Latest in Highlight

Advertising Area




Latest in


Worldwide economic instability instigates drop in metal prices

The prices of non-ferrous metals (copper, aluminium and lead)have dropped across international markets, after witnessing a slight rise last week, according to a report published by the Metallurgical Industries Chamber (MIC). The price of copper fell by $137, recording $8,156 per tonne on 25 September, compared to $8,293 last week. Aluminium prices followed suit, falling …

Hend El-Behary

Tax Authroity new head vowes to boost tax revenues

Egypt’s Tax Authority (TA) hopes to increase tax revenues to EGP 230 billion, according to newly appointed chairman Mamdouh Omar. The TA plans to promote new leadership to ensure justice within the body, Omar told a meeting with heads of regional bureaus and managers of different departments on Monday. According to commentators, taxation in Egypt …

Islam Serour

Egypt placed 107 in global competitiveness rating

The World Economic Forum (WEF) issued its annual global competitive report, showing that Egypt’s competitive rating slipping 13 places to 107th place. The Egyptian market, in the view of many economic experts, lacks discipline and transparency. The price of goods and services’ do not represent actual patterns of supply and demand, in addition to other …

Islam Serour

Beltone Financial forms joint-venture with Altree Capital

By Islam Serour Beltone Financial, a leading assets management company in Egypt, has formed a joint-venture company with the African asset management house Altree Capital, dubbed Altree Beltone Capital Ltd. Beltone Financial Holding, which reportedly ranked as the principal asset manager during the first half of 2012, is seeking to empower its position in the …

Daily News Egypt

IMF Managing Director to visit Egypt

By Islam Serour Managing Director of the International Monetary Fund (IMF), Christine Lagarde, is scheduled to visit Cairo on 22 August for further discussions with President Mohamed Morsy over a possible IMF loan to Egypt. It has been reported that an IMF mission, led by Masood Ahmed, the IMF director for Middle East and Central …

Daily News Egypt

British economy remains on course for more stimulus

AFP – Britain’s recession-hit economy remained on course for more cash stimulus despite an improved employment backdrop, minutes from the Bank of England’s latest monetary policy meeting showed Wednesday. Minutes from the BoE’s meeting at the start of August revealed that all of the central bank’s nine policymakers voted to keep interest rates at a …

Daily News Egypt

Standard Chartered fined $340m over Iran deals

New York (AFP) – Standard Chartered has settled allegations that it helped Iranian clients dodge US sanctions, announcing a fine of $340 million from a New York banking watchdog. The “civil penalty” disclosed on Tuesday came amid allegations that the London-based bank hid 60,000 transactions with proscribed Iranian clients worth $250 billion over 10 years. …

Daily News Egypt

Marriott teams up with Visa to offer free nights this summer

 Leading hotel group Marriott International has teamed up with VISA in the Middle East and Africa to offer 3 nights stay for the price of 2, for the duration of the summer. The offer also includes 20% off all food and beverage at participating outlets. “At Visa, we know the summer season can be an …

Daily News Egypt

Amer Group’s profits slump in first half

Amer Group made EGP 126.79 million net profits during the first half of 2012, a 37.1 percent decline compared to EGP 201.435 million in the same period last year. Riad Refaat, Investors Relations Manager at the company, explained that the decline in profits is understandable given the current economic circumstances, particularly in the real estate …

Daily News Egypt

Cement prices fall as military takes control of Sinai

By Islam Serour Falling cement prices are attributable to decreased demand and the destruction of smuggling tunnels between Gaza and Rafah, Ahmed Al-Zeiny, the head of the Construction Materials Department at the Cairo Chamber of Commerce, told the Daily News Egypt. These two reasons, according to Al-Zeiny, have contributed greatly to the drop in cement …

Daily News Egypt