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FJP says forming new gov’t ‘urgent and mandatory’

By Safaa Abdoun CAIRO: The Freedom and Justice Party reiterated its earlier demand to form a new government Thursday, saying it’s become “urgent and mandatory” after seeing indications of a political will to escalate the crisis. Following the meeting of the party’s executive office Thursday, the political arm of the Muslim Brotherhood said that forming a …

DNE

FJP’s Fahmy elected to head Upper House

By Heba Fahmy CAIRO: The Islamist-dominated Shoura Council chose its presidents and two deputies Tuesday in a procedural vote after none of the members challenged the single candidate for each position. Freedom and Justice Party (FJP) MP Ahmed Fahmy was elected president of the council in its first session. In his speech he promised to prioritize …

DNE

FJP parliamentarian injured in car accident

By Mai Shams El-Din CAIRO: Alexandrian parliamentarian Hassan El-Brins was hospitalized Friday following a car accident believed to be intentional, the Freedom and Justice Party said. “He believes that the car hit him intentionally,” FJP MP Mohamed El-Beltagy told Daily News Egypt Friday, adding that criminal intent couldn’t be ruled out. The accident came after El-Brins, …

DNE

FJP denies describing those opposing the party as ‘Zionists’

By Heba Fahmy CAIRO: The Freedom and Justice Party (FJP) denied on Wednesday media reports claiming that its leader Mohamed Morsi described those who called for postponing parliamentary elections as “Zionists” and remnants of the former regime. Saad El-Katatney, secretary general and cofounder of the FJP denied a report published by Al-Masry Al-Youm on Tuesday …

DNE

Egypt aims to reduce poverty to 18 pct, increase income by 4 pct

  Egypt Minister of Economic Development Osman Mohamed Osman said the development plan for 2010/11 aims at reducing poverty rate to 18 percent, compared with 22.5 percent in 2005, and increase the average income per capita by around 4 percent.   Osman said Tuesday in a statement that the plan seeks to intensify development programs …

Daily News Egypt

Nakheel says nears deal with big trade creditors

DUBAI: Dubai World’s indebted property arm Nakheel is very close to hitting a key threshold among large trade creditors that would allow it to begin paying overdue bills, a company spokeswoman said on Monday. For Nakheel, once known for its glitzy palm-shaped islands, paying arrears to large contractors would be the first step towards helping …

Reuters

Oman expects to resume crude exports Sunday

MUSCAT: Non-OPEC producer Oman was expects to resume crude exports from the Mina Fahal terminal on Sunday, an Oman oil official said. Oman halted exports on Friday after Cyclone Phet hit the coast of the Gulf Arab state. "Operation has resumed and we expect ships to dock at Mina Fahal anytime," Suleiman Al-Mandhari, head of …

Reuters

Oman Oil buys 30 pct stake in Vale Omani subsidiary

MUSCAT: Oman Oil Company, the state investment arm of the non-OPEC producer, signed an agreement to buy 30 percent of a subsidiary of Brazil’s Vale in the Gulf Arab state, an Oman Oil Company statement said on Sunday. "Oman Oil Company signed an agreement to buy 30 percent stake in Vale Oman Pelletizing Company LLC …

Reuters

Zain to pay out big part of sale proceeds

KUWAIT: Kuwaiti mobile operator Zain will distribute a large part of its returns from a $9 billion sale of assets to India’s Bharti Airtel to its shareholders, Zain Chairman Assad Al-Banwan said on Thursday. In March, Zain struck a deal selling its operations in 15 African countries to Bharti for $9 billion. Questions about what …

Daily News Egypt

Investment Corp. of Dubai CFO Hegarty to step down

DUBAI: The chief financial officer of Investment Corporation of Dubai (ICD), the investment arm of the Gulf Arab emirate, will step down after two years in the post, in the second high-level departure from the firm in recent weeks. ICD said in a statement on Thursday that Nicholas Hegarty’s departure comes at the end of …

Reuters

UAE Crescent, Russia Rosneft team up for energy JVs

DUBAI: The UAE’s Crescent Petroleum has teamed up with Russia’s state-run oil producer Rosneft to purse oil and gas deals in the Middle East and North Africa, Crescent said in a statement on Wednesday. Rosneft pumps over a fifth of Russia’s oil, and is the country’s largest producer. Crescent is a privately-held energy firm based …

Reuters

News in brief

Bank of Alexandria supports SMEsThe Bank of Alexandria signed an agreement with the International Financial Institution – a member of the World Bank – to provide technological support for SMEs in Egypt, Al-Ahram reported. SMEs represent 80 percent of the country’s value added and 75 percent of its non-agricultural private sector workforce, said CI Capital …

Daily News Egypt Authors

Oil drops to $81 as risk aversion grows, flights cut

LONDON: Oil fell to around $81 a barrel on Monday and touched a three-week low as the fraud charges filed against Goldman Sachs dampened risk appetite and European flying restrictions curbed jet fuel use. The drop extended the previous session s fall of 2.7 percent, the largest percentage loss since Feb. 5. European shares fell …

Reuters

Egypt sales firm sues Mitsubishi Motors for $900 mln

TOKYO: Japan s Mitsubishi Motors Corp said on Monday an Egyptian sales firm is suing it for $900 million in damages, complaining it unfairly ended a distribution contract. Separately, the Japanese automaker slashed its estimate of annual operating profit by 54 percent to 13.8 billion yen ($149.7 million) citing a drop in vehicle sales and …

Agencies

Second phase of PHD capital increase oversubscribed

CAIRO: Egyptian real estate developer Palm Hills Developments said in a statement that the second round of its capital increase rights issue launched earlier this month was over-subscribed more than 500 times. This rights issuance raises PHD’s capital from LE 1.4 billion to LE 2.1 billion, an increase in the amount of LE 699 million, …

