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revue de presse sur l'actualité culturelle, archéologique, politique et sociale de l'Égypte
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Egypte : General Silos & Storage vise 9,4 millions de livres égyptiennes de bénéfice net en 2013 - Ecofin

Egypte : General Silos & Storage vise 9,4 millions de livres égyptiennes de bénéfice net en 2013 - Ecofin | Égypt-actus | Scoop.it

General Silos & Storage (GSSC) a indiqué dans un communiqué publié le 11 avril 2013 sur le site internet de la bourse du Caire (EGX), qu’il se fixait pour objectif de réaliser en 2013 un bénéfice distribuable de 9,434 millions de Livres égyptiennes (1,37 millions de dollars).

L’entreprise filiale du groupe Holding Company for Food Industries a aussi indiqué dans ce communiqué qu’elle envisageait de procéder à des investissements de 47,215 millions de Livres égyptiennes (6,85 millions de dollars) en 2013.

 

Plus:http://www.agenceecofin.com/bourses/1204-10192-egypte-general-silos-storage-vise-9-4-millions-de-livres-egyptiennes-de-benefice-net-en-2013

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Egypt freezes assets in NBK-Watany deal

Egypt has frozen the assets of 23 businessmen while it probes alleged stock market manipulation during the 2007 sale of Egypt’s Al-Watany Bank to National Bank of Kuwait, an official in the public prosecutor’s office said.

Egyptian state media said the businessmen included five Saudis and two from the United Arab Emirates, as well as employees of a number of banks and the Egyptian stock exchange.

More on: http://www.arabtimesonline.com/NewsDetails/tabid/96/smid/414/ArticleID/194254/reftab/69/t/Egypt-freezes-assets-in-NBK-Watany-deal/Default.aspx

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BREAKINGVIEWS-Brotherhood faceoff with Sawiris is bad for Egypt

BREAKINGVIEWS-Brotherhood faceoff with Sawiris is bad for Egypt | Égypt-actus | Scoop.it

There will be no winners in Egypt from a confrontation of the Muslim Brotherhood government with the Sawiris family. The country's Islamist

rulers don't want to see billionaire Nassef Sawiris delist his firm, Orascom Construction Industries, and head to Amsterdam. Authorities have escalated a tax probe on the family business that could compromise the move, which won backing from prominent potential investors, including Bill Gates. The

high-profile spat sounds a major alarm bell to foreign investors.

Sawiris' bid to move OCI's primary listing to the Netherlands is likely to end in the delisting of one of Egypt's largest firms, with a market capitalisation of around $8 billion. The firm's global depositary receipts have already been

converted into shares in the Amsterdam-listed entity, OCI NV. But the Dutch unit can't launch a mandatory tender offer for the remaining shares listed in Cairo until Egypt's regulator approves the deal.

That's unlikely to happen until OCI settles a claim that it owes up to $2 billion of unpaid taxes relating to the sale of its cement activities to France's Lafarge in 2007. OCI insists the sale was exempt from any capital gains. Analysts

tend to support this view, lending credence to the allegations that the claim is politically motivated. It was raised for the first time last year after President Mohamed Morsi delivered a speech promising to step up the government's fight against corruption.

The unpredictable investment environment has already prompted an exodus of Egypt's billionaires. Nassef's outspoken brother Naguib has sold most of his interests in the country over the past two years, including Egyptian mobile operator Mobinil. Egypt's second-richest family, the Mansour Group, is in talks to sell the country's largest supermarket chain, Metro.

 

More on:http://news.yahoo.com/breakingviews-brotherhood-faceoff-sawiris-bad-egypt-093255120--sector.html;_ylt=AhsobEoPal_drtF.uToEAZq1qHQA;_ylu=X3oDMTQwc3Rza3QyBG1pdANUb3BpY3MgQ29sbGVjdGlvbiBMaXN0BHBrZwM4NWE0ODE1OS0wYzVkLTM3Y2MtODk3NC03NmE4NzMyN2Q4ZTgEcG9zAzIEc2VjA3RvcF9zdG9yeQR2ZXIDYmVmMGY4MzAtOGEzMS0xMWUyLWI4ZmYtMjY0OTg5YjlhNzMw;_ylg=X3oDMTF2NHA1OWIzBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdAMEcHQDc2VjdGlvbnMEdGVzdANONFVfY29yZWFwaQ--;_ylv=3

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Egypt govt to facilitate return of 'fleeing' businessmen

Egypt govt to facilitate return of 'fleeing' businessmen | Égypt-actus | Scoop.it

A new 'reconcilement law' is expected to speed up the return of businessmen who fled Egypt due to corruption allegations, giving them immunity from imprisonment or travel restrictions, according to judicial ministry officials.

