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Latest in Lifestyle


Direct talks and their potential consequences

The Obama administration’s success in moving the Israeli-Palestinian talks from proximity to direct negotiations is an important achievement for making real progress. However, direct talks will not produce substantive results unless the United States takes a number of pivotal steps to insure that the progress made in the negotiations is irreversible, and will eventually lead …

Daily News Egypt

Beltone starts technical analysis traded equity fund

Cairo-based investment bank Beltone Financial will put LE 5 million ($880,000) into a new open-ended equity fund that will make investments relying only on technical analysis, Bloomberg reported. With LE 24.5 billion in assets under management, Beltone will issue shares in the fund Aug. 29 through government-owned Banque Misr, according to the fund’s prospectus. The …

Daily News Egypt

Ezz Steel Q2 net jumps, beats forecasts

Egypt’s Ezz Steel said on Thursday its second-quarter net profit more than tripled and forecast that growing global demand for steel would push prices higher in the second half of 2010. Egypt’s largest steel producer said net profit was LE 136 million ($23.8 million), compared with LE 37 million in the same quarter last year, …

Sherine El Madany

Abraaj Capital’s Riyada fund eyes Egyptian SMEs

“Small and medium enterprises (SMEs) are a key pillar of modern economies,” said Walid Bakr, director and executive committee member of Riyada Enterprise Development (RED). While SMEs contribute about 25 percent to Egypt’s GDP, this figure is far below the global average, sitting at about twice that amount, Bakr told Daily News Egypt in an …

Christopher Le Coq

Remains of settlement found in El-Kharga Oasis

CAIRO: Remains of an ancient settlement were discovered in the Um El-Mawagir area of the El-Kharga Oasis, the Supreme Council of Antiquities said Wednesday. Minister of Culture Farouk Hosni confirmed the discovery and added that the settlement has been dated back to the Second Intermediate Period (ca. 1650-1550 BC). This makes it about a thousand …

Daily News Egypt

Demystifying Basel II and bank risk management

We have all heard about — and probably even been impacted by — the economic crisis and the bank failures around the world that caused it. Many of us have wondered how this could happen and how a recurrence can be prevented in the future. This is important to us as we trust banks to …

Daily News Egypt

NBAD plans 22 new branches in Egypt in near-term

National Bank of Abu Dhabi, the second largest bank in the United Arab Emirates, said on Wednesday it plans to open around 22 branches in Egypt in the short-term as part of aims to become the largest Arab bank. The bank said in a statement it already had 28 branches in the most populous Arab …

Reuters

At least 52 dead as car bombs target Iraq police, say officials

BAGHDAD: More than a dozen apparently coordinated car bombs targeting Iraqi police and other attacks killed 52 people on Wednesday, just days before the US military officially ends its combat mission here. The trail of bloodshed started in the capital Baghdad before stretching to the north and south of the country, hitting 10 cities and …

Daily News Egypt

Sinai Cement H1 net rises to $64.5 mln

Egypt’s Sinai Cement posted a 6.7 percent rise in consolidated net profit to LE 367.4 million ($64.5 million) in the first half of 2010, the stock exchange said on Sunday. The results were published after shares in Sinai Cement, the local unit of France’s Vicat, closed down 0.5 percent.  

Reuters

Ex-Chevron head appointed to Aramco board

RIYADH: Saudi Arabia’s king has appointed the Chevron Corp.’s former chairman as a board member of Saudi Aramco, the country’s state-run oil giant. David O’Reilly’s appointment, reported by the Saudi Press Agency late Saturday, came as King Abdullah named a new board for Aramco. The company’s president, Khalid Al Falih remains Aramco’s chief executive. O’Reilly …

AP

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