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In pictures: Violence at the Nile City Towers

Violent clashes broke out at the Fairmont Nile City Towers in the Boulaq area near downtown Cairo today. The interior and emergency doors to the towers were sealed off until Central Security forces arrived to disperse the crowd. In the ensuing violence approximately ten cars were burned, as well as several motorcycles in the Nile City …

Daily News Egypt

Luxury goods buck economic slowdown

Paris (AFP) — Fuelled by surging demand in China, luxury goods makers are bucking the global economic slowdown and reaping huge profits on sales of high-end handbags, expensive jewellery and posh perfumes. Results for the first-half of 2012 released this week showed major brands, including world leaders LVMH, PPR and Luxottica with rising profits driven …

Daily News Egypt

National Bank for Development aids the completion of new electricity plant

The National Bank for Development (NBD) called on banks holding Islamic licenses to participate in granting an Islamic loan of $120 million to the East Delta Electricity Production Company (EDEPC). Some of the banks expected to participate in the loan include Alwatany Bank of Egypt, the Egyptian Gulf Bank and United Bank. The loan’s period …

Daily News Egypt