Latest in Lifestyle Highlight

Advertising Area




Latest in Lifestyle


2 Gaza smugglers die in tunnel collapse, officials say

GAZA CITY: Palestinian medical officials say two smuggling tunnels under the Gaza-Egypt border have collapsed, killing two Gaza workers. Medics say the bodies arrived at the local hospital late Tuesday and early Wednesday. Hundreds of Gazans work in a vast network of tunnels under the Gaza-Egypt border. The tunnels provide Gaza’s 1.5 million Palestinian residents …

AP

Dubai to open world's biggest' airport for cargo next month

DUBAI: Dubai’s second airport, designed to be the world’s largest when completed, will open in June for cargo only, with plans to receive passengers in spring next year, Dubai Airports chief said Tuesday. "Dubai will no longer be a single airport city," chief executive officer, Paul Griffiths, told a press conference on the sidelines of …

AFP

Qatar Air to receive 6 Boeing 787s next year

DUBAI: Qatar Airways increased its order for Boeing’s new 787 Dreamliner to six from two and expects to take delivery by September next year, the carrier’s chief executive said on Tuesday. "At the moment, we will be receiving six 787s next year; initially it was two," Akbar al-Baker told reporters at a travel and tourism …

Reuters

S&P rates sharia fund in bid to raise transparency

DUBAI: Ratings agency Standard & Poor’s (S&P) on Tuesday said that for the first time it assigned a rating to a sharia fund, in a bid to boost transparency in an industry that has come under fire after some recent defaults. S&P said it assigned a "AAf/S1+" fund credit and volatility rating to a Luxembourg-based, …

Reuters

Oil falls below $85 ahead of US inventory data

LONDON: US crude oil fell more than $1 to below $85 per barrel on Tuesday, retreating from 19-month highs ahead of an expected rise in US crude and fuel stocks and as the dollar strengthened. Data published later on Tuesday is likely to show US crude inventories rose last week as a discount for prompt …

Reuters

Iraq arrests network behind April embassy blasts

BAGHDAD: Iraq has announced the arrest of a network it says was behind the April bombings of foreign embassies that killed 46 people. Military operations spokesman Maj. Gen. Qassim Al-Moussawi says the key to the arrests was the capture of one would-be bomber involved in the April 4 attacks. Three suicide bombers struck the German, …

AP

Law giving rights to people with disabilities to be discussed

CAIRO: A draft law concerning the rights of people with disabilities is slated for discussion during the upcoming Cabinet meeting this month before submitting it to the People’s Assembly and the Shoura Council for final approval. "We are trying to reach the international standards for the rights of disabled people," said Moushira Khattab, Minister of …

Omnia Al Desoukie

Orascom must disclose more on Mobinil, says regulator

Orascom Telecom has a week to disclose further detail on the Mobinil deal reached with co-owner France Telecom, Egypt’s market regulator said on Monday. The Egyptian Financial Supervisory Authority said it wanted to know how the companies calculated a $300 million settlement fee being paid to Orasocm and an Orascom put option price. EFSA also …

Reuters

Iran invests $5.2 bln in petrochemical projects, says Mehr

TEHRAN: Iran is investing more than $5 billion in nine major petrochemical projects which will be completed during the 2010-11 year, a senior official said in remarks published on Monday. Abdolhossein Bayat, head of the National Petrochemical Company (NPC), said the facilities would boost output capacity by 10.5 million tons and create 3,000 new jobs, …

Reuters

HSBC says Dubai World plan fair, resolution in weeks

DUBAI: Dubai World’s restructuring plan is "very fair" and could be signed by lenders in coming weeks, a senior executive at one of its major bank creditors said on Monday. Simon Cooper, head of HSBC’s Middle East operations, made the remarks on the sidelines of an HSBC trade survey launch. "The proposal is very fair …

Reuters

Iran says no change in oil sales to China, Japan

TEHRAN: A senior Iranian oil official denied on Monday that the Islamic Republic’s crude sales to China and Japan had declined during the first few months of 2010, the ISNA news agency reported on Monday. "There is no change in our crude sale to these countries," said Deputy Iranian Oil Minister Hossein Noghrehkar-Shirazi. In March, …

Reuters

The whole policy has to change, says economist Galal Amin

CAIRO: To identify and write about a problem and for 40 years watch as it deteriorates while the warning messages are ignored is a frustration economist Galal Amin is all too familiar with. He calls his 40-year-long writings on Egypt’s identity crisis as the nation grappled with a growing ‘foreign complex’ a Greek tragedy — …

Sarah El Sirgany

Al Futtaim launches two new phases of Cairo Festival City at Next Move

CAIRO: With the opening of Next Move last week, Al Futtaim introduced two new phases of Cairo Festival City: Festival Living and the Business District. Stretching over 3 million square meters in New Cairo, Cairo Festival City is a mixed use development offering a healthy combination of residential, retail and business real estate. Festival Living …

Daily News Egypt

Alex Cement plans $442 mln rights issue

Egypt’s Alexandria Cement received the go-ahead for a LE 2.45 billion ($442.1 million) rights issue scheduled to begin May 19, the stock exchange said on Wednesday. The transaction will pave the way for Alexandria Cement’s main shareholder, Greek cement maker Titan, to sell a 16 percent stake in Alexandria to the International Finance Corporation (IFC) …

Reuters

Crowell & Moring foray into Egypt with Hegazy partnership

When Crowell & Moring looked into embarking on its largest international initiative in a decade, the law firm decided it was prime time to foray into the Middle East, and in doing so, chose Egypt as its hub. “We have committed more resources to opening this office and to our presence in the Middle East …

