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SODIC gets loan to speed up Allegria work

CAIRO: Property developer SODIC said on Sunday it had secured a LE 350 million ($61 million) loan from the Bank of Alexandria to speed up construction at its flagship Allegria residential project. SODIC has about LE 4.2 billion of contracted unit sales that are yet to be recognized on its income statement, it said in …

Reuters

Could Northern Iraq become a Popular Tourist Destination?

Ever since Kurds established their own semi-autonomous region in Northern Iraq following the US-led invasion in 2003, the Kurdish leader has been promoting the region as a tourist hot spot, and according recent data it seems to be succeeding. The main city in the region is Erbil. Due to its own local militias the city …

Daily News Egypt

Sewedy Cables bullish on Europe, eyes Brazil

CAIRO: Egyptian group El Sewedy Cables said on Wednesday it is increasing output this year and the next on the back of growing demand for its products in Europe, the Middle Eastern and Africa. The Arab world’s biggest maker by market value of cables used in power transmission and telecoms plans to capture 2-3 percent …

Sherine El Madany

Turkey’s role as East-West bridge must start at the grassroots

IZMIR, Turkey: During the Cold War years, Turkey found itself in a position — both economically and politically — to align with the West, although immediately after the end of the Cold War Turkey started to initiate relations with immediately surrounding countries, including those in the Middle East. But since then, Turkey has made efforts …

Daily News Egypt

Lula’s legacy

MEXICO CITY: The first round in Brazil’s upcoming presidential elections, scheduled for Oct. 3, may turn out to be the only round. For outgoing President Luis Inácio Lula da Silva’s hand-picked successor, Dilma Rousseff, is very close to winning an outright majority of the vote. Rousseff’s main opponent, São Paulo Governor José Serra, has not …

Daily News Egypt

Utility company near L.A. finds fossil trove up to 1.4M years old

RIVERSIDE: A utility company preparing to build a new substation in an arid canyon southeast of Los Angeles has stumbled on a trove of animal fossils dating back 1.4 million years that researchers say will fill in blanks in Southern California’s history. The well-preserved cache contains nearly 1,500 bone fragments, including a giant cat that …

Daily News Egypt

Nakheel says creditor claim will not delay deal

DUBAI: Nakheel, Dubai World’s property developer unit, disputed the validity of a creditor claim filed against it, saying the claim will not delay its debt deal. Construction Delivery Group (CDG) filed a suit in mid-August with the special tribunal set up to handle cases related to Dubai World’s debt restructuring. The Dubai-based firm said it …

Reuters

Six powers mull dialogue with Iran on nuclear ambitions

NEW YORK: The six powers seeking to curb Iran’s nuclear ambitions prepared to review on Wednesday the latest UN sanctions against Tehran and mull its appeals to enter negotiations. The New York meeting of the so-called P5-plus-1 — the permanent five UN Security Council members plus Germany — comes as Iran said it would soon …

AFP

Economists cautious over African ‘miracle’

PARIS: With strong growth, a reduction in poverty and foreign investment, a number of recent studies have highlighted the African "economic miracle," but economists suggest the picture is more complicated. Since the start of the decade, the world’s poorest continent has witnessed an economic boom. After a brief slowdown during the global economic crisis, growth …

Daily News Egypt

Iraq still sees 4 mln bpd oil output in 2013

BAGHDAD: Iraq can raise its oil output to about 4 million barrels per day in 2013, its deputy oil minister told Reuters, playing down concerns about insecurity and lack of government. The increase is part of a step change after Iraq last year signed contracts with foreign firms to increase production capacity to 12 million …

Daily News Egypt

British unions back boycott on Israeli settlement goods

LONDON: British trade unions on Tuesday backed a boycott of goods from Israeli settlements, saying popular brands were "making profits on the back of oppression." Delegates at the annual Trades Union Congress (TUC) in Manchester, northwest England, voted unanimously to encourage unions and pension funds to disinvest from and boycott goods of firms they believed …

AFP

Egypt announces real estate tax exemptions

CAIRO: Egypt’s Real Estate Tax Authority has exempt 6 million people and 9 million units from paying property taxes this year, making up roughly 90 percent of the tax base, Al-Ahram reported. In some governorates, 100 percent of citizens were exempt, the state-run daily reported on Monday. Finance Minister Youssef Boutros-Ghali said studies have been …

Amr Ramadan

Kabo 2009 net loss $2.3 mln: bourse

Egyptian garment maker El Nasr Clothing & Textile Co. (Kabo) reported a net loss for the year to the end of June of LE 13.3 million ($2.3 million), the stock exchange said on Wednesday. The firm made a net loss of LE 7.2 million in the same period a year earlier, the exchange added. Kabo …

Reuters

Hassan brands injury as ‘blessing from God’

CAIRO: Egypt midfielder Ahmed Hassan described his major knee injury as a ‘blessing from God’ because it will give him the chance to rest after years of tireless work. Hassan suffered a cruciate ligament tear Monday during The Pharaohs’ surprise 1-1 home draw with Sierra Leone in an Africa Cup of Nations opening qualifier. The …

Sherif Tarek

Afghanistan freezes Kabulbank directors’ assets

KABUL: Afghanistan has frozen the assets of leading shareholders and borrowers at Kabulbank, the country’s top private lender, after the resignation of two top directors triggered a crisis, officials said on Tuesday. The central bank on Monday ordered the assets of Kabulbank’s former chairman Sher Khan Farnood and chief executive officer Khalilullah Fruzi to be …

