Sherine El Madany

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Latest by Sherine El Madany


Egypt's credit future 'Stable,' says Moody's

CAIRO: Moody s rated the credit future outlook of Egyptian banks as “Stable in a report released Wednesday, even though risks are on the downside, it said. Satiated with excess liquidity, banks operating in Egypt are expected to survive the ongoing global financial tempest that has devoured big names. However, two financial institutions argue that …

Sherine El Madany

Beltone report: A positive outlook on Egypt's economy

CAIRO: Inflation and interest rates have soared. Growth rates are contracting. The stock market has fallen to erratic lows. Though Egypt’s economic picture seems bleak, Beltone Financial argues the country will survive the global financial storm. “While growth in Egypt is slowing, the economy is in a better situation to weather the fallout of global …

Sherine El Madany

Samsung expects regional business to 'remain robust'

CAIRO: At times when major corporations are jittery about sustaining their businesses – especially those with international reach – Samsung Electronics is looking forward to further growth in the region. “Even though global economy is tumbling, we expect strong growth from the Middle East and Africa [MEA] region, said ChangHo Park, senior manager of Samsung’s …

Sherine El Madany

Indian hair care company to open third plant in Egypt

CAIRO: Marico India will officially inaugurate Wednesday its third plant in Egypt’s Sadat City that will bring Parachute, the company’s largest selling hair care brand worth LE 700 million, to the Arab world’s most populous market. “The fact that we are setting up our third factory here shows a lot of confidence in the Egyptian …

Sherine El Madany

Weekly Stock Review: Egypt's CASE 30 sheds 3.7 pct

CAIRO: Egypt’s bourse snapped a three-day rally this week, as mild positive sentiment was offset by worries that the global economy was still heading towards a recession. Overall, Egypt’s benchmark CASE 30 Index shed 3.68 percent to end the week at 4,716.25 points. The index tumbled Sunday 6.79 percent to 4,564.18 points, as a global …

Sherine El Madany

Media and the private sector: Partnership or confrontation?

CAIRO: When a conference that initially aimed at highlighting business practices of Egyptian media turned into a battlefield between public and private-run newspapers, the audience left with one definite message on Egypt’s press integrity: curb your enthusiasm. The conference – which was entitled “Media and the Private Sector: Partnership or Confrontation? – opened Wednesday on …

Sherine El Madany

Microsoft inaugurates region's first iCafe in Egypt

CAIRO: Some of Microsoft’s top researchers spend their time thinking about complex software, algorithms, and security systems. Others think of ways to help the poorer segments of society realize their full potential. On Tuesday, Microsoft launched its iCafe program in Egypt, offering five local community libraries free access to the latest software technology and training …

Sherine El Madany

Steel prices slump amid economic crisis

CAIRO: Ezz Steel, Egypt s largest steel producer, cut its November prices by 30 percent, as slowing economic growth and the global credit crunch have forced builders to slash orders. “This price decrease is due to the global economic crisis. Commodity prices have fallen across the board, and naturally steel prices got impacted, said Samir …

Sherine El Madany

World is not prepared for bird flu pandemic, says UN

CAIRO: While most countries are planning for a flu pandemic, many plans have not been tested and may well fail once the next influenza pandemic starts, warned the United Nations and the World Bank in a recent report. While international efforts have pushed back the spread of bird flu this year, the threat of a …

Sherine El Madany

Stock Market Review: Egypt's stock market continues dropping

CAIRO: Egypt’s stock market headed for another precipitous drop last week as fears of a punishing global recession stirred panic among investors and sent world financial markets into a tailspin. Overall, Egypt’s benchmark CASE 30 index plunged 15.46 percent to close the week at 4,986.53 points, triggering a freeze in selling. On Sunday, the index …

Sherine El Madany

Experts debate the potential rebound of Egypt's stock exchange

CAIRO: With the Egyptian stock market following the erratic downs of Wall Street and to some extent those of Asian and European stock markets, when is it going to see a rebound? “That’s the trillion dollar question these days, isn’t it? Mohamed Yassin, managing director of Shuaa Securities, said Tuesday on the sidelines of the …

Sherine El Madany

Special Euromoney Coverage: Timing is everything when it comes to IPOs

CAIRO: Want to venture into a successful initial public offering (IPO)? Timing, pricing, and distribution are essential elements. Panelists at a workshop Monday explained that a successful IPO has to take place at an opportune time for both the economy and the company. Correctly pricing at book value is also key. Distribution of shares is …

Sherine El Madany

Egypt will be oxygen to global economy, says Rachid

CAIRO: “If you are in a good mood and enjoying your time, then leave now because what I’m going to say won’t leave you in a good mood, this is how Minister of Trade and Industry Rachid Mohamed Rachid opened his speech on impacts of the global financial crisis. The minister justified his statement by …

Sherine El Madany

Uptown Cairo makes inroads into onsite facilities

CAIRO: Emaar Egypt – wholly owned subsidiary of the UAE-based Emaar Properties – is currently finalizing negotiations to build an international school and hospital on its community residential project Uptown Cairo in Moqattam, said a company executive. “International schools and modern healthcare centers are part of the integrated communities we develop in Egypt including Uptown …

Sherine El Madany

Banque Du Caire: Who's going to buy a bank now?

