Sherine El Madany

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Latest by Sherine El Madany


Panel criticizes NDP plans to distribute free shares to citizens

CAIRO: Devilish scheme, crime, conspiracy, chaos, hoax; are some of the labels a group of economists, lawyers, and opposition MPs gave the ruling party’s proposal to partially privatize some public sector firms through distributing free shares to citizens. “This proposal concludes the government’s privatization program adopted since the 90s with a crime, said Ahmed El …

Sherine El Madany

Undersea cable FLAG to be up and running today, says MCIT

CAIRO: Service on FLAG Europe-Asia cable – which along with cuts in two other cables had disrupted internet and international phone services in some parts of the Middle East and South Asia – would be restored by Tuesday, said Egypt’s Ministry of Communications and Information Technology (MCIT) “Repairs on the cable were completed on Monday …

Sherine El Madany

Weekly Stock Review: Stock Market slightly down amid thin trading

The market fluctuated last week in low volume trade and low volatility, as interest was waning ahead of year-end holidays. Brokers explained selling pressure was common this time of the year as investors balance their accounts, expecting thin trade to the end of the year. Overall, Egypt’s benchmark CASE30 index shed 2.14 percent to close …

Sherine El Madany

Stock market takes nosedive in 2008

Volatility would be the best word to describe Egypt’s stock market in 2008 – actually, markets the world over. After months of mind-numbing losses around the world, the year comes to an end on unrelentingly negative global economic news and fading hopes of a recovery. Worldwide, investors were being battered by a wave of economic …

Sherine El Madany

Egypt to receive three-year grant from France

CAIRO: The French Development Agency (FDA) is to give Egypt between ?100 and ?150 million annually over the next three years for development, French Prime Minister Francois Fillon announced on Monday during his two-day visit to Egypt. “The grant aims to support small-and-medium-sized enterprises [SMEs], help abate industrial pollution, and improve living conditions for the …

Sherine El Madany

Soaring inflation in the spotlight

Inflation was one of the top newsmakers of year, and rightly so. When it comes to cost of living, particularly amid a global economic crisis, what issue can be more pressing? Indeed, 2008 will probably be remembered as the year of soaring inflation, jumping from an annualized 6.9 percent in December 2007 to a whopping …

Sherine El Madany

Scandals of 2008: Monopoly, murder and mayhem

Top cement company executives found guilty of price-fixing, a real estate magnate on trial for murder, a UAE-based property giant accused of causing a deadly rockslide – these were just some of the year’s headlines as rumors and scandals involving high profile businessmen swirled. On the heels of a ravenous real estate sector and with …

Sherine El Madany

Egyptian pound rally not cursor of long-term trend, say analysts

CAIRO: A recent rally in the Egyptian pound against the US Dollar may unwind as economists said the greenback’s slump this week may have been overdone. On Sunday, the Egyptian pound appreciated to 5.5162 against the dollar by press time from Thursday’s closing weighted average of 5.5199. The figure compares to a rate of 5.52, …

Sherine El Madany

UNCTAD urges the world to learn from previous crises

CAIRO: Traditional assistance packages are counterproductive and multilateral cooperation is the only viable solution to weather a deepening global financial crisis, said the United Nations Conference on Trade and Development (UNCTAD) in a report released Thursday. As the financial crisis becomes increasingly global, the world economy is caught in a loop of weaknesses and seems …

Sherine El Madany

Weekly Stock Review: Market up after short trading week

CAIRO: The market rallied last week after an extended market holiday, boosted by Orascom Telecom’s (OT) announcement that it would begin operations of North Korea’s first mobile license. Overall, Egypt’s benchmark CASE 30 index climbed 3.16 percent to close the week at 4,319.74 points. News that OT – the largest Arab mobile operator by subscribers …

Sherine El Madany

One On One: Rachid details Trade Ministry's stimulus package

CAIRO: While the government s recently announced LE 15 billion stimulus package will weigh on the budget deficit, the pressing goal remains to be supporting growth, said Trade Minister Rachid Mohamed Rachid. Everyone is willing to sacrifice an increase in budget deficit to stimulate growth, Rachid told Daily News Egypt in a phone interview. The …

Sherine El Madany

Mobinil confident of further growth

CAIRO: MobiNil, Egypt s largest mobile phone operator by subscribers, said it would continue to experience robust growth despite the global economic crisis. “Our third quarter results beat expectations, and we expect that end of year results would match analysts’ expectations, MobiNil Chairman Alex Shalaby told a conference Wednesday to mark reaching 20 million subscribers. …

Sherine El Madany

Ritz-Carlton to open first hotel in Cairo

CAIRO: The banks of the Nile River will be home to Cairo’s first Ritz-Carlton Hotel after the capital’s storied Nile Hilton undergoes a LE 350 million ($63.6 million) renovation beginning next month. The Ritz-Carlton Hotel Company sealed Wednesday a 20-year contract with Misr Hotels Company – the holding company for the Nile Hilton and the …

