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Amer Group’s profits slump in first half

Amer Group made EGP 126.79 million net profits during the first half of 2012, a 37.1 percent decline compared to EGP 201.435 million in the same period last year. Riad Refaat, Investors Relations Manager at the company, explained that the decline in profits is understandable given the current economic circumstances, particularly in the real estate …

Daily News Egypt

Cement prices fall as military takes control of Sinai

By Islam Serour Falling cement prices are attributable to decreased demand and the destruction of smuggling tunnels between Gaza and Rafah, Ahmed Al-Zeiny, the head of the Construction Materials Department at the Cairo Chamber of Commerce, told the Daily News Egypt. These two reasons, according to Al-Zeiny, have contributed greatly to the drop in cement …

Daily News Egypt

Minister of Industry: Government will protect domestic industries

By Mohamed Darwish Minister of Industry and Trade, Hatem Saleh, confirmed the Ministry will take measures to protect national industry. The Ministry hopes to put the Egyptian industrial sector on par with its international counterparts. The announcement comes while the Ministry is instating international trade laws and regulations. The decisions followed a meeting held by …

Daily News Egypt

Presidential decision to drop debts of 41,000farmers

By Islam Serour The legal consultant to President Morsy, Mohamed Fouad Gadallah, announced that the president would issue a decision to drop agricultural debts owed by 41,000 farmers. “After meeting Dr Mohsen Al-Batran, Chairman of the Development and Agricultural Credit Bank (DACB) and head of Farmers Syndicate, an agreement to drop EGP 93 million, representing …

Daily News Egypt

Presidential spokesperson denies dropping farmers’ debts

By Islam Serour The President’s spokesman, Dr Yasser Ali denied rumours about dropping the debts of 62,000 farmers, indicating that the decision is still undergoing study and research. The rumour originated on the ‘Kolena Wael Ghonem’ (“We are all Wael Ghonem”) Facebook page which stated, “Morsy drops EGP 109 million of debts to the agricultural …

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

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

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

SMEs receive special treatment from the National Bank of Egypt

By Walid Abdelazeem The National Bank of Egypt (NBE) revealed that by the end of 2011, the bank will have financed small and medium enterprises (SMEs) to a total amount of EGP 1.5 billion. Director of SME Finance Department at NBE, Soha Soliman, stated that funding for the SMEs portfolio amounted to EGP 3.3 billion …

Daily News Egypt

Real estate developers invest EGP 500m in New Cairo

The Council Director of the New Cairo District, Kamal Fahmi, revealed that 13 real estate development companies have benefitted from the financing leeway put in place during Prime Minister Ganzouri’s tenure, the facilitation for settling the outstanding debts for the lands acquired by the city. Fahmi stated that 13 companies paid EGP 500 million, which …

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

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

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

Another emergency plan to overcome power shortages

By Salah El-Manoufy The Ministry of Electricity is currently studying the possibility of implementing a third emergency plan in order to accommodate the high summer loads. Sources within the Ministry said that Mahmoud Balbaa, Minister of Electricity, tasked a number of his deputies to prepare a study about a third emergency plan. The Ministry will submit …

Daily News Egypt

Delta Communication acquires CompuMe

Delta Communications and Trade (DCT) has taken 100 percent of shares in CompuMe, an electronics retail company. Amr Sheira, Deputy Manager of CompuMe, said that all the company’s shares and trademarks CompuMe were sold to DCT in the biggest acquisition agreement in communications sector since January. He refused to disclose the value of the agreement …

Daily News Egypt

Standard Chartered hid huge Iran trade: NY

New York (AFP) — New York regulators accused Standard Chartered Bank of hiding $250 billion in transactions with Iranian banks for almost a decade in violation of US sanctions. Branding the London-based global financial giant a “rogue bank,” state regulators said Standard Chartered systematically disguised foreign exchange deals with Iran in a breach of controls …

Daily News Egypt

Clinton urges South Africa to take leading role

Pretoria , South Africa  (AFP) — US Secretary of State Hillary Clinton on Tuesday called on South Africa, the continent’s leading democracy, to play a more influential role in African and global issues. “We are looking for ways to enhance and deepen our partnership. South Africa has so much to offer to the rest of …

Daily News Egypt

Sinai event impedes tourism revival efforts

By Abdel Razaq El-Sheweikhy Tourism investors expressed fear that the terrorist attack in the Sinai will negatively impact tourism in Egypt, particularly in southern Sinai. They predicted that hotel reservations would decline in that area the coming week by 40 percent. Samy Soliman, head of the Taba and Nuweiba Investors Association, said that the effects …

Daily News Egypt

Pharmacists reject price cuts

By Basma Tharwat and Nourhan Yasser The Pharmacy Owners’ Division (POD) of the Cairo Chamber of Commerce (CCC) has rejected a price modification resolution from the Ministry of Health. A statement by the Egyptian Pharmacists Syndicate (EPS) required pharmacy owners to implement resolution 499 of the Ministry of Health regarding medication pricing. Adel Abdel Maksoud, …

Daily News Egypt

Minister of Industry: The economy is capable of overcoming the current stage

By Salah El-Monoufy Hatem Saleh, Minister of Industry and Foreign Trade, confirmed that the Egyptian economy is capable of overcoming the current stage, particularly because Egypt has a strong infrastructure, which makes high growth rates possible within the coming period. In a statement, the minister said that during the coming period the ministry will focus …

Daily News Egypt

Exchange rate of USD reached a new peak

The price of U.S. dollars in Egyptian pounds reached record rates last Sunday. The exchange rate increased at exchange to EGP 6.07 for buying and 6.08 for selling for the first time in 7 years, compared to 6.06 for buying and 6.07 for selling the day before, according to the Central Bank of Egypt (CBE). …

Daily News Egypt

The Arab African Bank launches e-business

By Islam Serour Capitalising on the internet boom in Egypt, the African Arab Bank (AAIB), in co-operation with Amadeus and Cloud Lock International, has announced the launching of a more secured online payment gateway through its Click2Shop service. “The new product provided by the AAIB and supported by Wallety security system will diminish the risks …

Daily News Egypt

Transportation authorities meet new Minister to discuss solutions for sector’s ills

The Minister of Transportation, Dr Mohamed Rashad, held a meeting with directors and officials of transportation authorities, companies and the ministry, to study plans for the coming period. The directors shared their vision for the future, stressing the necessity of providing and developing infrastructure. They also discussed the importance of reshaping transportation so that it …

Daily News Egypt