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Latest in Lifestyle


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

An 11th-hour opportunity

RAMALLAH: Negotiations between Palestinians and Israelis have resumed after a year and a half of a stalemate that began after Israel launched its devastating military assault against the Gaza Strip in December 2008. The resumption of negotiations came as a result of concerted and persistent efforts by the US administration and by President Barack Obama …

Daily News Egypt

Juhayna public share offering fully covered

A public offering of shares in Egyptian dairy and juice maker Juhayna Food Industries has been fully covered, the firm’s financial adviser EFG-Hermes said on Wednesday. The public subscription, which involved about 41 million shares offered at LE 4.66 ($0.84) each, was the first IPO in Egypt since 2008. The public offering was part of …

Reuters

Israel working out details of flotilla raid probe

JERUSALEM: Israel was working out details on Wednesday of a limited internal investigation into its deadly raid on a Gaza-bound flotilla and reportedly was considering easing its blockade of the territory. The Forum of Seven senior ministers met behind closed doors to discuss the mandate of the proposed investigating committee in the face of world …

AFP

NDP wins 80 seats in Shoura Council poll, says Electoral Commission

  CAIRO: The Ruling National Democratic Party (NDP) has won 80 of 88 seats in the Shoura Council mid-term elections, the Supreme Electoral Commission announced in a conference Wednesday following the runoff elections. The other eight seats went to independent candidates and four opposition parties, commission Chairman Intissar Nassim told reporters as he announced the …

Daily News Egypt

Juhayna IPO shares at LE 5.64 each

Egyptian dairy and juice maker Juhayna is offering 206 million shares at LE 5.64 ($1) each to raise LE 1.16 billion, it said in an announcement published in a newspaper on Sunday. In a statement to the stock exchange website, the Egyptian Financial Supervisory Authority (FSA) said that it approved exempting obligatory tender offer submitted …

Reuters

Arab Tourism Conference eyes more investment

Arab governments have been urged to work together to implement a simpler set of visa procedures for their citizens when they are traveling. Participants at a tourism conference in Alexandria on Wednesday also called for ways and means to improve the tourist industry in the Arab world. "This conference deliberated on visa policy in particular …

Daily News Egypt

Fire destroys Egypt's Lecico warehouse

An export warehouse belonging to Egyptian sanitaryware and ceramics maker Lecico has been destroyed by a fire, the firm said in a statement issued on the stock exchange on Thursday. No one was seriously injured in the fire in Alexandria but stocks were damaged and exports would be disrupted, it added. Higher sanitaryware volumes were …

Reuters

UAE's Etisalat in India talks; Reliance Comm surges

ABU DHABI/MUMBAI: Abu Dhabi’s Etisalat confirmed it is looking to buy a stake in an Indian mobile operator, after a report that it was in talks with cash-hungry Reliance Communications for a $3.8 billion deal. Buying a stake in India’s second-biggest mobile operator would give Emirates Telecommunications Corp or Etisalat, a vital presence in the …

Daily News Egypt

TE to keep Vodafone Egypt ownership structure

CAIRO: Telecom Egypt, Egypt’s fixed-line monopoly, said on Tuesday it would not increase its 45-percent stake in Vodafone’s Egypt unit following talks with the British firm, Reuters reported. "The parties have agreed that it is in the best interest of VFE (Vodafone Egypt) that the current ownership structure should remain in place," Telecom Egypt said …


Egypt PPI up 15.79 pct in April from year earlier

Egypt’s producer price index rose 15.79 percent in April from a year earlier, based on index figures released by Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS). The index was at 163.5 in April, up from 157.5 the previous month and 141.2 last year. The government started the new index in October 2007, replacing …

Reuters

Oil falls to near $72 on Chinese, European data

LONDON: Oil fell more than $2 to around $72 on Tuesday, erasing earlier gains, after Chinese and European data raised concerns over the pace of economic growth. China’s factories scaled back production last month and slowed the pace of hiring, the purchasing managers’ index (PMI) for May showed on Tuesday. Manufacturing activity in the euro …

Daily News Egypt

Invest AD to launch Middle East PE fund

SHANGHAI: Invest AD, which manages investments for the Abu Dhabi government and institutional investors, said on Monday it was launching a private equity fund to invest in the Middle East and its Hong Kong partner will close subscriptions for a separate Middle East stock fund in June. Invest AD, formerly known as Abu Dhabi Investment …

Daily News Egypt

ICBC eyes operations in Kuwait, Saudi Arabia

SHANGHAI: Industrial and Commercial Bank of China (ICBC), the world’s biggest lender by market value said on Monday it was seeking acquisition opportunities to expand business in the Middle East and North Africa, hoping to benefit from booming trade between China and the Gulf region. ICBC, which currently has branches in Dubai, Doha and Abu …

Daily News Egypt