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Presidential decision to drop debts of 41,000farmers

By Islam Serour The legal consultant to President Morsy, Mohamed Fouad Gadallah, announced that the president would issue a decision to drop agricultural debts owed by 41,000 farmers. “After meeting Dr Mohsen Al-Batran, Chairman of the Development and Agricultural Credit Bank (DACB) and head of Farmers Syndicate, an agreement to drop EGP 93 million, representing …

Daily News Egypt

Jeff Johnson

Aerospace industry needs young Middle Eastern talent

By Jeffrey Johnson Over the past decade, the Middle East has consistently been in the aviation industry’s spotlight as countries in the region invested heavily in passenger airplanes for their airlines, some of which are amongst the largest and fastest growing in the world, and state-of-the art equipment for their defence forces. In recent times, …

Daily News Egypt

President Mohamed Morsi (R) meets with retired former Defence Minister and Field Marshall Hussein Tantawi (C), and retired Armed Forces Chief of Staff, Sami Anan (L) at the presidential palace in Cairo on 14 August AFP PHOTO / HO / MENA

Egyptian business community ponder Morsy’s decisions

By Mostafa Salah, Enaam el-Adawy, Nihal Monir and Wafaa Abdelbary The business community is in a state of cautious anticipation following the decision taken by President Mohamed Morsy to retire Supreme Council of Armed Forces (SCAF) and Field Marshall Tantawi and Lieutenant General Anan. Ahmed Alwakel, President of Federation of Chambers of Commerce (FEDCOC), said …

Daily News Egypt

International Monetary Fund headquarters in Washington DC (File photo) AFP PHOTO

Radwan to al-Arabiya: IMF expects Egypt to devalue its currency

By Islam Serour Former Finance Minister Dr Samir Radwan told al-Arabiya News that he expects the International Monetary Fund (IMF) to demand that Egypt devalue the Egyptian pound. However, Radwan stressed that there should be new steps to inject new investments into the Egyptian economy in order to overcome such critical phase. Angus Blair, founder …

Daily News Egypt

Vodafone Ventures’ Fund invest in two companies and targets expansion

By Mohamed Fawzy Hatem Dowidar, CEO of Vodafone Egypt, said that in two weeks Vodafone Ventures Fund (VVF) will announce its investment in two companies without exceeding 30% of its shares. He expects that during the first year, VVF will invest in 10-15 technology companies. VVF’s strategy enables it to acquire all of the company’s …

Daily News Egypt

OTH achieves 15 percent subscriber growth, one percent revenue growth

By Islam Serour Orascom Telecom Holding (OTH) consolidated financial and operating results for the first half of 2012 shows a 14.8 percent growth in its subscribers’ base, reaching 83,384 subscribers, up from 72,650 during the same period in 2011.The company’s consolidated revenues increased by 1.1 percent, reaching $1,833,708, compared to $ 1,814,414 during the first …

Daily News Egypt

CIB and EFG-Hermes take over one-third of Tuesday’s trading

By Islam Serour Commercial International Bank (CIB) and Hermes Financial group represented one-third of the total market turnover on Tuesday, after two weeks of stability. The CIB stock witnessed active turnover due to deals by foreign institutions, and closed out at EGP 28.5 after exceeding the EGP 28 barrier, scoring a 1.3 percent increase. In …

Daily News Egypt

Australian livestock shipment quarantined for hormonal infection

By Mohamed Abdul Monsef and Enaam Eladawy The General Organisation for Veterinarian Services (GOVS) decided to confine the Australian shipment of cattle for a month, expecting that the hormones found in the stock may dissolve within one month. Dr Yousef Shalaby, Director of Central Department of Veterinary Quarantine, said that treatment of the stock’s feed …

Daily News Egypt

Telecom Egypt Board reshuffle sparks reactions

By Islam Serour The new reshuffle within Telecom Egypt’s (TE) board of directors has been met by discord from the company’s workers, as calls for protests against the reshuffle after the Eid holidays have circulated on Facebook and twitter. The reshuffle was applauded by Hani Mahmoud, Minister of communication and information technology, in a press …

Daily News Egypt

IEA cuts global oil demand forecasts

Paris (AFP) — Faltering economic growth will undercut global oil demand this year and next, the International Energy Agency said Friday, citing slowdowns in China and the United States in particular. “Sluggish economic growth could restrict annual oil demand growth to 0.9 million barrels per day in 2012 and 0.8 mbpd in 2013, with demand …

Daily News Egypt

The Middle East: The Aerospace Industry’s Font of Youth?

