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Latest in Lifestyle


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

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