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Latest in Lifestyle


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 …

Daily News Egypt Authors

Egypt could become the top outsourcing destination worldwide, says expert

CAIRO: Worldwide demand for outsourcing is tilting towards Egypt as Europe now spends more on outsourcing than North America. According to Denise D’Elia, a Vodafone representative, outsourcing as an industry was valued at $13 billion last year. Egypt has the third-largest talent pool in the EMEA region. This is largely due to the country’s rich …

Christopher Le Coq

Karama Party leader calls for revival of Nasser’s policies

CAIRO: Founder of Al-Karama Party Hamdeen Sabahi called for the revival of socialist economic policies of the Nasserite era and the re-nationalization of privatized public properties. Delivering a passionate speech to workers assembled at the Egyptian Center of Economic and Social Rights (ECESR) Monday, Sabahi said that change won’t come except through the physical presence …

Tamim Elyan

Pakistan probes reports of Qaeda insurgent’s death

ISLAMABAD: Pakistan is investigating reports that a CIA missile strike killed a senior Al-Qaeda commander as he traveled in a tribal region near the Afghan border, security officials said Wednesday. If confirmed, Sheikh Fateh Al-Masri’s death would be the covert US missile program’s latest blow to Osama bin Laden’s terrorist network. Al-Masri is believed to …

Daily News Egypt

Investigation launched into assault of public prosecutor lawyers by SSI officer

CAIRO: Investigations are being carried out into allegations by three members of Rashid’s public prosecution office that a state security investigations (SSI) officer verbally assaulted and threatened to open fire on them as they attempted to inspect a SSI facility. News of the incident was first reported by Mohamed Abdelaziz, a lawyer with the Nadeem …

Sarah Carr

How to bet on SMEs and win

It can be said that the small- and medium-sized enterprises (SMEs) sector has traditionally been treated as something of an afterthought by many banks in Egypt. This point was illustrated in a recent survey, which showed that lending to the SME sector amounted to only 5 percent of total lending in Egypt. But as competition …

Daily News Egypt

CIB launches health-focused foundation

Hisham Ezz El Arab, chairman of Commercial International Bank (CIB), recently launched the CIB Foundation, a corporate social responsibility (CSR) initiative dedicated to enhancing health and nutrition services for underprivileged children in Egypt. Nesma Farahat, manager of the CIB Foundation, told Daily News Egypt that the board of trustees chose children’s health and nutrition as …

Amr Ramadan

Israel deports Jewish boat activists

ASHDOD: Three Jewish activists who tried to bust Israel’s blockade on Gaza were on their way out of Israel on Tuesday night and a fourth was awaiting deportation, their lawyer said. Israeli warships on Tuesday intercepted the boat named "Irene" 20 nautical miles off the coast of the Gaza Strip, and took it the port …

AFP

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 …

Daily News Egypt Authors

Egypt says no change to TMG Madinaty terms: paper

Egypt will not change terms for a new contract for Talaat Moustafa’s flagship Madinaty project and will take 7 percent of the project’s completed housing units, as in the original deal, a newspaper reported. "There will be no change in the contract terms, the state will get a 7 percent compensation for (areas) built-up on," …

Reuters

Egypt Jul-Sept GDP growth at least 6 pct: PM

Egypt’s prime minister said on Thursday that gross domestic product in the July to September quarter was expected to grow by an annualized 6 percent, up from 5.9 percent in the previous quarter. Speaking to reporters, Ahmed Nazif said growth in the first quarter of the financial year that began on July 1 would reach …

Reuters

Dubai’s Nakheel sees restructuring done by year end

DUBAI: Dubai state-owned property developer Nakheel expects to complete its debt restructuring by the end of the year. "We have had a successful bank meeting and we are having very good discussions with the Nakheel co-com (core committee)," chief executive Chris O’Donnell told reporters on Thursday. Conglomerate Dubai World has near-unanimous approval for its $24.9 …

Reuters

Oman plans to stick to 2010 spending plan, says fin min official

MUSCAT: Oman plans to stick to its spending plan this year and the budget deficit is likely to be smaller as oil prices seem to stay higher than estimated, the Gulf country’s finance ministry official said on Sunday. The small non-OPEC crude producer largely overshot its original expenditure plans in the past two years to …

Reuters

OCI approves bond, eyes acquisitions

Egyptian builder and fertilizer maker Orascom Construction Industries (OCI) said on Monday it approved the issue of LE 1.65 billion ($289 million) of bonds for purposes including possible acquisitions. Ninety percent of the issue, which carries an 11.75 percent semi-annual coupon, will be offered via a private placement and the rest to the public. "I …

Reuters

Saudi firms buy 625,000 tons barley: trade

A group of leading Saudi importers has purchased 360,000 tons of optional origin barley for Oct. shipment and another 265,000 tons of Ukrainian origin for Sept. shipment, trade sources said on Friday. They said 360,000 tons of optional origin barley were purchased in the last few days by several private Saudi buyers from international suppliers …