Over the past decade, the Middle East has consistently been in the aviation industry’s spotlight as countries in the region invested heavily in passenger airplanes for their airlines, some of which are amongst the largest and fastest growing in the world, and state-of-the art equipment for their defense forces.  In recent times, however, the region …

Daily News Egypt

Asian markets hit by weak China trade data

Hong Kong — Asian markets mostly fell Friday as weak Chinese trade data reinforced concerns of a slowdown in the world’s number two economy, while profit-taking after a week-long rally added to selling pressure. Wall Street provided a weak lead despite upbeat US jobs and trade data that indicated a positive outlook for the world’s …

Daily News Egypt

British economy struggles to secure golden Olympics boost

London (AFP) — With the London Olympics set to wrap up Sunday, analysts said Britain’s recession-hit economy was unlikely to have won a major boost from the Games that have been a triumph for the nation’s athletes. While Britain’s construction sector benefited hugely before the Olympics, experts have said the 17-day sporting spectacle had not …

Daily News Egypt

SMEs receive support from Social Fund for Development

By Waleed Abel Azeem The National Bank for Development (NBD) is awaiting approval for an EGP 150 million grant from the Social Fund for Development Fund (SFD), according to Ahmad El-Masry, Director of Corporate Affairs at the bank. El-Masry said the grant would be directed to finance small and medium enterprises (SMEs) in according with …

Daily News Egypt

Qatari loan to Egypt secured

By Islam Serour President Mohamed Morsy announced Sunday a $2 billion loan from Qatar to the Central Bank of Egypt (CBE), after meeting with the Qatari Emir Sheikh Hamad bin Khalifa Al-Thani in Cairo. In his first visit to Egypt Khalifa Al-Thani agreed to supply the Egyptian economy with the foreign currency deposits to bolster …

Daily News Egypt

Heat wave hits Algeria

Last week Algerians attacked governmental institutions and private corporations who are seen as responsible for power outages plaguing the nation. On Friday, many businesses closed because of the heat, reported El Khabar, an Algerian daily. In a state with over 35 million Muslims and temperatures reported to have reached as high as 50 degrees this …

Daily News Egypt

Finance Ministry issues EGP 4.5b in treasury bonds

By Asmaa Nabil The Central Bank of Egypt (CBE) is to issue treasury bonds today valued at EGP 4.6 billion. The first treasury bond is valued at EGP 1 billion, to mature in 91 days, and the second is valued at EGP 3.5 billion to mature in 266 days. The Ministry of Finance (MOF) also …

Daily News Egypt

Ministries to launch an Intelligent Transportation System collaboratively

By Mohamed Radwan The Ministries of Communications and Transportation plan to restructure the transportation system in Egypt by launching an Intelligent Transportation System (ITS) in a number of Egyptian governorates. Preliminary cost estimates put the project at EGP 1 billion to be implemented over two phases. A Ministry of Communications official said that the Ministry …

Daily News Egypt

US punts on Goldman Sachs prosecution

Washington (AFP) — Goldman Sachs escaped prosecution over its sales of high-risk mortgage securities Friday when the US Justice Department closed a probe without action despite a damning report on the bank’s practices. Following a two-year inquiry, senators concluded in April 2011 that the Wall Street investment banking giant misled clients ahead of the US …

Daily News Egypt

European stocks slip

London (AFP) – European stock markets weakened Friday as poor Chinese trade data sparked fresh concern about slowing economic growth in the Asian powerhouse nation. London’s FTSE 100 index of top companies dipped 0.08 per cent to 5,846.37 points in morning deals, Frankfurt’s DAX 30 dropped 0.37 per cent to 6,939.68 and the Paris CAC …

Daily News Egypt

PM: Starting next summer, energy rationalisation mandatory

By Islam Serour Power saving measures will become mandatory by 2013, Prime Minister Hesham Qandil told a press conference Friday night, noting that the government will issue the organising criteria and conditions. The Prime Minister relayed the findings of the technical committee tasked to investigate the rolling blackouts. According to which, electricity production covers 90 …

Daily News Egypt

Stock Market remains resilient despite calamitous week

By Fatheya Al-Garhy The stock market remained surprisingly resilient to last week’s consecutive multitude of violent events: Nile City towers, Dahshour and Rafah.  They caused a sharp decline in the market’s indices only for them to rebound back and absorb the events, supported by Egyptians’ purchasing transactions. Another major factor that contributed to the market’s …

Daily News Egypt

Masry USD Certificates yield disappointing earnings to NBE

Sources at National Bank of Egypt (NBE) estimated the cumulative sales of the Masry USD Certificate, which was issued to attract the investment of Egyptians living in the Gulf, at $80 million since beginning of last April. The sales target for this type of certificate was estimated at $2 billion, but sales increased noticeably once …

Daily News Egypt

MVNO to be decided next week

By Islam Serour Engineer Hany Mahmoud, Minister of Communication and Information Technology, stated in a press conference Thursday at the Smart village in Cairo, that the ministry will decide on the Mobile Virtual Network Operator (MVNO) offer after meeting with the board of the National Telecom Regulatory Authority (NTRA) scheduled for next week. He indicated …

Daily News Egypt