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
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Friday, March 28, 2008
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
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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
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