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Latest in Lifestyle


CBQ Q3 profit jumps to 508 mln riyals

DOHA: Commercial Bank of Qatar (CBQ) reported a 28.9 percent jump in third-quarter net profit on Tuesday, beating analysts’ expectations on average on increased loan activity and deposits. Qatar’s third-largest bank by market value posted a net profit of 508 million Qatari riyals ($139.5 million), up 29 percent from 394 million riyals a year earlier. …

Reuters

Iraq to auction gas fields despite uncertainties

BAGHDAD: Energy companies face tough terms, shaky security and local opposition when they fly to Baghdad this week to take part in a gas bidding round. Iraq’s plan to auction three gas fields on Wednesday has generated little interest from international energy firms eager to tap the country’s vast reserves, compared with Iraq’s two oil …

Reuters

Asia Naphtha-Saudi Aramco sales premiums recover

SINGAPORE: Saudi Aramco sold 50,000 tonnes of A180 naphtha for early-November loading from Ras Tanura to a Western trader at $16.00-$17.00 a tonne above Middle East quotes, free-on-board (FOB) basis, pointing to a strong recovery of export prices to high premiums, traders said on Monday. It was not immediately clear where this cargo is headed, …

Reuters

Israel’s Peres cancels Morocco visit after royal snub

JERUSALEM: Israeli President Shimon Peres has cancelled a trip to Morocco after his requests to meet King Mohammed VI were spurned, an Israeli official said on Monday. The Israeli leader was to have attended a gathering of global figures at the World Economic Forum on the Middle East and North Africa in Marrakech from October …

DNE

IMF sets central bank meeting in Shanghai Monday

WASHINGTON: The International Monetary Fund on Friday said it will hold a high-level conference of central bank governors in Shanghai next week to discuss ways to address the global financial crisis. The IMF said the conference, scheduled for Monday, would include central bank chiefs and other officials from Asia, Africa, Europe, and North and South …

AFP

Saudi Sipchem Q3 up 54 pct as investors eye SABIC

RIYADH: Saudi International Petrochemical Co (Sipchem) on Sunday posted a 54-percent rise in third-quarter net profit, partly on higher sales volumes and prices. Sipchem’s results, which came mainly on the back of higher butanediol petrochemical product, bode well for larger rival SABIC’s results. Sipchem said third-quarter operating profit stood at 175.8 million riyals, a 456 …

Reuters

World powers have no option but talk with Iran, says Ahmadinejad

TEHRAN: World powers have no option but to talk with Iran over its nuclear program, hardline Iranian President Mahmoud Ahmadinejad said Sunday in defiant comments ahead of next month’s negotiations. "We said from the start that the best way is to talk to Iran. You don’t have any other option. All other ways are blocked," …

AFP

Lafarge exec says Iraq improving for investors

BAGHDAD: Iraq’s investment climate is getting better but foreign investors are awaiting the passage of national industry and consumer protection laws to further improve the environment, the Iraq chief of French cement maker Lafarge said. "I think the investment environment, and generally the business environment, is in an improvement trend," Marcel Cobuz told Reuters in …

Daily News Egypt

Xceed plans to double in size by 2013

CAIRO: Egypt’s Xceed plans to double the size of its operations by 2013, the vice president of the company said. A provider of multilingual business process outsourcing (BPO) services, Xceed currently has two contact centers in Egypt and one in Morocco with 2,000 total employees. And right now, “business is booming,” said Xceed Vice President …

Amr Ramadan

Kuwait telco Zain Q3 earnings up on customer boost

KUWAIT: Kuwaiti mobile telephone firm Zain, the Gulf Arab region’s third-largest operator by market value, posted a 96 percent rise in third-quarter net profit, boosted by a sharp increase in customer numbers. "In this new era of focus on our Middle East operations, we are extremely pleased with the robust 25 percent customer growth and …

Reuters

Egypt to boost investments with Morocco

Minister of Trade and Industry Rachid Mohamed Rachid met with visiting Moroccan Foreign Trade Minister Abdellatif Maazouz on ways to boost trade and economic relations and increase joint investments. The ministers highlighted the importance of establishing a direct maritime line linking Egyptian and Moroccan ports. Both also witnessed the inking of an agreement to establish …

Daily News Egypt

Ezz Steel pulls Egypt index higher

Shares in Egypt’s largest steel producer Ezz Steel posted their biggest single day gain in nearly five months, boosted by market speculation the firm may soon bid for a new production license in Egypt. Ezz Steel rose 3.5 percent, its fourth session of gains in a row, to LE 20.25 per share, its highest price …

Reuters

TE finds way around mobile license with MVNO agreement

CAIRO: Telecom Egypt (TE) is preparing to enter into an agreement with Vodafone Egypt to buy minutes at reduced prices and resell them in the market under the Mobile Virtual Network Operator (MVNO) licenses that the Telecom Ministry plans to issue. According to independent daily Al-Masry Al-Youm, Egypt’s Telecom Minister met with the CEO of …

Amr Ramadan

Egypt court sets date for TMG Madinaty challenge

An Egyptian court will hear a lawsuit on Nov. 9 challenging a government plan to end a row over Talaat Moustafa’s (TMG) Madinaty project, a court said on Monday — a fresh twist to a dispute that has rattled property investors. TMG’s flagship Madinaty development has been mired in a legal row since a court …

Reuters

Egypt to offer licenses for 3 mln tons steel: papers

Egypt’s government will launch a tender on Wednesday for licenses to produce 3 million tons of steel, requiring investments worth 3.2 billion Egyptian pounds, newspapers reported on Saturday. The month-long tender by the Industrial Development Authority (IDA) comes as the government seeks to boost steel production to meet growing demand from the construction industry and …

