main shareholders, the group s chairman said on Tuesday. When we go to banks to borrow, they say we have our credit limit under the Orascom group, Alex Shalaby told reporters on the sidelines …

Sherine El Madany

Egypt aims to raise growth to 10 pct by 2012

CAIRO: Egypt s government is seeking to boost economic growth to 10 percent by 2012, a government official said on Monday, as the country recovers from the global economic crisis. Egypt had reported growth above 7 percent before being hit by the financial downturn. The economy s expansion has since slowed to 4.7 percent in …

Sherine El Madany

Mobiserve managing to hold its own

As mobile phone and e-banking services prove more indispensable, service providers and maintenance companies find their businesses thriving even during financially troubled times. In Egypt, mobile phone operators continue building and upgrading network stations and banks are embarking on more advanced e-banking services to attract relatively fresh markets. “In Egypt and the Middle East, networks …

Sherine El Madany

USAID director warns of trade protectionism

CAIRO: A global lurch into protectionism could make the financial crisis much worse, said acting mission director of USAID-Egypt on Thursday. “Amid challenging times that we live in today.we’ve seen the spectrum of trade protectionism rearing its ugly head almost everywhere including my own country [US], said John Groarke. Protectionism refers to efforts to salvage …

Sherine El Madany

Weekly Stock Review: Stock market fluctuates with OCI

CAIRO: Volatility dominated the market this week, with the index mostly moving in line with market heavyweight Orascom Construction (OCI), which advanced four times and declined twice in the last six sessions. Overall, Egypt’s benchmark CASE30 index lost a sliver by 0.28 percent to end the week at 3,585.82 points. Buoyed by the central bank’s …

Sherine El Madany

Gulf developer looks to Egypt to face slowdown

CAIRO: While the seaside emirate of Dubai has shifted into crisis mode since late 2008 after a stall in the building boom, a number of Dubai-based construction firms are stepping up plans to expand into Middle Eastern markets not as affected by a property downturn. Several Dubai firms have, for a number of years, had …

Sherine El Madany

Crisis takes toll on Suez Canal revenues

CAIRO: Suez Canal revenues fell 20 percent to $332.4 million in January, compared to $414.2 million in the same month last year, according to government figures released Sunday. Revenues were also down from $391.8 million in December. The number of vessels using the waterway was 1,313 in January, down from 1,690 in January 2008 and …

Sherine El Madany

Cement price hikes 'unjustified,' say insiders

CAIRO: Whether it’s due to an upsurge in demand or a general strike by truck drivers, current cement price hikes on the domestic market are unjustified, said industry insiders. At the start of this week, cement prices reportedly ranged between LE 610 and LE 700 per ton on the domestic market, which compares to an …

Sherine El Madany

Weekly Stock Review: Despite fluctuations, market ends week in green

CAIRO: Despite a zigzag performance, the market managed to end the week in the green mainly lifted by Orascom Telecom’s (OT) revised share buyback plan. Overall, Egypt’s benchmark CASE30 index – down 21.66 percent this year – jumped 6.18 percent to end the week at 3,600.79 points. The market rebounded on Sunday, mirroring recent gains …

Sherine El Madany

Egypt can be key contributor to solar, wind energy

CAIRO: Blessed with year-round sunlight and soft winds, Egypt has strong potential to produce green energy, said Gerhard Sabathil, European Commission’s directorate general for external relations. “Because of its geographical location, climate and sun, Egypt has potential for renewable energy.and can become a key contributor in solar and wind energy, he said. “Germany, for example, …

Sherine El Madany

Regional energy players meet today in Cairo

CAIRO: Egyptian policymakers, regional government officials and leading energy producers are participating today in a roundtable in Cairo to discuss ways to stimulate investment in energy infrastructure. With the aim to contribute to the policy debate in key areas of energy prices and investment, the two-day event will provide relevant examples of international best practices …

Sherine El Madany

Companies need to be 'pro-active' about IT security, says expert

CAIRO: When the letter “e appears as a prefix in words such as e-mail, e-banking or e-signatures, it suggests efficiency and speed. When it precedes the word crime, it’s a red flag. E-crime can cause financial losses and data theft for businesses that do not employ the “e concept in their security. “We no longer …

Sherine El Madany

Weekly Stock Review: Egypt's CASE 30 ends week at four-year low

CAIRO: Blue-chips took the most points off the index last week after gloomy sentiment about the overall economy continued to dominate the market. Egypt’s benchmark CASE 30 index – which lost 26.26 percent this year – touched a four-year low this week. Overall, the index plummeted 13.07 percent to end the week at 3,389.31 points. …

