Oil pares gain after rise over $40 on Israel, dollar
By Jane Merriman
First Published: December 29, 2008
AP Photo/Kamran Jebreili
A man fills a petrol barrel at port Khalid in Sharjah, United Arab Emirates, Tuesday, April 22, 2008.
LONDON: Oil pared gains on Monday after a rise above $40 a barrel, in response to a weak dollar and Israeli attacks on Gaza that served as a reminder of tensions that could threaten Middle East crude oil supplies.
US light, sweet crude was up $1.16 at $48.87 a barrel by 1506 GMT, below a session high of $42.20.
Oil is on track for a nearly 60 percent loss this year, the biggest annual fall since futures began trading 25 years ago.
London Brent crude rose $1.39 to $39.76 a barrel, after touching a session high of $43.18.
"Geopolitics had disappeared from the oil scene for the last couple of months but will regain some price premium with the latest Israeli attack in Gaza," Olivier Jakob, of consultants Petromatrix, said in a research note.
Israeli aircraft attacked Hamas targets in Gaza on the third day of an offensive that has killed more than 300 Palestinians, many of them civilians.
The attacks enraged Arabs across the Middle East and highlighted the risk, however remote, that the conflict could threaten oil supplies from the region.
Gold initially rose nearly 3 percent to its highest since early October on the weak dollar and the Middle East violence.
The dollar fell broadly, pressured by the gloomy outlook for the US economy.
"The level and intensity of violence this time has warranted a fiercer response from the broader Arab world and beyond," said Raja Kiwan of energy consultants PFC Energy.
Kiwan said, however, that the amount of bearish economic news would ultimately overshadow such geopolitical factors.
Oil is down more than $100 a barrel from a record peak of more than $147 in July, depressed by the downturn in the world economy, which has hit demand for fuel.
Prices had broken a nine-session losing streak on Friday partly on evidence of OPEC compliance with its biggest ever production cut agreed earlier in December to try to halt the market's slide.
Libya has told oil firms to curb output by 270,000 barrels per day from Jan. 1, more than the reduction it needs to make under OPEC's agreement to cut output.
The Abu Dhabi National Oil Co, the UAE's main producer, said it would cut January and February oil exports by much more than some refiners had expected.
The allocations were among the first concrete examples that OPEC exporters were implementing the Organization of the Petroleum Exporting Countries' Dec. 17 deal to cut supplies by 2.2 million barrels per day.
Saudi Arabia, the world's largest exporter, had informed its customers of cuts even before the meeting.
OPEC has cut output three times in an effort to remove about 5 percent of world supply to halt the slump.
China's energy chief said the world's second-largest oil user after the United States would take advantage of falling oil prices to boost imports and build up its fledgling oil reserves.
Monday, December 29, 2008
Egypt stock indexes nearly flat in quiet trade
Egypt stock indexes nearly flat in quiet trade
By Alaa Shahine
First Published: December 29, 2008
CAIRO: Main Egyptian stock indexes were nearly flat in quiet trade on Sunday, with investors hunting for bargains buying into Orascom Construction Industries (OCI), traders said.
Shares in OCI, Egypt's largest listed builder, rose more than 1 percent before crawling back towards the end of the session to last trade at LE 126 ($22.82), 0.21 percent higher compared to Thursday's close.
"There was some buying power in OCI, possibly because it is at a low price at the current level. Most research reports set the price target for OCI at around LE 300," said Mohamed Kotb, director of asset management at Naeem Financial Investment.
"There is a huge upside potential for the stock," Kotb added.
Traders said the market remains quiet during the holiday season, with low volumes and weak interest from foreigners.
"The market is dead. Everything will be clear on Jan. 1," said Hashem Ghoneim, Vice Chairman of Pyramids Capital.
Oriental Weavers, the world's biggest machine-woven carpet maker, rose 0.71 percent to LE 22.80. The firm said on Sunday it would delay planned construction work on a new industrial complex from mid-2009 to the beginning of 2010 because of the global financial crisis.
"This (the share's rise) could be a reward for the management of the company because in the current circumstances it is not reasonable to carry out new projects," Kotb said.
Overall, the benchmark CASE 30 index ended 0.15 percent lower at 4,351.39 points and the rival Hermes index .HRMS shed 0.19 percent to 407.88 points. The broad-based CIBC index .CIBC fell 0.32 percent to 280.9 points.
By Alaa Shahine
First Published: December 29, 2008
CAIRO: Main Egyptian stock indexes were nearly flat in quiet trade on Sunday, with investors hunting for bargains buying into Orascom Construction Industries (OCI), traders said.
Shares in OCI, Egypt's largest listed builder, rose more than 1 percent before crawling back towards the end of the session to last trade at LE 126 ($22.82), 0.21 percent higher compared to Thursday's close.
"There was some buying power in OCI, possibly because it is at a low price at the current level. Most research reports set the price target for OCI at around LE 300," said Mohamed Kotb, director of asset management at Naeem Financial Investment.
"There is a huge upside potential for the stock," Kotb added.
Traders said the market remains quiet during the holiday season, with low volumes and weak interest from foreigners.
"The market is dead. Everything will be clear on Jan. 1," said Hashem Ghoneim, Vice Chairman of Pyramids Capital.
