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Social equality a looming problem in Egypt, say panelists

CAIRO: While panelists at a Euromoney conference applauded the government’s efforts to drive growth, there was an almost unanimous consensus that social inequality is a major concern for maintaining that development. Taher Helmy, senior partner of Helmy, Hamza and Partners, stated that the government’s trickle down policy “has not worked,” speaking on a panel titled …

Christopher Le Coq

Kuwait defends banning books at annual fair

KUWAIT CITY: Kuwait’s information ministry on Tuesday dismissed criticism from liberal MPs for banning books from a fair due next month while Islamists praised the move. The ministry said in a statement that its censorship committee has banned only 25 titles out of 24,000 books for abusing God, prophets and other religious figures, books on …

AFP

Food prices drive Kuwait July inflation up to 4 pct

KUWAIT: Kuwait inflation rose to a 13-month high of 4.0 percent year-on-year in July, driven by rises in food and global commodities prices. Inflation in the world’s fourth largest oil exporter is expected to decelerate again towards the end of the year as economies in the Gulf Arab region start to recover from the global …

Reuters

Emaar postpones board meeting to Wednesday, says bourse

DUBAI: Emaar Properties, builder of the world’s tallest tower in Dubai, postponed its board meeting to Sept. 29, a statement on the bourse website said on Tuesday. The meeting, which was scheduled for Monday, will discuss company performance along with other "matters of importance", Emaar said. It gave no reason for the postponement. Separately, UAE …

Reuters

Egyptian tobacco firm Eastern approves cash dividend

CAIRO: Egypt’s cigarette monopoly Eastern Company announced a shareholder dividend of LE 5.5 ($1) per share, the bourse said on Monday, higher than the previous year’s payout. The dividends were agreed at the firm’s annual general meeting on Sunday. The statement did not say when the payment would be made. The firm, which has 50 …

Reuters

Hawass visits Queen of Spain, lectures at Royal Palace

CAIRO: Zahi Hawass, Secretary General of the Supreme Council of Antiquities, was hosted by Queen Sofía of Spain in her royal palace in Madrid, where he presented his newest book “Secret Voyage.” According to a press statement by the SCA, the Queen was impressed by the content of the book and decided to present it …

Daily News Egypt Authors

Saudi foiled 230 terror attacks, says minister

RIYADH: Saudi Arabia’s interior minister said his country had foiled 230 planned terror attacks in recent years, with only 10 actually being carried out, local press reported on Monday. "Saudi Arabia is tackling terrorism with all its might and authorities have so far been successful in foiling 230 of the 240 terrorist attempts," the Saudi …

AFP

Egypt may restructure investment ministry, says PM

CAIRO: Egypt’s Prime Minister said on Friday that the government may restructure its investment ministry after the investment minister leaves next month and the non-banking financial regulator could be made into a separate agency. The Egyptian Financial Supervisory Authority (EFSA), which currently falls under the ministry, oversees the insurance industry as well as capital markets, …

Reuters

Egypt 357-day T-bills average yield up to 10.610 pct

CAIRO: The average yield on Egyptian 357-day treasury bills rose slightly to 10.610 percent at an auction on Thursday from 10.547 percent at the last auction on Sept. 2. The central bank said it accepted bids for bills worth LE 3 billion ($526 million), the same amount it was seeking. It accepted bids at rates …

Reuters

S.Korea’s state oil firm claims control over Britain’s Dana

SEOUL: South Korea’s state oil firm said Friday its takeover bid for British oil explorer Dana Petroleum has won support from holders of 64 percent of the shares. Korea National Oil Corp (KNOC), which plans to secure at least 75 percent so it can delist the Aberdeen-based company, said in a statement its 1,800 pence-a-share …

AFP

The price of crisis prevention

BRUSSELS: Two years have passed since the financial crises erupted, and we have only started to realize how costly it is likely to be. Andrew Haldane of the Bank of England estimates that the present value of the corresponding losses in future output could well reach 100 percent of world GDP. This estimate may look …

Daily News Egypt

Knowledge management is key in today’s world, says conference

CAIRO: The ever-expanding knowledge base in today’s world raises the questions of credibility, therefore knowledge by itself is not important but knowledge management is crucial, explained Egypt’s Minister of State for Administrative Development Ahmed Darwish at a conference Tuesday. There is a need for knowledge but knowledge in a structured matter in order to be …

Safaa Abdoun

Lebanon: Tourism’s place in the Sun

Lebanon is quietly confident of breaking through the 2m mark for tourist arrivals this year and setting a new record both for visitor numbers and revenue, but the government is being urged to do more to ensure the sector’s growth. Tourism is one of the key sectors of the Lebanese economy, representing some 20 percent …

Daily News Egypt

Egypt urges bids for nuclear station

Egypt’s Minister of Electricity and Energy Hassan Younes on Wednesday urged international companies to bid for setting up Egypt’s first nuclear station for peaceful purposes, reported the state news agency. According to Electricity Ministry Spokesman Aktham Abul Ela, the energy minister, who is now taking part in a Vienna-hosted conference of the International Atomic Energy …

Daily News Egypt

Egypt court sets hearing date for Palm Hills suit

The Egyptian Administrative Court set Oct. 26 as the first day of a trial in a lawsuit challenging one of Palm Hills’ land deals, the court said on Wednesday. The Palm Hills case emerged amid a wrangle over the flagship development of Talaat Moustafa (TMG), Egypt’s biggest listed developer, in a case that underscored the …

