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Latest in Politics


Stocks fall in early trade, wipe out rebound

CAIRO: Egyptian stocks extended this week s heavy losses in early trade on Thursday in a bout of panic-selling by small investors and Gulf investors, traders said. The benchmark Hermes index was 4.9 percent lower at 12:25 GMT at 44,132.50 points, and the Case 30 was off 5.4 percent at 5,017.14 points. The slump in …

Daily Star Egypt Staff

Egypt asks Interpol to arrest owner of sunken ferry

CAIRO: Egypt issued an arrest warrant Wednesday which it transferred to Interpol against a businessman who fled to London after one of his ferries sank in the Red Sea, killing more than 1,000 people. Prosecutor Maher Abdel Wahed is seeking the arrest of Mamduh Ismail and his son Amr who left Egypt in the aftermath …

Daily Star Egypt Staff

Arab art auction garners impressive results

Associated Press DUBAI: The status-obsessed Gulf emirate of Dubai notched another milestone Wednesday as international auction house Christie s pulled off the Middle East s first major international art auction, selling paintings by Indian artists for more than a half-million dollars apiece, among total sales that reached $8.5 million. A handful of American works changed …

Daily News Egypt

Press Round-up

CAIRO: With the World Economic Forum on the Middle East making headlines, newspapers covered a variety of topics this week including the stock market crash, subsidiaries, Palestinian links to the Dahab bombings and the latest Amnesty International report. Al-Akhbar said in the paper’s editorial that the “forum has confirmed the world’s trust in our economy. …

Sarah El Sirgany

National Bank of Bahrain looking at Egyptian bank

CAIRO: The Central Bank of Egypt has given National Bank of Bahrain clearance to do a due diligence study on Egypt s Delta International Bank, the Egyptian stock exchange said in a statement. Similar statements in the past have been the prelude to takeover bids in the banking sector, which the government is trying to …

Daily Star Egypt Staff

EU outlines farm moves

Reuters PARIS: The European Union outlined to the United States on Tuesday how it might improve on its agricultural offer in a long-delayed global trade round and said the next move must come from Washington, an EU official said. EU Trade Commissioner Peter Mandelson and Susan Schwab, who is expected to be confirmed as U.S. …

Daily News Egypt

Wide-scale protests expected today

CAIRO: After weeks of violent demonstrations and the anniversary of “Black Wednesday looming today, activist groups are expected to continue to put pressure on the Egyptian government. Last week, violence erupted for the second straight week as demonstrators showing their solidarity with judges Mahmoud Mekki and Hisham El-Bastawisy. Plainclothes police grabbed protesters from the procession, …

Joseph Mayton

El-Bastawisy leaves hospital and thanks his supporters

CAIRO: An Egyptian judge reprimanded for blowing the whistle on alleged electoral fraud left the hospital Tuesday morning after heart surgery, his wife said. Hesham El-Bastawisy suffered a heart attack last Wednesday and underwent two operations to unclog his coronary arteries, Ulfat Al-Sahli told The Associated Press by telephone from her home in Cairo. El-Bastawisy, …

Daily Star Egypt Staff

Devil in disguise

CAIRO: With the increase in credit card usage, shopping is getting easier. But as the bill reaches a new high every month, card owners are also paying the even higher price of compromising their financial safety, especially if they are fans of Internet shopping. Legal systems around the world, and especially in Egypt, are still …

Sarah El Sirgany

WHO chief warns of bird flu "blind spots"

Reuters GENEVA: Bird flu threatens human lives in hundreds and possibly thousands of disease blind spots around the globe, the late head of the World Health Organization said in remarks prepared before his death. The UN agency issued the report on Tuesday to the organization s annual assembly of Director-General Lee Jong-wook, who died on …

Daily News Egypt

Farafra trip

  ŠΘ # # # The field trip was jointly run by the Math and Geography departments at BISC and focused on learning through experience, above, Kareem Bishara, Ary Erzingatzian and Mazen Nadim # # Students were able to take part in a White Desert tour and discuss ecotourism with industry leaders as well as …

Daily Star Egypt Staff

Placing brings Egypt's El Sewedy Cables to market

CAIRO: Major shareholders in El Sewedy Cables raised LE 1.29 billion ($224 million) through a private placing carried out through the Egyptian stock exchange, a company statement said on Wednesday. The shareholders, many of them members of the Sewedy family, sold 30 million shares, or half the company s stock, at LE 43 a share, …

Daily Star Egypt Staff

Taking a stride in the technology race

CAIRO: Under the auspices of Tarek Kamel, minister of communication and information technology, Orascom Telecom (OT) and Intel Capital, the venture capital investment arm of Intel Corporation, announced on Tuesday that they have signed an agreement to create Orascom Telecom WiMAX Limited. This joint venture company will work with the government and private sector to …

Najla Moussa

Verbal clash continues with Interior Ministry

CAIRO: Muslim Brotherhood members in parliament continue to appeal for what they have called a “confrontation with the Ministry of Interior and the Prime Minister. The Brotherhood says they still need explanations and justifications for the events of “Black Wednesday, involving large-scale arrests of Brotherhood members. “This is pressure, not only on the interior minister, …

Pakinam Amer

Zahar says Palestinian extremists collaborating with Sinai bombers are not from Hamas or Jihad

CAIRO: Palestinian extremists who Egypt alleges helped militants carry out terror attacks on Sinai tourist resorts are not connected to the Palestinian groups Hamas or Islamic Jihad, the foreign minister of the Hamas-led Palestinian government said Wednesday. The Egyptian Interior Ministry announced the accusations a day earlier, directly linking Palestinian and Egyptian militants for the …

