News | - Part 76

Egypt eyes deals worth $15-$20 billion at investment summit

SHARM EL-SHEIKH (Reuters) – Egypt expects to sign agreements worth up to $20 billion at a weekend investment summit in the Red Sea resort of Sharm el-Sheikh, its investment minister said on Friday.Egypt wants the conference to project an image of stability and deepen investor confidence after four years of political and economic turmoil triggered by a 2011 uprising that toppled veteran ruler Hosni Mubarak.Cairo hopes the summit will allow it to double foreign investment…

Africa Executives Welcome Thiam Move, Say There Should Be More

Posted on by The Editorial Team

JOHANNESBURG – African business leaders cheered Tidjane Thiam’s appointment as chief executive of Swiss banking giant Credit Suisse Group AG this week. So far, though, Mr. Thiam’s ascent to the top of a western multinational looks like the exception to the rule that executives from the continent still don’t reach the top of the global corporate elite. “He’s a great leader who happens to have roots in Africa. At some point we need to get to…

Bank seeks to raise $10 mln via share sale in war-torn Somalia

Posted on by The Editorial Team

NAIROBI (Reuters) – International Bank of Somalia (IBS), one of only a handful of commercial banks operating in the war-torn country, wants to raise $10 million in a public share offering that would be the first of its kind since civil war broke out in 1991.Somalia does not have a stock exchange and most banking is done on informal basis through money transfer firms, but IBS Chief Executive Hassan Yusuf said those ploughing money into…

Siemens to supply turbines for Egyptian power plant

Posted on by The Editorial Team

CAIRO, March 10 (Reuters) – Siemens will supply four turbines to a power plant near Egypt’s Suez City to add more than 650 megawatts (MW) of power generation to the creaking national grid, suggesting that government efforts to encourage investment are bearing fruit. The German industrial group said on Tuesday it was awarded a contract to supply the E-Class turbines to the Attika Power Plant under a supply contract with El Sewedy Power System Projects….

Egypt bourse expects 7-8 stock listings by mid-2015: chairman

Posted on by The Editorial Team

ABU DHABI (Reuters) – The chairman of the Egyptian stock exchange expects seven or eight companies to list on the bourse by mid-2015, he said on Wednesday.Mohammed Omran told a securities conference in Abu Dhabi that three large companies had already gone public in Egypt this year. However, it wasn’t immediately clear whether these three companies were part of Omran’s calculations for initial share sales in the first half of 2015.Orascom Construction began trading on…

Egypt’s CIB eyeing Citigroup’s retail operations

Posted on by The Editorial Team

CAIRO (Reuters) – Egypt’s Commercial International Bank (CIB) said on Wednesday Citigroup had opened its books for a due diligence process that could lead to the purchase of its retail portfolio.Citigroup said it is pulling out of consumer banking in 11 markets, including Japan and Egypt, as the U.S. bank with the biggest international business looks to cut persistently high costs.The third-largest U.S. bank, built with a series of acquisitions spanning back to the 1980s,…

South African rand hits 13-yr low as market sees U.S. rate hike

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – South Africa’s rand fell to a new 13-year low to the dollar on Monday, after investors sold off emerging market currencies amid heightened expectations of an imminent interest rate hike in the United States. At 1508 GMT the rand was trading 0.21 percent softer at 12.0600 to the dollar after earlier stumbling 0.8 percent to 12.1330, its weakest level since early March 2002, according to Thomson Reuters data. The currency recouped some…

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