Sherine El Madany

Beltone to launch ETF in January

CAIRO: Egypt-based investment bank Beltone Financial recently announced it will launch the region’s first exchange-traded fund (ETF) in January. The fund – named XT-Misr – is an open-ended fund investing in a basket of securities that mirror performance of the benchmark CASE 30 Index. “XT-MISR responds to institutional and private investors who want to spread …

Sherine El Madany

Maintaining momentum key, say Egypt officials at EGY Finance

CAIRO: “There will be both winners and losers from this global financial crisis, and it is very difficult at this stage to bet who are going to be winners and losers, Minister of Trade Rachid Mohamed Rachid said. “We are doing our best to make our country one of the winners in this crisis, Rachid …

Sherine El Madany

EGY Finance kicks off, hands $2 bln in grants

CAIRO: The EGY Finance Conference opens today in Cairo, and will present over $2 billion of grants, technical assistance instruments and lines of credit availed by donors. “EGY Finance is an initiative of the business community aiming at supporting the business community in its strive to modernize, globalize and grow, said Alaa Ezz, secretary general …

Sherine El Madany

Weekly Stock Review: Egypt benchmark ends losing streak

CAIRO: After falling to its lowest close in 45 months earlier in the week, the Egyptian market rose for three consecutive sessions as investors chased beaten-down shares on renewed hopes on Wall Street. Overall, Egypt’s benchmark CASE 30 index rebounded 4.27 percent this week to close at 4,043.73 points. On Sunday, the index ended an …

Sherine El Madany

Egypt Factors: Financing trade in times of turmoil

CAIRO: At times of global financial turmoil, companies can fall victim to tightened credit conditions from commercial banks. But when money gets tight, factoring companies thrive. With Egypt’s first factoring company now up and running, local exporters can turn to a less traditional source of finance to ensure they have access to credit. “At times …

Sherine El Madany

Price stability top priority, says CBE governor

CAIRO: Price stability will be the Central Bank of Egypt’s (CBE) main focus in the coming period, said CBE Governor Farouk El-Okdah. I am not saying that growth is not important. I said our overriding objective is price stability, Okdah told a news conference Wednesday, which some interpreted as an attempt to curb expectations of …

Sherine El Madany

Mubarak's calls for promoting investment met with skepticism

CAIRO: President Hosni Mubarak’s calls for promoting private investments by offering incentives and cheaper credit has some analysts saying the government can’t just wave a magic wand to spur investments. “The real question is: Can Egypt compete with countries such as China and Malaysia in attracting new investments? These countries want to attract pools of …

Sherine El Madany

Real estate insiders say Egypt's market may see 'readjustment'

CAIRO: Global financial turmoil may be painful for the Egyptian economy, but top real estate executives as well as researchers said on Sunday it could also weed out property and bourse speculators looking for quick cash and help curb spiraling prices. While few expect to escape unscathed from the worst financial crisis in 80 years, …

Sherine El Madany

Weekly Stock Review: Egypt index spirals to three-year low

CAIRO: Last week marked another dismal performance for the market, as global economic gloom weighed on Egyptian shares, dragging the index to its lowest close since May 2005. Overall, Egypt’s benchmark CASE 30 index skidded 19.6 percent to end the week at 3,878.11 points. Blue-chips tracked Gulf markets down on Sunday, dragging the index 0.85 …

Sherine El Madany

New trading platform set to 'restore confidence' in Egypt's bourse

CAIRO: The Egyptian bourse will ring its opening bell next Thursday on a new trading platform built by Nasdaq OMX, making it among the region’s first three exchanges to make the switch. The Egyptian Stock Exchange announced this week that it will switch to X-Stream – a high performance trading system supplied by the world’s …

Sherine El Madany

Sugar company referred to prosecution for 'price-discrimination'

CAIRO: Egypt’s Ministry of Trade referred this week the public-run Sugar and Integrated Industries Company (SIIC) to the general prosecutor on price-discrimination charges in violation of the anti-monopoly law, said officials. “The Egyptian Competition Authority (ECA) found [in its investigations] that the company in question was preferential in selling molasses produced from sugar cane among …

Sherine El Madany

Financing trade key to sustaining growth, say experts

CAIRO: As fears of global recession and tight lines of credit begin to suffocate trade in vital parts of the world, several finance providers gathered Monday in Egypt to give a boost to trade finance tools. The one-day Egypt Trade and Export Finance Forum on Nov. 10 gathered manufacturers, distributors, importers/exporters, export credit agencies, multilateral …

Sherine El Madany

Weekly Stock Review: Market makes early gains, ends in the red

CAIRO: Egypt’s bourse kicked off the week with gains, posting four days of green trading. Investors had bought up shares since the start of the week on Sunday in anticipation of the outcome of the US elections – boosting the market – and took profits on the first day after Democrat Barack Obama won the …

Sherine El Madany

iPhone 3G coming soon to Egypt through Vodafone

CAIRO: Apple s iPhone 3G will soon be available in Egypt, and Vodafone Egypt is reportedly gearing up to be the first mobile operator to sell the high-tech gadget in the Arab world s most populous country. Customers nationwide can pre-register online and be notified when the phone arrives to Vodafone Egypt s stores, according …

Sherine El Madany