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Intel reports $11 bln revenue

Intel Corporation reported this week third-quarter revenue of more than $11 billion, up 18 percent year-on –year, according to a statement. The company’s operating income was $4.1 billion and net income $3 billion. “Intel’s third-quarter results set all-time records for revenue and operating income,” said Paul Otellini, Intel president and CEO, “…driven by solid demand …

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CIB launches consumer banking leadership program

Commercial International Bank (CIB) launched a leadership program for the consumer banking industry which they say is the first of its kind in Egypt and MENA, according to a statement. The program is offered by an expert in consumer banking strategy, leadership development and organizational transformation in emerging markets, Humayun Rashid. CIB will select the …

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Monthly growth in NIR stable in September

Monthly growth in Egypt’s Net International Reserves (NIR) position remained relatively stable in September 2010, at $35.53 billion, remaining almost unchanged from August 2010’s level of $35.5 billion, Central Bank of Egypt data showed. Annual growth in NIR fell to 6 percent in September 2010 compared to 7.9 percent in August 2010. In May and …

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Egypt tries to silence critics before elections, says Freedom House

CAIRO: A Washington-based NGO has described the firing of Al-Dostor editor Ibrahim Eissa and cancellation of several prominent talk shows as evidence that the authorities have “ramped up attempts to silence critics in the lead up to parliamentary elections.” “Egypt’s crackdown on freedom of expression at this particular time appears to be a blatant attempt …

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RenCap to expand in Egypt in 2011

Renaissance Capital plans to expand next year into Egypt and at least three other African countries, The Moscow Times reported Thursday. The firm, which is half-owned by billionaire Mikhail Prokhorov, may buy or start a brokerage in Egypt that would also cover Morocco and Tunisia, Clifford Sacks, chief executive officer of the South African unit …

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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 …

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Investment ministry operating normally until new appontment

Work will continue as usual at the Ministry of Investment until a new replacement to the Minister of Trade, who is temporarily also overseeing the investment ministry, has been selected, Al-Ahram reported. Minister of Trade Rachid Mohamed Rachid told the state-run paper that this is expected to take place over the coming weeks; adding during …

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IFC invests in ‘growth’ fund for MENA, Turkey

The International Finance Corporation (IFC), a member of the World Bank Group, is investing $20 million in the Intaj Capital II fund targeting the Middle East, North Africa and Turkey, according to a press statement. The $300 million fund will invest in businesses from a range of sectors, helping them expand locally and regionally to …

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Syrian authorities arrest organ trafficking ring led by Egyptian woman

  CAIRO: Syrian authorities arrested an 11-member organ trafficking ring in northern Aleppo, allegedly led by a 26-year-old Egyptian woman named Fadia, Syria-based daily independent Al-Watan reported Monday. The group is allegedly responsible for trafficking the kidneys of about 150 Syrians over the past year — some of whom are in critical condition, the report …

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HC, Viveris Mashrek partner on SME fund

HC Securities and Investment partnered with Viveris Mashrek to manage a small and medium enterprises (SME) investment fund to be launched by the General Authority for Investment (GAFI), the firm said in a statement. "Viveris Mashrek enjoys extensive experience in direct investment in [SMEs],” while HC has a strong presence in Egypt and the Arab …

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Tourist arrivals up 21 pct

The total number of tourist arrivals to Egypt increased 21.1 percent annually in the first half of 2010 to reach 6.581 million, according to data from the government statistics agency CAPMAS. The period also saw a notable 17.6 percent annual increase in the overall number of tourist nights spent, which reached 65.704 million nights during …

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Productivity of fruits, vegetables fall 70 pct

A report prepared by the Agricultural Research Center announced an annual fall in productivity of fruits and vegetables by 70 percent, reported Al-Masry Al-Youm newspaper, on the back of climate change and increased temperatures. An example, the report provided, showed that the tomato crop fell from 40 tons per acre in 2009 to 15 tons …

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NBAD not ruling out another bond sale

National Bank of Abu Dhabi (NBAD) is not ruling out another bond sale this year, but pricing would have to be tighter than on the bank’s previous issues, Reuters reported, quoting a senior executive. Speaking on the sidelines of a conference in Abu Dhabi, Mark Yassin, senior general manager, corporate and investment banking division, NBAD, …

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Egypt, China sign trade MOU

Egypt’s Ministry of Trade and Industry and China’s Ministry of Industry and Information Technology signed a memorandum of understanding (MOU) to further bilateral economic cooperation. One of the possibilities discussed was a proposed strategic cooperation with Chinese industrial companies working in the region through the creation of subcontracting opportunities for Egyptian companies, according to a …

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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 …

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Viva Mexico

At the Four Seasons Nile Plaza, it was all about Mexico this week. In light of the country’s 200th year of independence, Four Seasons Punta Minta flew over some of its chefs to create a weeklong Mexican dining experience for local guests, and an eight piece mariachi band to boot. Running up until the evening …

