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Latest in Lifestyle


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

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