News in briefBy Compiled by Daily New EgyptFirst Published:
Egypt puts import fee on sugar
The Egyptian government has imposed a duty of LE 500 ($90) a ton on imports of white sugar to protect the local sugar industry, Trade and Industry Minister Rachid Mohamed Rachid said on Thursday. –Reuters
Cement prices at LE 500
Cement prices are up almost 20 percent to around LE 500 per ton for a second week, Al-Mal financial newspaper reported on Sunday. Additionally, 20,000 tons of imported steel has been released from the ports. –Reuters
Alcotexa sells 280 T of cotton in a week
The Alexandria Cotton Exporters' Association (Alcotexa) said on Sunday it had committed to sell 280 tons of cotton in the week ended Jan. 24. An Alcotexa statement broke down the sales as 165 tons of Giza 88 and 115 tons of Giza 86.
The new commitment brings Alcotexa's export commitments for the season 2008/2009, which began in September, to 11,551 tons of cotton worth $30.8 million, the statement said. –Reuters
LE 400 mln go to domestic trade body
Trade Minister Rachid Mohamed Rachid said that the government allocated LE 400 million to the domestic trade body in order to develop local trade and improve the quality of specialized markets. –Al-Akhbar
Banks lend LE 5 billion to various sectors
A number of banks lent LE 5 billion to various sectors, including oil, real estate and financial services. The National Bank of Egypt alone lent LE 4 billion to finance a real estate project in Sixth of October City. –Al-Alam Al-Youm
Al Yasmeen Residence in last phase of construction
Mena for Touristic and Real Estate Investments has started the construction works of the last phase on its project Al Yasmeen Residence in Sudan. The project is comprised of 500 villas and has total investments of around LE 700 million. The company will not replicate the project’s model in Sudan again. –Al-Mal
Egypt, Britain partner on vocational education
A memorandum of understanding was signed Sunday between Egypt's National Authority for Quality Assurance and Accreditation of Education (NAQAAE) and Britain's Technical and Vocational Education and Training (TVET UK). NAQAAE chairman Magdi Qassem said the MOU aims to draw up an integrated system for quality assurance and accreditation of technical education in Egypt.
The proposed system is applied in all European countries, including the United Kingdom, in addition to the United States, he added. The system allows students to use their skills and raise their vocational awareness, he said. Qassem said that the system also helps cut down the vocational education fees. –MENA
Oil workers donate full day's wage for Gazans
Egypt's oil workers have donated a full day's wage to Palestinians in Gaza.
Mohamed Mahmoud Saafan, secretary general of the Oil Workers Syndicate, told MENA Sunday that the donation shows Egypt's support for the Palestinians.
He said that the workers have also showed willingness to donate LE 1 million to help cover the education fees of 100 Gazan students, who lost their parents in the Israeli assaults.
The Egyptian Oil Sector has also agreed to treat 100 wounded Gazans at the sector's medical centers, he added. Saafan said that the workers have also called for joining hands in supporting President Hosni Mubarak's efforts to solve the Gaza crisis, rebuild the strip and heal the Palestinian rift. –MENA
Ready-made garments sales, petrochemical exports down
Sales of ready-made garments in Egypt declined by 70 percent year-on-year this month due to the economic slowdown, reported Bloomberg.
In other news, Egypt's petrochemicals exports may decline 40 percent year-on-year this year due to the global financial crisis. Exports have already decreased by 30 percent in the past two months. –Bloomberg
Eye on the market
Akil Bashir, chairman of Telecom Egypt, announced that the fixed line subscribers in Egypt reached 11.9 million subscribers in fiscal year 2008, reported Mubasher.
The Holding Company for Food Industries announced that it will spend LE 4.4 billion on developing its subsidiaries and establishing new production lines to increase their capacities. This amount will be financed through the Holding Company's internal sources and by external banks. The new investments include the construction of a factory to produce beet sugar this year, reported Al-Akhbar.
Faisal Islamic Bank scored LE 600 million increase in the Owner Equity in fiscal year 2008 from the levels of the previous year at LE 680 million. Also, deposits grew by 9 percent to LE 21.5 billion, reported Al-Mal.
Pyramisa Hotels And Touristic Villages will establish two real estate projects in Sixth of October City with total area of 50 feddans and total investment cost of LE 300 million. The second project is targeted at the lower end, reported Mubasher.
The Holding Company for Pharmaceuticals reported its financial results for fiscal year 2007/08, recording a net profit of LE 564 million against LE 516 million the previous year, reported Al-Mal.
The General Committee for Agricultural Construction and Development Projects offered 24,700 feddans for agricultural investments after completing its infrastructure. The offered plots of land lie in the eastern lakes in Sinai, Toshka wells, eastern Suez, El Hamam and El Dabaa in Matruh and Kastel and Adnedaya in Aswan, reported Mist News.
The Holding Company for Chemical Industries approved in the last general assembly meeting the investments in El Nahda Cement and Sodium Carbonate Production with total investment cost of LE 2.8 billion, according to Al-Akhbar.
