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Latest in Lifestyle


Bahrain: In for the long haul

MANAMA: Bahrain is continuing its drive to diversify its economy and ensure future prosperity, as well as develop resistance to external shocks. This program comes at a cost to the state budget. Though Bahrain managed to sail through the global recession, with its GDP increasing by 3.1 percent in 2009, last year did see a …

Daily News Egypt

Egypt ups clean energy cooperation with Japan-funded wind farm

  CAIRO: The Japanese government extended a $432 million soft loan to Egypt for a 220-MW wind farm project in the Gabal El-Zeit area on the western coast of the Gulf of Suez. According to Aktham Abu El-Ela, a spokesman at the energy and electricity ministry, the soft loan extended to Egypt for the wind …

Amr Ramadan

Mideast exports unusually high Jul-Aug spot naphtha

SINGAPORE: Four major Middle East producers will export to Asia an unusually huge amount of at least 700,000 tons of spot naphtha for loading in July-August, further damping market sentiment at a time of slow demand, traders said on Friday. The abundant spot exports came as term buyers in Asia had either dropped their contracts …

Reuters

Stock index ends down, Pioneers pummeled

CAIRO: Pioneers Holdings plunged 7.7 percent, pounded by investors disappointed with the news that its plans to acquire investment bank Beltone Financial had collapsed. The merger with Beltone had been announced in November. Pioneers shares have fallen by more than half to LE 3.24 ($0.57) since the announcement of the all-share deal. The news added …

Reuters

Court postpones April 6 Movement’s lawsuit for the right to demonstrate

CAIRO: The Administrative Court postponed until Nov. 16 the examination of a lawsuit filed by the April 6 Youth Movement, demanding the right to demonstrate. The lawsuit condemns the Ministry of Interior’s role in obstructing demonstrators instead of securing the demonstrations, according to the Egyptian constitution and international conventions that guarantee the right to demonstrate. …

Essam Fadl

Bahrain has no plans to float stock market, says paper

MANAMA: Bahrain does not plan to sell shares in the Bahrain Stock Exchange that is currently being converted into a commercial company, the country’s central bank governor said in remarks published on Thursday. Rasheed Al-Maraj was cited in the daily newspaper Al Watan as saying the stock exchange was being transformed from a government department …

Reuters

Palm Hills, developers study bids for Cairo land

Egyptian real estate firm Palm Hills Developments aims to bid on 410 feddans (426 acres) of land due to be sold next month in the Cairo suburb of Sheikh Zayed City, an executive said on Tuesday. Six companies including property developer SODIC have picked up bidding documents for the auction, one of Egypt’s largest since …

Reuters

Thousands of Aswan flood victims still awaiting compensation

CAIRO: More than five months after flash floods hit the southern Egyptian governorate of Aswan and destroyed hundreds of homes, thousands of flood victims are still without proper shelter, they said. “The government has done nothing whatsoever to help us overcome the damage caused by the floods,” local resident Badria Abdel Sattar, a 50-year-old single …

Daily News Egypt

Dubai's Nakheel starts cash payments to creditors

DUBAI: Troubled Dubai developer Nakheel on Wednesday said it has started making cash payments to trade creditors, in the second phase of a repayment schedule, with the rest to come in the form of a bond in coming months. Trade creditors owed more than AED500,000 ($136,200) have been offered full repayment by the developer, owned …

Reuters

Saudi to award Yanbu refinery deals soon, say sources

KHOBAR, Saudi Arabia: State oil giant Saudi Aramco plans to award deals to build a 400,000 barrels per day (bpd) oil refinery in Yanbu in the coming few days, industry sources said on Wednesday. Yanbu accounts for just under a quarter of Saudi plans to add around 1.7 million bpd of refining capacity to the …

Reuters

Agitated horses in cargo hold delay Saudi flight

CAIRO: An Egyptian airport official says six Arabian horses owned by a Saudi Arabian prince became agitated in the cargo hold of a Saudi-bound plane, delaying take off for more than an hour. The official said Wednesday an EgyptAir pilot was forced to turn the plane with 189 passengers around on the runaway because a …

AP

Indian textiles exhibition opens in Cairo

  Investment Minister Mahmoud Mohieddin inaugurated Sunday an Indian textiles exhibition and a fashion show organized by the Export Promotion Council of India in cooperation with the Indian embassy in Cairo, India’s Ambassador in Cairo R. Swaminathan said Monday.   Textile is a successful industry in India, the Indian diplomat told MENA. The industry has …

Daily News Egypt

Gulf banks need more provisioning, says AMF

BASEL, Switzerland: Some Gulf banks need more provisions to scrub themselves clean from problems from the credit crisis and their lending must become more prudent to avoid future bubbles, the head of the Arab Monetary Fund said. Jassim Al-Mannai, director general of the Abu Dhabi-based AMF, also told Reuters in an interview the Arab economies …

Reuters

Bahrain property seen subdued for some time, says report

MANAMA: Bahrain’s property market is likely to remain subdued for some time due to lack of financing, while oversupply in both the residential and commercial sector will put further pressure on rents, a report said on Monday. Some 19,300 new homes are expected in the Gulf Arab state over the next five years if developers …

Reuters

Zayat Stables, bank reach financial agreement

LOUISVILLE, Kentucky: Prominent thoroughbred owner Ahmed Zayat has reached a global settlement with Fifth Third Bank that will ensure the bank is repaid the $34 million in loans it claims he defaulted on. The agreement, filed on Thursday, will be considered by bankruptcy court on June 30. If approved, it would then go before the …