Reuters

GB Auto to pay LE 3.09 dividend

GB Auto, Egypt’s biggest listed automobile assembler, will pay a LE 3.09 ($0.54) dividend on Oct. 3, it announced in a newspaper advertisement on Wednesday. The dividend will be paid to investors owning shares as of Sept. 30. The company’s second-quarter net profit surged 92 percent from a year earlier, bolstered mainly by an extended …

Reuters

Iran Automaker to Setup Plant in Sudan

The Saipa Automotive Manufacturing Group has signed a deal to set up a factory in Sudan to produce 35,000 cars over the next five years, the Iranian news agency Mehr is reporting. The new plant in Sudan will produce a variety of car models. “Saipa’s successful presence in the Sudanese market in the past persuaded …

Daily News Egypt

Mosque retreat will feed extremism, warns NY imam

WASHINGTON: The Muslim cleric behind plans to build an Islamic Cultural Center and mosque near Ground Zero in New York warned on Sunday that retreating on the project would only strengthen the hand of the Muslim extremists. But Imam Feisal Abdul Rauf did not rule out that developers would move the Islamic center, telling ABC: …

AFP

Circle Oil seeks hydrocarbon licenses

Circle Oil Plc, an oil and gas exploration, development and production company, said in a note that its strategy is to locate and secure additional licenses in prospective hydrocarbon provinces and through targeted investment programs, monetize the value in those assets for the benefit of shareholders. Circle may use its own expertise to appraise reserves …

Daily News Egypt Authors

Centamin cuts 2010 output target by 15-20 pct

Miner Centamin Egypt said it cut its gold output guidance for 2010 by 15-20 percent due to a number of production problems at its Sukari operation, pulling its shares down 12 percent. The company expects to produce 160-170,000 ounces of gold, revised down from the original target of 200,000 ounces. The London-listed shares fell 12 …

Reuters

Asia shrugs off global banking shake-up

HONG KONG: Asian banks’ shares rallied on Monday as regulators and investors shrugged off the biggest revamp to global banking rules in decades, confident that regional lenders were already in good shape. The stricter new rules — known as Basel III — were agreed on Sunday at a meeting in Switzerland of international central bankers …

DNE

Orascom Devt to build hotels worth $245 mln: paper

Egypt’s Orascom Development will build two Four Seasons-branded hotels, one in an Egyptian resort and the other in Oman, by second-half 2011 for a total investment of $245 million, a newspaper said on Wednesday. One hotel will be in the Red Sea resort of El-Gouna, with a capacity of 150 rooms and 60 villas. It …

Reuters

Metro changes Dubai scene but car-lovers stick to the wheel

DUBAI: Dubai Metro may have altered the commuting scene in this car-loving city, but a year after the first train left the station winning over the hard-core motorists remains an uphill struggle. Despite Dubai’s severe financial crisis however, the rail authority is determined to complete its second line, delayed for more than a year. Since …

AFP

Air Arabia to start Casablanca-Alexandria route

Regional low-cost carrier Air Arabia will start direct services to the Egyptian city of Alexandria from the airline’s second hub in Mohamed V Airport, Casablanca, Morocco. Egypt represents the 12th destination on Air Arabia’s growing network from Morocco. The airline will start its flights to Alexandria on October 4, according to a press statement. The …

Daily News Egypt Authors

Egypt to spend $10.5 bln to upgrade irrigation: paper

Egypt plans to spend an initial LE 60 billion ($10.5 billion) to upgrade the country’s irrigation network, a newspaper reported on Tuesday, citing the agriculture minister. Countries along the Nile will need more water as their populations grow, a development which could affect Egypt’s share of the river’s flow, Al-Mal quoted the minister, Amin Abaza, …

Reuters

Dubai holding unit delays loan repayment again

DUBAI: Dubai Holding’s main unit will delay repayment on a $555 million loan until Nov. 30, the company said on Tuesday, the second time it has failed to meet a repayment deadline. DHCOG, a unit of the conglomerate owned by the Gulf Arab emirate’s ruler, took a big hit on its exposure to Dubai’s property …

Daily News Egypt

Kuwait’s exports to Egypt $46.2 mln: official

Kuwaiti exports to Egypt stand at $46.2 million annually, most of which are oil derivatives, said the head of the Egyptian trade representation office on Monday. The volume of trade exchange between Egypt and Kuwait is increasing nearly 15.9 percent each year, Abdel-Wahab Abdel-Alim said. According to statistics, the two-way trade between the two countries …

Daily News Egypt

Aramco, Total name new CEO for Jubail refinery

KHOBAR: A new chief executive officer has been named for a venture between state oil giant Saudi Aramco and France’s Total, industry sources said on Monday. Said al-Hadrami, a board member of Saudi Aramco Total Refining and Petrochemical Company (SATORP) replaces Salem Shaheen as president and chief executive of SATORP, sources said. A company spokesperson …

DNE

Bahai arrested for ‘illicit relationships’ in Iran, says report

TEHRANL: A Bahai missionary has been arrested in northern Iran for indulging in "illicit relationships," hardline newspaper Javan’s website reported on Monday. It identified the detainee by only his initials, P.P., saying he was arrested in the Islamic republic’s northern province of Golestan. The newspaper which is close to Iran’s Revolutionary Guards did not provide …

AFP