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Latest in Opinion


Facebook offers new way to sort friends, copy info

PALO ALTO: Facebook is trying to make it easier for people to share their updates selectively and draw distinctions between friends, family members and co-workers on the Web’s biggest social hub. Mark Zuckerberg, Facebook’s founder and CEO, unveiled the latest changes Wednesday at a press conference that marked his first public appearance since last Friday’s …

AP

In break with past, Syria seeks World Bank financing

LATAKIA: Syria is seeking World Bank financing for infrastructure, a senior economic official said, in a major departure from decades of Soviet-style economic policies that excluded international institutions. "Negotiations have started with the aim of identifying strategic projects that need financing from different parties and the World Bank could be one," Amer Lutfi, head of …

Daily News Egypt

Orascom lifts Egypt index; Mideast markets up

CAIRO: Middle East bourses rose on Sunday, boosted by a rally in global oil and metals prices, which attracted buyers in petrochemical and industrial stocks, and news of possible telecom deals. Telecoms dominated news from the region, led by growing speculation that Egypt’s Orascom Telecom (OT) may be nearing a merger deal with Russia’s Vimpelcom. …

Reuters

Darwish spreads awareness of draft law aiming to change public sector

CAIRO: A new draft law for public sector employees has been prepared by the Ministry of State for Administrative Development with the aim of targeting employment of the youth, and solving problems regarding salaries and job promotion in the public sector, said Minister Ahmed Darwish on the talk show “Masr Enaharda”. Darwish pointed out that …

Safaa Abdoun

Nazif on Egypt’s economy, Rachid talks trade developments

The economic crisis has impacted foreign direct investment (FDI) inflows into Egypt, Minister of Trade and Industry Rachid Mohamed Rachid said Wednesday at the closing of the Euromoney conference in Cairo, which focused on competitiveness and investment. Prime Minister Ahmed Nazif, meanwhile, said that notwithstanding the negative impact, the country was able to attract $15 …

Christopher Le Coq

Major Zain shareholder says Etisalat offer “suitable”

KUWAIT: Emirates Telecommunications Corp’s offer to buy the Kharafi Group’s stake in Zain is "suitable and good for both parties," the head of the Kharafi Group, said in a Kuwaiti newspaper on Thursday. The UAE telco, known as Etisalat, said a day earlier that it had made a conditional offer for a 46-percent stake in …

Reuters

Qatar Telecom eyes benchmark dollar bond-banker

DUBAI: Qatar Telecom (Qtel) will begin a road show for a benchmark-sized dollar bond on Oct 4, and six banks have been mandated to manage the sale, a banker familiar with the matter said. Qatar International Finance Ltd., a wholly owned subsidiary of state-owned telecoms services provider Qtel, has mandated Barclays Capital, Deutsche Bank, Qatar …

Reuters

Inpex to quit Iran Azadegan under US pressure-media

TOKYO: Inpex Corp, Japan’s top oil explorer, is likely to withdraw from Iran’s Azadegan oil field project, acceding to a request from the United States due to Washington’s sanctions on Tehran over its nuclear program, Japanese media said. Inpex and the Japanese government are likely to make the decision as the firm could otherwise be …

Reuters

HRW accuses Bahrain of restricting travel of activists

NEW YORK: Bahrain is restricting the travel of rights activists to prevent them from publicizing the arrest of opposition members, Human Rights Watch said, calling for the restrictions to be lifted. "The authorities are trying to keep human rights defenders from spreading information about a recent spate of arrests of opposition members," Sarah Leah Whitson, …

AFP

EU imposes new duties on Iran, Pakistan, UAE plastics

BRUSSELS: The European Union imposed new duties on plastics from Iran, Pakistan and the United Arab Emirates on Wednesday, saying the three were illegally subsidizing exports to Europe’s growing soft-drinks market. The decision means Polyethylene terephthalate from Iran, Pakistan and the UAE — used for bottles and food packaging — will face EU import duties …

Daily News Egypt

Gulf price pressures down, not gone, says Kuwait c. banker

KUWAIT: Inflationary pressures in Gulf Arab countries have decreased significantly, but they must pay attention to rising global food prices, Kuwait’s central bank governor said on Tuesday. Inflation in the world’s top oil exporting region started to pick up again this year but pressures remain low in most countries and analysts expect consumer price growth …

Reuters

Nakheel plans $1.6 bln bond, part of debt plan

DUBAI: Property developer Nakheel plans to issue a 6 billion dirham ($1.63 billion) Islamic bond as part of its debt repayment plan as it restarts several key projects, an industry executive said on Tuesday. Under Nakheel’s restructuring plan, trade creditors have been offered 40 percent of what they are owed in cash and the remaining …

Daily News Egypt

Egypt pound strengthens on T-bill demand, euro

CAIRO: The Egyptian pound strengthens against the dollar as investors buy Egyptian T-bills and as the euro strengthens, traders say. "T-bills are attractive. The differential continues to be attractive, and the euro level is making the Egyptian pound cheap," says one trader. Yields edged down at an auction on Sunday for LE 2.5 billion pounds …

Reuters

Egypt 182-day, 91-day T-bills average yield down

CAIRO: The average yield on Egyptian 182-day Treasury bills fell to 9.936 percent at an auction on Sunday, versus 10.052 percent at last week’s auction, the Central Bank said. The central bank accepted bids worth LE 2.5 billion($438.5 million), the same amount that it was seeking. It accepted bids at rates of between 9.869 and …

Reuters

SODIC gets loan to speed up Allegria work

CAIRO: Property developer SODIC said on Sunday it had secured a LE 350 million ($61 million) loan from the Bank of Alexandria to speed up construction at its flagship Allegria residential project. SODIC has about LE 4.2 billion of contracted unit sales that are yet to be recognized on its income statement, it said in …

Reuters

Could Northern Iraq become a Popular Tourist Destination?