Oriental Weavers, the world's biggest machine-woven carpet maker, rose 0.71 percent to LE 22.80. The firm said on Sunday it would delay planned construction work on a new industrial complex from mid-2009 to the beginning of 2010 because of the global financial crisis.
"This (the share's rise) could be a reward for the management of the company because in the current circumstances it is not reasonable to carry out new projects," Kotb said.
Overall, the benchmark CASE 30 index ended 0.15 percent lower at 4,351.39 points and the rival Hermes index .HRMS shed 0.19 percent to 407.88 points. The broad-based CIBC index .CIBC fell 0.32 percent to 280.9 points.
Wednesday, August 13, 2008
Foreign selling puts Egypt’s bourse on slippery slope
Foreign selling puts Egypt’s bourse on slippery slope
By Alex Dziadosz
First Published: August 13, 2008
CAIRO: Egyptian stock prices continued to erode yesterday, with the benchmark CASE 30 index sliding 4.9 percent to 7,850.03 points
Yesterday’s slump marked the blackest day in an already dark week for the CASE, as a slide which one analyst privately called a “panic attack” showed no sign of letting up.
Most experts cited foreign selling as the root of the crash. Hatem Alaa, a senior analyst at the investment bank HC Brokerage, counted high inflation — chalked at 23.1 percent this Sunday — and interest rates as the “driving forces” pushing foreign investors to move their Egyptian stock.
The price hikes approved by parliament on May 5, which made gas and other goods more expensive, vexed some investors, Alaa said. “There is already some skepticism about Egypt as a market that has been accumulating for the last three months.”
Hashem Ghoneim, chief executive of El Nour Securities, called the situation “extreme” during an interview with Reuters yesterday. “Panic is driving everybody to sell,” he said, adding that developed markets are drawing more funds as they become cheaper.
As of press time, CASE representatives had not responded to requests for comment.
Foreign investors from the Gulf and elsewhere have started shifting their funds back to traditionally low-risk European markets as conditions there have improved, said one Egypt-based analyst, who asked not to be named because company policy did not authorize him to discuss the matter publicly.
Softer oil prices in tandem with rampant inflation throughout regional markets like Egypt and Oman have also spurred investors to shrink their holdings here, he said.
The analyst said he does not expect the CASE 30 to drop lower than 7,500. The exchange’s “fundamentals” are still solid, he said, predicting investors will eventually see that Egyptian stocks are undervalued and begin buying them again.
“[The drop] definitely has to reverse,” said Alaa of HC Brokerage. “The only question is when.” He predicted that a drop in the inflation rates will likely spark a turnaround.
Yesterday’s close notched the Egyptian exchange’s nadir since last summer, when it veered as low as 7,517 points. The index breached the 12,000 mark in April, meaning it has since lost more than a third of its value.
According to the local press, a group of around 30 investors gathered outside the stock exchange building on Tuesday, demanding that the exchange’s three-year chairman, Maged Shawki, step down.
A similar drop occurred earlier in Shawki’s tenure, when the market slipped from around 8,200 points to about 4,500 in early 2006. At the time of Shawki’s appointment, the CASE 30 was hovering around 5,000 points.
Orascom Construction Industries, the day’s most heavily traded stock by turnover, dipped 7 percent to last trade at LE 317 after declining by more than 9 percent in early trading.
Commercial International Bank (CIB) fell 6.6 percent to LE 44.82. Egypt’s largest listed lender posted a record profit in the second quarter.
Shares of Ezz Steel last traded 3.9 percent lower at LE 63 pounds, while Orascom Telecom lost 2.5 percent to LE 50.74.
Some stocks managed to weather the tumult, namely Orascom Hotels and Development, which was up 5.8 percent at LE 49.98.
Meanwhile, Misr Cement (Qena) rose 2.6 percent to LE 72.91, Credit Agricole Egypt was up by 0.92 percent to LE 14.29 and Arab Cotton Ginning jumped 1.5 percent to close the day’s trade at LE 6.70.
The Hermes index fell 3.7 percent to 692.46 points. The broader CIBC index shed 4.3 percent to 381.63 points.
Hisham Talaat Moustafa, who heads the hard-struck Talaat Moustafa Group, appeared on two popular Egyptian television shows earlier this week to quell “rumor-mongering,” even suggesting it be outlawed, after murmurs of financial turmoil and his alleged flight from the country led his firm’s stock to tumble.
And as for Shawki? According to most analysts, he is merely a scapegoat for investors’ increasing frustration; his actual control over the market is limited.
By Alex Dziadosz
First Published: August 13, 2008
CAIRO: Egyptian stock prices continued to erode yesterday, with the benchmark CASE 30 index sliding 4.9 percent to 7,850.03 points
Yesterday’s slump marked the blackest day in an already dark week for the CASE, as a slide which one analyst privately called a “panic attack” showed no sign of letting up.
Most experts cited foreign selling as the root of the crash. Hatem Alaa, a senior analyst at the investment bank HC Brokerage, counted high inflation — chalked at 23.1 percent this Sunday — and interest rates as the “driving forces” pushing foreign investors to move their Egyptian stock.
The price hikes approved by parliament on May 5, which made gas and other goods more expensive, vexed some investors, Alaa said. “There is already some skepticism about Egypt as a market that has been accumulating for the last three months.”
Hashem Ghoneim, chief executive of El Nour Securities, called the situation “extreme” during an interview with Reuters yesterday. “Panic is driving everybody to sell,” he said, adding that developed markets are drawing more funds as they become cheaper.