Sherine El Madany

Novartis Egypt sees 18 pct growth in 2008

CAIRO: While the relentless global financial malaise could raise the blood pressure of jittery executives, it could be a silver lining for pharmaceutical companies such as Novartis. “The pharmaceuticals sector is very important for people. Even when you have a crisis, you will continue to [consume] medicine and food; so the sector will be less …

Sherine El Madany

Egypt, Swiss free trade boosts export numbers

CAIRO: Trade Minister Rachid Mohamed Rachid and Swiss Vice President Doris Leuthard said Tuesday that keeping bilateral trade open was essential to surviving the worst economic crisis since World War II. Just back from last week’s World Economic Forum at the Swiss ski resort of Davos, Rachid met with Leuthard during her visit to Cairo, …

Sherine El Madany

No monopoly in Egypt's steel sector, says ECA

CAIRO: After a two-and-a-half-year investigation into the country’s steel market, Egypt’s competition watchdog said that local producers have not engaged in any anti-competitive or monopolistic practices. The findings of the investigation into one of the country’s most controversial sectors have been highly anticipated. Some analysts met the verdict with skepticism. “This result was unexpected. Everyone …

Sherine El Madany

Weekly Stock Review: Egypt stock market ends week down 6 pct

CAIRO: Egyptian shares surrendered the year’s early gains and turned red last week, losing ground for seven straight sessions as escalating fears over US retail sales data and the beleaguered banking sector pulled the index down. After a brief tick up in the first few sessions of 2009, the index is now down 5.86 percent, …

Sherine El Madany

Expert tips to surviving the financial crisis

CAIRO: “Are these bad times? The obvious answer is yes. So what do we do? Mohamed Sultan, general manager of Procter and Gamble Egypt, asked. “We focus on fundamentals that . will take us through bad times, he told an American Chamber of Commerce conference Wednesday. “Fundamentals that minimize losses and ensure a strong comeback …

Sherine El Madany

Steel imports may push down local prices

CAIRO: As a weakening global economy continues to hit key steel-consuming industries such as construction and automotives – denting international steel prices – some traders in Egypt have reportedly lined up to import thousands of tons of steel. According to local reports, the Egyptian market will be flooded with 100,000 tons of steel in February …

Sherine El Madany

Egypt props up auto, textile industries amid mounting job loss fears

CAIRO: On fears employers in Egypt would respond to the worst financial crisis since the Great Depression by slashing jobs, the government revealed this week new measures to bolster a number of labor-intensive industries. However, as a batch of warning signs indicate the world remains trapped in the throes of a sharp economic slowdown, some …

Sherine El Madany

WFP, Trade Ministry partner to 'Get Food to Gaza'

CAIRO: As Israel and Hamas remained locked in a 16-day-old Gaza war on Sunday – ignoring international calls for a ceasefire – the World Food Program (WFP) launched Operation Lifeline Gaza, a three-month initiative to respond to growing hunger needs in the war-torn city. “This is a global appeal; and as Gandhi once said: To …

Sherine El Madany

Weekly Stock Review: Stock market reverses upward trend on profit taking

CAIRO: The market kicked off the year on a high note, extending gains from the last days of 2008 after cheap trading stocks sparked investor interest. However, the market quickly reversed trends, as big caps became the target of profit-taking after three days of strong gains. Overall, Egypt’s benchmark CASE30 index moved up a sliver …

Sherine El Madany

Forecasts say gold prices will continue to rise

CAIRO: If you are seeking an alternative route to investment other than the stock market, you should consider picking up bits of gold ore to later turn into cash after the yellow metal firmed on Thursday and HSBC upped 2009 and 2010 gold forecasts on haven buying. Though gold heavily fluctuated this week, experts say …

Sherine El Madany

Plans to bring Proton assembly plant to Egypt underway, says minister

CAIRO: Malaysia’s Proton auto brand may soon get labeled “Made in Egypt after Egypt’s trade minister said company executives were mulling over establishing a car assembly plant in Egypt. “Company officials are keen on investing in Egypt’s automotive and feeder industries, and a large delegation will visit Egypt in March to discuss means of cooperation, …

Sherine El Madany

Price Producer Index continues to fall

CAIRO: Egypt’s Price Producer Index (PPI) fell considerably in November for the fifth straight month, as energy prices continued to plummet, according to government statistics agency CAPMAS’ report released Sunday. The PPI skidded to 11.86 percent in the year to November, well down from October s reading of 16.9 percent. A plunge in crude oil …

Sherine El Madany

Weekly Stock Review: 2008's last week trading slightly up

CAIRO: Egypt’s stock market closed out the year on a high note after an influx of foreign investors helped the index breach a key resistance level at 4,500 points. Overall, Egypt’s benchmark CASE30 index rose 6.11 percent to end the week trading at 4,596.49 points. But the index posted a loss of 56.4 percent in …

Sherine El Madany