Reuters

Vimpelcom in talks with Algeria over Djezzy

MOSCOW: Vimpelcom is in talks with Algerian officials over the fate of the north African nation’s top mobile phone operator Djezzy that Algiers wants to nationalize and the Russian firm wants to control. Djezzy is the most lucrative asset of Egyptian tycoon Naguib Sawiris’ Orascom Telecom, which Vimpelcom intends to buy control of as part …

Daily News Egypt

SODIC to start two residential projects in Syria

Egyptian developer Six of October Development and Investment Co. (SODIC) may start two housing projects in Syria by the end of this year, a senior executive told Bloomberg. “There is huge potential in Syria,” Ashraf Farid, the company’s operations director, said in an interview. “We are looking to launch a couple of projects towards the …

Daily News Egypt

Seminar discusses Egypt’s changing role in the region amid globalization

CAIRO: The changing political and economic dynamics in the world have affected Egypt’s leadership position and influence on international affairs, Middle East analyst and researcher Sophie Pommier said. On Tuesday, Oct. 5, the Centre d’Études et de Documentation Économiques, Juridiques et Sociales (Center for Social, Judical, and Economic Documentation and Study, CEDEJ) hosted a talk …

Daily News Egypt

Kharafi receives enough Zain shares for Etisalat deal

KUWAIT: The Kharafi Group, a major Zain shareholder, has received enough shares to tender to Etisalat’s offer for a 46-percent stake in the Kuwaiti telecoms firm, an executive said on Thursday. Kharafi unit National Investments Co. (NIC) had advertised for shareholders to join a consortium and tender their shares. "We have approvals from our clients …

Reuters

Dubai, Abu Dhabi housing vacancy expected to peak in 2012, says report

DUBAI: Housing markets in Dubai and Abu Dhabi are likely to see the average vacancy rise, before it peaks in 2012, while apartment sale prices and rentals continue to erode, property consultancy Landmark Advisory said on Wednesday. The residential average vacancy will gradually increase to peak at 12 percent in 2012 from 10 percent in …

Daily News Egypt

Pachin declares 4.5 EGP dividend for 2009/10

Egyptian paintmaker Pachin said on Sunday it declared a cash dividend of LE 4.5 ($0.79) for the 2009/10 period. Full-year net profit at Egypt’s largest listed paint maker jumped 70 percent to LE 154.7 million, and net sales rose to LE 703.8 million. Pachin’s chairman said in November Egypt’s paint market was growing at 2 …

Reuters

Syrian authorities arrest organ trafficking ring led by Egyptian woman

  CAIRO: Syrian authorities arrested an 11-member organ trafficking ring in northern Aleppo, allegedly led by a 26-year-old Egyptian woman named Fadia, Syria-based daily independent Al-Watan reported Monday. The group is allegedly responsible for trafficking the kidneys of about 150 Syrians over the past year — some of whom are in critical condition, the report …

Daily News Egypt Authors

Egypt could become the top outsourcing destination worldwide, says expert

CAIRO: Worldwide demand for outsourcing is tilting towards Egypt as Europe now spends more on outsourcing than North America. According to Denise D’Elia, a Vodafone representative, outsourcing as an industry was valued at $13 billion last year. Egypt has the third-largest talent pool in the EMEA region. This is largely due to the country’s rich …

Christopher Le Coq

Karama Party leader calls for revival of Nasser’s policies

CAIRO: Founder of Al-Karama Party Hamdeen Sabahi called for the revival of socialist economic policies of the Nasserite era and the re-nationalization of privatized public properties. Delivering a passionate speech to workers assembled at the Egyptian Center of Economic and Social Rights (ECESR) Monday, Sabahi said that change won’t come except through the physical presence …

Tamim Elyan

Pakistan probes reports of Qaeda insurgent’s death

ISLAMABAD: Pakistan is investigating reports that a CIA missile strike killed a senior Al-Qaeda commander as he traveled in a tribal region near the Afghan border, security officials said Wednesday. If confirmed, Sheikh Fateh Al-Masri’s death would be the covert US missile program’s latest blow to Osama bin Laden’s terrorist network. Al-Masri is believed to …

Daily News Egypt

Investigation launched into assault of public prosecutor lawyers by SSI officer

CAIRO: Investigations are being carried out into allegations by three members of Rashid’s public prosecution office that a state security investigations (SSI) officer verbally assaulted and threatened to open fire on them as they attempted to inspect a SSI facility. News of the incident was first reported by Mohamed Abdelaziz, a lawyer with the Nadeem …

Sarah Carr

How to bet on SMEs and win

It can be said that the small- and medium-sized enterprises (SMEs) sector has traditionally been treated as something of an afterthought by many banks in Egypt. This point was illustrated in a recent survey, which showed that lending to the SME sector amounted to only 5 percent of total lending in Egypt. But as competition …

Daily News Egypt

CIB launches health-focused foundation

Hisham Ezz El Arab, chairman of Commercial International Bank (CIB), recently launched the CIB Foundation, a corporate social responsibility (CSR) initiative dedicated to enhancing health and nutrition services for underprivileged children in Egypt. Nesma Farahat, manager of the CIB Foundation, told Daily News Egypt that the board of trustees chose children’s health and nutrition as …

Amr Ramadan

Israel deports Jewish boat activists

ASHDOD: Three Jewish activists who tried to bust Israel’s blockade on Gaza were on their way out of Israel on Tuesday night and a fourth was awaiting deportation, their lawyer said. Israeli warships on Tuesday intercepted the boat named "Irene" 20 nautical miles off the coast of the Gaza Strip, and took it the port …

AFP