As of press time, CASE representatives had not responded to requests for comment.
Foreign investors from the Gulf and elsewhere have started shifting their funds back to traditionally low-risk European markets as conditions there have improved, said one Egypt-based analyst, who asked not to be named because company policy did not authorize him to discuss the matter publicly.
Softer oil prices in tandem with rampant inflation throughout regional markets like Egypt and Oman have also spurred investors to shrink their holdings here, he said.
The analyst said he does not expect the CASE 30 to drop lower than 7,500. The exchange’s “fundamentals” are still solid, he said, predicting investors will eventually see that Egyptian stocks are undervalued and begin buying them again.
“[The drop] definitely has to reverse,” said Alaa of HC Brokerage. “The only question is when.” He predicted that a drop in the inflation rates will likely spark a turnaround.
Yesterday’s close notched the Egyptian exchange’s nadir since last summer, when it veered as low as 7,517 points. The index breached the 12,000 mark in April, meaning it has since lost more than a third of its value.
According to the local press, a group of around 30 investors gathered outside the stock exchange building on Tuesday, demanding that the exchange’s three-year chairman, Maged Shawki, step down.
A similar drop occurred earlier in Shawki’s tenure, when the market slipped from around 8,200 points to about 4,500 in early 2006. At the time of Shawki’s appointment, the CASE 30 was hovering around 5,000 points.
Orascom Construction Industries, the day’s most heavily traded stock by turnover, dipped 7 percent to last trade at LE 317 after declining by more than 9 percent in early trading.
Commercial International Bank (CIB) fell 6.6 percent to LE 44.82. Egypt’s largest listed lender posted a record profit in the second quarter.
Shares of Ezz Steel last traded 3.9 percent lower at LE 63 pounds, while Orascom Telecom lost 2.5 percent to LE 50.74.
Some stocks managed to weather the tumult, namely Orascom Hotels and Development, which was up 5.8 percent at LE 49.98.
Meanwhile, Misr Cement (Qena) rose 2.6 percent to LE 72.91, Credit Agricole Egypt was up by 0.92 percent to LE 14.29 and Arab Cotton Ginning jumped 1.5 percent to close the day’s trade at LE 6.70.
The Hermes index fell 3.7 percent to 692.46 points. The broader CIBC index shed 4.3 percent to 381.63 points.
Hisham Talaat Moustafa, who heads the hard-struck Talaat Moustafa Group, appeared on two popular Egyptian television shows earlier this week to quell “rumor-mongering,” even suggesting it be outlawed, after murmurs of financial turmoil and his alleged flight from the country led his firm’s stock to tumble.
And as for Shawki? According to most analysts, he is merely a scapegoat for investors’ increasing frustration; his actual control over the market is limited.
Market News
Amreyah Pharmaceuticals reports H1 financial results 12 Aug 08 04:28 PM
Ceramic and Porcelain EGM approve capital increase 12 Aug 08 04:11 PM
Union National Bank plans to acquire a stake of brokerage company 12 Aug 08 03:16 PM
Misr Cement -Qena reports H1 financial results 12 Aug 08 03:06 PM
Delta Sugar reports H1 financial results 12 Aug 08 03:00 PM
Cairo Educational Services reports H1 financial results 12 Aug 08 02:43 PM
Isiss for Hotels reports H1 financial results 12 Aug 08 02:10 PM
Kafr El Zayat Pesticidesreports H1 financial results 12 Aug 08 01:56 PM
Pyramisa Hotels reports H1 financial results 12 Aug 08 01:15 PM
Tourism Urbanization reports H1 financial results 12 Aug 08 01:05 PM
ARAB POLVARA SPINNING reports H1 financial results 12 Aug 08 12:49 PM
National Bank of Abu Dhabi Gets Approval to Buy Egypt Brokerage 12 Aug 08 12:46 PM
Rumors can bring economy to its knees, says TMG chairman 12 Aug 08 12:46 PM
Egyptian for Developing Building Materials reports H1 financial results 12 Aug 08 12:38 PM
Cairo Investment reports 08 H1 financial results 12 Aug 08 12:26 PM
Egyptian Financial and Industrial reports 08 H1 financial results 12 Aug 08 12:12 PM
PIRAEUS Bank Egypt reports 08 H1 financial results 12 Aug 08 12:03 PM
Societe Arabe Internationale De Banque reports 08 H1 financial result 12 Aug 08 11:56 AM
Ahli United Bank - Egypt reports 08 H1 financial results 12 Aug 08 11:50 AM
Torah Cement reports 08 H1 financial results
Ceramic and Porcelain EGM approve capital increase 12 Aug 08 04:11 PM
Union National Bank plans to acquire a stake of brokerage company 12 Aug 08 03:16 PM
Misr Cement -Qena reports H1 financial results 12 Aug 08 03:06 PM
Delta Sugar reports H1 financial results 12 Aug 08 03:00 PM
Cairo Educational Services reports H1 financial results 12 Aug 08 02:43 PM
Isiss for Hotels reports H1 financial results 12 Aug 08 02:10 PM
Kafr El Zayat Pesticidesreports H1 financial results 12 Aug 08 01:56 PM
Pyramisa Hotels reports H1 financial results 12 Aug 08 01:15 PM
Tourism Urbanization reports H1 financial results 12 Aug 08 01:05 PM
ARAB POLVARA SPINNING reports H1 financial results 12 Aug 08 12:49 PM
National Bank of Abu Dhabi Gets Approval to Buy Egypt Brokerage 12 Aug 08 12:46 PM
Rumors can bring economy to its knees, says TMG chairman 12 Aug 08 12:46 PM
Egyptian for Developing Building Materials reports H1 financial results 12 Aug 08 12:38 PM
Cairo Investment reports 08 H1 financial results 12 Aug 08 12:26 PM
Egyptian Financial and Industrial reports 08 H1 financial results 12 Aug 08 12:12 PM
PIRAEUS Bank Egypt reports 08 H1 financial results 12 Aug 08 12:03 PM
Societe Arabe Internationale De Banque reports 08 H1 financial result 12 Aug 08 11:56 AM
Ahli United Bank - Egypt reports 08 H1 financial results 12 Aug 08 11:50 AM
Torah Cement reports 08 H1 financial results
Tuesday, July 29, 2008
Egypt for Poultry reports 3 months results (29 Jul. 2008)
Egypt for Poultry reports 3 months results (29 Jul. 2008)
Arab Finance: Egypt for Poultry (EPCO) reports 3 Months results posting a net profit before before taxes of LE 300,102 for the period from 01/04/2008 To 30/06/2008, compared against a net Comparative Loss Before Taxes of LE 157,827 for the same comparable period from 01/04/2007 To 30/06/2007.