"The law will encourage businessmen to settle their financial disputes," said Sherif Omar, head of the legislative committee at the justice ministry.

Businessmen who have already been convicted of offences will be subject to retrials without being legally bound to attend the trials, he added.

The Shura Council (lower house of parliament) ratified the law on Sunday.

"This is an important step to attract investors and boost confidence in the Egyptian economy. This will definitely return capital that has been lost since Mubarak was ousted and pump it back into the economy," an official at the justice ministry told Al-Ahram Arabic newspaper.

 

More on: http://english.ahram.org.eg/NewsContent/3/12/64694/Business/Economy/Egypt-govt-to-facilitate-return-of-fleeing-busines.aspx

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Un énergéticien égyptien candidat à la reprise de Petroplus (représentant en France)

Le producteur égyptien d'énergie Istithmaraat a déposé un dossier de reprise pour la raffinerie Petroplus de Petit-Couronne (Seine-Maritime) auprès du tribunal de commerce de Rouen, a annoncé mardi à l'AFP un représentant de ce groupe en France.

"C'est un plan de reprise complet de la raffinerie de Petit-Couronne", qui prévoit notamment "la reprise de la totalité du personnel, sauf une soixantaine de personnes qui veulent prendre leur retraite", a expliqué à l'AFP le consultant Michel Billard de la Motte, représentant du groupe égyptien

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Egyptian economy is a time bomb

Egyptian economy is a time bomb | Égypt-actus | Scoop.it

Businesses in Egypt are having a hard time as the country's currency weakens. That situation, combined with the massive subsidy system threatening to collapse, may be fertile ground for revolts.

Wahid Mardenly has been a businessman for many years. He runs a textile factory in a Cairo suburb where 500 employees currently sew clothing for well-known companies, such as C&A, Zara and Marks & Spencer. The factory is able to accommodate some 3,000 workers, but business isn't doing well at the moment.

Just recently, Mardenly lost a contract to a foreign competitor. "The problem is that our clients are concerned about placing orders with us," he noted. "We do business with major companies abroad, but they no longer have confidence in our country. They invest here, too, by sending us the fabrics to sew."

Mardenly's employees receive the textiles, buttons and other materials duty-free from their clients in this free trade zone. They sew the items there, and then ship the finished products to Europe and the United States.

Mardenly said that since the revolution two years ago, his employees have become more attuned to their rights and demand more money. But what really concerns him is the problematic security situation. His employees, mainly young women, are brought to work by bus, but their parents are worried about them. "They often won't let their daughters leave home. They're afraid the bus could be raided," he said. "That's already happened two or three times. Criminals stopped the bus and demanded money."

Egypt-actus's insight:

Security situation and power outages hamper production

 During former president Hosni Mubarak's regime, brutal security forces were omnipresent, but following his overthrow, the police disappeared from the streets. Former regime members tried to make the situation in the country as chaotic as possible. On the other hand, many high-level police officers also make no secret that they do not want to support the ruling Muslim Brotherhood. 

But it's not only safety concerns that make the parents of Mardenly's workers reluctant to send off their daughters. "The Islamists sometimes go to the girls' parents and tell them that they shouldn't go to work because it's against the religion - they say a woman should stay home and be a mother," he noted.

But it's not only safety concerns that make the parents of Mardenly's workers reluctant to send off their daughters. "The Islamists sometimes go to the girls' parents and tell them that they shouldn't go to work because it's against the religion - they say a woman should stay home and be a mother," he noted.

But an even more serious problem for businesses are the regular power outages. Very frequently, electricity goes out for up to four hours a day, bringing production to a complete standstill. That has resulted in Mardenly not being able to deliver his clothing products on time, which in turn has caused some of his clients to take their business to Bangladesh and Morocco, where the fabrics are sewn together. (...)

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Egypt suspends court ruling against Centamin

Egypt suspends court ruling against Centamin | Égypt-actus | Scoop.it

Gold miner Centamin has said an Egyptian court ruling against it has been suspended, allowing it to continue operating normally at its mine in the country during an ongoing appeal process, Reuters has reported.