Ever since Kurds established their own semi-autonomous region in Northern Iraq following the US-led invasion in 2003, the Kurdish leader has been promoting the region as a tourist hot spot, and according recent data it seems to be succeeding. The main city in the region is Erbil. Due to its own local militias the city …

Daily News Egypt

Sewedy Cables bullish on Europe, eyes Brazil

CAIRO: Egyptian group El Sewedy Cables said on Wednesday it is increasing output this year and the next on the back of growing demand for its products in Europe, the Middle Eastern and Africa. The Arab world’s biggest maker by market value of cables used in power transmission and telecoms plans to capture 2-3 percent …

Sherine El Madany

Turkey’s role as East-West bridge must start at the grassroots

IZMIR, Turkey: During the Cold War years, Turkey found itself in a position — both economically and politically — to align with the West, although immediately after the end of the Cold War Turkey started to initiate relations with immediately surrounding countries, including those in the Middle East. But since then, Turkey has made efforts …

Daily News Egypt

Lula’s legacy

MEXICO CITY: The first round in Brazil’s upcoming presidential elections, scheduled for Oct. 3, may turn out to be the only round. For outgoing President Luis Inácio Lula da Silva’s hand-picked successor, Dilma Rousseff, is very close to winning an outright majority of the vote. Rousseff’s main opponent, São Paulo Governor José Serra, has not …

Daily News Egypt

Utility company near L.A. finds fossil trove up to 1.4M years old

RIVERSIDE: A utility company preparing to build a new substation in an arid canyon southeast of Los Angeles has stumbled on a trove of animal fossils dating back 1.4 million years that researchers say will fill in blanks in Southern California’s history. The well-preserved cache contains nearly 1,500 bone fragments, including a giant cat that …

Daily News Egypt

Nakheel says creditor claim will not delay deal

DUBAI: Nakheel, Dubai World’s property developer unit, disputed the validity of a creditor claim filed against it, saying the claim will not delay its debt deal. Construction Delivery Group (CDG) filed a suit in mid-August with the special tribunal set up to handle cases related to Dubai World’s debt restructuring. The Dubai-based firm said it …

Reuters

Six powers mull dialogue with Iran on nuclear ambitions

NEW YORK: The six powers seeking to curb Iran’s nuclear ambitions prepared to review on Wednesday the latest UN sanctions against Tehran and mull its appeals to enter negotiations. The New York meeting of the so-called P5-plus-1 — the permanent five UN Security Council members plus Germany — comes as Iran said it would soon …

AFP

Economists cautious over African ‘miracle’

PARIS: With strong growth, a reduction in poverty and foreign investment, a number of recent studies have highlighted the African "economic miracle," but economists suggest the picture is more complicated. Since the start of the decade, the world’s poorest continent has witnessed an economic boom. After a brief slowdown during the global economic crisis, growth …

Daily News Egypt

Iraq still sees 4 mln bpd oil output in 2013

BAGHDAD: Iraq can raise its oil output to about 4 million barrels per day in 2013, its deputy oil minister told Reuters, playing down concerns about insecurity and lack of government. The increase is part of a step change after Iraq last year signed contracts with foreign firms to increase production capacity to 12 million …

Daily News Egypt

British unions back boycott on Israeli settlement goods

LONDON: British trade unions on Tuesday backed a boycott of goods from Israeli settlements, saying popular brands were "making profits on the back of oppression." Delegates at the annual Trades Union Congress (TUC) in Manchester, northwest England, voted unanimously to encourage unions and pension funds to disinvest from and boycott goods of firms they believed …

AFP

Egypt announces real estate tax exemptions

CAIRO: Egypt’s Real Estate Tax Authority has exempt 6 million people and 9 million units from paying property taxes this year, making up roughly 90 percent of the tax base, Al-Ahram reported. In some governorates, 100 percent of citizens were exempt, the state-run daily reported on Monday. Finance Minister Youssef Boutros-Ghali said studies have been …

Amr Ramadan

Kabo 2009 net loss $2.3 mln: bourse

Egyptian garment maker El Nasr Clothing & Textile Co. (Kabo) reported a net loss for the year to the end of June of LE 13.3 million ($2.3 million), the stock exchange said on Wednesday. The firm made a net loss of LE 7.2 million in the same period a year earlier, the exchange added. Kabo …

Reuters

Hassan brands injury as ‘blessing from God’

CAIRO: Egypt midfielder Ahmed Hassan described his major knee injury as a ‘blessing from God’ because it will give him the chance to rest after years of tireless work. Hassan suffered a cruciate ligament tear Monday during The Pharaohs’ surprise 1-1 home draw with Sierra Leone in an Africa Cup of Nations opening qualifier. The …

Sherif Tarek

Afghanistan freezes Kabulbank directors’ assets

KABUL: Afghanistan has frozen the assets of leading shareholders and borrowers at Kabulbank, the country’s top private lender, after the resignation of two top directors triggered a crisis, officials said on Tuesday. The central bank on Monday ordered the assets of Kabulbank’s former chairman Sher Khan Farnood and chief executive officer Khalilullah Fruzi to be …

Daily News Egypt

Nawras plans to raise upto $608 million in IPO

DUBAI/MUSCAT: Omani firm Nawras, a unit of Qatar Telecommunications, could raise as much as $608 million in its 40 percent initial public offering (IPO) after setting a price range of 702-902 baisas per share. Nawras, which broke the monopoly of state-controlled Omantel in 2006, is offering 260 million shares in Oman’s first IPO in two …

Daily News Egypt