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Latest in Opinion


THE REEL ESTATE: Music, colors and bittersweet memories of Cherbourg

In one of those semi-comical, philosophically-fueled drunken sessions I remember, the unavoidable question of death, a recurring topic of these discussions, popped up. And for some peculiar and not-so-morbid reason, we laid down our thoughts about how our funerals would be like. The choice of burial varied considerably. One expressed his wish to be buried …

Joseph Fahim

Egypt to rule on status of men married to Israelis

CAIRO: A court in Egypt is to rule next month on whether Egyptian men married to Israeli women are to be stripped of their citizenship, a judicial source told AFP on Tuesday. "The High Administrative Court will issue its verdict in June," the source said, in a case that highlights Egyptian sentiment towards Israel, more …

AFP

Iran inks deal to send low enriched uranium to Turkey

TEHRAN: Iran inked a nuclear fuel swap deal Monday which commits it to ship 1,200 kilograms of low enriched uranium to Turkey, potentially ending a standoff with world powers gearing for new sanctions against the Islamic republic. The agreement, under which Iran will in return receive nuclear fuel for a Tehran reactor, was signed in …

Daily News Egypt

Export Development Bank of Egypt net slips 19 pct

CAIRO: The net profit of Export Development Bank of Egypt (EDBE) dropped 19 percent to LE 168.9 million ($30.14 million) in the nine months to end-March, the stock exchange said on Sunday. The consolidated net profit for the same period a year earlier was LE 208.6 million, the exchange said. The government owns 77 percent …

Reuters

Egypt detains NY passenger with guns in luggage

CAIRO: Police have detained an American-Egyptian man who arrived in Cairo on a flight from New York with several weapons in his luggage, airport officials said Wednesday. The officials said the man was taken into custody as he tried to pass through customs with a metal box containing two 9 mm handguns, 250 bullets, several …

Agencies

The making of China’s trade deficit

BEIJING: China registered a monthly trade deficit of $7.2 billion in March 2010, its first since April 2004. And yet, at around the same time, the United States Congress issued its loudest call ever to classify China as an exchange-rate manipulator, accusing Chinese leaders of maintaining the renminbi’s peg to the dollar in order to …

Daily News Egypt

NBA and Sarmady announce launch of first Arabic language NBA website

LONDON/CAIRO: The National Basketball Association (NBA) and Sarmady, Vodafone Egypt’s digital arm, announced the launch of NBA.com/arabic, the first-ever Arabic language NBA website for basketball fans in the Middle East and North Africa. The new site, which will be the ultimate online destination for fans to experience the NBA in Arabic, will feature daily video …


Bahrain's GFH mulls increase of Khaleeji stake, says CEO

MANAMA: Bahrain’s Gulf Finance House is considering increasing its stake in Khaleeji Commercial Bank instead of selling it under its asset sales program, its chief executive said on Tuesday. Like other Bahraini investment houses, GFH has been badly hit by a regional real estate crunch and narrowly escaped default in February by striking an eleventh-hour …

Reuters

Egypt reopens LE 4 bln in 3, 5 and 7-year bonds

Egypt’s Finance Ministry is reopening three, five and seven-year bonds with offerings worth LE 1.5 billion ($268 million) each for the five-year and seven-year bonds, and one billion pounds for three-year bond, the central bank said on Tuesday. The three-year bonds, which mature on April 6, 2013, carry a coupon of 11.35 percent. The five-year …

Reuters

European solutions?

So — at last — Greece, the Eurozone and the IMF have reached an agreement and, if it holds up, money will start flowing. But how many times have we heard that delayed promise as we witnessed the sorry sight of European politicians dealing with crisis. It has left many wondering whether the system is …

Richard Quest

Suez Canal annual revenues up in April

CAIRO: Egypt reported an increase in Suez Canal revenues in April, reaching $374.9 million, which according to the canal authority spokesman is an indicator of a global economic recovery. “The canal is a good indicator of how the world economy is doing, not just the Egyptian economy,” Tarek Hassanein, a spokesman for SCA, told Daily …

Amr Ramadan

PHD sees net income rise 75 pct for quarter one 2010

CAIRO: Egyptian real estate developer Palm Hills Developments posted a 75 increase in net income to reach LE 107.1 million ($19.4 million) for the first quarter of 2010, the firm said in a statement Sunday. PHD said it recorded net sales of LE 198.0 million ($35.9 million) in the three months ending March, a 52 …


Harrods department store sold to Qatari company

LONDON: Mohamed Al Fayed, a flamboyant businessman who has controlled Harrods department store in London for a quarter-century, has sold the landmark business to Qatari investors, his financial advisers said Saturday. The sale price was not announced but the BBC and Sky News reported that it was around 1.5 billion pounds ($2.2 billion). The Al …

AFP

Iran invites UN Security Council to dinner, including US

UNITED NATIONS: In a surprise move, Iran invited all 15 UN Security Council members to dinner Thursday in New York, yielding one of the highest-level US-Iran contacts since the 1979 Islamic Revolution. The contact was with Iranian Foreign Minister Manouchehr Mottaki, who hosted an evening that was unexpected as it came in the midst of …

