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Latest in Lifestyle


Dubai's Nakheel starts cash payments to creditors

DUBAI: Troubled Dubai developer Nakheel on Wednesday said it has started making cash payments to trade creditors, in the second phase of a repayment schedule, with the rest to come in the form of a bond in coming months. Trade creditors owed more than AED500,000 ($136,200) have been offered full repayment by the developer, owned …

Reuters

Saudi to award Yanbu refinery deals soon, say sources

KHOBAR, Saudi Arabia: State oil giant Saudi Aramco plans to award deals to build a 400,000 barrels per day (bpd) oil refinery in Yanbu in the coming few days, industry sources said on Wednesday. Yanbu accounts for just under a quarter of Saudi plans to add around 1.7 million bpd of refining capacity to the …

Reuters

Agitated horses in cargo hold delay Saudi flight

CAIRO: An Egyptian airport official says six Arabian horses owned by a Saudi Arabian prince became agitated in the cargo hold of a Saudi-bound plane, delaying take off for more than an hour. The official said Wednesday an EgyptAir pilot was forced to turn the plane with 189 passengers around on the runaway because a …

AP

Indian textiles exhibition opens in Cairo

  Investment Minister Mahmoud Mohieddin inaugurated Sunday an Indian textiles exhibition and a fashion show organized by the Export Promotion Council of India in cooperation with the Indian embassy in Cairo, India’s Ambassador in Cairo R. Swaminathan said Monday.   Textile is a successful industry in India, the Indian diplomat told MENA. The industry has …

Daily News Egypt

Gulf banks need more provisioning, says AMF

BASEL, Switzerland: Some Gulf banks need more provisions to scrub themselves clean from problems from the credit crisis and their lending must become more prudent to avoid future bubbles, the head of the Arab Monetary Fund said. Jassim Al-Mannai, director general of the Abu Dhabi-based AMF, also told Reuters in an interview the Arab economies …

Reuters

Bahrain property seen subdued for some time, says report

MANAMA: Bahrain’s property market is likely to remain subdued for some time due to lack of financing, while oversupply in both the residential and commercial sector will put further pressure on rents, a report said on Monday. Some 19,300 new homes are expected in the Gulf Arab state over the next five years if developers …

Reuters

Zayat Stables, bank reach financial agreement

LOUISVILLE, Kentucky: Prominent thoroughbred owner Ahmed Zayat has reached a global settlement with Fifth Third Bank that will ensure the bank is repaid the $34 million in loans it claims he defaulted on. The agreement, filed on Thursday, will be considered by bankruptcy court on June 30. If approved, it would then go before the …

Daily News Egypt

Oil falls with equities; Caribbean storm brews

SINGAPORE: Oil slipped on Friday, heading for a weekly drop of 1.2 percent, as falling Asian equity markets tempered an early boost from indications that the first storm of the Atlantic hurricane season might be developing. Asian stocks slid on Friday for a fourth straight session, driven by expectations of tighter financial regulation and uncertainty …

Reuters

National Bank of Egypt to underwrite PPP financing

The National Bank of Egypt (NBE) will be the principal coordinator and underwriter in financing loans under the PPP program, after it signed an agreement with the finance ministry, reported Al-Shorouk newspaper. The PPP law was recently approved passed by Parliament, Al-Shorouk reported, citing unidentified banking sources. In its daily market report, Beltone Financial reported …

Daily News Egypt Authors

Amr Waked announced first UNAIDS Goodwill Ambassador

CAIRO: Egyptian actor Amr Waked was named the first UNAIDS Goodwill Ambassador for the Middle East and North Africa region by the Joint United Nations Program on HIV/AIDS. “This is the first time for UNAIDS to have a Goodwill Ambassador and we are very optimistic [Waked] was chosen based on the work and effort he …

Safaa Abdoun

Souq El-Gomaa fire leaves residents feeling helpless

CAIRO: As Egyptian authorities clear the debris of the Souq El-Gomaa fire, the area’s residents, who were asked to evacuate, are stuck between a rock and a hard place. “This market has been around for 40 or 50 years,” said one of the slum’s residents, who preferred to remain anonymous. “It’s not a one, or …

Daily News Egypt

Oil falls below $78 as China yuan impact fades

LONDON: Crude oil fell below $78 per barrel on Tuesday as shares retreated and on expectations that a slow rise in China’s currency would have a more limited impact on global demand than initially anticipated. China’s yuan rose on Tuesday after the central bank set the currency’s daily mid-point at its highest against the dollar …

Reuters

Two German aid workers kidnapped in Darfur, says UN

KHARTOUM: Two German humanitarian workers were abducted late on Tuesday when unknown gunmen swooped on the offices of the THW group in south Darfur, a United Nations official said on Wednesday. "They were kidnapped on Tuesday evening from their office in Nyala by armed men in civilian clothes," said Kemal Saiki, communications chief for the …

AFP

Al-Qaeda front group says it bombed Baghdad bank

BAGHDAD: An Al-Qaeda front group has claimed responsibility for the bombing of the Trade Bank of Iraq earlier this week that killed at least 18 people. The Islamic State of Iraq says in a statement on its website that its militants targeted the state-run financial center as a strike against the stalled government. The statement …

AP

Beltone and Credit Agricole create $5 million SME fund

Beltone Private Equity and Crédit Agricole Egypt (CAE) launched Tuesday a $5 million fund to invest in small and medium enterprises in Egypt. Cairo-based investment bank Beltone and CAE partnered with Siparex Group, a French private equity specialist, to set up the Beltone Midcap Fund that will invest directly into promising Egyptian SMEs. The first …