Daily News Egypt

Oil falls with equities; Caribbean storm brews

SINGAPORE: Oil slipped on Friday, heading for a weekly drop of 1.2 percent, as falling Asian equity markets tempered an early boost from indications that the first storm of the Atlantic hurricane season might be developing. Asian stocks slid on Friday for a fourth straight session, driven by expectations of tighter financial regulation and uncertainty …

Reuters

National Bank of Egypt to underwrite PPP financing

The National Bank of Egypt (NBE) will be the principal coordinator and underwriter in financing loans under the PPP program, after it signed an agreement with the finance ministry, reported Al-Shorouk newspaper. The PPP law was recently approved passed by Parliament, Al-Shorouk reported, citing unidentified banking sources. In its daily market report, Beltone Financial reported …

Daily News Egypt Authors

Amr Waked announced first UNAIDS Goodwill Ambassador

CAIRO: Egyptian actor Amr Waked was named the first UNAIDS Goodwill Ambassador for the Middle East and North Africa region by the Joint United Nations Program on HIV/AIDS. “This is the first time for UNAIDS to have a Goodwill Ambassador and we are very optimistic [Waked] was chosen based on the work and effort he …

Safaa Abdoun

Souq El-Gomaa fire leaves residents feeling helpless

CAIRO: As Egyptian authorities clear the debris of the Souq El-Gomaa fire, the area’s residents, who were asked to evacuate, are stuck between a rock and a hard place. “This market has been around for 40 or 50 years,” said one of the slum’s residents, who preferred to remain anonymous. “It’s not a one, or …

Daily News Egypt

Oil falls below $78 as China yuan impact fades

LONDON: Crude oil fell below $78 per barrel on Tuesday as shares retreated and on expectations that a slow rise in China’s currency would have a more limited impact on global demand than initially anticipated. China’s yuan rose on Tuesday after the central bank set the currency’s daily mid-point at its highest against the dollar …

Reuters

Two German aid workers kidnapped in Darfur, says UN

KHARTOUM: Two German humanitarian workers were abducted late on Tuesday when unknown gunmen swooped on the offices of the THW group in south Darfur, a United Nations official said on Wednesday. "They were kidnapped on Tuesday evening from their office in Nyala by armed men in civilian clothes," said Kemal Saiki, communications chief for the …

AFP

Al-Qaeda front group says it bombed Baghdad bank

BAGHDAD: An Al-Qaeda front group has claimed responsibility for the bombing of the Trade Bank of Iraq earlier this week that killed at least 18 people. The Islamic State of Iraq says in a statement on its website that its militants targeted the state-run financial center as a strike against the stalled government. The statement …

AP

Beltone and Credit Agricole create $5 million SME fund

Beltone Private Equity and Crédit Agricole Egypt (CAE) launched Tuesday a $5 million fund to invest in small and medium enterprises in Egypt. Cairo-based investment bank Beltone and CAE partnered with Siparex Group, a French private equity specialist, to set up the Beltone Midcap Fund that will invest directly into promising Egyptian SMEs. The first …

Christopher Le Coq

Egypt to re-export a Russian wheat cargo: report

        Tests carried out by Egypt’s Health Ministry showed a Russian wheat shipment held in Alexandria was not fit for consumption and would be re-exported, the official news agency MENA reported on Tuesday.   Quarantine officials in Egypt, the world’s biggest wheat importer, stepped up wheat inspections last year after a dispute …

Reuters

Amman film fest censors 'Son of Babylon' director's petition

The day before the highly-acclaimed Iraqi Film “Son of Babylon” was set to have its eagerly awaited Jordanian premiere — opening the Franco-Arab Film Festival in Amman — the festival’s organizers told the filmmakers that they would not allow the director’s letter to be read to the audience. The festival pulled the film moments before …

Daily News Egypt Authors

Jordan c.bank plans no change in forex reserves

ABU DHABI: Jordan’s central bank does not plan to change the composition of its $11 billion foreign exchange reserves and it needs to be vigilant due to advancing inflation, Governor Umayya Toukan said on Sunday. Jordanian officials have been insisting for the last two years they had no plans to change the composition of the …

Reuters

Turkey, Lebanon , Syria and Jordan to Set Up Free Trade Zone

BEIRUT: Turkey, Lebanon , Jordan and Syria have agreed to set-up a regional agreement that would allow for free trade and travel between the four countries. The news, first reported by the Lebanese business website iloubnan.info, would mean the removal of visas for travel between the four countries, as well as the establishment of a …

Daily News Egypt

Ancient Egyptian city located in Nile Delta

CAIRO: Austrian archaeologists have located an underground Egyptian city which they believe to be Avaris, the capital used by the Hyksos who ruled 3,600 years ago, the culture ministry said on Sunday. The Austrian mission carried out a geophysical survey of the area allowing them to identify parts of Avaris in the Nile Delta near …

AFP

Egypt GDP growth seen edging up over next 2 years

CAIRO: Egypt’s economic growth is seen edging up over the next two years as the most populous Arab country continues to outperform many other regional states, a Reuters poll showed on Wednesday. A survey of 11 economists predicted gross domestic product (GDP) in the North African country would grow 5.2 percent in the fiscal year …

Reuters

Ban on live poultry to go nationwide

CAIRO: As of July 1, 2010, a ban on the selling of live poultry, which was in place since May 2009 across only five governorates, will be implemented nationwide. Head of the Poultry division at the Cairo Chamber of Commerce Abdel-Aziz El-Sayed said that instating a ban on selling live poultry will only be effective …

Heba El-Sherif