Reuters

Dubai needs no more UAE central bank support, says official

DUBAI: Dubai needs no more support from the United Arab Emirates central bank and conditions in the banking sector have improved, a senior official from the debt-laden Gulf emirate said on Wednesday. Dubai’s debt problems damaged the UAE banking sector, slowing down the economic recovery. The emirate still faces a challenge to pay off tens …

Reuters

Ramzy suspended for TV appearance

CAIRO: The Egyptian FA announced that Olympic team manager Hani Ramzy will be suspended for appearing on a TV show with Nile Sport. The former Egypt defender was hosted by the local TV channel on Sunday to talk about the Premier League match between Manchester United and Liverpool. Despite the controversy, Ramzy defended his position …

filgoal.com

Egypt government sees no repeat of TMG dispute

CAIRO: Egypt’s government will protect investors exposed to a dispute over a sale of state land to Talaat Moustafa Group (TMG) and ensure similar cases do not occur in future, government ministers said on Monday. Shares in TMG, Egypt’s biggest listed property firm, tumbled last week after a court upheld a ruling that a housing …

Daily News Egypt

Politics and corporate money

CAMBRIDGE: A recent decision issued by the United States Supreme Court expanded the freedom of corporations to spend money on political campaigns and candidates — a freedom enjoyed by corporations in other countries around the world. This raises well-known questions about democracy and private power, but another important question is often overlooked: who should decide …

Daily News Egypt

EU offers 1.3 billion dollars to reduce poverty

UNITED NATIONS: European leaders have offered one billion euros (1.3 billion dollars) at the Millennium Development Goals (MDGs) summit here, amid mounting calls for money to pay for the battle to cut extreme poverty. The huge sum was offered late Monday by EU commission president Jose Manuel Barroso at the end of the first day …

AFP

Heineken unit aims to revive Egyptian winemaking

CAIRO: Heineken’s Egypt unit said it is focusing on building its wine business, an unusual trade for the brewing giant, and wants to shift sales from tourists towards local customers in the mainly Muslim country. Heineken bought the formerly state-owned Al Ahram Beverages Company, which dominates Egypt’s beer and wine markets, for about $300 million …

Reuters

Iraq sets gas field auction for October 20

BAGHDAD: Iraq is to hold a public auction on October 20 for the rights to work on three gas fields, an oil ministry spokesman said on Monday. The sale of the undeveloped fields — which have estimated reserves totaling about 317 billion cubic metres — bcm (11 trillion cubic feet — tcf) — follows two …

AFP

Sewedy Cables to distribute 30 pct bonus shares

Egypt’s El Sewedy Cables said on Sunday it would distribute a dividend of three bonus shares for every 10 held on Oct. 5 to investors holding shares as of Oct. 4. The largest Arab cable maker by market value said in April the bonus shares would boost capital by 29.5 percent. In May last year, …

Reuters

Self-sufficient Iran has stopped importing petrol, says minister

TEHRAN: Oil Minister Masoud Mirkazemi said on Saturday that Iran had now stopped importing petrol, a commodity targeted by world powers in new sanctions against Tehran’s controversial nuclear drive. "No purchase has been made of petrol since last month," Mirkazemi was quoted by Mehr news agency as saying. It reported him as saying Iran’s daily …

AFP

HC Research cuts Ezz Steel price target by 11 pct

CAIRO: HC Research cut Egypt’s Ezz Steel’s share-price target by 11 percent, citing lack of clarity on iron ore prices and scrap price volatility. The brokerage, which cut its price target on the stock to LE 23.5, also lowered earnings estimates for Egypt’s largest steelmaker. HC Research said it saw a slowdown in local demand …

Reuters

TMG plays down court ruling, shares tumble again

CAIRO: Egypt’s Talaat Moustafa (TMG) said on Wednesday the government had given commitments to respect its contracts, a day after a court upheld a ruling that could threaten the real estate firm’s flagship project. TMG stock had slid 11.7 percent by 1002 GMT, adding to a 7 percent drop on Tuesday after the court decision, …

Daily News Egypt

Ibrahim Hassan blames Zamalek’s poor form on ‘magic’

CAIRO: Zamalek’s football director Ibrahim Hassan believes the Cairo giants have been stuttering because of evil magical practices. The White Knights have suffered a poor start to the season, having registered only one victory in their first four Egyptian Premier League matches. After his team’s 1-1 draw with Gouna, Zamalek coach Hossam Hassan sarcastically said …

Sherif Tarek

Al-Azhar scholar supports French niqab ban

CAIRO: A leading cleric at Egypt’s prestigious Al-Azhar Mosque on Wednesday applauded France’s ban on the face veil worn by some devout Muslim women, saying the niqab harmed Islam’s image. Abdel-Mutti Al-Bayyoumi, a member of an influential council of clerics at Al-Azhar, said the niqab, a full-face veil that leaves an opening for the eyes, …

AFP

Japan buys Saudi crude from Showa Shell, say sources

TOKYO: State-run Japan Oil, Gas and Metals National Corp (JOGMEC) bought Saudi Arab Extra Light crude for Japan’s national reserves from Showa Shell Sekiyu via a tender, industry sources said on Wednesday. JOGMEC, which had sought 1.25 million barrels of Middle East light crude through the tender, bought the 1.25 million barrels of the Saudi …

Reuters

Nasr City full-year net profit down 25 pct

Egyptian developer Nasr City Housing posted a 25 percent fall in full-year net profit, the bourse said on Tuesday. The formerly state-run company, now about 30 percent owned by Beltone Financial’s private equity arm, posted a net profit of LE 86.3 million ($15 million) for the year to end-June. Nasr City shares closed 1.8 percent …

Reuters