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Iran gives Shell, Repsol a week to decide on Pars

TEHRAN: Iran has given Royal Dutch Shell and Repsol one week to decide on their involvement in the South Pars gas field, the semi-official Mehr news agency reported on Monday. Iran says both the Anglo-Dutch Shell and Spain’s Repsol have procrastinated on finalizing their involvement in the field. It has set similar deadlines in the …


UAE banks likely to take Dubai World hit in Q2

DUBAI: United Arab Emirates banks are likely to face the brunt of the Dubai World restructuring impact in the second quarter after the central bank told lenders they are not required to book provisions until there is more clarity. In a circular dated April 22, the central bank told local banks they "are not required …


Peak oil man shifts focus to peak price, demand

  BALLYDEHOB: The economic shock of global recession has led a prime exponent of the theory conventional oil output has peaked to shift his view of the consequences, but he still thinks the world has to go green. Retired petroleum geologist Colin Campbell, who worked for major oil companies, as well as smaller firms has …

Daily News Egypt

Government plan is successful in combating bird flu, says Gabaly

CAIRO: The government plan in combating bird flu has proven successful, Minister of Health Hatem El-Gabaly said, explaining that the death rate from the H1N5 virus has substantially decreased and citizen awareness has increased. El-Gabaly was in parliament Tuesday to respond to several investigation requests about the effectiveness of the precautionary measures taken against bird …

Safaa Abdoun

Russian exporters to pay extra to honor grain deals

MOSCOW: Russian analysts said on Monday some exporters are having trouble buying grain to honor urgent contracts, including deals with top buyer Egypt, but Cairo and shippers said there is no problem with exports to the country. A Moscow-based trader said producers were offering wheat at prices above those seen in Cairo. "It is true …

Daily News Egypt

SODIC CEO receives the Best CEO of the Year Award

CAIRO: SODIC’s CEO and Managing Director, Maher Maksoud, received the Global Trade Matters-Egyptian Exchange (GTM/EGX) Best CEO of the Year Award. Maksoud accepted the award during the GTM/EGX Fifth Annual Awards Ceremony, which was held on March 23 at the Four Seasons Hotel Nile Plaza. The Strategic Advisory Board for the awards followed a strict …

Daily News Egypt Authors

HC Research cuts Air Arabia to hold

HC Research cut UAE-based low-cost carrier Air Arabia to "hold" from "buy," citing yield pressures due to excess capacity and competition at a time of rising fuel costs. Despite robust traffic growth last year, Middle Eastern carriers like Air Arabia, the largest listed Arab airline by market value, struggled to keep their seats filled — …


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