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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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