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SODIC: no litigation against us

The Sixth of October for Development and Investment Company (SODIC), Egypt’s third largest real estate developer, reported to the Egyptian Stock Exchange that no lawsuits were filed against them by the Lebanese multinational real estate developer Solidere. According to AhramOnline’s report on Tuesday; Beltone, a Cairo-based investment bank, stated that Solidere announced Sunday its plans …

Islam Serour

CAPMAS: Trade deficit has risen 48 per cent

By Hend El-Behary Egypt’s trade deficit nearly doubled, reaching EGP 17.6 billion in June, compared to EGP 11.9 billion in the same month last year, a 47.9 per cent jump according to the Central Agency for Public Mobilisation and Statistics (CAPMAS). Exports have plunged by 18 percent, falling to EGP 14.6 billion, a decrease of …

Daily News Egypt

Food Industries Holding Invests EGP 100m on expansions

By Mahmoud Salah El-Din Tarek Shaalan, Head of the food products companies sector at the Holding Company for Food Industries, said EGP 100 million have been allocated for investment in the year 2012-2013 to develop branches of the companies and open new ones. The development plan includes developing 45 branches of Nile, Ahram and Alexandria …

Daily News Egypt

New initiative to maximise benefits of international trade agreements

By Inaam El Adawy The Federation of the Chambers of Commerce (FEDCOC) has adopted an initiative to review the trade agreements signed with Egypt in previous years. The initiative is aimed at seeking methods to derive optimal benefit from the agreements. “We are currently studying the free trade agreements between Egypt and other states, to …

Daily News Egypt

Ending post-Soviet journey, Russia takes WTO seat

Moscow (AFP) — Russia on Wednesday crowned a tortuous 18-year journey from communist economic isolation by becoming the largest state outside the World Trade Organization to join the preeminent free trade club. Optimistic economists think the move will give Russia’s $2 trillion economy a serious boost and herald the end of an era marked by …

Daily News Egypt

Delta Communication acquires CompuMe

Delta Communications and Trade (DCT) has taken 100 percent of shares in CompuMe, an electronics retail company. Amr Sheira, Deputy Manager of CompuMe, said that all the company’s shares and trademarks CompuMe were sold to DCT in the biggest acquisition agreement in communications sector since January. He refused to disclose the value of the agreement …

Daily News Egypt

Hopeful trade indicators between Egypt and the US

By Amr Eleraqi According the American Chamber of Commerce’s most recent report, the volume of trade exchange between Egypt and US has declined by 9.2% during 2011, reaching $8.2 million. The drop represents about 4% of GDP and 4.3% of the volume of goods traded in the US. During 2011, non-petroleum exports were stable, but …

Daily News Egypt

Russia OKs historic WTO accession

Moscow (AFP)-Russia’s parliament on Tuesday voted to ratify WTO membership, a historic move which the government says will boost productivity but the opposition claims will bear a heavy social toll. The vote was the last major hurdle for Russia’s accession to the World Trade Organization as deputies from opposition parties presented a rare united front …

Daily News Egypt

Expectations of worldwide downturn in cotton production

By Inaam El-Adawy The Cotton Exporters’ Association predicts that worldwide cotton production will fall during the 2012-2013 season to 24.9 million tons. In a recent report, the Association attributed the decline in production to the fall of prices during the 2011- 2012 period, which will drive cotton farmers to reduce output this season. The study …

Daily News Egypt

EU warns Egypt against cotton import ban

By Omar Abdel Hamid and Mohamed Salah El-Din The European Union warned the Egyptian government over the continuation of banning cotton imports. In a statement to the Egyptian Ministry of Agriculture, the EU said that the decision to ban cotton imports is a violation of the General Agreement on Tariffs and Trade (GATT), and must …

Daily News Egypt

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