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Latest in Lifestyle


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

Dubai residential rents seen lower in 2010, says CBRE

DUBAI: Residential rents in Dubai are set to fall further in 2010 due to increased supply, while vacancy rates in Abu Dhabi’s office market are expected to rise to as much as 10 percent in 2011, a report said on Monday. Real estate services company CB Richard Eliis (CBRE) said it expects 31,194 new homes …

Daily News Egypt

Amr Talaat named GM of IBM Egypt

Amr Talaat was appointed General Manager of IBM Egypt, succeeding Amr Ghoneim who has held the post since 2004. Talaat, who joined the company in 1998, previously served as IBM Egypt’s Territory Manager since 2005.


Apache to drill 11 more test wells in Egypt

Apache Corp said on Wednesday that following its second discovery this year in Egypt’s Matruh Basin, it plans to drill 11 more exploration wells in the western desert region. The oil and gas exploration and production company said the Samaa-1X well in the Matruh tested 44 million cubic feet of natural gas and 2,910 barrels …

Reuters

Main obstacle to peace is psychological

TEL AVIV: Last week, Professor John Mearsheimer presented an analysis of the chances of Israel surviving in the long term. Every Israeli who is concerned about the future of the state should grapple with this analysis. Mearsheimer believes that the two-state solution is “dead”. Greater Israel, ruling over the territory between the Mediterranean Sea and …

Daily News Egypt

Twenty years after unity, Yemen struggles for survival

SANAA: Yemen’s President Ali Abdullah Saleh this week marked 20 years ruling a united Yemen, but has little to celebrate in a country buckling under the pressure of separatist, sectarian and al Qaeda violence. Pro-unity billboards lining the streets of the capital Sanaa — "Strength in unity and unity in strength!" — serve as a …

Daily News Egypt

Seeking a solution: Mediation and banking disputes

Mediation is becoming an increasingly popular method of resolving commercial disputes. The technique clearly falls into the category of Alternative Dispute Resolution (ADR), which the United States Code says “includes any process or procedure, other than an adjudication by a presiding judge, in which a neutral third party participates to assist in the resolution of …

Daily News Egypt

Sirens wail across Israel in huge defense drill

JERUSALEM: Air raid sirens wailed across Israel on Wednesday at the peak of a five-day civil defense exercise to test the Jewish state’s defenses in the event of war, the army said. The sirens sounded at 11:00 am (0800 GMT) for 90 seconds, sending civilians across the country into their nearest bomb shelter or protected …

AFP

Egypt pound extends losses against dollar

The Egyptian pound weakened to its lowest against the dollar since March 13, 2009, as it tracked the euro downward on concerns over the health of euro zone economies. The pound traded at 5.6543 to the dollar, down from its Monday close of 5.6480, while the euro traded at 1.2204 to the dollar. "Everyone is …

Reuters

No decision yet on Vodafone stake bid: Kamel

Egypt’s communications minister said on Monday a final decision had not been made over whether landline monopoly Telecom Egypt would try to boost its stake in Vodafone’s Egyptian unit. Telecom Egypt, 80 percent owned by the Egyptian government, said on Friday it was considering options to enter Egypt’s competitive mobile market, including increasing its 45 …

DNE

Egyptian arrested for trying to sneak into Gaza

CAIRO: Border guards in Rafah arrested a man in the early hours of Tuesday morning as he attempted to infiltrate the border into the Gaza Strip. The man was identified as Mohamed Karam Shehata, from Beheira, who allegedly was fleeing domestic troubles. Security authorities at the border said that he was suffering from mental illness. …

Abdel-Rahman Hussein

Hassan tight-lipped on Al-Badri row

CAIRO: Ahly midfielder Ahmed Hassan said he will comment on his row with manager Hossam Al-Badri at the end of the season. "It is not the right time to speak about the issue. I am totally focused on the Cairo derby on Wednesday," Hassan told FilGoal.com. "But all the details will be known when the …

filgoal.com

Arafa to distribute bonus share, forms JV

Arafa Holding, Egypt’s biggest garment exporter, will distribute a dividend of one share for every 10 owned, the firm said on Monday. Later in the year, it will distribute yet another share for every 10 owned "subject to the improvement in the global financial markets in general and local market in specific," the firm said …

