Orascom says no Vimpelcom merger if vote delayed
CAIRO: The parent company of Egypt's Orascom Telecom (OT) will call off a $6 billion-plus deal with Vimpelcom if Vimpelcom shareholder Telenor blocks a vote on the tie-up next month,…
Kenya tea prices up on higher Egypt demand
NAIROBI: Strong demand from Egypt lifted Kenyan tea prices at this week's auction after relative calm returned to the country following the resignation of president Hosni Mubarak, brokers said on…
NSGB says 2010 net income up 3.5 pct
CAIRO: Egypt's National Societe Generale Bank (NSGB) said its net income for 2010 rose 3.5 percent to LE 1.34 billion ($227.9 million). The bank said it expected to be initially…
Oil rises as Middle East protests spread
LONDON: Oil prices rose on Wednesday as overnight rioting in Libya added to concerns that an Egypt-style revolt could spread to oil-producing countries in the Middle East. The latest outbreak…
CIB says transfers abroad well below estimates
CAIRO: Egypt's Commercial International Bank (CIB) said on Tuesday the amount of money its clients transferred abroad because of political unrest was only 25 percent of what it had been…
Egypt gas supply to Israel to resume in Feb: Ampal
TEL AVIV: Egyptian gas supplies to East Mediterranean Gas Co (EMG) and its Israeli clients were expected to resume later this month following delays in pipeline repair work, Ampal-American Israel…
Egypt ups deficit forecast to above 8 pct/GDP
CAIRO: The political unrest that rocked Egypt over the last month will cut tax revenue and has prompted the government to raise the 2010/11 budget deficit forecast by as much…
Talaat Moustafa says operations resume
CAIRO: Talaat Moustafa Group, Egypt's biggest listed developer, said on Wednesday none of its assets had been damaged during Egypt's political unrest and that its operations had gradually resumed. The…
Egyptian bank shutdown and strikes hit industry
CAIRO: Egyptian manufacturers have cut output because banks are closed while labor unions have taken the country's revolution as a cue to stop work and demand better pay and conditions,…
Arafa closes factories due to strike
CAIRO: Arafa Holding, Egypt's biggest garment exporter, has closed its factories in Tenth of Ramadan City till Feb. 17 due to labor strikes, the firm said in a statement on…