Christopher Le Coq

Egypt to re-export a Russian wheat cargo: report

        Tests carried out by Egypt’s Health Ministry showed a Russian wheat shipment held in Alexandria was not fit for consumption and would be re-exported, the official news agency MENA reported on Tuesday.   Quarantine officials in Egypt, the world’s biggest wheat importer, stepped up wheat inspections last year after a dispute …

Reuters

Amman film fest censors 'Son of Babylon' director's petition

The day before the highly-acclaimed Iraqi Film “Son of Babylon” was set to have its eagerly awaited Jordanian premiere — opening the Franco-Arab Film Festival in Amman — the festival’s organizers told the filmmakers that they would not allow the director’s letter to be read to the audience. The festival pulled the film moments before …

Daily News Egypt Authors

Jordan c.bank plans no change in forex reserves

ABU DHABI: Jordan’s central bank does not plan to change the composition of its $11 billion foreign exchange reserves and it needs to be vigilant due to advancing inflation, Governor Umayya Toukan said on Sunday. Jordanian officials have been insisting for the last two years they had no plans to change the composition of the …

Reuters

Turkey, Lebanon , Syria and Jordan to Set Up Free Trade Zone

BEIRUT: Turkey, Lebanon , Jordan and Syria have agreed to set-up a regional agreement that would allow for free trade and travel between the four countries. The news, first reported by the Lebanese business website iloubnan.info, would mean the removal of visas for travel between the four countries, as well as the establishment of a …

Daily News Egypt

Ancient Egyptian city located in Nile Delta

CAIRO: Austrian archaeologists have located an underground Egyptian city which they believe to be Avaris, the capital used by the Hyksos who ruled 3,600 years ago, the culture ministry said on Sunday. The Austrian mission carried out a geophysical survey of the area allowing them to identify parts of Avaris in the Nile Delta near …

AFP

Egypt GDP growth seen edging up over next 2 years

CAIRO: Egypt’s economic growth is seen edging up over the next two years as the most populous Arab country continues to outperform many other regional states, a Reuters poll showed on Wednesday. A survey of 11 economists predicted gross domestic product (GDP) in the North African country would grow 5.2 percent in the fiscal year …

Reuters

Ban on live poultry to go nationwide

CAIRO: As of July 1, 2010, a ban on the selling of live poultry, which was in place since May 2009 across only five governorates, will be implemented nationwide. Head of the Poultry division at the Cairo Chamber of Commerce Abdel-Aziz El-Sayed said that instating a ban on selling live poultry will only be effective …

Heba El-Sherif

Real estate developers see retail potential

CAIRO: Real estate developers sounded out about the impact of regulatory changes, the availability of bank capital and why institutional investment capital is reluctant to enter the market at a panel discussion Tuesday. They also highlighted the growing potential in developing retail and office space. In a panel titled “Investing in Real Estate Development” at …

Amr Ramadan

Piraeus Bank Egypt raising capital by 35 mln euro

Piraeus Bank Egypt is to increase its capital by €35 million ($43 million) to expand its credit portfolio. The bank, almost fully owned by Greek group Piraeus Bank, will raise its capital by 24 percent over the next 70-75 days, chief executive Nayera Amin told reporters. "This capital increase shows that the mother bank in …

Reuters

Orascom Tel down, investors seek deal news

Shares in Orascom Telecom (OT) ended down 4.4 percent, dumped by investors seeking updates on any other possible suitors after talks to sell assets to South Africa’s MTN collapsed. "OT is being smashed. A lot of people have had it with the story. I think they are exiting the stock until they know what is …

Reuters

Oil up toward $75 on recovery optimism, weaker dollar

LONDON: Oil prices rallied by 2 percent to $75 a barrel on Monday as renewed optimism about the global recovery boosted the outlook for fuel demand and sent Asian and European stock markets to their highest level in four weeks. US crude for July rose to a high of $75.51 a barrel and was up …

Reuters

Iran, Pakistan sign gas export deal

TEHRAN: Iran and Pakistan formally signed on Sunday an export deal which commits the Islamic republic to supplying its eastern neighbor with natural gas from 2014. The contract is the latest step in completing a multi-billion dollar gas pipeline between Iran and Pakistan within the next four years. "This is a happy day," Iran’s Deputy …

AFP

Qaddafi slams FIFA as 'mafia for trafficking'

  TRIPOLI: Libyan leader Moammar Qaddafi has accused world football’s governing body FIFA of being a "global mafia" that is involved in the trafficking of players from poor nations to wealthier ones.   "We condemn this global mafia, this corrupt organization," Qaddafi said late Saturday during a ceremony to commemorate the 40th anniversary of the …

AFP

Etisalat to invest $1.4 bln in Egypt unit over 3 yrs

DUBAI: Abu Dhabi’s Etisalat said on Saturday it planned to invest LE 8 billion ($1.41 billion) in its Egyptian unit over the next three years, as it eyes growth in the market. "Our investment in the network has reached LE 8 billion till date, and we expect that we will invest LE 8 billion more …

Daily News Egypt

Egyptian yields rise on euro zone, domestic concerns

CAIRO: Egyptian Treasury bill yields have jumped since May and may rise further as foreign investors have become more risk averse due to fears the euro zone debt crisis could deepen, analysts and Egyptian bond traders say. Though inflation has slowed, investors have also become more wary of Egyptian securities, especially longer-maturity T-bills, because of …

Daily News Egypt