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Latest in Opinion


UAE retailer Axiom to float 35 pct in IPO

DUBAI: UAE retailer Axiom Telecom plans to list a 35 percent stake on the Nasdaq Dubai and use the proceeds partly to repay bank debt, in what would be the first initial public offering (IPO) from the Gulf state in two years. Axiom, which is 40 percent owned by a unit of conglomerate Dubai Holding, …

Reuters

Saudi has no plans to extend capacity for now, says paper

KHOBAR: There are no projects in hand to extend Saudi Arabian oil capacity, which stands at 12 million barrels per day (bpd), Saudi-owned al-Hayat newspaper reported on Wednesday, citing an unnamed high level source. The capacity figure places the kingdom level with Iraq’s ambition to reach 12 million bpd output capacity this decade. Iraq raised …

Reuters

Oil slips on stronger dollar

LONDON: Oil prices slipped for a second day on Tuesday, falling towards $81 a barrel after Saudi Arabia signaled OPEC would maintain current production levels at the group’s meeting and as the dollar rallied against the euro. US crude for November slid 60 cents to $81.61 a barrel by 1130 GMT, off an earlier session …

Daily News Egypt

Dexia sets 2014 goals with retail, Turkey growth

BRUSSELS: Franco-Belgian financial group Dexia expects retail banking, particularly in fast-growing Turkey, to propel it to new goals for 2014 after its emergence from crisis and restructuring. Dexia, which was the world’s largest lender to public bodies before the credit crunch, said income would face pressure this year and next from balance-sheet reduction and higher …

Daily News Egypt

Cr. Agricole sees $3bln in Islamic bond issuance

ABU DHABI: Credit Agricole expects to close two or three Islamic bond deals worth up to $3 billion in the next six months, the head of its Islamic finance unit said on Monday. Simon Eedle said the deals will include the long-awaited $1 billion Islamic bond, or sukuk, to finance the Jubail refinery — a …

Reuters

UAE Central Bank to launch Islamic CDs by yr-end, says StanChart

ABU DHABI: The United Arab Emirates’ central bank will launch Islamic certificates of deposit by the end of the year to help the Gulf state’s Islamic banks manage cash, a senior banker at Standard Chartered Saadiq said on Monday. Afaq Khan, chief executive of StanChart’s Islamic banking unit, said test transactions could take place as …

Reuters

Iran sees no change in OPEC target, says Khatibi

TEHRAN: The Organization of the Petroleum Exporting Countries is not likely to lower its supply target when its members meet this week, Iran’s OPEC governor said on Monday. "In the forthcoming OPEC meeting, most member states are calling for compliance with quotas and it does not seem there will be any decision on lowering OPEC’s …

Reuters

Government ups budget by LE 3-3.5 bln

Egypt’s government has approved an additional LE 3-3.5 billion in the budget to cover the country’s food bill, Solidarity Minister Aly Moselhi stated. In its daily market report, Beltone Financial said that this increase, in addition to previously mentioned increases by the Ministry of Trade ranging between LE 2.5-4 billion, “are expected to increase the …

Daily News Egypt Authors

Qtel’s bond issue oversubscribed more than 10 times

DOHA: State-controlled Qatar Telecommunications Co (Qtel) on Thursday said its $1.5 billion bond sale was more than ten times oversubscribed, as bids exceeded $15 billion. The company this week launched a $500 million six-year bond and a $1 billion 10-year bond priced at 3.375 percent and 4.75 percent respectively. Appetite for bond issues from the …

Reuters

UAE’s Emaar Q3 outlook positive, Aldar woes to continue

DUBAI: Dubai’s Emaar Properties remains a lone bright spot in a gloomy outlook for UAE developers, but woes are set to continue for Abu Dhabi’s Aldar Properties with an expected third-quarter loss. Real estate firms across the Gulf state have been hit hard by the global financial crisis and the pain is set to continue …

Reuters

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