Daily Star Egypt Staff

CORRECTION

In the May 24 edition of the newspaper, story entitled “Mubarak lashes out at press over coverage of protests, The Associated Press erroneously attributed critical comments in a newspaper editorial to President Hosni Mubarak. The editorial in the Al-Gomhuria newspaper, not Mubarak, criticized news coverage of police actions during the protests as libel and blasphemy …

Daily Star Egypt Staff

Another postmortem

CAIRO: Speaking earlier at the World Economic Forum on the Middle East, William Rhodes, chairman, chief executive officer and president of Citicorp Holdings and Citibank, said that the ongoing volatility of stock markets in the region is the result of too much money chasing too few projects. Rising oil prices have caused a substantial increase …


Interbank rate falls to 8.27 percent

CAIRO: The median overnight interbank rate on the pound was 8.27 percent on Wednesday, down from Tuesday s 8.283 percent although demand for funds to invest at a central bank auction remained strong, traders said. The central bank auctioned 56-day certificates worth LE 11 billion ($1.9 billion). We ve actually started to see some demand …

Daily Star Egypt Staff

Egypt says Palestinians involved in Sinai attacks

CAIRO: Egypt s interior ministry said Tuesday the Egyptian group which carried out three simultaneous suicide bombings in the Sinai last month received support from Palestinian militants in Gaza and Egypt. Several members of the Tawhid wal Jihad group blamed for the bombings went to the Gaza Strip for training in weapons and explosives, it …

Daily Star Egypt Staff

Interbank rate rises to 8.35 percent

X CAIRO: The median overnight interbank rate on the pound was 8.35 percent on Tuesday, up from Monday s 8.049 percent after central bank auctions drew liquidity from the market, traders said. The central bank auctioned 7-day certificates worth LE 7.4 billion ($1.28 billion) and 63-day certificates worth LE 2 billion. There are two auctions …

Daily Star Egypt Staff

Shares extend losses, index dips over 5 percent

CAIRO: Stocks dipped sharply for a second day on Tuesday, with the benchmark index down more than 5 percent in early trade on the back of a dip in other markets, traders said. The benchmark Hermes index, which shed 6.1 percent on Monday, was 5 percent lower at 09:50 GMT at 45,743.30 points. The Case …

Daily Star Egypt Staff

Finding the perfect balance

CAIRO: Karen Armstrong’s books on theology and history have managed to charm Egyptian readers, with new titles in demand, book sales high and often making the bestseller lists in Cairo’s bookstores. Armstrong is famous in the Middle East for her books: “Islam: A Brief History and “Muhammad, a book recounting the life and traditions of …

Pakinam Amer

Egypt mulls pound eurobonds

Reuters SHARM EL-SHEIKH, Egypt: The Egyptian government has started talks with investment banks on the possibility of issuing bonds abroad denominated in Egyptian pounds, Investment Minister Mahmoud Mohieddin said in an interview on Sunday. It could be something like 500 million euros or dollars and this I think is going to be taken very positively …

Jonathan Wright

Getting the message out

CAIRO: A group of student activists and alumni from the American University in Cairo (AUC) brought the solidarity campaign to campus yesterday in the form of t-shirts and a message. The group is expected to distribute approximately 100 t-shirts to students with the insignia of “Free Droubi printed on the front. “I want people to …

Joseph Mayton

U.S. Treasury's Snow lauds Mideast development focus

SHARM EL-SHEIKH, Egypt: Middle East oil producers seem correctly focused on putting more oil wealth into domestic development and this poses no threat to the U.S. dollar, U.S. Treasury Secretary John Snow said on Sunday. More than $200 billion of extra income has flowed to producers who belong to the Broader Middle East and North …

Daily News Egypt

Singing to the heart

CAIRO: Saber El Rebai s voice evokes oriental music s old school. By making various references to this rich regional musical tradition in combination with his wide vocal range, with a touch of tenderness in romantic songs, his career has proved rewarding so far. It seems that the Tunisian singer is keenly aware of what …

Sarah El Sirgany

Roman city submerged in sea to be excavated

CAIRO: The Egyptian authorities have given the go ahead for the underwater exploration of what appears to be a Roman city submerged in the Mediterranean, Egypt s top archaeologist said on Monday. Zahi Hawass said in a statement that an excavation team had found the ruins of the Roman city 35 km east of the …

Daily Star Egypt Staff

Al Ahli finishes unbeaten for second season in a row

CAIRO: Egyptian champions Al Ahli won 4-0 at Ismaili to finish the league unbeaten for the second season in a row. Last year s African Champions League winners dominated Monday s ill-tempered game to finish the 26-match league program 14 points ahead of runners-up Zamalek. Al Ahli won 23 of their matches, drawing the other …

Daily Star Egypt Staff

MSA International Day

  ŠΘ # # # The University was divided into 12 wings each being another country and gave out free food to the students, here, Negoud El Shibany and Reeman Adelsamee # # Dina Hosein, Shaimaa Hatem and Amina Hosein

Daily Star Egypt Staff

Mubarak lashes out at press over coverage of protests

CAIRO: President Hosni Mubarak lashed out at coverage of Cairo street protests in which more than 600 Egyptians were beaten and arrested, calling the rallies evidence of democracy and coverage of them libel and blasphemy, in remarks published Tuesday. Continuation (of the protests) is evidence of democracy, Mubarak said in an interview with the state-owned …

Daily Star Egypt Staff