Daily News Egypt

Oil falls towards $79, euro zone debt in focus

LONDON: Oil fell towards $79 a barrel on Thursday, after earlier hitting a nine-week low as fears a Greek-style debt crisis may spread to other European nations raised uncertainty over future global energy demand. The euro fell to a 14-month low as the US dollar strengthened on skepticism that Greece could deliver on its promises …

Daily News Egypt

Lebanon minister apologizes to Egypt over lynching

BEIRUT: Lebanon’s justice minister apologized on Tuesday for the mob lynching last week of an Egyptian wanted for a quadruple homicide, his office said. "I would like to personally apologize to the government and people of Egypt for the reaction in the village of Ketermaya, which would not have happened had it not been for …

AFP

ICLD workers reach resolution, end sit-in

CAIRO: Workers from the Information Centers for Local Development (ICLD) have ended their sit-in outside parliament after receiving promises of pay increases. According to ICLD employee Abdel-Meneim Sharaf Eddin, a resolution was reached during a meeting of the People’s Assembly’s manpower committee attended by three ICLD employees, the head of the Egyptian Federation of Trade …

Sarah Carr

Nigeria's pay TV launches 24-hour news service

LAGOS: Nigeria’s private pay TV station NN24 on Monday began a 24-hour news coverage service in a first for the west African country, its promoters told AFP. "Today is the realization of a dream which started about five years ago to launch a TV project that will metamorphose into 24-hour news bulletins, seven days a …

Daily News Egypt

Car bomb goes off in Nigerian oil city, no one hurt, says official

YENAGOA: A car bomb exploded in the capital of Nigeria’s oil state of Bayelsa, near two properties owned by the deputy governor who has been embroiled in a row with the governor, officials said Monday. "There was an explosion in Yenagoa yesterday on a street that houses both the private residence and a hotel belonging …

AFP

Reformist ex-official stabbed at Iran University

DUBAI, United Arab Emirates: An Iranian pro-reform website says that a former government official, known as a supporter of the opposition, was stabbed at a Tehran university. The Rahesabz website says Ahmad Motamedi was wounded in the assault at Amirkabir University, where he holds a faculty position. A university official confirmed Monday’s attack and said …

AP

Dubai World ups offer to lenders, says source

DUBAI: Dubai World, which is in talks to restructure $26 billion in debt, has made a revised offer to lenders but the sweetened deal is unlikely to satisfy banks, analysts said on Thursday. The new offer is for 1 percent cash interest and 1 percent payment-in-kind interest note, a source familiar with the matter said, …

Reuters

Mido linked with Greek, Turkish moves

CAIRO: Mido could end his English adventure and play in Turkey or Greece next season, Sky Sports reported on Wednesday. The Egyptian striker should return to English second-division side Middlesbrough in the summer after spending this season on loan at Zamalek and West Ham. He scored one goal with Cairo club Zamalek in the first …

Hatem Maher

Iran gives Shell, Repsol a week to decide on Pars

TEHRAN: Iran has given Royal Dutch Shell and Repsol one week to decide on their involvement in the South Pars gas field, the semi-official Mehr news agency reported on Monday. Iran says both the Anglo-Dutch Shell and Spain’s Repsol have procrastinated on finalizing their involvement in the field. It has set similar deadlines in the …

Reuters

UAE banks likely to take Dubai World hit in Q2

DUBAI: United Arab Emirates banks are likely to face the brunt of the Dubai World restructuring impact in the second quarter after the central bank told lenders they are not required to book provisions until there is more clarity. In a circular dated April 22, the central bank told local banks they "are not required …

Reuters

Peak oil man shifts focus to peak price, demand

  BALLYDEHOB: The economic shock of global recession has led a prime exponent of the theory conventional oil output has peaked to shift his view of the consequences, but he still thinks the world has to go green. Retired petroleum geologist Colin Campbell, who worked for major oil companies, as well as smaller firms has …

Daily News Egypt

Government plan is successful in combating bird flu, says Gabaly

CAIRO: The government plan in combating bird flu has proven successful, Minister of Health Hatem El-Gabaly said, explaining that the death rate from the H1N5 virus has substantially decreased and citizen awareness has increased. El-Gabaly was in parliament Tuesday to respond to several investigation requests about the effectiveness of the precautionary measures taken against bird …

Safaa Abdoun

Russian exporters to pay extra to honor grain deals

MOSCOW: Russian analysts said on Monday some exporters are having trouble buying grain to honor urgent contracts, including deals with top buyer Egypt, but Cairo and shippers said there is no problem with exports to the country. A Moscow-based trader said producers were offering wheat at prices above those seen in Cairo. "It is true …

Daily News Egypt

SODIC CEO receives the Best CEO of the Year Award

CAIRO: SODIC’s CEO and Managing Director, Maher Maksoud, received the Global Trade Matters-Egyptian Exchange (GTM/EGX) Best CEO of the Year Award. Maksoud accepted the award during the GTM/EGX Fifth Annual Awards Ceremony, which was held on March 23 at the Four Seasons Hotel Nile Plaza. The Strategic Advisory Board for the awards followed a strict …

Daily News Egypt Authors

HC Research cuts Air Arabia to hold

HC Research cut UAE-based low-cost carrier Air Arabia to "hold" from "buy," citing yield pressures due to excess capacity and competition at a time of rising fuel costs. Despite robust traffic growth last year, Middle Eastern carriers like Air Arabia, the largest listed Arab airline by market value, struggled to keep their seats filled — …

Reuters

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