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Latest in Lifestyle


Feeder vessels carrying Egyptian imports get discount rate

  The Suez Canal Authority (SCA) will extend feeder vessels, with a load capacity of 5,000 tons, a discount of up to 30 percent on the charges paid to the authority, which is valid for six months, Al-Mal reported, citing a new SCA regulation.   The authority, however, has restricted the discount to vessels that …

Daily News Egypt Authors

Egypt to provide Jordan more natural gas

  Egypt will sign an agreement with Jordan in two weeks under which it will provide the latter with an additional 500 million cubic meters of natural gas annually, according to a statement.   A network will be created to provide 280,000 houses and 4,000 industrial and commercial facilities with natural gas in Amman and …

Daily News Egypt

Netanyahu, Abbas meetings delayed but Egypt denies Mubarak health rumors

CAIRO: President Hosni Mubarak’s meetings with Israeli Prime Minister Benyamin Netanyahu and Palestinian Authority President Mahmoud Abbas have again been pushed back to next week but speculation that this is due to Mubarak’s health has been officially denied. Mubarak and Netanyahu were due to meet Tuesday. This was then pushed to Wednesday and finally to …

Abdel-Rahman Hussein

BSkyB in talks to launch Arabic news channel

LONDON: British pay-TV company BSkyB is in talks with a private Abu Dhabi investor to launch a round-the-clock Arabic language news channel under the Sky News brand. The new channel, which could launch within 24 months, would be run as a 50-50 joint venture, providing coverage of news across the Middle East and North Africa …

Daily News Egypt

CBE says no new Forex, money transfer companies; Report

  The Central Bank of Egypt has recently turned down requests to grant new licenses for setting up new foreign exchange or money transfer companies, pan-Arab Asharq Al-Awsat daily reported.   Only banks can be granted money transfer licenses while existing foreign exchange firms are allowed to expand their branches network against a deposit of …

Daily News Egypt

Egypt aims to double tax revenue

  The Ministry of Finance plans to double tax revenue within five years to LE 408.27 billion in fiscal year 2014/15 from the targeted LE 197.3 million in fiscal year 10/11.   This will be achieved through several measures among which are implementing the VAT (Value Added Tax) system instead of the current general sales …

Daily News Egypt Authors

Water taxi set to sail to rescue of gridlocked Beirut

BEIRUT: Dream of commuting into bustling Beirut minus the nightmarish traffic? The Beirut Water Taxi will offer an alternative for tens of thousands of people crowding into the Lebanese capital every day. "Traffic has become unbearable in this country," said Khaled Takki, head of the privately-owned Lebanese Water Transportation Alternative which is behind the project. …

AFP

Egypt’s index falls as heavyweights stumble

CAIRO: Egypt’s main index fell for a first day in three as blue chips Orascom Telecom (OT) and Commercial International Bank (CIB) weighed. OT dropped 3.4 percent and CIB slipped 1.9 percent. Traders expect the market to move sideways as investors hold off ahead of company results. "Earnings season is almost here, a wait-and-see attitude …

Reuters

Sphinx Glass starts commissioning of LE 1.1 bln factory

  CAIRO: Private equity firm Citadel Capital announced Sunday the start of commissioning at its 220,000-square-meter greenfield float glass factory, according to a statement.   With a production capacity of 600 tons per day, the LE 1.1 billion facility is one of Egypt’s largest producers of float glass, the firm said. Sphinx Glass is 51 …

Daily News Egypt Authors

Provisions, lending weaken Saudi banks Q2 earnings

RIYADH: HSBC’s Saudi affiliate SABB bank missed forecasts and two other banks in the kingdom reported sharp falls due to high provisions to counter exposure to troubled Saudi firms and a slowdown in lending. The second quarter results for SABB, Arab National Bank(ANB), and Saudi Investment Bank (SAIB) on Monday reflect a challenging period for …

Reuters

Painting of dead Mandela draws outrage in S. Africa

  A painting that depicts a dead Nelson Mandela undergoing an autopsy provoked outrage this week in South Africa, but the artist who created the work has said it is a tribute to the iconic leader.   The painting by local artist Yuill Damaso depicts South Africa’s first black president’s dead body on an operating …

AFP

Lawyers’ Syndicate denies reports of corruption against ex-chairman

CAIRO: Press reports on an official complaint filed against former Lawyers’ Syndicate chairman Sameh Ashour accusing him of allegedly seizing LE 10 million during his term are untrue, board member Mohamed Abdel-Ghaffar said Thursday. Abdel-Ghaffar told Daily News Egypt that on July 1 he had filed a complaint before the Public Prosecutor, not the Public …

Marwa Al-A’sar

15 Bedouin detainees ‘from the cities’ get release orders

CAIRO: Fifteen Bedouin detainees were given release orders on Thursday and at press time were waiting to be discharged at the state security office in Al-Arish. Those released belong to families which reside in cities, Bedouin spokesman Moussa El-Dilh told Daily News Egypt. “The government is favoring those from the cities over people from the …

Heba El-Sherif

Supreme Constitutional Court overturns Coptic remarriage ruling

CAIRO: Egypt’s highest judiciary body on Wednesday overturned a ruling ordering the Coptic church to allow its faithful to remarry, the official MENA news agency said, in a move welcomed by the church. The Supreme Constitutional Court overturned a May decision by the High Administrative Court that obliged the head of the church, Pope Shenuda …

AFP

Sumitomo arranges Japan’s first Islamic funding deal

KUALA LUMPUR: Sumitomo Corp is arranging the first Islamic funding deal in Japan, which could pave the way for other Japanese issuers to tap the $1 trillion industry, a source with knowledge of the deal said. The yen-denominated issue, which would be the first by a Japanese issuer in the country, mirrors the structure of …

