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Egypt industry looks beyond turmoil to growth: Industry body

CAIRO: Investors prepared to brave the aftermath of political turmoil and the threat of a faltering global economy to Egypt’s industry will be able to benefit from strong underlying demand, officials at one of Egypt’s most influential industry bodies said. Many Egyptian manufacturers have seen sales plunge since a popular uprising toppled president Hosni Mubarak …

DNE

Back to square one

By Rania Al Malky CAIRO: In his final moments, a blood-smeared, emasculated Qaddafi begs his “children” not to shoot. The formerly larger-than-life 42-year Libyan tyrant appears small, manhandled by the National Transitional Council fighters who, according to one version of the capture story, found him hidden in a rancid, massive, concrete drainpipe. The irony is all …

DNE

Euro-Med alliances plan to boost SME development

ALEXANDRIA: MedAlliance networks announced an intensive action plan that aims to give the Mediterranean region’s small and medium enterprises (SMEs) the sustainability and support they need. Among the key points of the plan is “creating a resource center for investment, trade and innovation in the Mediterranean to offer independent, reliable and comprehensive information on Euro-Med …

Reem Abdellatif

Suez Steel opens new plant to meet local demand

SUEZ: Egypt’s Prime Minister Essam Sharaf toured and inaugurated Tuesday a new rolling factory for the Suez Steel Co., an investment of LE 300 million ($50 million). The project, which will produce new lengths of rebar steel previously unavailable in the market, is the “largest investment of a strategic product” in Egypt since the revolution, …

Reem Abdellatif

Google tells Arab youth to ‘get their hands dirty’

CAIRO: An enthusiastic Wael Fakhrany, Google’s regional manager of Egypt and North Africa, had one message for what he calls the “brilliant” youth of the Arab world: “Push yourself.” “The field is growing at a phenomenal speed, the internet in this region is on fire,” Fakhrany told Daily News Egypt. At the inauguration of Google’s …

Reem Abdellatif

Former Shoura, PA speakers’ trial set for Aug 20

  CAIRO: Head of the Cairo Appeals Court El-Sayed Abdel-Aziz Omar on Wednesday said the trial of those involved in the attacks against protesters in Tahrir Square dubbed the “Camel Battle” will be on Aug. 20. Former parliament speaker Ahmed Fathy Sorour and former Shoura Council speaker Safwat El-Sherif are among 25 defendants. The Cabinet …

DNE

Arab spring or summer of discontent?

By John Defterios Protests have rekindled in Cairo’s Tahrir Square on a grand scale. Hundreds were injured and expressed their frustration at what they see at the snail’s pace of change after the Arab uprisings that started in Tunis six months ago. It is a good time to take stock at the half year point …

DNE

Copts continue open sit-in at Maspero

CAIRO: Hundreds of Coptic protesters said on Thursday that they would continue their open sit in in-front of the state TV building until the Virgin and Bishop Abram Church in Ain Shams district is re-opened and the Maghagha Diocese in Minya is rebuilt. Bishop Mitias Nasr told protesters that according to the priests at the …

Heba Fahmy

Egypt economy hardest hit in MENA, experts say

CAIRO: Egypt’s economy is the hardest hit following the impact of political unrest in the Middle East and North Africa (MENA) region, according to a Fitch Ratings report. Official data published since the uprisings began shows “mixed pictures” for the countries that were directly affected, the ratings agency said. Fitch downgraded three countries for this …

DNE

Jordan confirms Egypt gas cut after attack

AMMAN: Jordan on Wednesday confirmed that Egyptian gas supplies to the kingdom came to a stop after unknown saboteurs bombed a pipeline in Sinai. "Egypt’s gas supplies have been halted after the attack. Power stations are now depending on heavy fuel and diesel to generate electricity," energy minister Khaled Tuqan said in a statement. "The …

AFP

African consumer stands tall amid commodity boom

JOHANNESBURG: Soaring commodity prices are boosting African economies and state budgets, but strong growth on the poorest continent is much more deep-seated than just bumper revenues from ores and oil. In a far cry from the strained budgets of late 2008 and 2009, when oil and minerals prices collapsed, treasuries in major hydrocarbon producers such …

Reuters

Pro-Bahrain, Algeria, Libya solidarity march sees low turnout

By Marwa Al-A’asar CAIRO: Nearly a dozen protesters gathered Thursday afternoon outside the Algerian embassy in Zamalek in a show of solidarity with the uprisings of the people of Libya, Bahrain and Algeria. The protest saw a low turnout though it was announced on Facebook a few days earlier. Organizer Maisara Omar, a child development trainer, …

DNE

Islamic insurer sees opportunity after Egypt crisis

  DUBAI: Tokio Marine Middle East, an Islamic insurance services provider, sees an opportunity to expand its business in Egypt following the recent political turmoil, the company’s chief executive told Reuters. Islamic insurance, or takaful, is already seeing demand in Egypt and the recent demonstrations will highlight the need for financial protection, said Ajmal Bhatty, …

DNE

Fury in Egypt as Mubarak clings to power

CAIRO: Egyptian President Hosni Mubarak wrong-footed global expectations Thursday by refusing to quit office, prompting furious demonstrators in Cairo to vow their most spectacular protests yet. On the 17th day of a popular uprising against his 30-year rule, Mubarak announced he was delegating presidential power to Vice President Omar Suleiman, but said he would remain …

AFP

Money transfers put Arab International Bank in the spotlight

By Amr Ramadan CAIRO: A senior official at the Arab International Bank, which operates outside the jurisdiction of the Central Bank of Egypt (CBE), said Tuesday that the bank saw large amounts of money transferred out of the country before January 25, according to several reports. This was before the CBE closed banks nationwide for a …