Arab Finance: Egypt for Poultry (EPCO) reports 3 Months results posting a net profit before before taxes of LE 300,102 for the period from 01/04/2008 To 30/06/2008, compared against a net Comparative Loss Before Taxes of LE 157,827 for the same comparable period from 01/04/2007 To 30/06/2007.
Egypt for Poultry reports 3 months results (29 Jul. 2008)
Egypt for Poultry reports 3 months results (29 Jul. 2008)
Arab Finance: Egypt for Poultry (EPCO) reports 3 Months results posting a net profit before before taxes of LE 300,102 for the period from 01/04/2008 To 30/06/2008, compared against a net Comparative Loss Before Taxes of LE 157,827 for the same comparable period from 01/04/2007 To 30/06/2007.
Arab Finance: Egypt for Poultry (EPCO) reports 3 Months results posting a net profit before before taxes of LE 300,102 for the period from 01/04/2008 To 30/06/2008, compared against a net Comparative Loss Before Taxes of LE 157,827 for the same comparable period from 01/04/2007 To 30/06/2007.
Egypt's AMOC reports 5.8 pct rise in year profit (29 Jul. 2008)
Egypt's AMOC reports 5.8 pct rise in year profit (29 Jul. 2008)
Arabfinance: Egypt's Alexandria Mineral Oils Company (AMOC) made a net profit of 917.9 million Egyptian pounds in the financial year ended June 30, 5.8 percent up on the previous year, the stock exchange said in a statement.
Net profit in the previous year was 867.4 million, it said.
And it is to be mentioned that The government sold a 20 percent stake in the oil products company in September 2005 and has been trying to sell a further.
Arabfinance: Egypt's Alexandria Mineral Oils Company (AMOC) made a net profit of 917.9 million Egyptian pounds in the financial year ended June 30, 5.8 percent up on the previous year, the stock exchange said in a statement.
Net profit in the previous year was 867.4 million, it said.
And it is to be mentioned that The government sold a 20 percent stake in the oil products company in September 2005 and has been trying to sell a further.
Saturday, April 5, 2008
CASE30 grows 2.29% to end a good week (3 Apr. 2008)
CASE30 grows 2.29% to end a good week (3 Apr. 2008)
The CASE30 grew 2.29% to end the week at 11,372 points. The CASE30 had a relatively good week, but suffered a 1.16% drop in Thursday's trading session.
The telecom sector saw gains this week. OTH ended the week at LE 76.07 per share with a growth of 3.40%. Telecom Egypt advanced a major 2.38% to close at LE 20.65 per share. Mobinil saw a 0.82% increase to close at LE 201.59 per share.
The housing, real estate, and construction sectors witnessed gains this week as well. Nasr City Housing saw an increase of 6.66% and had a final price of LE 72.73 per share. OCI grew 5.05% to close at LE 408.08 per share.
In steel , Al Ezz Steel Rebars saw a nice week that ended with an increase of 5.54% to end trading at LE 91.28/share. Egyptian Electrical Cables saw a big increase of 17.43%, and ended the week at a price of LE 2.83 per share.
As for the financial sector, CIB had a price rise of 2.11% to end the week at LE 89.39 per share. EFG-Hermes Holding saw a 0.54% gain to close at LE 56.17 per share.
In the travel and leisure sector, Egyptian Resorts Company grew 0.60% to end today's session at LE 8.45 per share. OHD rose by 1.05% to close at LE 87.95 per share. .
The textile sector was torn between loss and gain this week, as Arab Polvara Spinning & Weaving saw an amazing rise this week, jumping up 12.49% to close at LE 12.52 per share. Nile Cotton Ginning stock's fell hard with a decrease of 7.13% with a stock price of LE 29.84 per share.
The CASE30 grew 2.29% to end the week at 11,372 points. The CASE30 had a relatively good week, but suffered a 1.16% drop in Thursday's trading session.