Daily News Egypt

Spain beats Germany 1-0 to reach World Cup final

DURBAN, South Africa: Carles Puyol soared high to head in the goal that sent Spain into the World Cup final for the first time with a 1-0 win over Germany on Wednesday. In a rematch of the 2008 European Championship final that Spain won by the same score, Puyol’s powerful header in the 73rd minute …

AP

Kuwait Projects Co eyes 10-yr benchmark bond, say leads

DUBAI: Kuwait Projects Company (KIPCO), is considering a benchmark-sized bond issue with a 10-year tenor, lead arrangers said on Wednesday, making it the first offering from a Kuwaiti corporate this year. KIPCO is Kuwait’s largest investment company and its core investments are in financial services, with stakes in Burgan Bank and Bahrain based United Gulf …

Reuters

Nakheel moving to clear debt logjam, says source

DUBAI: Dubai’s Nakheel will complete paying out the cash portion of overdue debt to contractors by the end of July, a source told Reuters, in a sign the deeply indebted developer is clearing a logjam of obligations. The July end-date puts a timeline for the first time on the long-awaited payout and should offer some …

Reuters

Bahrain’s Ahli United boosts stake in Egypt bank

  Bahrain’s Ahli United Bank has increased its stake in Ahli United Bank Egypt to 85.1 percent from 79.6 percent, Egypt’s bourse said on Tuesday.   The Bahraini bank, which has sought to boost its stake to 90 percent in an offer that began on June 1, bought 3.3 million shares at LE 37 ($6.68) …

Reuters

Suez Canal June revs at $383.7 mln

  Egypt’s Suez Canal revenues rose 10 percent year-on-year to $383.7 million in June but fell from May, a state website showed on Tuesday.   Some 1,482 vessels passed through the canal in June, up 5.8 percent from a year earlier, the Egyptian cabinet’s information website said on Tuesday. Non-oil vessel traffic declines 6.3 percent …

Reuters

Syndicate supports lawsuit against TV promoting ‘unqualified’ medical advice

CAIRO: The case filed by an Egyptian woman against four satellite TV channels for promoting alternative medicine through “unqualified guests on their shows” has been postponed to November, head of the Doctors’ Syndicate Hamdy El-Sayed told Daily News Egypt. Al Baraheen International, the company under which the channels operate, is accused of disregarding laws that …

Heba El-Sherif

Trika ‘determined’ to be in 2014 World Cup

CAIRO: Egypt playmaker Mohamed Abou-Trika still holds the ambition of appearing at the World Cup as he eyes the 2014 finals in Brazil. Apart from the fact that Egypt have been struggling to reach the world’s top competition since 1990, Trika will be 35 come the time of the Brazil finals. However, the Ahly talisman …

Omar AbdelAziz

Bahrain: In for the long haul

MANAMA: Bahrain is continuing its drive to diversify its economy and ensure future prosperity, as well as develop resistance to external shocks. This program comes at a cost to the state budget. Though Bahrain managed to sail through the global recession, with its GDP increasing by 3.1 percent in 2009, last year did see a …

Daily News Egypt

Egypt ups clean energy cooperation with Japan-funded wind farm

  CAIRO: The Japanese government extended a $432 million soft loan to Egypt for a 220-MW wind farm project in the Gabal El-Zeit area on the western coast of the Gulf of Suez. According to Aktham Abu El-Ela, a spokesman at the energy and electricity ministry, the soft loan extended to Egypt for the wind …

Amr Ramadan

Mideast exports unusually high Jul-Aug spot naphtha

SINGAPORE: Four major Middle East producers will export to Asia an unusually huge amount of at least 700,000 tons of spot naphtha for loading in July-August, further damping market sentiment at a time of slow demand, traders said on Friday. The abundant spot exports came as term buyers in Asia had either dropped their contracts …

Reuters

Stock index ends down, Pioneers pummeled

CAIRO: Pioneers Holdings plunged 7.7 percent, pounded by investors disappointed with the news that its plans to acquire investment bank Beltone Financial had collapsed. The merger with Beltone had been announced in November. Pioneers shares have fallen by more than half to LE 3.24 ($0.57) since the announcement of the all-share deal. The news added …

Reuters

Court postpones April 6 Movement’s lawsuit for the right to demonstrate

CAIRO: The Administrative Court postponed until Nov. 16 the examination of a lawsuit filed by the April 6 Youth Movement, demanding the right to demonstrate. The lawsuit condemns the Ministry of Interior’s role in obstructing demonstrators instead of securing the demonstrations, according to the Egyptian constitution and international conventions that guarantee the right to demonstrate. …

Essam Fadl

Bahrain has no plans to float stock market, says paper

MANAMA: Bahrain does not plan to sell shares in the Bahrain Stock Exchange that is currently being converted into a commercial company, the country’s central bank governor said in remarks published on Thursday. Rasheed Al-Maraj was cited in the daily newspaper Al Watan as saying the stock exchange was being transformed from a government department …

Reuters

Palm Hills, developers study bids for Cairo land

Egyptian real estate firm Palm Hills Developments aims to bid on 410 feddans (426 acres) of land due to be sold next month in the Cairo suburb of Sheikh Zayed City, an executive said on Tuesday. Six companies including property developer SODIC have picked up bidding documents for the auction, one of Egypt’s largest since …

Reuters

Thousands of Aswan flood victims still awaiting compensation

CAIRO: More than five months after flash floods hit the southern Egyptian governorate of Aswan and destroyed hundreds of homes, thousands of flood victims are still without proper shelter, they said. “The government has done nothing whatsoever to help us overcome the damage caused by the floods,” local resident Badria Abdel Sattar, a 50-year-old single …

Daily News Egypt