Reuters

UAE's Aabar in $800 mln loan agreement

ABU DHABI: UAE’S Aabar Investments, which has stakes in Daimler and Virgin Galactic, on Sunday said it entered into a $800 million loan agreement with local and international lenders. International Petroleum Investment Co (IPIC), wholly-owned by the government of Abu Dhabi, is the majority shareholder in Abu Dhabi-listed Aabar, which is the emirate’s fastest growing …

Daily News Egypt

MTN set to end loan talks for Orascom: Bankers

South African telecoms operator MTN Group is set to disappoint lenders as talks for a $5 billion loan to buy the assets of Egyptian telecoms firm Orascom Telecom (ORTE) fizzle out, banking sources said. As previously reported, MTN has been discussing a $5 billion loan to buy some or all of the assets of Orascom …

Arab Finance

Bahrain annual inflation rises to 2.7 pct in April

manama: Bahrain annual inflation rose to 2.7 percent year-on-year in April from 1.8 percent in March, data showed on Thursday. The consumer price index of the Gulf kingdom stood at 112.5 points in April, an increase of 0.6 percent from March, the Central Informatics Organization’s website showed.

Reuters

Shell, others trim exposure to Iran crude

LONDON/DUBAI: Royal Dutch Shell and other oil companies are taking less Iranian crude because of poor economics and the difficulty of making financial transactions with Tehran, industry sources said on Thursday. The lower sales coincide with a build-up of Iranian crude in storage and a draft UN resolution to expand sanctions against the Islamic Republic …

Daily News Egypt

Atlantis astronauts finally get to relax in orbit

CAPE CANAVERAL, Fla.: The Atlantis astronauts finally get a chance to relax in orbit, following two grueling spacewalks. Only one spacewalk remains for the shuttle crew, on Friday. The astronauts will finish installing batteries at the International Space Station. Two of the crew replaced four space station batteries during Wednesday’s spacewalk. They also fixed a …

AP

Searchers find Afghan plane wreckage

KABUL: Rescuers located the wreckage of a passenger plane that crashed in the Afghan mountains with 43 people on board but there was no immediate word on whether anyone had survived, officials said Thursday. Afghan and NATO rescuers located the tail of the Pamir Airways plane, which had been carrying three Britons, an American and …

AFP

Foreign aid should be conditional, says NGO

CAIRO: Foreign donors must make aid to Egypt conditional on the government making human rights and democratic change concessions, an Egyptian NGO said Wednesday. “Financial assistance will be meaningless if it is not accompanied by political and diplomatic engagement,” Moataz El-Fegeiry, executive director of the Cairo Institute for Human Rights Studies (CIHRS) said. “We need …

Sarah Carr

Libya to float shares in chemical plant

TRIPOLI: Libya will list the state-owned Abu-Kammash petrochemical complex on the stock market, an official said, the latest step to open up an economy that is attracting growing interest from foreign investors. After decades of Socialist policies and international isolation, Libyan leader Muammar Gaddafi has begun tentative economic liberalization in his oil exporting country, including …

Daily News Egypt

Lebanese economy strong, inflation stable, says cenbank

BEIRUT: Lebanon’s economy is expected to grow by 7-8 percent this year while inflation remains stable as capital keeps pouring into the Arab country, central bank governor Riad Salameh said on Thursday. Capital inflows, especially from Lebanese expatriates, contributed to 9 percent growth last year, with Lebanon shrugging off the effects of the global financial …

Daily News Egypt

UAE markets give weary welcome to Dubai deal

DUBAI: Markets in the United Arab Emirates gave a weary welcome to a long-awaited debt deal with Dubai World, with investors worried about a sluggish economic recovery and the fallout from Greece’s debt problems. Volatile global markets weighed on sentiment, while investors remain unsure whether local banks will take provisions on Dubai World and resume …

Reuters