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Latest in Lifestyle


Egypt cuts rice crop area by nearly half: agency

Egypt cut by almost half the amount of land it used to sow rice in 2010 versus the previous year, saving the country 5-6 billion cubic meters of water, the official state news agency MENA said on Thursday. The amount of land on which rice was grown was reduced to 1.2 million feddans (1.2 million …

Reuters

Citigroup cuts Air Arabia price target

Citigroup cut its share price target and earnings estimates for UAE-based budget carrier Air Arabia, following a disappointing second quarter, and cited an expected fall in 2010 average ticket price. Citigroup now sees average ticket price in 2010 falling by 2 percent, compared with its prior view of a 3 percent growth. Last week, Air …

Reuters

Minister of Health pays ‘friendly’ visit to Prosecutor General

CAIRO: The Ministry of Health denied reports that Minister Hatem El-Gabali was summoned to the Prosecutor General’s office, stressing in a statement that his visit there was “friendly”. Minister of Health Hatem El-Gabali paid Prosecutor General Abdel Meguid Mahmoud a “friendly” visit to discuss a number of matters related to the ministry, the statement said. …

Safaa Abdoun

Suez Canal gets highest daily revenue since crisis

ISMAILIA: The Suez Canal last week earned its highest daily revenue since the 2008 financial crisis triggered a world trade slump, the canal authority said on Sunday, citing a recovering economy and canal improvements. The canal is an important source of foreign currency for Egypt, along with tourism, oil and gas exports and remittances from …

Daily News Egypt

Sewedy Cables Q2 net jumps on higher sales

CAIRO: Egypt’s El Sewedy Cables reported a 53 percent jump in second-quarter net profit on Monday after it took business from rivals weakened by the global economic slowdown. Sewedy, the Arab world’s biggest maker by market value of cables used in power transmission and telecoms, said net profit rose to LE 270.1 million ($47.4 million) …

Sherine El Madany

Global M&A involving sovereign wealth funds pick up in Q2

LONDON: Global corporate mergers and acquisitions activity involving sovereign wealth funds rose to more than $12 billion in the second quarter with 33 deals completed, Thomson Reuters data showed on Monday. Global announced M&A volumes involving state investment vehicles stood at $12.5 billion in the second quarter, up from just $1.1 billion in the first …

Daily News Egypt

Egypt’s Pioneers H1 net plunges 86.5 pct

CAIRO: Egyptian financial services firm Pioneers Holding posted an 86.5 percent decline in H1 net income to LE 10.5 million ($1.84 million), the stock exchange said on Sunday. Net income was 77.5 million pounds in the same period a year ago.

Reuters

Egyptian Resorts H1 net drops, no land sales

CAIRO: Real estate firm Egyptian Resorts’ net profit plunged by more than 90 percent in the first six months of 2010, the bourse said on Sunday, after the company failed to sell any land. But analysts said the company’s profit could recover as soon as next year thanks to new management and a partnership to …

Reuters

Jordan sends aid to Pakistan

AMMAN: A Jordanian plane carrying 3.5 tonnes of food and medical supplies left for Pakistan on Sunday to help aid millions of people hit by devastating floods, an official said. "The plane also carries a 25-member medical team, including nine doctors, as well as 21,000 typhoid and cholera vaccines," Brigadier Mohammad Mheisen of Jordan’s Royal …

DNE

Egypt’s Misr Beni Suef H1 net profit drops 4 pct

CAIRO: Egypt’s Misr Beni Suef Cement posted a 4 percent fall in net profit to LE 193.5 million ($33.9 million) for the first half of 2010, the stock exchange said on Sunday. The company, which gave no further details on its results, had made a net profit of LE 201.3 million in the same period …

Reuters

Maadi ferry case adjourned to Sept. 4

CAIRO: The first appeal hearing of the Maadi ferry case Saturday, which left nine girls dead, two missing and three injured, was adjourned to Sept. 4. Islamist lawyer Montasser Al-Zayyat joined the team representing defendant Ali Eweis, the 18-year-old who rented out his older brother’s small boat to15 school girls and their supervisors on July …

Heba Fahmy

Egypt pound again tests strong support

The Egyptian pound has again tested chart support against the dollar at 5.70 in line with the global trend to dump riskier assets on concern over the fragile US economy. This was a negative surprise to some investors who have been buying Egyptian T-bills in the last few weeks in the belief that the pound …

Reuters

Vimpelcom eyes Italy’s Wind, Egypt’s Orascom: paper

Telecoms group Vimpelcom Ltd may buy Italy’s No.3 mobile operator Wind and 51 percent of Egypt’s Orascom Telecom from tycoon Naguib Sawiris, Kommersant reported on Thursday citing an unnamed source. The acquisition would mark a major expansion for the newly created entity, formed earlier this year through a merger of Russia’s number two mobile operator …

Reuters

GB Auto Q2 net profit jumps 92 pct

GB Auto said on Monday its second-quarter net profit surged 92 percent to LE 77.7 million ($13.7 million), exceeding analyst forecast. The firm, Egypt’s biggest listed automobile assembler, said net profit was LE 40.4 million in the same quarter a year earlier. Investment bank EFG-Hermes had forecast the firm’s net profit at LE 71 million, …

Reuters

Egypt refining co secures $2.6 bln loan: Citadel

Egypt-based private equity firm Citadel Capital said on Monday a company in which it is an investor had secured $2.6 billion in financing for a refinery project in the Cairo area. The Egyptian Refining Company, in which Citadel said it had a stake of more than 8 percent, signed the loan to finance construction of …

Reuters

Egypt seeks to woo Arab tourists for Ramadan revels

CAIRO: With its cooler temperatures but more sizzling entertainment, Egypt has long been a prime destination for rich Arab tourists, especially from the Gulf states. This year, however, the authorities fear that the Muslim holy month of Ramadan, which starts on Wednesday at the height of the annual tourist season, will mean that many potential …

AFP

Zain receives $295.4 mln from Bharti for Africa sale

KUWAIT: Kuwaiti telecom firm Zain said it received $295.4 million from India’s Bharti Airtel as part of the sale of its African assets. In June, Zain and Bharti closed a $9 billion deal for the Kuwaiti firm’s African assets excluding Sudan and Morocco. Zain had received $7.87 billion after the closing, and said it would …

Reuters

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