Daily News Egypt

Nawras plans to raise upto $608 million in IPO

DUBAI/MUSCAT: Omani firm Nawras, a unit of Qatar Telecommunications, could raise as much as $608 million in its 40 percent initial public offering (IPO) after setting a price range of 702-902 baisas per share. Nawras, which broke the monopoly of state-controlled Omantel in 2006, is offering 260 million shares in Oman’s first IPO in two …

Daily News Egypt

Etisalat doesn’t see a deal with Reliance this year

DUBAI: Emirates Telecommunications Corp, the Arab world’s second-largest telecom operator by market value, does not expect a deal with India’s Reliance Communications in 2010, its international chief said on Tuesday. Jamal al-Jarwan, Etisalat’s international chief, told Reuters the company is considering different options in the Indian market and did not rule out an investment in …

Reuters

Saudi Arabia raises October crude oil prices

DUBAI: Saudi Arabia raised its official selling prices (OSPs) for its benchmark Arab Light and other grades to customers in Asia, the United States and Europe in October, state oil firm Saudi Aramco said on Sunday. The kingdom raised the price of Arab Light to U.S. customers by 10 cents a barrel to WTI minus …

Daily News Egypt

Emel Mathlouthi: A taste of rebellious world music

“Bulimique — we say in French,” says Emel Mathlouthi, recalling the years when she would gorge on music. “I was discovering all this stuff at the same time,” she says citing influences of Joan Baez, Bob Dylan, Sheikh Imam and Marcel Khalife. “So it was just like ‘wow!’ It was a pretty strong period in …

Chitra Kalyani

BUE’s nursing faculty out to change job’s stigma

CAIRO: Under the slogan “Today’s students in Egypt. Tomorrow’s nurses of the world,” the Maghrabi Mansour International Nursing Faculty (MMINF) at the British University in Cairo (BUE) set out to remove the stigma attached with being a nurse. Its program is leading the way and giving Egypt a new generation of nurses who are determined …

Safaa Abdoun

Egypt’s monthly growth in NIR stable

Monthly growth in Egypt’s Net International Reserve (NIR) position has remained relatively stable in July 2010, inching up by 0.16 percent to $35.27 billion compared with $35.22 billion in June 2010, when it saw a 0.34 percent month-on-month growth, Central Bank of Egypt data showed. Annual growth in NIR slowed down in July 2010 to …

Daily News Egypt Authors

Egypt’s Golden Pyramids scraps S.Valley takeover

CAIRO: Shareholders in Golden Pyramids Plaza, owner of the City-Stars mega-mall in Cairo, have rejected a share swap with South Valley Cement, putting an end to their planned merger, Golden Pyramids said on Sunday. "Most shareholders have no desire to continue the procedures of the acquisition via a share swap," a company statement to the …

Reuters

Egypt investing in broadband infrastructure

CAIRO: Egypt recently allocated $1 billion to invest in broadband internet infrastructure, with the goal of boosting internet subscribers by 4 million come 2014, according to a Euromonitor International report issued in July. The report, “Egypt broadband investment to fuel internet usage,” explains that “improved access to computers, especially amongst higher earners, has caused the …

Christopher Le Coq

Nicki Minaj revives female voice in rap

While the death of hip-hop has been a matter of debate in recent years, the demise of the star female emcee had been all but accepted. There had always been at least one female rap act to contrast hip-hop’s defining male edge, from Queen Latifah to Lil Kim to Missy Elliott to Lauryn Hill. But …

Daily News Egypt

Decoding Egypt: 1967, 2010: The annals of defeat

By Nael Shama It was the summer of 1967, immediately following the Six Day War when an Egyptian PhD student was having coffee with a friend, also Egyptian, at a café in Kurfurstendamm, Berlin’s main boulevard. The tightly packed café allowed for casual chit-chats among strangers, and so the Egyptian friend was caught in a conversation …

DNE

Egypt’s Ezz leaves HRC price same for August bookings

Egypt’s largest steel producer Ezz Steel has not changed its hot rolled coil price for August. Steel Business Briefing is informed by a company spokesperson that the price remains at the July level of LE 3,750/ton ($653/t), without 10 percent sales tax. The company had reduced its HRC price for July bookings by LE 200/t, …

Daily News Egypt

Amazon looking to go ‘mass market’ with Kindle price cut

Amazon, by slashing the price of the Kindle, is hoping to turn its electronic book reader into a device with mass market appeal, one for "serious readers" distinct from Apple’s multi-purpose iPad. Amazon, the pioneer of the e-book business, unveiled a $139 wireless-only version of the basic Kindle, less than six weeks after dropping the …

AFP

Australian, Japanese waters harboring deep secrets, census

SYDNEY: Australia and Japan boast some of the planet’s most diverse oceans but thousands of organisms remain unknown to science and global warming is a huge marine peril, a major new census says. Both Australia and Japan have some 33,000 known species, according to the 10-year scientific survey of marine life called "What Lives in …

Daily News Egypt

Epicor brings ERP solutions to Egyptian businesses

CAIRO: In the past 20 months, business software solutions provider Epicor has more than doubled the number of countries in which its products are sold. Offering single software enterprise solutions, Epicor says its products enable companies to conduct business “without barriers.” And today, these products are available in 50 countries — up from 20 before …

Amr Ramadan