The telecom sector saw gains this week. OTH ended the week at LE 76.07 per share with a growth of 3.40%. Telecom Egypt advanced a major 2.38% to close at LE 20.65 per share. Mobinil saw a 0.82% increase to close at LE 201.59 per share.
The housing, real estate, and construction sectors witnessed gains this week as well. Nasr City Housing saw an increase of 6.66% and had a final price of LE 72.73 per share. OCI grew 5.05% to close at LE 408.08 per share.
In steel , Al Ezz Steel Rebars saw a nice week that ended with an increase of 5.54% to end trading at LE 91.28/share. Egyptian Electrical Cables saw a big increase of 17.43%, and ended the week at a price of LE 2.83 per share.
As for the financial sector, CIB had a price rise of 2.11% to end the week at LE 89.39 per share. EFG-Hermes Holding saw a 0.54% gain to close at LE 56.17 per share.
In the travel and leisure sector, Egyptian Resorts Company grew 0.60% to end today's session at LE 8.45 per share. OHD rose by 1.05% to close at LE 87.95 per share. .
The textile sector was torn between loss and gain this week, as Arab Polvara Spinning & Weaving saw an amazing rise this week, jumping up 12.49% to close at LE 12.52 per share. Nile Cotton Ginning stock's fell hard with a decrease of 7.13% with a stock price of LE 29.84 per share.
Friday, March 28, 2008
Mohieldin: Corporate Social Responsibility is not limited to donation (27 Mar. 2008)
News
Mohieldin: Corporate Social Responsibility is not limited to donation (27 Mar. 2008)
The Prime Minister, Dr. Ahmed Nazif asked all companies and institutions in Egypt to joint an initiative that underscores values of participation in society, during the Corporate Social Responsibility Conference. Dr. Nazif urged companies to voluntarily take part in a national fund managed by civil society and economic institutions to finance the development of health units, schools and incubators and assist poor families.
In his speech to the conference, the Minister of Investment, Dr. Mahmoud Mohieldin said that corporate social responsibility is not limited to large companies but also includes all companies and projects in a society where small and medium-sized enterprise contribute more than 90 percent of its product.
He added that social responsibility goes beyond donation. It comes within the course of building confidence, deepening principles of engagement and respecting principles and values of responsibility that focus on respecting citizens' rights in the sociality where these companies operate. It also includes respect of workers' rights, protecting environment in its broad concept and commitment to rules of transparency and corruption-free economic transactions.
Dr. Mohieldin highlighted several positive examples of companies fully performing their roles towards society. He cited his visit to a private company in Giza, which has direct laborers of 2,700 persons and indirect laborers of 32,000 persons. The company works in the agricultural sector, pays high wages and provides outstanding health and environmental services.
The Minister of Investment added that he made a visit to a public company based in Qena, which performs its social responsibility, making a model to be followed. Another public telecommunications institution provides health and social care to its workers. Another mobile phone company has gone beyond the local level and is performing its social responsibility well. A medium-sized enterprise in Mansora have links with the most active associations in providing student services including providing means of transport and taking care of poor students.
Dr. Mohieldin explained that the government increases its annual social expenditure on subsidy, education, health care, utilities and investment to serve the poor and limited income citizens. The government is increasing the community component in its budget. The government's invitation to the private sector and civil society organizations comes within the course of increasing expenditure to implement social policies. It is an invitation for agreement and allying around the idea of social contribution. The government supports all initiatives to serve the poor and the unprivileged, Dr. Mohieldin added.
The Ministry of Investment announced five Masters Grants in fields of finance, marketing, management, corporate governance and corporate social responsibility. Students will be selected through a competition supervised by a select group of professors and representatives of civil society in order to select the best.
Dr. Mohieldin signed a cooperation agreement on corporate social responsibility with the UNDP Resident Representative, Mr. James Rawly. The ceremony was witnessed by Dr. Nazif.
Source: Ministry of Investment
Also in AF:
Mohieldin: Corporate Social Responsibility is not limited to donation (27 Mar. 2008)
The Prime Minister, Dr. Ahmed Nazif asked all companies and institutions in Egypt to joint an initiative that underscores values of participation in society, during the Corporate Social Responsibility Conference. Dr. Nazif urged companies to voluntarily take part in a national fund managed by civil society and economic institutions to finance the development of health units, schools and incubators and assist poor families.
In his speech to the conference, the Minister of Investment, Dr. Mahmoud Mohieldin said that corporate social responsibility is not limited to large companies but also includes all companies and projects in a society where small and medium-sized enterprise contribute more than 90 percent of its product.
He added that social responsibility goes beyond donation. It comes within the course of building confidence, deepening principles of engagement and respecting principles and values of responsibility that focus on respecting citizens' rights in the sociality where these companies operate. It also includes respect of workers' rights, protecting environment in its broad concept and commitment to rules of transparency and corruption-free economic transactions.
Dr. Mohieldin highlighted several positive examples of companies fully performing their roles towards society. He cited his visit to a private company in Giza, which has direct laborers of 2,700 persons and indirect laborers of 32,000 persons. The company works in the agricultural sector, pays high wages and provides outstanding health and environmental services.
The Minister of Investment added that he made a visit to a public company based in Qena, which performs its social responsibility, making a model to be followed. Another public telecommunications institution provides health and social care to its workers. Another mobile phone company has gone beyond the local level and is performing its social responsibility well. A medium-sized enterprise in Mansora have links with the most active associations in providing student services including providing means of transport and taking care of poor students.