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European Commission ups allocation of Egypt grant

The European Commission approved the action plan for cooperation with Egypt, increasing its allocation of a €152 million grant, reported Al-Ahram newspaper. Fayza Abol Naga, minister of international cooperation, said that the plan includes an amount of €70 million to be allocated to water reform projects; €20 million for research and development; €20 million to …

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Rebar demand to reach 10.5 mln tons in 2017

Egypt’s Ministry of Trade and Industry estimates that annual demand for rebar in Egypt will reach 10.5 million tons by 2017, reported Arab Steel. Egypt’s current annual rebar production capacity stands at 6.5 million tons. In its daily notes, CI Capital said the news is positive for local steel producers. “Strong demand for steel rebars …

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Vodafone launches in-flight roaming service

Vodafone Egypt launched an in-flight roaming service aboard around 100 aircraft, available aboard EgyptAir where it is provided in partnership with OnAir, the telecom operator said in a statement. Vodafone customers can make and receive calls, send and receive SMS, and access the internet on the aircraft during flight as they would on the ground. …

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Free zones export $6.2 bln products

The volume of exports from free zones in Egypt reached $6.2 billion, reported the State Information Service. Chairman of the Egyptian General Authority for Investment and Free Zones (GAFI), Osama Saleh, stressed the authority’s keenness on creating an environment for doing business and cooperation with relevant international institutions and bodies in order to attract multinational …

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IAEA approves Egypt’s nuclear power plant

IAEA inspectors have given the green light for the construction of Egypt’s first nuclear power plant at a site on the Mediterranean coast, west of the city of Alexandria, news agencies reported on Saturday. President Hosni Mubarak first announced plans to launch a number of nuclear power plants in Egypt in 2007. He pledged to …

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Ahram editor defends doctored photo of Mubarak

CAIRO: State-run daily Al-Ahram defended in an editorial Friday publishing a doctored photo of the Mideast peace talks, which put President Hosni Mubarak in the front, saying it was “illustrative.” Last Tuesday, ahead of the second round the peace talks in Sharm El-Sheikh, the paper published doctored photo from the Washington talks earlier in the …

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Damac awards Park Avenue construction contract

Real estate developer Damac Properties awarded the main construction contract for the first phase of its shopping mall project “Park Avenue” at New Cairo, the firm said in a statement. Industrial construction and engineering company SIAC will begin works on Park Avenue, which is at the gateway to the Hyde Park residential development. Park Avenue …

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Arafa Feb-July net profit jumps: bourse

Arafa Holding, Egypt’s biggest garment exporter, posted an almost fourfold increase in net profit for the Feb-July period, the bourse said in a statement on Wednesday. The firm’s net profit was $18.6 million in the Feb-July period, up from $4.8 million in the same period a year ago, the statement said. The period is the …

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Mitsubishi appoints new distributor in Egypt

Mitsubishi Motors Corporation appointed its new distributor for Egypt, which will be a joint venture between Al Mulla Group Holding Company and Mohamed Abdulmohsin Al Kharafi & Sons. In a statement to the press, the parties said they have signed a letter of intent and are negotiating the execution definitive terms. MMC said the new …

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Actis acquires Vlisco Group for $151 mln

Emerging markets private equity firm Actis has acquired 100 percent of Vlisco Group, which produces designer wax fashion fabrics, for $151 million, according to a press statement. Vlisco Group is a 164-year-old business with a mid-tier business Uniwax and the more contemporary, GTP and Woodin, which “have a strong following among African consumers and are …

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Burial shaft of tomb of priest Karakhamun discovered at Assasif

CAIRO: The Egyptian-American expedition has discovered the burial chamber of a priest named Karakhamun, a statement by the Ministry of Culture revealed Tuesday. The tomb dates back to the 25th Dynasty (c. 755 BC) and was uncovered during conservation and restoration work on the west bank of Luxor on Sept. 15. During the announcement, Minister …

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GB Auto passenger car sales up 17 pct

GB Auto’s passenger car sales in Egypt increased 17 percent over the previous year, according to the Automotive Marketing Information Council monthly report. The number was up 6 percent over the previous month to 18,411 units in July 2010, according to Al-Ahram. HC analysts said, “The figure is in line with the seasonal trend in …

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Thomson Reuters unveils new tool for finance professionals

Thomson Reuters recently launched a new desktop for financial market professionals, Eikon, which places the most comprehensive market information, news, analytics and trading tools available into an easy to use desktop. Thomson Reuters Eikon presents information in an easy-to-use web style search, aggregates select social networking technology, and allows mobile interchange. Eikon is available on …

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Dina Farms to expand store network to 20

Dina Farms, an Egyptian integrated commercial farm, unveiled a new retail strategy that will grow its chain of stores to 20 branches within the next two years, according to a statement. The stores, of which there are currently six nationwide, will sell dairy products, produce and meats. Dina Farms is part of private equity firm …

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