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Latest in Lifestyle


Industries Qatar in focus, markets seen flat

DOHA: Industries Qatar will be in focus on Thursday after its second-quarter results beat analysts’ forecasts. The Gulf’s second-largest chemical producer by market value made a second-quarter net profit of 1.4 billion riyals ($384.7 million). Analysts polled by Reuters had expected an average quarterly profit of 1.16 billion riyals. "The strong half-yearly net profits can …

Reuters

Trading in Kuwait’s Agility halted on media report

KUWAIT: Trading in Kuwait’s logistics firm Agility was halted on Thursday on a media report that U.S. prosecutors were going to drop fraud charges against it. The bourse did not mention the report in its brief statement, but Al-Watan daily quoted the Middle East Economic Digest (MEED) magazine as saying the company said U.S. prosecutors …

Reuters

Emami to build first overseas plants in Egypt, Bangladesh

Emami Ltd., an Indian maker of health-care products endorsed by Bollywood actor Amitabh Bachchan, will build its first overseas factories in Egypt and Bangladesh to meet demand for soaps, ointments and creams. The company based in Kolkata plans to spend 350 million rupees ($7.6 million) on the new plants, said Executive Director Mohan Goenka. “Demand …

Daily News Egypt

Jumeirah Group enters Egypt

Jumeirah Group, the Dubai-based luxury hospitality company and member of Dubai Holding, has signed an agreement with Palm Hills Developments (PHD), one of Egypt’s premier developers, to manage Jumeirah Gamsha Bay Resort, a new five-star resort located in PHD’s Palm Gamsha resort on the Red Sea. Jumeirah will manage a 250-room hotel on the mixed-use …

Daily News Egypt

Iraq delays gas bidding round to Oct 1

ISTANBUL: Iraq has pushed back by a month the date of an auction for international firms that want to develop three of its gas fields, company executives said on Sunday. Baghdad had said it will invite all 45 international companies which were prequalified in the two oil auctions last year to bid for Akkas field …

Daily News Egypt

Firms to bid for work at Saudi offshore gas fields

KHOBAR: State oil firm Saudi Aramco has invited contractors to bid for offshore work at its non-associated gas fields feeding Wasit, the biggest gas plant built in the kingdom, industry sources said on Sunday. Wasit would process up to 2.5 billion cubic feet per day (cfd) of gas from the Arabiyah and Hasbah offshore fields. …

DNE

Pakistan flood toll tops 1,000 as cholera emerges

PESHAWAR: The death toll from Pakistan’s worst floods in living memory topped 1,000 Sunday as outbreaks of waterborne disease emerged and penniless survivors sought refuge from the raging torrents. More than 1,000 people have been killed by monsoon rains, flash floods and landslides in the northwest province of Khyber Pakhtunkhwa, and at least another 47 …

Daily News Egypt

Egypt index gains, Mobinil and OT up

CAIRO: Egypt’s main index, EGX30, ended 0.7 percent higher, with Mobinil climbing 2.2 percent after hitting a 15-month low last week on poorly received earnings and Orascom Telecom rising further as Algeria talks loom. Traders said eyes are turning to blue-chip results due out in the next two weeks, including those of Commercial International Bank, …

Reuters

EFIC establishes LE 500 mln fertilizer plant in Ain Sokhna

In a statement on the stock exchange website, the Egyptian Financial and Industrial Company (EFIC) said that it gained all required licenses to establish a new plant in Ain Sokhna at an investment cost of LE 500 million. The plan will have a production capacity of 500,000 tons. The release stated that, the plant is …

Arab Finance

Saudi king in Syria amid regional tensions

DAMASCUS: Syria on Thursday warned the United States to stop trying to interfere as Arab leaders try to defuse heightened tensions in the Middle East. Saudi King Abdullah, who arrived in Syria on Thursday, was expected to travel with the Syrian president to Beirut on Friday to help calm concerns over pending indictments in the …

Daily News Egypt

Jordan Telecom H1 net profit drops 10.9 pct

AMMAN: Jordan Telecom Group, the country’s sole fixed-line operator, said on Wednesday its net profit in the first six months of 2010 fell 10.9 pct to 45.6 million dinars ($64.3 million) due to the cost of launching a 3G service. The telecom group, in which France Telecom owns a 51 percent stake, said revenue at …

Reuters

Experts forecast steady performance for Egypt banks

“The Egyptian banking sector’s performance in [the first and second quarters] mirrors the strong fundamentals and the vast liquidity of the sector, which has…allowed Egypt to safely navigate through the global turmoil,” Sherif Khalil, head of investor relations at Commercial International Bank (CIB), said. Still, he told Daily News Egypt, “the relative slowdown in economic …

Christopher Le Coq

Mobinil Q2 net profit falls 29 pct

CAIRO: Egypt’s Mobinil posted a fall in second-quarter net profit to LE 381 million, adding far fewer subscribers than its main rival, blaming the regulatory and competitive environment. "We still expect those adverse conditions to continue in the foreseeable future," Mobinil Chief Executive Officer Hassan Kabbani said in the earnings release. The profit figure was …

Reuters

Room for growth in Mideast private equity

Private equity in the Middle East is emerging stronger and smarter from the financial crisis, finds a new report co-authored by INSEAD and Booz & Company. The report, entitled “Private Equity in the Middle East: A Rising Contender in Emerging Markets,” sets out to examine the evolution of private equity in the region over recent …

Daily News Egypt

Barclays Egypt talks CSR

While it may seem that corporate social responsibility goes unnoticed by consumers, Omnia Elnosairy, head of corporate affairs at Barclays Bank Egypt, argues that “customers do care.” “They want to trust the organization that they bank with, they want to bank with an organization that is responsible,” told Daily News Egypt on the sidelines of …

Amr Ramadan

Decoding Egypt: ‘We started big, and we remain big’!

