EFG-Hermes buys 65 pct in Lebanon’s Credit Libanais
CAIRO/BEIRUTL EFG-Hermes will buy a 65 percent stake in Lebanon's privately owned Credit Libanais for $542 million as the leading Egyptian investment bank sets out to diversify its business. EFG-Hermes…
Citigroup cuts Air Arabia price target
Citigroup cut its share price target and earnings estimates for UAE-based budget carrier Air Arabia, following a disappointing second quarter, and cited an expected fall in 2010 average ticket price.…
Sawiris, Vimpelcom close to signing term sheet-report
Telecoms group Vimpelcom Ltd and Egyptian tycoon Naguib Sawiris are close to signing a non-binding term sheet for the sale of Sawiris's holding company Weather Investments, Il Sole 24 Ore…
NBD first-half net loss widens 4.7 pct
The National Bank for Development (NBD) said its net loss widened 4.7 percent in the first half of the year, according to a statement published by the Egyptian stock exchange…
Minister of Health pays ‘friendly’ visit to Prosecutor General
CAIRO: The Ministry of Health denied reports that Minister Hatem El-Gabali was summoned to the Prosecutor General’s office, stressing in a statement that his visit there was “friendly”. Minister of…
Bisco Misr net income falls 23.5 pct
Bisco Misr reported a 23.5 percent fall in net income for the second quarter of 2010 to reach LE 4.1 million. Sales grew by 23.5 percent from the previous year…
Youth on the Nile
LUXOR: The monuments of Luxor are no strangers to international tourism. In Greco-Roman times visitors marvelled at the twin colossi flanking the entrance of Amenhotep III’s temple on Luxor’s west…
Orascom Devt first-half net profit drops 9 pct
Egypt's Orascom Development posted a 9 percent decline in first-half net profit on Tuesday, as the value of its real estate assets dropped. The Swiss-listed company, mostly known for building…
Trailer truck owners challenge president’s directive
CAIRO: Trailer truck owners said they will not abide by a relatively new law forcing them to either convert their vehicles to smaller trucks or to sell them, challenging President…
Israel to buy world’s most advanced warplane
JERUSALEM: Israel's Defense Minister Ehud Barak on Sunday approved the purchase of a fleet of US-built F-35 strike fighters in a move set to ramp up the capabilities of the…