CAIRO: With major banks taking a severe beating by the global financial upheaval, experts say the Egyptian government lost out when it canceled the sale of Banque Du Caire ahead of the market crisis. “The government lost when it postponed the auction [last June]. This was not the correct decision, and the bank should have …

Sherine El Madany

Hewitt assesses best employers in the Middle East

CAIRO: Want to be a better employer? Remember to motivate your employees and fulfill their expectations while meeting your business demands. “Best employers are those organizations that have managed to capture the hearts and minds of their people, said Debabrat Mishra, regional consulting business leader at Hewitt Associates. “Employees are typically driven by a fundamental …

Sherine El Madany

Beltone launches region's first ETF

CAIRO: Egypt-based investment bank Beltone Financial said Monday it will launch the country’s first exchange-traded fund (ETF) in December tracking the benchmark CASE 30 index. The fund – named XT-Misr – is an open-ended fund investing in a basket of securities that mirror performance of the CASE 30 Index, the bank said in a statement. …

Sherine El Madany

Citadel Captial denies postponing IPO date

CAIRO: Cairo-based private equity firm Citadel Capital said Wednesday it did not postpone the date of its initial public offering (IPO), contrary to some local news reports. The company told Daily News Egypt that the IPO date was never set in the first place, so it could not be postponed. Citadel Capital confirmed, however, that …

Sherine El Madany

BUSINESS BEAT: Economists disagree on outcome of CBE rate hikes

CAIRO: The Central Bank of Egypt (CBE) raised overnight interest rates by a cumulative 2.75 percent this year to battle 16-year high inflation, but economists argue that monetary policy tightening alone is not enough to help the economy. “These rate hikes have not contained inflation, said Passant Fahmy, banking expert and senior consultant at Egyptian-Saudi …

Sherine El Madany

Egypt economists anxious about US bailout plan

CAIRO: It is often said that when the US sneezes, the rest of the world catches a cold. Now, the US has caught pneumonia and the rest of the world is aching. As major US financial institutions declare bankruptcy – the global economy is paying the bill. “I am not a big fan of the …

Sherine El Madany

General assembly yet to endorse sale of Alex Sodium Carbonate Company

CAIRO: Belgium’s Solvai recently won the public auction for the sale of Alexandria Sodium Carbonate Company, after presenting the highest bid at LE 760 million. “Solvai offered the highest price and the best revamp plan, said Farouk Abdel Hamid, information officer at the Holding Company for Chemical Industries, the governmental body in charge of the …

Sherine El Madany

Egypt's mortgage finance market is resilient, says Amlak CEO

CAIRO: As the ripple effects of the subprime mortgage meltdown signal a seismic shift in global financial markets with big names biting the dust, Egypt’s mortgage finance market remains intact, says one industry executive. “Egypt’s mortgage finance market is decoupled from the ongoing global market turmoil, said Ahmed Haggag, CEO of Amlak Finance and Real …

Sherine El Madany

Egypt bourse tumbles to 13-month low on global sell off

CAIRO: Egypt’s benchmark CASE 30 index plunged Monday to its lowest close in nearly 13 months, as investors escaped the market amid a deepening US financial crisis. The index plummeted 5.52 percent – its biggest one-day collapse this year – to close at 7,541.24 points on a trading turnover of LE 1.1 billion. Traders explained …

Sherine El Madany

Gold weighed down by dollar rally

CAIRO: If you are looking for an excuse to buy some gold jewelry, now is the time. The yellow metal slid to an eight-month low which may increase demand and lend the commodity a boost in price. “Gold prices have plunged 25 percent from peak levels at $1,020 an ounce end of February, said Rafik …

Sherine El Madany

Reform first, celebrate later, say experts

CAIRO: Before Egypt starts celebrating its recent ranking as the world’s 10th business reformer, vital steps need to be taken to further facilitate doing business, said critics. “It is very positive that Egypt is once again ranked among the top 10 reformers by a prominent international organization. The fact that Egypt has scored high rankings …

Sherine El Madany

Egypt ranked world's 10th business reformer

CAIRO: Egypt jumped 11 places in aggregate rankings on the ease of doing business and scored the world’s 10th business reformer this year, according to the World Bank’s “Doing Business 2009 Report. “Egypt was once again among the top 10 global reformers – the third time in four years – and top regional reformer this …

Sherine El Madany