Latest in Lifestyle Highlight

Latest in Lifestyle

HSBC says Dubai World plan fair, resolution in weeks

DUBAI: Dubai World’s restructuring plan is "very fair" and could be signed by lenders in coming weeks, a senior executive at one of its major bank creditors said on Monday. Simon Cooper, head of HSBC’s Middle East operations, made the remarks on the sidelines of an HSBC trade survey launch. "The proposal is very fair …


Iran says no change in oil sales to China, Japan

TEHRAN: A senior Iranian oil official denied on Monday that the Islamic Republic’s crude sales to China and Japan had declined during the first few months of 2010, the ISNA news agency reported on Monday. "There is no change in our crude sale to these countries," said Deputy Iranian Oil Minister Hossein Noghrehkar-Shirazi. In March, …


The whole policy has to change, says economist Galal Amin

CAIRO: To identify and write about a problem and for 40 years watch as it deteriorates while the warning messages are ignored is a frustration economist Galal Amin is all too familiar with. He calls his 40-year-long writings on Egypt’s identity crisis as the nation grappled with a growing ‘foreign complex’ a Greek tragedy — …

Sarah El Sirgany

Al Futtaim launches two new phases of Cairo Festival City at Next Move

CAIRO: With the opening of Next Move last week, Al Futtaim introduced two new phases of Cairo Festival City: Festival Living and the Business District. Stretching over 3 million square meters in New Cairo, Cairo Festival City is a mixed use development offering a healthy combination of residential, retail and business real estate. Festival Living …

Daily News Egypt

Alex Cement plans $442 mln rights issue

Egypt’s Alexandria Cement received the go-ahead for a LE 2.45 billion ($442.1 million) rights issue scheduled to begin May 19, the stock exchange said on Wednesday. The transaction will pave the way for Alexandria Cement’s main shareholder, Greek cement maker Titan, to sell a 16 percent stake in Alexandria to the International Finance Corporation (IFC) …


Crowell & Moring foray into Egypt with Hegazy partnership

When Crowell & Moring looked into embarking on its largest international initiative in a decade, the law firm decided it was prime time to foray into the Middle East, and in doing so, chose Egypt as its hub. “We have committed more resources to opening this office and to our presence in the Middle East …

Amira Salah-Ahmed

Hezbollah cell defendants get between 6 months and 15 years

CAIRO: The Supreme State Security Emergency Court on Wednesday found guilty 26 defendants accused of belonging to a Hezbollah cell in Egypt. The 22 defendants in custody were handed down sentences ranging from six months to 15 years. Out of the four being tried in absentia, three received life sentences, including Hezbollah commander Mohamed Qublan, …

Abdel-Rahman Hussein

Indian actress wins court battle over sex comments

An Indian actress won a legal battle over comments she made about pre-marital sex when the Supreme Court Wednesday threw out 22 cases lodged against her by outraged members of the public. Khushboo, a 39-year-old Tamil actress who uses only one name, appealed to the court to quash the criminal cases that were filed in …


Kuwait, Saudi boost Neutral Zone oil capacity

KUWAIT: Saudi Arabia and Kuwait have boosted output capacity from their shared Neutral Zone to 610,000 barrels per day from around 550,000 bpd, a Kuwait oil official said on Tuesday. But the two OPEC producers have drawn back from long-term plans plans to further boost capacity to 700,000 to 900,000 barrels per day (bpd) by …


An 'Obama Plan' for the Mideast is a good idea

WASHINGTON, DC: The Washington Post reported last week that the Obama administration is considering abandoning its support for indirect Israeli-Palestinian negotiations in favor of direct negotiations based on a plan the United States would lay on the table. It’s a great idea. Indirect negotiations are a good device for achieving nothing. They would also constitute …

Daily News Egypt

Gedo says Zamalek won't take action against him

CAIRO: As a legal dispute between Zamalek and the Egyptian FA looms because of the controversial status of Mohamed Nagi ‘Gedo’, the Ittihad forward tried to ease the tension by releasing some soothing statements. Gedo, the Nations Cup’s top scorer, has been embroiled in controversy since penning a deal to join Zamalek next term, right …

Sherif Tarek

Jordan's Cairo-Amman Bank Q1 profits rise 35.6 pct

Cairo-Amman Bank’s first quarter net profits rose by 35.6 percent to 7 million dinars ($9.8 million) mainly boosted by strong retail business and prime corporate lending, its chairman said on Monday. "We are widening our customer base through diverse banking products in retail and lending to prime corporate customers with high financial solvency that ensures …


Egypt bourse suspends Orascom Tel trade pending news

The Egyptian stock exchange has suspended trade on Orascom Telecom pending the firm’s planned Tuesday announcement of material information, three traders told Reuters on Monday. The Cairo-based firm told the exchange it would make its statement on Tuesday, without providing details. South Africa’s MTN Group has said it is in talks about a potential deal, …


Rights group condemns gov't restriction on Al-Jazeera

CAIRO: An Egyptian NGO has condemned restrictions placed on Al-Jazeera news channel by the government. The Arab Network for Human Rights Information (ANHRI) said in a statement issued Sunday that the restrictions placed on Al-Jazeera amount to “a confiscation of the right of citizens to know and a violation of media freedom”. An Al-Jazeera television …

