June 06, 2012 By Farah Halime CAIRO (Zawya Dow Jones)–Just days after Egypt’s EFG Hermes received full shareholder support for its planned alliance with Qatar’s QInvest , the Planet IB consortium that is attempting a hostile takeover of the bank said shareholders should force the board to either allow the group of investors to conduct due diligence … Continue reading
May 31, 2012 By Farah Halime CAIRO (Zawya Dow Jones)–The chief executives of Egypt’s biggest investment bank along with the sons of former President Hosni Mubarak and five others have been charged for alleged insider trading on the country’s stock market. Yasser El Mallawany and Hassan Heikal, co-Chief Executives of EFG Hermes (HRHO.CI), the Arab … Continue reading
April 29, 2012 By Farah Halime CAIRO (Zawya Dow Jones)–The Egyptian government hopes it can seal a quick deal with the International Monetary Fund to stablize the economy and avoid a balance of payments crisis, but political forces still seem aligned against an agreement before the military hands over power to a new president later … Continue reading
March 14, 2012 By Farah Halime CAIRO (Zawya Dow Jones)–Egypt is likely to finalize regulations that allow local companies to issue Islamic bonds by the end of June, a much awaited move that is expected to boost market liquidity by tapping the Arab state’s large Muslim population, according to the country’s top regulatory official. A … Continue reading
February 26, 2012 By Farah Halime CAIRO (Zawya Dow Jones)– The Egyptian Exchange expects up to eight companies to sell shares publicly this year as investor confidence returns amid an improving political environment, and sees no reason for it to lose its emerging market status post revolution, according to its chairman. The market, once a foreign investor … Continue reading
January 22, 2012 By Farah Halime CAIRO (Zawya Dow Jones)–Egypt’s powerful Muslim Brotherhood is prepared to support a planned $3.2 billion loan agreement with the International Monetary Fund, but wants the government first to explore alternative ways of raising revenues, according to senior officials of the Brotherhood’s Freedom and Justice Party. “No one borrows money … Continue reading
January 05, 2012 By Farah Halime CAIRO (Zawya Dow Jones)–The Egyptian pound is due for a fall in 2012, as the political situation remains uncertain and the country continues to suffer from low foreign investment, sluggish tourism revenues and an erosion in foreign exchange reserves, economists say. The bigger issue is whether the central bank … Continue reading
December 08, 2011 By Farah Halime CAIRO (Zawya Dow Jones)–Egypt’s Maridive (MOIL.CASE), one of the biggest oil services firms by fleet size in the Middle East, expects to win “big projects” in the first quarter next year as it looks to recover from its present position “at the bottom of its profitability margin”, a senior … Continue reading
November 26, 2011 By Farah Halime CAIRO (Zawya Dow Jones)–Egypt’s central bank Thursday raised its rates for first time in two years in what economists said was an effort to shore up the faltering Egyptian pound and inject much-needed liquidity into the country. The decision came on the same day Standard & Poor’s cut the … Continue reading
November 24, 2011 By Farah Halime CAIRO (Zawya Dow Jones) — Egypt’s central bank Thursday raised its rates for first time in two years in what economists said was an effort to shore up the faltering Egyptian pound and inject much-needed liquidity into the country. The decision came on the same day Standard & Poor’s … Continue reading
