Egypt, Iran presidents talk directly for first time
Reuters reported that President Hosni Mubarak and his Iranian counterpart Mahmoud Ahmadinejad have discussed regional issues by telephone, the first direct talks between the two leaders.
Discussions focused on the Palestinian and Lebanese issues, the MENA news agency said in a one-sentence report.
The Islamic Republic of Iran broke diplomatic ties with Egypt in 1979 after Egyptian President Anwar Sadat let in the deposed shah of Iran.
Mubarak, in power since 1981, has not had any public direct talks with Ahmadinejad, who was elected president in 2005.
The phone call is a sign of improved relations between the two countries but should not be interpreted as if full diplomatic ties will be resumed next week or next month, said Mustafa El-Labbad, an Egyptian expert on Iran.
Both countries are represented diplomatically via interest sections rather than their own embassies and senior officials occasionally exchange visits. -Agencies
Valuable Egyptian ewer sold as French jug
A piece billed as a French claret jug at a Crewkerne, England, auction has turned out to be a medieval Egyptian ewer (a type of vessel) worth $10 million.
The item, which was purchased by an unknown buyer for about $430,000, was described in the auctioneer s catalogue as a French jug, but was later revealed to be one of only six surviving Fatimid rock crystal ewers from the 11th century, The Independent reported Monday.
A London dealer said the jug auctioned by Lawrences auctioneers in Crewkerne could be considered the Holy Grail of Islamic art.
I ve spent my whole life hoping to find one, he said. This may be the biggest sleeper ever to appear on the Islamic art market. It seems strange that it stopped at $427,460. There is no question in my mind that this is authentic. Fatimid rock crystal ewers are impossible to fake, he said. -UPI
M. Stanley cuts Telecom Egypt, Wataniya
Reuters reported that Morgan Stanley downgraded Telecom Egypt and National Mobile Telecommunications (Wataniya) to equal-weight from overweight while it upgraded Orascom Telecom to overweight from equal-weight.
The investment bank said the Europe, Middle East and Africa telecoms remain attractive, and added that while 2008 is proving to be a volatile year for stocks, the telecom industry could well prove defensive.
We see little risk to operational earnings as increasing consumer incomes and lower equipment costs drive demand, the investment bank wrote in a research note to clients.
The companies are well positioned to benefit from the ongoing global consolidation of the telecom industry, which should support the stocks on the downside, Morgan Stanley added.
It cut its price target on Wataniya to 3 dinars from 3.6 dinars and also reduced its target on Telecom Egypt to LE 23 from LE 24. -Agencies
On the stock exchange
Egyptian International Pharmaceuticals (EIPICO) said the company is looking to expand its operations by establishment a new factory in Algeria with initial costs of $200 million.
In other news, Amwal Arab Cotton – which is wholly owned by Arabia Cotton Ginning Company – signed Sunday a memorandum of understanding to acquire four companies: Setcore Spinning, NASCO, Setcore Industrial Investment, United Cotton.
OCI signs a new construction order in Egypt
Orascom Construction Industries (OCI) has signed an LE 560 million contract with the West Delta Electricity Production Company. The award is for the construction work on new 2 x 250 MW Combustion Turbine Generators and 1 x 250 MW Steam Turbine Generator located in Sidi Kreir, Alexandria.
The project was awarded as a joint venture to both OCI and Besix S.A. (an OCI subsidiary). The total value of the contract is approximately LE 560 million and is scheduled for completion within 32 months from the contract signature date.
Cairo Amman Bank appoints Bishouty as Deputy GM
Cairo Amman Bank (CAB) has announced the appointment of Simona Sabella Bishouty as deputy general manager of banking services.
We are confident that the distinctive expertise of Simona, and her valuable contributions so far will enable CAB to achieve significant milestones in the future. The reorganization of our senior management structure, following so closely on the heels of our recent rebranding, underlines our total commitment to driving the Bank to even greater heights, said CAB s GM Kamal Al-Bakri.
Bishouty has an extensive history with CAB where she held the position of assistant GM for retail and credit. She has assisted in the development and establishment of the Bank s retail strategy as well as overseeing the functions of many departments including the consumer, housing, and small businesses loans.
Bishouty represents the bank on the board of directors of Jordan Mortgage Refinance Company, and VISA Jordan Card Services Company.