"We started big, and we remain big" is the clunky, self-praising but deceptive slogan used by Egyptian television to commemorate the 50th anniversary of its establishment. Egyptian TV is now 50 years old, an occasion loaded with countless memories of past achievements and successes. Yet the overdose of remembrance that associated the drummed up celebration …

Nael M. Shama

Land sales drought hits Abu Dhabi’s Sorouh Q2

ABU DHABI: Abu Dhabi’s Sorouh Real Estate, one of the Middle East’s biggest developers, said on Tuesday a lack of land sales in the second quarter explained a sharper-than-expected drop in net profit and revenues, both of which fell about 80 percent. "There were no land sales this quarter, so revenues and profits were lower. …

Reuters

Orascom Tel helps boost Egypt index

CAIRO: Egypt’s main index inched up, helped by Orascom Telecom, which has gained 6.5 percent since Algerian ministers said in parliament on Thursday talks would soon begin with the Egyptian company over its Algeria unit. Orascom gained 2.2 percent. Algeria is waiting until experts complete a valuation of Orascom’s Djezzy unit, which the Algerian state …

Reuters

India’s DLF to buy out Dubai World unit in JV, says paper

MUMBAI: Indian real estate firm DLF is buying out the stake held by a property unit of debt-laden Dubai World in an equal joint venture in India for about 2 billion rupees ($43 million), the Economic Times reported on Monday. A unit of DLF will buy the stake owned by Limitless Group, part of Dubai …

Reuters

Saudi Arabia: Full steam ahead

RIYADH: Infrastructure upgrades are the order of the day, with the government of Saudi Arabia giving its full financial backing to big-ticket transport projects in a bid to ensure that passengers and cargo can move about the Kingdom more quickly, efficiently and affordably. One of the largest projects under way is a significant expansion of …

Daily News Egypt

Egypt to increase supply of goods during Ramadan

State agencies are to increase supply of meat, poultry fish, oils, rice and beans in order to keep prices low during Ramadan, reported Al-Ahram newspaper. Other measures are being taken in order to relieve inflationary pressure including setting up outlets which provide goods at prices 20 percent lower than their market price, Beltone Finacial said …

Daily News Egypt Authors

Yes You Can: Attitude, goals and actions

Real achievers never complain about the past. Complaining is a form of self-talk in the science of communication. When you experience a situation you dislike, you can hear a voice inside your head talking negatively. If it is an experience you want to learn from, the voice will be talking positively. It is easy to …

Daily News Egypt

World trade to grow 10 percent in 2010, says WTO

GENEVA: The World Trade Organization raised on Friday its forecast for growth of global commerce to 10 percent this year, with its director general saying that even this might yet "turn out to be too low." WTO chief Pascal Lamy said: "Our forecast for world trade this year is plus 10 percent in volume after …

AFP

Jordan budget gap shrinks as spending curbs bite

AMMAN: Jordan’s budget deficit more than halved in the first five months of the year as the government maintained a freeze on non-essential capital spending, finance ministry sources said on Wednesday. They said the shortfall shrank to 137 million dinars ($193 million) from 348.3 million dinars in the same period of 2009 – a year …

Reuters

Middlesbrough leave ‘unfit’ Mido behind

CAIRO: Ahmed “Mido” Hossam was one of few players to be dropped from Middlesbrough’s pre-season trip to Ireland due to lack of fitness. The Egyptian striker, who returned from a loan spell at West Ham this summer, was left behind to work alone ahead of the new season. "Mido isn’t fit, so he’s stayed behind …

Omar AbdelAziz

Oil firms to around $77 ahead of US stocks data

  LONDON: Oil rose to around $77 per barrel on Tuesday, supported by firmer stock markets and expectations of a drop in US crude inventories.   European shares were slightly stronger in early trade, tracking gains on Wall Street, as optimism grew over second-quarter corporate earnings ahead of results from US companies. US crude for …

Reuters

Iran, Egypt to open joint bank in Tehran

  The Managing Director of Iran Foreign Investment Company (IFIC) stated that Iran and Egypt will open the first branch of a joint bank in Tehran in the near future.   The Mehr News Agency quoted Mehdi Razavi as saying that the first branch in Iran of Misr Iran Development Bank (MIDB) will be established. …

Daily News Egypt

Eni starts gas production at Tuna, offshore Egypt

Eni has started gas production in the Tuna field offshore Egypt, the Italian oil and gas company said in a statement on Monday. Eni said the project would produce about 4.5 million cubic meters of gas a day at the end of the ramp-up period, expected to be in September. That will contribute about 8,500 …

Reuters

Mido poised for Kayserispor move, say reports

CAIRO: Middlesbrough striker Ahmed “Mido” Hossam is poised to join Turkish club Kayserispor starting next season, according to media reports. Few days ago, the towering player told FilGoal.com that a Turkish side had tabled a “worthwhile offer” to acquire his services but kept his suitor anonymous. Later on, Turkish papers reported that a summer deal …

Sherif Tarek

InterCon Chefs

Eleven of Semiramis InterContinental talented chefs participated in the National Salon Culinary competition that took place recently at Intercontinental City Stars. The hotel chefs managed to win different prizes through their creative and outstanding work. The winning team consisted of: Chef Moustafa Omar El Farouk, Chef Hassan Aly, Chef  Mohamed Sliem, Chef Hassan Mohamed Nour …

DNE