Daily News Egypt Authors

Israeli MK calls for CEO Salary Cap

TEL AVIV: A member of Israel’s governing coalition has proposed a new that forbid the CEOs of Israeli public companies from earning 50 times more then the lowest paid worker in the same company. “There is a need curb these outrageous wages,” Prof. Chaim Fershtman of the Eitan Berglas School of Economics at Tel Aviv …

Daily News Egypt

Kuwait's Gulf Bank posts $1.8 mln Q1 loss

KUWAIT: Kuwait’s Gulf Bank fell to a net loss of 524,000 dinars ($1.82 million) in the first quarter of 2010 after a profit of 1.6 million dinars in the same period a year ago, the bank said on Sunday. A statement on the Kuwaiti bourse website on Sunday did not give a reason for the …


World Bank agrees on power shift to emerging nations

WASHINGTON: US Treasury Secretary Timothy Geithner on Sunday said that World Bank members had agreed to give emerging nations more say in how the bank is run and how its funds are disbursed. "The new formula will better reflect the weight of the developing and transition countries in the global economy, while protecting the voice …


Zidan stretchered off as Dortmund fail to win

CAIRO: Mohamed Zidan has been stretchered off injured as Borussia Dortmund missed out on a much-needed Bundesliga win over Hoffenheim on Sunday. Veded Ibisevic scored one minute from time to deny Dortmund three priceless points in their quest for a Champions League place. Egypt forward Zidan was forced to leave the pitch after less than …

Daily News Egypt

Algeria rejects new Orascom tax claim: govt official

Egypt’s Orascom Telecom on Thursday confirmed that Algerian tax authorities had rejected an appeal filed by its Algerian unit Djezzy. The firm, the Arab world’s largest mobile operator by subscribers, said it had now exhausted the appeal process with the tax authorities and intended to challenge the rejection in Algeria’s administrative courts. Algeria’s tax authorities …


Beltone downplays Algeria investment bank talks

  Beltone has downplayed its plans to expand into Algeria, saying it was in preliminary discussions and does not have a year-end deadline.   Al-Mal newspaper had quoted director Aly El Tahry as saying Beltone was talking to two Algerian investors about setting up an Algerian bank with a full range of investment banking services …


Zaki to miss Stoke clash

CAIRO: Hull City will once again miss Amr Zaki when they face Stoke City on Saturday as the Egyptian has yet to recover from injury. Zaki sustained a knee injury in training two weeks ago and manager Iain Dowie has confirmed his unavailability for the weekend’s crucial clash. "That’s going to run on a little …

Omar AbdelAziz

Zamalek request drug inspection

CAIRO: Zamalek are set to make an official request to the Egyptian FA suspecting that some Egyptian Premier League players might be using performance-enhancing drugs. "The Zamalek management, in association with the board, will request a precise assessment from the FA for drug tests in the league," football director Ibrahim Hassan told the club’s official …

Omar AbdelAziz

Egypt's Raya 2009 profit dips 23 pct to $7.5 mln

Egypt’s Raya Technology and Communication made a net profit of LE 41.3 million ($7.5 million), down 23 percent on a year earlier, the stock exchange said on Tuesday. The firm, which sells mobile handsets, runs call centers and provides outsourced IT services, made LE 53.4 million in 2008.


Eipico to pay cash, share dividends

Shareholders in Egyptian International Pharmaceutical Industries Co (Eipico), approved a dividend of LE 1.1 ($0.2) per share and one free share for every 10 owned, the firm said on Sunday. The dividends will be paid during the last week of April, said finance chief Mohamed Nader. Eipico, Egypt’s biggest drug exporter, previously reported a 15 …


Pioneers' 2009 net income falls 62 percent

Pioneers Holding’s 2009 net income fell 62 percent to LE 105.7 million ($19.22 million), the stock exchange said on Monday. Net income at the financial services firm was LE 276.0 million in 2008. Pioneers earlier this month signed a deal completing its takeover of Egyptian investment bank Beltone Financial.


Electric fire destroys Al-Hadari's apartment

CAIRO: An electric fire caused Essam Al-Hadari’s house to be badly damaged but no one was hurt. The Egypt and Ismaili goalie wasn’t at home when the apartment caught alight, understands. His wife, son and one of his three daughters were there but all vacated the building on time and now are understood to …

Sherif Tarek

Emerging markets will drive growth, says expert

CAIRO: Emerging markets will be the main drivers of economic growth for the next five years, according to Robert Parker, vice president of asset management for Credit Suisse. “Not that the developed world will go back to recession… We shouldn’t write off the developed economy, but the next few years will clearly be painful. Unit …

Annelle Sheline

Egypt: Growth impetus

CAIRO: One of the potential winners of the global financial crisis, Egypt has maintained a relatively high level of income from Suez Canal and tourism receipts, spurring a GDP growth rate of nearly 5 percent. However, on the back of a massive stimulus spending package in 2009, the country is looking to take advantage of …

Daily News Egypt

Fueling the future: towards sustainable energy

In a session discussing scenarios for sustainable energy titled “Fueling the Future, participants from leading energy companies and government representatives discussed the challenges that lie ahead. Springing from a notion that high oil prices and climate change regulations will create business opportunities in green technologies and innovations and that the Middle East will face the …

Rania Al Malky

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