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Luxury goods buck economic slowdown

Paris (AFP) — Fuelled by surging demand in China, luxury goods makers are bucking the global economic slowdown and reaping huge profits on sales of high-end handbags, expensive jewellery and posh perfumes. Results for the first-half of 2012 released this week showed major brands, including world leaders LVMH, PPR and Luxottica with rising profits driven …

Daily News Egypt

BP hit with $3.1bn Russian court bill

Moscow (AFP) — A Siberian court on Friday piled more legal pressure on BP by ordering the British group to pay $3.1 billion in damages for its attempted Arctic oil exploration tie-up with the state giant Rosneft. A BP attorney immediately denounced the decision as a “corporate attack” that demonstrated the court’s subservience to the …

Daily News Egypt

Summer Ramadan yields adverse impact on banks

By Asmaa Nabil With the arrival of Ramadan during the summer, several bank divisions are expected to suffer from a period stagnation, in contrast to the usual stability of this time of year. Banks traditionally see an increase in demand for credit that coincides with Egyptians returning from abroad. In addition, banks often reduce their …

Daily News Egypt

Real estate companies adapt as Ramadan falls in their highest season

By Hamada Ismail Real estate companies extended their promotional offers to include the month of Ramadan in an attempt to support the relative growth the sector has experienced during the last several months. The offers included extended financing periods, lowered down payments, discounts for up-front payments, and gifts such as furniture. Traders in the sector …

Daily News Egypt

Stock market performance surpasses analysts’ Ramadan forecast

By Fatheya Al-Garhy The Egyptian Stock Exchange (EGX) closed after the first session of Ramadan with prices maintaining relative stability, the opposite of what most analysts expected. Observers predicted that the EGX’s indices would experience sharp declines in the value of trading with the start of the holy month. The shares of Orascom Telecom Media and …

Daily News Egypt

FJP takes a shot at fixing slums

By Mohamed Darwish Solving the problem of slums located all over Cairo is part of President Mohamed Morsy’s first-100-days presidential programme. He has stressed that housing is among the fundamental rights of Egyptians and that the state must remove obstacles to guaranteeing housing for every citizen. Dr Abolfotouh Shanan, a professor of planning and one …

Daily News Egypt

National Bank of Egypt to finance tourist projects

By Walid Abdelazim An official at the National Bank of Egypt (NBE) stated that the bank is currently conducting studies into providing an additional EGP 300million for tourist projects in Marsa Alam and Taba. The official said that the NBE recently provided EGP 1million to the two cities, mostly for hotels to upgrade their insurance …

Daily News Egypt

Banque Misr diversifies automobile loans

By Ayat El-Battawy Banque Misr has pledged to increase its credit portfolio for automobile loans by EGP 300 million by the end of the current fiscal year. The bank’s automobile loans portfolio will reach EGP 600m after the increase. An official with the bank said that automobile loans reached EGP 300 million at the end …

Daily News Egypt

Power cuts deliver massive blow to industires

By Inaam Eladawy and Nihal Mounir The electricity crisis which had previously been affecting just homes has begun to impact upon businesses and factories as well. Factories have tried to overcome such crises by relying on generators while shops, especially those working in the food sector, have experienced losses as a result of damaged goods. …

Daily News Egypt

Banking experts meet Morsy to expose sector’s corruption

By Mahmoud Salah El-Din Bankers, members of the group Central Accounting Apparatus Observers Against Corruption (CAAOAC), and President Mohamed Morsy will hold a meeting within days in order to discuss corruption in the banking sector. Bankers and members of the CAAOAC will deliver a memorandum to the President that contains a Central Accounting Apparatus’ (CAA) …

Daily News Egypt

Departing IMF economist rips fund’s leadership

Washington (AFP) – A departing senior IMF economist has excoriated the fund, alleging it failed to address Europe’s crisis and “suppressed” its challenges, according to a letter published Friday. In the letter obtained by CNN, Peter Doyle also accused Christine Lagarde, the managing director of the International Monetary Fund, of being “tainted” by a faulty selection …

Daily News Egypt

Hopeful trade indicators between Egypt and the US

By Amr Eleraqi According the American Chamber of Commerce’s most recent report, the volume of trade exchange between Egypt and US has declined by 9.2% during 2011, reaching $8.2 million. The drop represents about 4% of GDP and 4.3% of the volume of goods traded in the US. During 2011, non-petroleum exports were stable, but …

Daily News Egypt

EGP 200m to aid Radio and Television Union

By Mohamed Ayyad The government has earmarked EGP 200 million for the Egyptian Radio and Television Union (ERTU) to address the financial crisis that has struck the sector after employee salaries were suspended. Fayza Abul Naga, Minister of International Cooperation, said that the National Investment Bank (NIB) pledged to provide an EGP 100 million loan …

Daily News Egypt

New Egyptian-American fund to finance SMEs

U.S. Secretary of State, Hillary Clinton, announced during her visit to Egypt the establishment of an Egyptian-American fund to provide financing for small and medium sized enterprises (SMEs). Egypt is in need of such financing in order to achieve sustainable economic growth and to create jobs during the transitional period.   The Secretary stated that …

Mohamed El-Bahrawi