Daily News Egypt Authors

Egypt index falls as Mobinil dips third day

CAIRO: Egypt’s benchmark index ended 0.4 percent lower on Monday, pulled down by heavyweight telecoms operator Mobinil, which dropped 2.5 percent. It is Mobinil’s third day of declines since its main shareholders, Orascom Telecom and France Telecom, announced they had a broad to end a battle for control of the firm. Orascom inched up 0.1 …

Reuters

News in brief

Egypt index retreats, led by OT and PioneersEgypt’s benchmark index closed down 2.1 percent on low volume as Pioneers Holding dropped 5.6 percent and heavyweights Orascom Telecom (OT) 5.3 percent. On Sunday, Pioneers shareholders approved its takeover of Beltone Financial, and the company’s board approved a LE 0.05 per share dividend, bringing total dividends for …

Daily News Egypt Authors

Muslim nations 'laughing' at EU woes: Islamic finance chief

BRUSSELS: Muslim nations are laughing at European efforts to grapple with a debilitating debt crisis in Greece, which has serious ramifications for the world s biggest open market, the head of the World Islamic Economic Forum has said. Former Malaysian deputy prime minister Tun Musa Hitam spoke to AFP in Brussels as European Union plans …

AFP

PHD to sell Borooj units worth LE 315 mln

CAIRO: Egyptian real estate developer Palm Hills Developments (PHD) said Sunday that it will sell LE 315 million worth of units to Burooj Properties, the real estate arm of Abu Dhabi Islamic Bank (ADIB). Burooj signed an agreement to buy 425 units of PHD’s Village Garden Katameya project, the Egyptian firm said in a statement. …

Daily News Egypt Authors

Lebanon Special: 961 Beer: A Beirut Microbrewery Does it Best

  961 beer is a beer for just about everyone it seems, or at least that is what its founder and producer Mazen Hajjar is aiming to achieve. "I’m trying to convert people, they usually say they’re not beer drinkers but that’s because they’re not drinking good beer. A beer aficionado, he started brewing beer …

Heba Elkayal

Syria: Raising the Bar

SYRIA: Syria s oil and gas sector is gearing up for a rejuvenation of sorts, with the minister of oil, Sufian Alao, announcing recently that the government expects oil production in the country to rise this year following 13 years of steady decline. The announcement came as the Syrian hydrocarbons sector prepared to welcome 265 …

Daily News Egypt Authors

'Call of Duty' creators come back in partnership with EA

The creators of the hit videogame franchise Call of Duty, who were fired by Activision Blizzard last month, launched a new studio Monday and announced a partnership with Activision rival Electronic Arts. Jason West and Vince Zampella said Respawn Entertainment will assemble a world-class team of designers, artists and engineers and has awarded EA exclusive …

AFP

News in brief

NDB says reduces 2009 net loss to $83 mln Egypt s National Bank for Development (NBD) said on Thursday its net loss for 2009 fell to 458.1 million Egyptian pounds ($83.06 million) from 738.9 mln in 2008. Loans to customers dropped to 2.22 billion pounds as of Dec. 31 from 3.24 billion pounds a year …

Daily News Egypt Authors

Bahrain: Banking on the Future

BAHRAIN: Bahrain is looking to consolidate its position as one of the key players in the Islamic finance sector, working to build on its current position of strength and ensure it has the skills base to launch further expansion in the future. At the end of 2009, 27 of the 140 banks operating in Bahrain …

Daily News Egypt Authors

Arab bank to lend Zambia $90 mln for key road

LUSAKA, Zambia: The Arab Bank for Economic Development in Africa has approved a $90 million loan to Zambia to build a road that will link it to Angola and boost regional trade, the bank s CEO said on Friday. State ZANIS news agency reported that Abdelaziz Khelef, the bank s director-general, had met Zambian Vice-President …

Reuters

Egypt receives two bids for telco licences

CAIRO: Two consortiums filed bids for two licenses to supply cable, voice and Internet services to residential compounds by a Thursday deadline, Egypt’s telecom regulator said. “We have received two bids from consortiums and will study them technically and the NTRA board will make a decision sometime in May, Amr Badawi, the executive president of …

Reuters

Playing the SIM Card

SINGAPORE: Only two weeks after European Union leaders cobbled together a backroom deal for Greece, the stitches are coming undone and the southernmost member of the EU is back in the firing line. What the 27 member bloc is lacking in transparency is being counterbalanced by the 10 member ASEAN. It has fewer members but …

Daily News Egypt

Souq.com launches e-commerce marketplace

CAIRO: Souq.com, which bills itself as the largest e-commerce marketplace and auction website in the Arab world, recently launched its Egypt portal. “We are proud to officially launch Souq.com Egypt which brings unrivalled e-commerce capabilities to all Egyptians and will serve as an enabler for growth of future web-based services, helping more Egyptians realize the …

Daily News Egypt

News in brief

Egypt to step up taxi scrappage plan: report Egypt will kick off on Thursday the second stage of a program to modernize the country’s old taxis, state media said, potentially providing a boon to local auto firms. The second stage of the plan to replace cars older than 20 years would scrap 30,000 of the …

Daily News Egypt Authors

Egypt to form FTA with South American bloc

CAIRO: Minister of Trade and Industry Rachid Mohamed Rachid announced the mutual determination to establish a free trade agreement (FTA) between Egypt and the countries of South America’s Mercosur bloc: Brazil, Argentina, Uruguay and Paraguay. The minister said during a press conference, “We expect to reach an agreement and sign the free trade agreement at …

Annelle Sheline