Amira Salah-Ahmed

Hezbollah cell defendants get between 6 months and 15 years

CAIRO: The Supreme State Security Emergency Court on Wednesday found guilty 26 defendants accused of belonging to a Hezbollah cell in Egypt. The 22 defendants in custody were handed down sentences ranging from six months to 15 years. Out of the four being tried in absentia, three received life sentences, including Hezbollah commander Mohamed Qublan, …

Abdel-Rahman Hussein

Indian actress wins court battle over sex comments

An Indian actress won a legal battle over comments she made about pre-marital sex when the Supreme Court Wednesday threw out 22 cases lodged against her by outraged members of the public. Khushboo, a 39-year-old Tamil actress who uses only one name, appealed to the court to quash the criminal cases that were filed in …

AFP

Kuwait, Saudi boost Neutral Zone oil capacity

KUWAIT: Saudi Arabia and Kuwait have boosted output capacity from their shared Neutral Zone to 610,000 barrels per day from around 550,000 bpd, a Kuwait oil official said on Tuesday. But the two OPEC producers have drawn back from long-term plans plans to further boost capacity to 700,000 to 900,000 barrels per day (bpd) by …

Reuters

An 'Obama Plan' for the Mideast is a good idea

WASHINGTON, DC: The Washington Post reported last week that the Obama administration is considering abandoning its support for indirect Israeli-Palestinian negotiations in favor of direct negotiations based on a plan the United States would lay on the table. It’s a great idea. Indirect negotiations are a good device for achieving nothing. They would also constitute …

Daily News Egypt

Gedo says Zamalek won't take action against him

CAIRO: As a legal dispute between Zamalek and the Egyptian FA looms because of the controversial status of Mohamed Nagi ‘Gedo’, the Ittihad forward tried to ease the tension by releasing some soothing statements. Gedo, the Nations Cup’s top scorer, has been embroiled in controversy since penning a deal to join Zamalek next term, right …

Sherif Tarek

Jordan's Cairo-Amman Bank Q1 profits rise 35.6 pct

Cairo-Amman Bank’s first quarter net profits rose by 35.6 percent to 7 million dinars ($9.8 million) mainly boosted by strong retail business and prime corporate lending, its chairman said on Monday. "We are widening our customer base through diverse banking products in retail and lending to prime corporate customers with high financial solvency that ensures …

DNE

Egypt bourse suspends Orascom Tel trade pending news

The Egyptian stock exchange has suspended trade on Orascom Telecom pending the firm’s planned Tuesday announcement of material information, three traders told Reuters on Monday. The Cairo-based firm told the exchange it would make its statement on Tuesday, without providing details. South Africa’s MTN Group has said it is in talks about a potential deal, …

Reuters

Rights group condemns gov't restriction on Al-Jazeera

CAIRO: An Egyptian NGO has condemned restrictions placed on Al-Jazeera news channel by the government. The Arab Network for Human Rights Information (ANHRI) said in a statement issued Sunday that the restrictions placed on Al-Jazeera amount to “a confiscation of the right of citizens to know and a violation of media freedom”. An Al-Jazeera television …

Daily News Egypt Authors

Israeli MK calls for CEO Salary Cap

TEL AVIV: A member of Israel’s governing coalition has proposed a new that forbid the CEOs of Israeli public companies from earning 50 times more then the lowest paid worker in the same company. “There is a need curb these outrageous wages,” Prof. Chaim Fershtman of the Eitan Berglas School of Economics at Tel Aviv …

Daily News Egypt

Kuwait's Gulf Bank posts $1.8 mln Q1 loss

KUWAIT: Kuwait’s Gulf Bank fell to a net loss of 524,000 dinars ($1.82 million) in the first quarter of 2010 after a profit of 1.6 million dinars in the same period a year ago, the bank said on Sunday. A statement on the Kuwaiti bourse website on Sunday did not give a reason for the …

Reuters

World Bank agrees on power shift to emerging nations

WASHINGTON: US Treasury Secretary Timothy Geithner on Sunday said that World Bank members had agreed to give emerging nations more say in how the bank is run and how its funds are disbursed. "The new formula will better reflect the weight of the developing and transition countries in the global economy, while protecting the voice …

DNE

Zidan stretchered off as Dortmund fail to win

CAIRO: Mohamed Zidan has been stretchered off injured as Borussia Dortmund missed out on a much-needed Bundesliga win over Hoffenheim on Sunday. Veded Ibisevic scored one minute from time to deny Dortmund three priceless points in their quest for a Champions League place. Egypt forward Zidan was forced to leave the pitch after less than …

Daily News Egypt

Algeria rejects new Orascom tax claim: govt official

Egypt’s Orascom Telecom on Thursday confirmed that Algerian tax authorities had rejected an appeal filed by its Algerian unit Djezzy. The firm, the Arab world’s largest mobile operator by subscribers, said it had now exhausted the appeal process with the tax authorities and intended to challenge the rejection in Algeria’s administrative courts. Algeria’s tax authorities …

Reuters

Beltone downplays Algeria investment bank talks

  Beltone has downplayed its plans to expand into Algeria, saying it was in preliminary discussions and does not have a year-end deadline.   Al-Mal newspaper had quoted director Aly El Tahry as saying Beltone was talking to two Algerian investors about setting up an Algerian bank with a full range of investment banking services …

Reuters