Dr. Mohieldin explained that the government increases its annual social expenditure on subsidy, education, health care, utilities and investment to serve the poor and limited income citizens. The government is increasing the community component in its budget. The government's invitation to the private sector and civil society organizations comes within the course of increasing expenditure to implement social policies. It is an invitation for agreement and allying around the idea of social contribution. The government supports all initiatives to serve the poor and the unprivileged, Dr. Mohieldin added.
The Ministry of Investment announced five Masters Grants in fields of finance, marketing, management, corporate governance and corporate social responsibility. Students will be selected through a competition supervised by a select group of professors and representatives of civil society in order to select the best.
Dr. Mohieldin signed a cooperation agreement on corporate social responsibility with the UNDP Resident Representative, Mr. James Rawly. The ceremony was witnessed by Dr. Nazif.
Source: Ministry of Investment
Also in AF:
Exchange rates against Egyptian pound-Thursday (27 Mar. 2008)
Exchange rates against Egyptian pound-Thursday (27 Mar. 2008)
Market Rates
Buy Sell
US$ 5.4581 5.4840
€ 8.5867 8.6296
£ 10.9004 10.9532
SFr 5.4740 5.5022
¥ 100 5.5116 5.5388
SRL 1.4551 1.4624
KD 20.4968 20.6019
UD 1.4862 1.4937
CNY 0.7764 0.7802
Interbank Rates
W.Avr. Min. Max.
US$ 5.4683 5.4650 5.4711
Interest Rates
- Overnight deposit and lending rates for the CBE ( Starting from 24 March 2008 )
Overnight deposit rate 9.5%
Overnight lending rate 11.5%
- Overnight Interbank Rate on L.E.
26 Mar. 2008 9.500%
25 Mar. 2008 9.500%
Source: Central Bank of Egypt
Market Rates
Buy Sell
US$ 5.4581 5.4840
€ 8.5867 8.6296
£ 10.9004 10.9532
SFr 5.4740 5.5022
¥ 100 5.5116 5.5388
SRL 1.4551 1.4624
KD 20.4968 20.6019
UD 1.4862 1.4937
CNY 0.7764 0.7802
Interbank Rates
W.Avr. Min. Max.
US$ 5.4683 5.4650 5.4711
Interest Rates
- Overnight deposit and lending rates for the CBE ( Starting from 24 March 2008 )
Overnight deposit rate 9.5%
Overnight lending rate 11.5%
- Overnight Interbank Rate on L.E.
26 Mar. 2008 9.500%
25 Mar. 2008 9.500%
Source: Central Bank of Egypt
Market News
Search for
GCC market watch-Thursday 27 Mar 08 06:17 PM
Bahrain market weekly review 27 Mar 08 06:17 PM
Egyptian for Tourism Resorts reports FY 07 standalone results 27 Mar 08 06:14 PM
Al Rayan investment plans IPO 27 Mar 08 06:04 PM
500m BoS bonds converted 27 Mar 08 06:04 PM
Summit to focus on financial technology 27 Mar 08 06:04 PM
Credit Agricole to operate from DIFC 27 Mar 08 06:04 PM
Arab Aluminum declares cash dividend 27 Mar 08 05:55 PM
Egyptian Fibres declares cash dividend 27 Mar 08 05:52 PM
Asset Management Cooperation with China Discussed 27 Mar 08 06:05 PM
El Ahram Co. For Printing And Packing declares dividend 27 Mar 08 05:49 PM
Mohieldin: Corporate Social Responsibility is not limited to donation 27 Mar 08 05:52 PM
Egyptian Media Production City reports FY 07 results 27 Mar 08 05:46 PM
Mohieldin meets Members of American Chamber of Commerce 27 Mar 08 05:53 PM
Misr Beni Suef Cement reports FY 07 results 27 Mar 08 05:44 PM
Helwan Cement Company reports FY 07 results 27 Mar 08 05:42 PM
Torah Cement reports FY 07 results 27 Mar 08 05:37 PM
Release from Egyptian Transport (EGYTRANS) 27 Mar 08 05:34 PM
Arab Aluminum’s rights issue covered 290 times 27 Mar 08 05:32 PM
CMA exempts OCI from submitting on obligatory tender offer 27 Mar 08 05:30 PM
27 Mar 08 04:53 PM
Exchange rates against Egyptian pound-Thursday 27 Mar 08 04:38 PM
Pharco Pharmaceuticals declares cash dividend 27 Mar 08 11:44 AM
Alexandria Real Estate declares rights issue 27 Mar 08 11:41 AM
Suez Cement reports FY 07 standalone results 27 Mar 08 11:41 AM
Suez Cement reports FY 07 consolidated results 27 Mar 08 11:42 AM
Suez Bags reports FY 07 results 27 Mar 08 11:41 AM
Egyptian Satellites reports FY 07 results 27 Mar 08 11:41 AM
ELSWEDY CABLES reports FY 07 consolidated results 27 Mar 08 11:42 AM
ELSWEDY CABLES reports FY 07 standalone results 27 Mar 08 11:42 AM
Mansourah Poultry declares a rights issue 27 Mar 08 11:27 AM
CMA approves NBK’s offer on El Watany Bank of Egypt 27 Mar 08 10:18 AM
Nozha International Hospital declares cash dividend 27 Mar 08 10:06 AM