DNE

IEA says Saudi oil output jumps, OPEC critical

LONDON: The International Energy Agency (IEA) said on Tuesday that OPEC leader Saudi Arabia had stealthily boosted output to cool an oil price rally, while OPEC accused the agency of providing inconsistent oil price views. Tensions between oil exporter group OPEC and the agency, representing industrialized consumers, have risen as Western countries put pressure on …

Reuters

Kidman weeps in ‘Rabbit Hole’; revels in home life

By AP Nicole Kidman is giving audiences grief with her latest drama, “Rabbit Hole,” playing a disconsolate woman coping with the death of her child. Yet 10 years after one of Hollywood’s most-publicized splits, the breakup of her marriage to Tom Cruise, Kidman is in the happiest of places, with little to sob about. After …

DNE

Asia steering world economy in 2011

By Elaine Kurtenbach/ AP SHANGHAI: The prolonged weakness in the US and Europe may be the least of Asia’s troubles in 2011, economists say, as the region fights potentially destabilizing inflationary pressures. Asia will lead global growth in 2011, with China, now the world’s second largest economy, steady at about 10 percent growth, the government-affiliated Chinese …

DNE

Morocco: Paths to progress

By Oxford Business Group Optimism in Morocco’s business environment, seen in recent World Bank plaudits for its measures to protect investors, is likely to be further boosted by a series of major transport infrastructure projects that are under way. Speaking at a World Economic Forum conference held in Marrakech in October, Karim Ghellab, equipment and transport …

DNE

Kuwait: Towards a healthy future

By Oxford Business Group While Kuwait’s rapid modernization over the past two decades has seen a rise in life expectancies and a decline in illness rates, the changes in lifestyle associated with rising wealth have created their own set of challenges. In early November the United Nations Development Program (UNDP) released its latest human development index …

DNE

French airline makes landmark flight to Baghdad

BAGHDAD: A French airliner landed at Baghdad International Airport Sunday, becoming one of the first passenger planes to fly into the Iraqi capital direct from Western Europe since the Gulf War and opening a potential new route to stronger international business ties. The inaugural flight by France’s Aigle Azur, which touched down shortly before 6 …

AP

Egypt seeks Japan loan for fourth metro line

Egypt said it was seeking funding for the initial phase of the fourth underground metro line, a source at the Ministry of Transport told Al-Masry Al-Youm newspaper. The new metro line is expected to reduce congestion in the areas of Al-Malek Al-Saleh, Giza, Haram and Sixth of October.The same source said the government has submitted …

Daily News Egypt Authors

Egyptian lawyer contests EGTS land deal

CAIRO: An Egyptian lawyer has filed suit against Egypt’s prime minister and tourism minister challenging a deal with real estate firm Egyptian Resorts, the latest attack on state land sales without an auction. The lawyer — Shehata Mohamed Shehata, who also raised another suit challenging a land deal involving Cairo-based private equity firm Egypt Kuwait …

Reuters

For Egypt investors, growth trumps political risks

CAIRO: Sprightly economic growth is keeping foreign investors upbeat on Egypt, outweighing uncertainty over the future leadership and concerns that soaring food prices could cause unrest. Inflows of foreign cash to stocks and treasury bills seem to be holding firm before a parliamentary vote next month and a presidential poll next year, although a currency …

Reuters

Al-Dostor journalists fired for missing work, says Edward

CAIRO: Several Al-Dostor journalists were fired on Thursday, which the independent daily’s owner says was due to missing work for a number of days surpassing that which is legally permitted. Al-Dostor owner Reda Edward told Daily News Egypt that six staff journalists were fired along with four freelancers. “I fired them because they didn’t come …

Heba Fahmy

Morocco suspends Al-Jazeera TV: official

RABAT: Morocco has suspended the operations of the Qatar-based Al-Jazeera television news channel in Rabat and withdrawn the accreditations of its staff, the communications ministry said Friday. The ministry said the sanctions followed "numerous failures in (following) the rules of serious and responsible journalism." The Al-Jazeera bureau chief in Rabat, Palestinian Abdelkader Kharroubi, told AFP …

AFP

Helping entrepreneurs through mentorship

CAIRO: In an effort to aid future entrepreneurs at the American University in Cairo (AUC) and improve its School of Business, a group of successful entrepreneurs were brought in to help mentor the future generation of entrepreneurs. “We see the great potential and energy, but they need to be encouraged to think outside the box …

Daily News Egypt

Oil firmer, doubts over Fed action curb gains

LONDON: Oil prices crept higher on Thursday, with all eyes on US weekly jobless numbers due later for clues about the potential size and pace of the US Federal Reserve’s stimulus package expected next week. By 0930 GMT, US crude for December gained 17 cents to $82.11 a barrel, after falling nearly 1 percent on …

Daily News Egypt

Cameron returns to space with 2 ‘Avatar’ sequels

James Cameron will start writing the scripts for two "Avatar" sequels early next year, aiming to land the first one in theaters four years from now. Executives at 20th Century Fox announced Wednesday that Cameron has settled on two sequels to the blockbuster hit as his next film projects, with plans to begin production in …

AP

Mobinil may raise funds via bond or loan

Mobinil, which leads the Egyptian mobile market by subscriber numbers, said on Tuesday it could raise funds to finance expansion via a loan or bonds. Al-Mal newspaper reported on Sunday that Mobinil was considering raising up to LE 2 billion ($346.4 million) to expand its network and services. "We are always studying possible ways of …

Reuters