Egypt Independent: Business-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Greek cement maker Titan Q2 profit up 26 percent on US operations http://www.egyptindependent.com//node/2455045 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2013/08/13/465291/shutterstock_63102985.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>Greece&#39;s second-largest cement maker Titan posted a 26 percent rise in second-quarter net profit on Thursday, helped by a strong performance in the United States.</p><p>The company said net profit climbed to 17.6 million euros ($19.2 million) in the second quarter compared with 13.9 million euros during the same period a year ago.</p><p>Greece-based Titan has operations in Turkey, Egypt and the United States, which accounts for more than one third of annual turnover.</p><p>Sales increased 25.8 percent to 389 million euros, boosted by higher demand for building materials and a stronger dollar in the United States.</p><p>($1 = 0.9152 euros)</p> Thu, 30 Jul 2015 14:35:00 +0000 Reuters 2455045 at http://www.egyptindependent.com sites/default/files/photo/2013/08/13/465291/shutterstock_63102985.jpg Egypt's market gains LE3.3 billion on Thursday, EGX30 rises 1.1% http://www.egyptindependent.com//node/2455039 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/06/05/484151/201460_0.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Egypt&#39;s market closed in the green zone for the third straight session, as the benchmark EGX30 index on Thursday rose 1.06 percent, recording 8,191.53 points and a turnover of LE574 million, the Egyptian Exchange data showed.</div><div>&nbsp;</div><div>Meanwhile, the small and mid-cap EGX70 index and the broader EGX100 index increased by 1.07 percent and 1.62 percent, respectively. &nbsp;</div><div>&nbsp;</div><div>Local and Arab institutions were net sellers, recording net flows of LE13.4 million and LE15.1 million, respectively, while foreign institution were net buyers, recording net flows of LE24.8.million.</div><div>&nbsp;</div><div>The EGX market capital gained LE3.26 billion (US$423 million), hitting LE497.49 billion, compared to LE494.23 billion on Wednesday.&nbsp;</div><div>&nbsp;</div> Thu, 30 Jul 2015 13:16:00 +0000 Egypt Independent 2455039 at http://www.egyptindependent.com sites/default/files/photo/2014/06/05/484151/201460_0.jpg Facebook social network profit dips http://www.egyptindependent.com//node/2455040 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/03/10/43/facebook.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p><a href="http://en.arabstoday.net/business/corporate/facebook-profit-down-9-at-715m.html">Facebook</a>&nbsp;reported a dip in its quarterly profit Wednesday but said revenues surged on mobile advertising gains, as its user base neared 1.5 billion.</p><p>The world&#39;s biggest social network saw higher expenses cut into its bottom line, as it invests in new technologies and seeks to build a &quot;family&quot; of applications.</p><p>Net profit for shareholders dropped nine percent from a year earlier to $715 million.</p><p>But total revenues surged 39 percent to $4.04 billion on big gains from advertising, chiefly from paid messages delivered to mobile devices.</p><p>Facebook like other global companies was hurt by the rising dollar, saying that revenues would have been up 50 percent without the impact of currency changes.</p><p>Monthly active users grew 13 percent from a year ago to 1.49 billion, but the gain was modest from the first quarter when it had 1.44 billion. The number of mobile active users rose to 1.31 billion.</p><p>&quot;This was a good quarter for us,&quot; said Facebook founder and chief executive Mark Zuckerberg on a conference call on the results.</p><p>&quot;We have continued to make good progress in the growth of our community.&quot;</p><p>Amid ongoing growth in Facebook, the company has been expanding its offerings of applications, including the photo-sharing service Instagram, the messaging service WhatsApp and virtual reality gearmaker Oculus.</p><p>Facebook&#39;s capital spending in the quarter was $549 million. Its research and development costs were $1.17 billion.</p><p>Overall expenses were up 82 percent, driven in large part by stock compensation linked to its multibillion-dollar acquisition of&nbsp;<a href="http://en.arabstoday.net/business/corporate/facebook-mega-deal-for-whatsapp-a-brilliant-move.html">WhatsApp</a>.</p><p><strong>- Ad revenues accelerate -</strong></p><p>The big gains in revenue came from advertising, up 43 percent from a year ago.</p><p>Mobile accounted for 76 percent of ad revenues in the quarter, up from 62 percent a year earlier and 73 percent in the first three months of the year.</p><p>Facebook shares dipped 2.2 percent to $94.85 in after-hours trade following the results, even though most of the figures were ahead of market expectations.</p><p>Facebook shares have been hovering near record highs in recent weeks.</p><p>Analysts have said the newly acquired services such as Oculus and Instagram are not delivering meaningful revenues now, but could build a base for future growth.</p><p>&quot;Our main focus is on helping our existing communities and businesses reach their full potential,&quot; Zuckerberg said.</p><p>Facebook itself has been a rising star in online advertising.</p><p>It accounted for 7.9 percent of worldwide digital ad revenues in 2014, up from 5.8 percent in 2013, according to the research firm eMarketer, which predicts its share will reach nine percent by the end of this year.</p><p>Chief operating officer Sheryl Sandberg said a big growth area for Facebook advertising was video ads, helped by Facebook&#39;s technology that allows marketers to get information on who is viewing the ads and how many are responding by buying the products they see.</p><p>&quot;Video ads are a natural part of the Newsfeed experience,&quot; she told the call. &quot;And we can do targeting in a way that is really unique.&quot;</p><p>In one example, Sandberg said the hamburger chain Wendy&#39;s was able to deliver specific video ads to young Facebook users or &quot;millennials&quot; who liked spicy foods.</p><p>Instagram has only recently begun to deliver advertising, and eMarketer expects the service to take in $595 million this year and $2.8 billion by 2017.</p> Thu, 30 Jul 2015 13:13:00 +0000 AFP 2455040 at http://www.egyptindependent.com sites/default/files/photo/2015/03/10/43/facebook.jpg Central bank: Egypt money supply up 16.4% in June http://www.egyptindependent.com//node/2455038 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/01/27/484151/2013-03-06t142504z_329992155_gm1e9361q0501_rtrmadp_3_egypt-sukuk.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>&nbsp;Egypt&#39;s M2 money supply was up 16.4 percent at the end of June from a year earlier, the central bank said on Thursday.</p><p>M2 money supply stood at 1.77 trillion Egyptian pounds at the end of June 2015, compared with 1.52 trillion at the end of June 2014. Following is a table of the latest Egyptian M2 money supply figures in trillions of Egyptian pounds, according to the central bank&#39;s<a href="http://www.cbe.org.eg"><span style="color:#0000ff;"> website</span></a>.</p><div id="tt-wrappera7bb237"><div id="tt-mentiona7bb237">&nbsp;</div><div id="tt-containera7bb237"><div id="tt-closea7bb237">&nbsp;</div><div data-responsive="12" id="tt-playera7bb237"><div id="tt-controlsa7bb237"><div><div>&nbsp;</div><div>&nbsp;</div><div>&nbsp;</div></div></div></div><div id="tt-controlsa7bb237">&nbsp;</div><div id="tt-viewport-topa7bb237">&nbsp;</div></div></div><p>&nbsp;</p> Thu, 30 Jul 2015 12:52:00 +0000 Reuters 2455038 at http://www.egyptindependent.com sites/default/files/photo/2014/01/27/484151/2013-03-06t142504z_329992155_gm1e9361q0501_rtrmadp_3_egypt-sukuk.jpg