Pyramisa Hotels reinitiates rights issue 27 Mar 08 10:00 AM
Sico gets $112m capital boost 26 Mar 08 06:24 PM
Dollar drifts, investors nervous on US outlook 26 Mar 08 06:24 PM
ABC to raise capital by $500m 26 Mar 08 06:24 PM
UAE cement demand remains buoyant 26 Mar 08 06:24 PM
Taqa, Oasis in deal to develop water project in Asia 26 Mar 08 06:24 PM
GCC market watch-Wednesday 26 Mar 08 06:13 PM
GCC market watch-Thursday 27 Mar 08 06:17 PM
Bahrain market weekly review 27 Mar 08 06:17 PM
Egyptian for Tourism Resorts reports FY 07 standalone results 27 Mar 08 06:14 PM
Al Rayan investment plans IPO 27 Mar 08 06:04 PM
500m BoS bonds converted 27 Mar 08 06:04 PM
Summit to focus on financial technology 27 Mar 08 06:04 PM
Credit Agricole to operate from DIFC 27 Mar 08 06:04 PM
Arab Aluminum declares cash dividend 27 Mar 08 05:55 PM
Egyptian Fibres declares cash dividend 27 Mar 08 05:52 PM
Asset Management Cooperation with China Discussed 27 Mar 08 06:05 PM
El Ahram Co. For Printing And Packing declares dividend 27 Mar 08 05:49 PM
Mohieldin: Corporate Social Responsibility is not limited to donation 27 Mar 08 05:52 PM
Egyptian Media Production City reports FY 07 results 27 Mar 08 05:46 PM
Mohieldin meets Members of American Chamber of Commerce 27 Mar 08 05:53 PM
Misr Beni Suef Cement reports FY 07 results 27 Mar 08 05:44 PM
Helwan Cement Company reports FY 07 results 27 Mar 08 05:42 PM
Torah Cement reports FY 07 results 27 Mar 08 05:37 PM
Release from Egyptian Transport (EGYTRANS) 27 Mar 08 05:34 PM
Arab Aluminum’s rights issue covered 290 times 27 Mar 08 05:32 PM
CMA exempts OCI from submitting on obligatory tender offer 27 Mar 08 05:30 PM
27 Mar 08 04:53 PM
Exchange rates against Egyptian pound-Thursday 27 Mar 08 04:38 PM
Pharco Pharmaceuticals declares cash dividend 27 Mar 08 11:44 AM
Alexandria Real Estate declares rights issue 27 Mar 08 11:41 AM
Suez Cement reports FY 07 standalone results 27 Mar 08 11:41 AM
Suez Cement reports FY 07 consolidated results 27 Mar 08 11:42 AM
Suez Bags reports FY 07 results 27 Mar 08 11:41 AM
Egyptian Satellites reports FY 07 results 27 Mar 08 11:41 AM
ELSWEDY CABLES reports FY 07 consolidated results 27 Mar 08 11:42 AM
ELSWEDY CABLES reports FY 07 standalone results 27 Mar 08 11:42 AM
Mansourah Poultry declares a rights issue 27 Mar 08 11:27 AM
CMA approves NBK’s offer on El Watany Bank of Egypt 27 Mar 08 10:18 AM
Nozha International Hospital declares cash dividend 27 Mar 08 10:06 AM
Pyramisa Hotels reinitiates rights issue 27 Mar 08 10:00 AM
Sico gets $112m capital boost 26 Mar 08 06:24 PM
Dollar drifts, investors nervous on US outlook 26 Mar 08 06:24 PM
ABC to raise capital by $500m 26 Mar 08 06:24 PM
UAE cement demand remains buoyant 26 Mar 08 06:24 PM
Taqa, Oasis in deal to develop water project in Asia 26 Mar 08 06:24 PM
GCC market watch-Wednesday 26 Mar 08 06:13 PM
Egyptian for Tourism Resorts reports FY 07 standalone results (27 Mar. 2008)
News
Egyptian for Tourism Resorts reports FY 07 standalone results (27 Mar. 2008)
Arab Finance: The BOD of Egyptian for Tourism Resorts (EGTS.CA) has endorsed, on its meeting held on 27/03/2007, the standalone financial results of the year ended 31/12/2007 which posted net profits after tax of LE 484,347,864, compared against LE 236,207,499 for the same comparable period last year; implying a growth rate of 105 %.
The BoD suggests an earnings distribution equivalent to 20 % of the share's name value pending the company’s GAM approval
Egyptian for Tourism Resorts reports FY 07 standalone results (27 Mar. 2008)
Arab Finance: The BOD of Egyptian for Tourism Resorts (EGTS.CA) has endorsed, on its meeting held on 27/03/2007, the standalone financial results of the year ended 31/12/2007 which posted net profits after tax of LE 484,347,864, compared against LE 236,207,499 for the same comparable period last year; implying a growth rate of 105 %.
The BoD suggests an earnings distribution equivalent to 20 % of the share's name value pending the company’s GAM approval
Tuesday, February 19, 2008
CASE30 finishes 1.2% up at over EGP 2 बलं Tus 19 Feb 2008 3:43 PM
CASE30 finishes 1.2% up at over EGP 2 bln
Tus 19 Feb 2008 3:43 PM
CASE 30 Index finished today's session 1.2 % up, adding 126 points to close at 10601 pts; its highest since Jan. 20th. 168 stocks were traded, at 111.23 million shares volume and over EGP 2.2 billion value, through 65.64 thousand transactions.