The LSE-listed firm is appealing an Egyptian administrative court ruling last year, which declared the company's right to operate the Sukari mine, its main asset, invalid.

 

More on: http://www.ameinfo.com/egypt-suspends-court-ruling-centamin-334259

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Feeling the squeeze - The Economist

Feeling the squeeze - The Economist | Égypt-actus | Scoop.it

THE decision by Egypt’s general prosecutor to place the country’s wealthiest man and his business-tycoon father on a no-fly list sent the main stock index tumbling by 2.3%—the worst drop in a month. The travel ban on Nassef and Onsi Sawiris imposed on March 3rd led secular opposition groups to accuse Egypt's Islamist government of pursuing a vendetta against the liberal opposition. It seemed to signal President Mohamed Morsi's intention to prosecute businesses he believes benefitted from widespread corruption during the rule of Hosni Mubarak.

 

It was not the first travel ban for Onsi Sawiris, the octogenarian founder of the Orascom Group, Egypt’s largest private employer. Mr Sawiris’ first small construction company was nationalised under Gamal Abdel Nasser in the 1960s, and he was prevented from leaving the country for six years. He moved to Libya in 1971 but returned five years later, founding Orascom, which grew into a multinational conglomerate that he passed on to his three sons, turning all four men into billionaires.

 

The Sawiris family, who are Coptic Christians, have been at odds with Mr Morsi’s Muslim Brotherhood-led government since Egypt's revolution. Naguib Sawiris, Onsi’s outspoken eldest son, said in an interview on Egyptian television on March 5th that his family was being "deliberately targeted" by the government. He said his father and brother believe that the tax case against them arose when ONTV, a satellite channel that he used to own, came out against the Islamists.

Egypt-actus's insight:

Naguib Sawiris' family left Egypt last summer, after he received "personal, bodily, family, [and] business" threats, said Naguib Abadir, a co-founder of the the Free Egyptians, Mr Sawiris' political party. Mr Sawiris has received threats in the past; in 2011 after he tweeted a picture of Mickey and Minnie Mouse dressed as conservative Muslims. But the danger is more serious this time, explained Mr Abadir who believes this marks the start of the government's persecution of opposition figures: "They will go after them, one after the other."

 

Mr Sawiris had been divesting from his Egypt-based enterprises before the revolution but accelerated the pace as the Brothers and more conservative Salafist parties gained power. In May 2012, a month before Mr Morsi became president, Mr Sawiris sold most of his remaining shares in Mobinil, one of the country’s three mobile operators. Last December, he sold ONTV to a Tunisian businessman. (....)

 

Omar Darwazah, chief of investor relations for OCI, says the case against the company is a "microcosm" of Egypt's post-revolution economic woes and a "witch hunt" that will dampen investor interest. "The government is playing Russian roulette and not thinking about the consequences," Mr Darwazah said.

 

More on:  http://www.economist.com/blogs/pomegranate/2014/03/business-egypt

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Egypt authorities want more clarification on OCI deal

Egypt authorities want more clarification on OCI deal | Égypt-actus | Scoop.it

Orascom Construction Industries SAE will comply with a request from the Egyptian financial authorities for additional clarification of an offer by its parent company,OCINV, on its ordinary shares,OCINV said on Wednesday.

OCI SAE would host another shareholder meeting to discuss additional disclosures related to the transaction "and to subsequently obtain approval on the (meeting's) ... resolutions from minority shareholder", the statement said.

Once minority shareholders approve these resolutions, the result of the meeting will be ratified and an updated mandatory tender offer application will be formally filed with the Egyptian authorities, it said.

 

Dutch-listed OCI NV announced the exchange offer in January, under which holders of OCI's global depository receipts were offered shares in OCI NV, while holders of the firm's Egypt-listed ordinary shares got the option of cash or OCI NV shares.

 

 

OCI SAE said on Feb. 13 shareholders had approved the offer at meetings in Cairo.

 

More on: http://www.reuters.com/article/2013/02/20/oci-regulator-idUSL6N0BK1QY20130220

 

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Bosch opens new facility in Egypt

Bosch opens new facility in Egypt | Égypt-actus | Scoop.it

Bosch Packaging Technology, one of the leading suppliers of total solutions in packaging and process technology, has opened a new sales and service office in Cairo, Egypt.

