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Australian livestock shipment quarantined for hormonal infection

By Mohamed Abdul Monsef and Enaam Eladawy The General Organisation for Veterinarian Services (GOVS) decided to confine the Australian shipment of cattle for a month, expecting that the hormones found in the stock may dissolve within one month. Dr Yousef Shalaby, Director of Central Department of Veterinary Quarantine, said that treatment of the stock’s feed …

Daily News Egypt

Telecom Egypt Board reshuffle sparks reactions

By Islam Serour The new reshuffle within Telecom Egypt’s (TE) board of directors has been met by discord from the company’s workers, as calls for protests against the reshuffle after the Eid holidays have circulated on Facebook and twitter. The reshuffle was applauded by Hani Mahmoud, Minister of communication and information technology, in a press …

Daily News Egypt

IEA cuts global oil demand forecasts

Paris (AFP) — Faltering economic growth will undercut global oil demand this year and next, the International Energy Agency said Friday, citing slowdowns in China and the United States in particular. “Sluggish economic growth could restrict annual oil demand growth to 0.9 million barrels per day in 2012 and 0.8 mbpd in 2013, with demand …

Daily News Egypt

The Middle East: The Aerospace Industry’s Font of Youth?

Over the past decade, the Middle East has consistently been in the aviation industry’s spotlight as countries in the region invested heavily in passenger airplanes for their airlines, some of which are amongst the largest and fastest growing in the world, and state-of-the art equipment for their defense forces.  In recent times, however, the region …

Daily News Egypt

Asian markets hit by weak China trade data

Hong Kong — Asian markets mostly fell Friday as weak Chinese trade data reinforced concerns of a slowdown in the world’s number two economy, while profit-taking after a week-long rally added to selling pressure. Wall Street provided a weak lead despite upbeat US jobs and trade data that indicated a positive outlook for the world’s …

Daily News Egypt

British economy struggles to secure golden Olympics boost

London (AFP) — With the London Olympics set to wrap up Sunday, analysts said Britain’s recession-hit economy was unlikely to have won a major boost from the Games that have been a triumph for the nation’s athletes. While Britain’s construction sector benefited hugely before the Olympics, experts have said the 17-day sporting spectacle had not …

Daily News Egypt

SMEs receive support from Social Fund for Development

By Waleed Abel Azeem The National Bank for Development (NBD) is awaiting approval for an EGP 150 million grant from the Social Fund for Development Fund (SFD), according to Ahmad El-Masry, Director of Corporate Affairs at the bank. El-Masry said the grant would be directed to finance small and medium enterprises (SMEs) in according with …

Daily News Egypt

Qatari loan to Egypt secured

By Islam Serour President Mohamed Morsy announced Sunday a $2 billion loan from Qatar to the Central Bank of Egypt (CBE), after meeting with the Qatari Emir Sheikh Hamad bin Khalifa Al-Thani in Cairo. In his first visit to Egypt Khalifa Al-Thani agreed to supply the Egyptian economy with the foreign currency deposits to bolster …

Daily News Egypt

Heat wave hits Algeria

Last week Algerians attacked governmental institutions and private corporations who are seen as responsible for power outages plaguing the nation. On Friday, many businesses closed because of the heat, reported El Khabar, an Algerian daily. In a state with over 35 million Muslims and temperatures reported to have reached as high as 50 degrees this …

Daily News Egypt

Finance Ministry issues EGP 4.5b in treasury bonds

By Asmaa Nabil The Central Bank of Egypt (CBE) is to issue treasury bonds today valued at EGP 4.6 billion. The first treasury bond is valued at EGP 1 billion, to mature in 91 days, and the second is valued at EGP 3.5 billion to mature in 266 days. The Ministry of Finance (MOF) also …

Daily News Egypt

Ministries to launch an Intelligent Transportation System collaboratively

By Mohamed Radwan The Ministries of Communications and Transportation plan to restructure the transportation system in Egypt by launching an Intelligent Transportation System (ITS) in a number of Egyptian governorates. Preliminary cost estimates put the project at EGP 1 billion to be implemented over two phases. A Ministry of Communications official said that the Ministry …

Daily News Egypt

US punts on Goldman Sachs prosecution

Washington (AFP) — Goldman Sachs escaped prosecution over its sales of high-risk mortgage securities Friday when the US Justice Department closed a probe without action despite a damning report on the bank’s practices. Following a two-year inquiry, senators concluded in April 2011 that the Wall Street investment banking giant misled clients ahead of the US …

Daily News Egypt

European stocks slip

London (AFP) – European stock markets weakened Friday as poor Chinese trade data sparked fresh concern about slowing economic growth in the Asian powerhouse nation. London’s FTSE 100 index of top companies dipped 0.08 per cent to 5,846.37 points in morning deals, Frankfurt’s DAX 30 dropped 0.37 per cent to 6,939.68 and the Paris CAC …