Construction sector boosted trading value, dominating 28.89% or EGP 642 million, led by Orascom Construction Industries (OCI), whose trading value exceeded EGP 412.09 million, or 18.46% to increase 0.58% and close at EGP 593.48.
Upper Egypt General Contracting increased 14.01% with EGP 101.66 million trading value to close at EGP 11.88, retreating from EGP 12.65, an intraday high.
South Valley Cement rose 4.74% to EGP 62.47 million to close at EGP 19.24. These 3 stocks controlled 89.75% of the sector’s trading value.
Orascom Telecom Holding (OTH) was 2.57% higher to EGP 82.4 with a trading value of EGP 177.35, dominating 7.94% of total value.
Osoul Brokerage CEO, Moustafa Badrah, said that OTC was traded heavily by foreigners, pushing CASE30 more than 100 pts north.
OCI rose after HC Brokerage had defined its target price at EGP 692.31 saying that OCI is able to proceed with success in fertilizers sector as it was in cement, benefiting from using low-priced natural gas, provided by the Egyptian and Algerian governments. This will be reflected positively on OCI financial performance.
Badrah added that CASE30 succeeded in breaking 10500 points that technical analysts considered as a solid resistance point, meaning that trading volumes are heading north and the key players continue leading. He warned against forecasted rapid profit-taking during the next days, indicating that traders anticipate corrective trends going in line with the market rise.
Premiere Brokerage CEO, Mohamed Assran, said the uptrend reflects optimism in Arab and global markets. The new liquidity, injected recently by Arabs and foreigners, helped trading values rebound, breaking EGP 2 billion and regaining confidence on CASE, he indicated.
He expected waves of profit after recent rises in CASE30.
Monday, February 18, 2008
Oriental Weavers to unveil new plant details by Feb-end
Oriental Weavers to unveil new plant details by Feb-end
Mon 18 Feb 2008 1:53 PM
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Oriental Weavers
Oriental Weavers stated today it will announce detailed plan to establish a new factory on a 190.000 sq m land plot by the end of February 2008.
The company had announced on Jan. 20th establishing the factory at 10th of Ramadan City to produce carpets with top-notch technology. First phase of the project is valued at $50 million, while phase two will cost $40 million. The new plant is slated to start production within 12 months.
An EFG-Hermes report valuated Oriental Weavers stock price target at EGP 63.1 per share, or 28% higher than current market value. Stock fair value is set using the discounted cash flow (DCF) method. Metro Brokerage put the stock fair value at EGP 73.
Mon 18 Feb 2008 1:53 PM
Related Links
Oriental Weavers
Oriental Weavers stated today it will announce detailed plan to establish a new factory on a 190.000 sq m land plot by the end of February 2008.
The company had announced on Jan. 20th establishing the factory at 10th of Ramadan City to produce carpets with top-notch technology. First phase of the project is valued at $50 million, while phase two will cost $40 million. The new plant is slated to start production within 12 months.
An EFG-Hermes report valuated Oriental Weavers stock price target at EGP 63.1 per share, or 28% higher than current market value. Stock fair value is set using the discounted cash flow (DCF) method. Metro Brokerage put the stock fair value at EGP 73.
CASE 30 closes today’s session at 1.31% up Mon 18 Feb 2008 3:23 PM
CASE 30 closes today’s session at 1.31% up
Mon 18 Feb 2008 3:23 PM
CASE 30 rose 1.31% at today’s session close to 10476 points, as 9.4 million shares were traded at over EGP 1.8 billion trading value, excluding the transaction of over EGP 3.68 billion executed on Egyptian Container Handling Company. 82.1% of the market’s total trading was dominated by institutions and 17.9% by retailers; Arabs controlled 39% of total trading.
Commercial International Bank (CIB) was the most active by trading value, as it dominated 7.7% of total trading value, or 0.16% up, to close at EGP 91.25. It was followed by EFG-Hermes that controlled 6.9%, thus rising 2.56% to finish at EGP 62.59 a share.
Telecom stocks witnessed relative increases; Orascom Telecom Holding (OTH) rose 1.83% to end the day at EGP 80.57 and Telecom Egypt at 1.32% to close at EGP 21.44. Egyptian Company for Mobile Services (Mobinil) rose 2.25% to finish at EGP 217.85.
Al-Ahleia Investment led advancers, jumping 20.1% to EGP 93.40, at 3799 shares trading volume and over EGP 354.846 thousand. International Company for Investment & Development came second, rising 14.08% to EGP 208.94.
Egyptian Chemical Industries (KIMA) topped decliners, retreating 7.32% to close at EGP 151.58, after 7606 shares were traded at EGP 1.15 million. It was followed by Mansourah Poultry that fell 7.7% to finish at EGP 33.54.
Commenting on today’s performance, Alaa Abdulhalim, United Group Securities CEO, said that the market witnessed solid activity, boosted by the EGP 3.6 billion transaction executed by Dubai Ports World (DP World). Besides, there has been a tangible turnout by investors for buying some medium-scale companies such as Upper Egypt General Contracting Co (UEGC) and Remco for Touristic Villages Construction, while key players took back seats. He pointed out that there is still an upward trend on the short and long run.
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