Bosch’s new office provides local sales and service support to meet the increasing packaging demands of the food, confectionery, and pharmaceutical markets in Egypt and beyond, including large parts of Africa and the Middle East. (...)

 

More on: http://www.foodbev.com/news/bosch-opens-new-facility-in-egypt

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Egypt’s Economic Future Lies with its Entrepreneurs

Egypt’s Economic Future Lies with its Entrepreneurs | Égypt-actus | Scoop.it

Last month’s passage of a new constitution in Egypt brought about great uncertainty regarding the country’s democratic future. What is more, the lack of entrepreneur-friendly policies in the newly proposed economic reforms adds a similar level of uncertainty to the future of Egypt’s Entrepreneurs – whose small and medium enterprises account for 70 percent of the total economy.

This month, Egypt’s government resumed talks with IMF officials on as set of economic reforms which will help secure a $4.8 billion dollar loan from the international agency. Much of the reforms centre around austerity measures, encouraging a return of incoming foreign investment flows as well as quelling concerns from international markets.

 

As necessary as these reforms are in safeguarding against economic disaster, they do little to take advantage of the swelling entrepreneurial optimism that seems to be sweeping the country. The government could and should address the challenges that entrepreneurs face from regulatory/procedural burdens and inadequate levels of information and technology infrastructure.

 

The economic reforms, which ultimately must be a signed off by the IMF, offer the standard cocktail of measures, which combine prudent fiscal with conservative monetary policy. They include an austerity programme intended to decrease an eye-watering 10.4 percent budget deficit – this will reduce the debt burden on the taxpayer. An introduction of a value added tax (VAT) – from a general sales tax - and the reforming of energy subsidies, which will restore fair market principles and gain the government vital revenue for social programs (40 percent of the population live on less than $2 a day). Monetary policy will be geared towards reducing inflation and shoring up depleting currency reserves – the central bank announced earlier this month that they had enough reserves left for 3 more months of imports.

Egypt-actus's insight:

It’s pretty clear that Egypt desperately needs these reforms if it wants any semblance of a functioning economy. But an underlying objective is to bring economic stability by calming international markets and making Egypt a favourable market for foreign investors to return to – last year foreign direct investment levels dropped to 2.9 percent of GDP; they stood at 9 percent during Mubarak’s regime in 2008. Attracting such investment, will undoubtedly help Egypt – but this should only be part of a larger economic strategy that should also encourage domestic private sector growth.(….)

 

Egyptian entrepreneurs have benefited from earlier, although ambiguously successful, attempts at economic liberalisation. But, starting a business today in Egypt still costs 10.2 percent of gross national income per capita or about $628 –a substantial chunk of money for the ordinary citizen. This is low given that the MENA regional average stands at 30 percent, but is still more than double the OECD average of 4.5 percent. Moreover, a business wanting a commercial contract to be enforced by the courts can take up to 4 years. Such high costs and judicial inefficiency need to be addressed if entrepreneurs are to have a fighting chance. (...)

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Bureaucracy, Corruption Are Pressing Challenges Hinder Economic Stability: Al Wakeel

Bureaucracy, Corruption Are Pressing Challenges Hinder Economic Stability: Al Wakeel | Égypt-actus | Scoop.it

Mr. Ahmed Al Wakeel, Head of the Federation of Egyptian Chambers of Commerce, said both of bureaucracy and corruption are the important challenges facing the economic stability.

During a seminar, titled "Why States fail?", organized yesterday by the Faculty of Commerce at Alexandria University in association with the Economic Research Forum (ETF), Al Wakeel referred to the necessity of increasing the awareness and cultures, in addition to organizing a number of seminars and dialogues and to consider the education and scientific research.

He also referred to the bureaucracy and the continuity 0of corruption inside the governmental institutions as the most pressing challenges facing the economic stability; stressing on the necessity of take some procedures and make use of the economic experiences to be implemented in Egypt.

On the same context, the economist James Robinson, a Professor in the US University of Harford, said the economic development of the states is based on the democratic development; mentioning a number of states, as America, England, South Korea and South Africa.

Robinson emphasized that the Arab Spring countries have to adopt the solidarity economy, which gives equivalent opportunities to individuals, and also gives the priorities to the best qualified ones.

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