Daily News Egypt

PM: Starting next summer, energy rationalisation mandatory

By Islam Serour Power saving measures will become mandatory by 2013, Prime Minister Hesham Qandil told a press conference Friday night, noting that the government will issue the organising criteria and conditions. The Prime Minister relayed the findings of the technical committee tasked to investigate the rolling blackouts. According to which, electricity production covers 90 …

Daily News Egypt

Stock Market remains resilient despite calamitous week

By Fatheya Al-Garhy The stock market remained surprisingly resilient to last week’s consecutive multitude of violent events: Nile City towers, Dahshour and Rafah.  They caused a sharp decline in the market’s indices only for them to rebound back and absorb the events, supported by Egyptians’ purchasing transactions. Another major factor that contributed to the market’s …

Daily News Egypt

Masry USD Certificates yield disappointing earnings to NBE

Sources at National Bank of Egypt (NBE) estimated the cumulative sales of the Masry USD Certificate, which was issued to attract the investment of Egyptians living in the Gulf, at $80 million since beginning of last April. The sales target for this type of certificate was estimated at $2 billion, but sales increased noticeably once …

Daily News Egypt

MVNO to be decided next week

By Islam Serour Engineer Hany Mahmoud, Minister of Communication and Information Technology, stated in a press conference Thursday at the Smart village in Cairo, that the ministry will decide on the Mobile Virtual Network Operator (MVNO) offer after meeting with the board of the National Telecom Regulatory Authority (NTRA) scheduled for next week. He indicated …

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Exports on a downward trajectory

  Egyptian exports continued a decline that started at the beginning of the current year, recording only EGP 78.8 billion in the first half of 2012, compared to EGP 79.45 billion in the first half of 2011. Exports fell 17 percent in July, coming in at EGP 9.385 billion, compared to EGP 11.293 billion in …

Daily News Egypt

Tourism Minister: expedite land allocation for recreational development

By Abdel Raziq El-Sheweikhy   Minister of Tourism, Hesham Zazou, has called on the Tourism Development Authority (TDA) to expedite its procedures for allocating lands for hotel and recreational development, starting with appraising the value of the lands to be offered. Major General Tarek Saad El-Din, head of the TDA, said that the authority plans …

Daily News Egypt

Plan to increase support for Egyptian exports through IT solutions

 The Information Technology Industry Development Agency (ITIDA) is working on its IT development exports programme and expanding its projects. ITIDA is pursuing a partnership with a foreign investment company to help it execute its strategy until the year 2020. ITIDA plans to increase support for Egyptian exports through the authority’s communication centre, in addition to …

Daily News Egypt

Once-resilient Germany catches Europe’s crisis fever

Frankfurt (AFP)  — Germany long appeared immune to Europe’s debt crisis, as deep reforms undertaken years ago helped steel the economic powerhouse against the current financial storms lashing its neighbours. But a raft of new economic data suggest that Germany, too, is slowly succumbing to the crisis fevers and could even fall back into recession …

Daily News Egypt

Ghabbour Auto sees moderate rise in profits in first half of 2012

Ghabbour (GB) Auto’s profits in the first half of 2012 grew by 31.6 percent compared to the same period in 2011, reaching EGP 76.5 million. Revenues rose 23.3 percent to EGP 3.8902 billion. The company’s revenues in the second quarter reached EGP 2.1778 billion, a growth of 17.2 percent from the same quarter in 2011. …

Daily News Egypt

Rafah attack forces posponement of food expo

By Enaam Eladawy A planned food industries expo has been postponed indefinitely in the wake of the recent attack near Rafah which saw the border crossing to Gaza closed for an indeterminate time. The Cairo Chamber of Commerce (CCC)’s Board of Directors decided to postpone the expo which was scheduled to take place in Gaza …

Daily News Egypt

France heads back into recession

Paris (AFP) — France is headed back into recession for the second time in three years, its central bank warned Wednesday in a setback for the recovery prospects of the stricken eurozone. In a downbeat survey of the outlook for Europe’s second biggest economy, the Bank of France predicted a 0.1 percent contraction in gross …

Daily News Egypt

Foreign currency reserves fall by $1.1 billion

By Asmaa Nabil Last July, foreign currency reserves declined by $1.1 billion, reaching $14.44 billion compared to $15.5 billion at the end of June. The Central Bank of Egypt (CBE) attributed the decline to Egypt’s obligation to repay bonds it held, in addition to the repaying of a credit portion to Paris Club countries. This …

Daily News Egypt

Delegation from the Ministry of Industry to visit Libya next month

Hatem Saleh, Minister of Industry and Foreign Trade, said that he will visit Libya in the first half of September as a part of a delegation that will include a number of Egyptian factory and business owners, representatives of the ministry, and other interested ministries. The delegation will look into the needs of the Libyan …

Daily News Egypt