Egypt Independent: Business-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Global LNG-Price slide deepens on burgeoning supply, European exports competitive http://www.egyptindependent.com//node/2456642 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/04/02/499612/gas.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>Asian liquefied natural gas (LNG) prices for October delivery fell this week as new cargoes offered by Indonesia and Australia outweighed supply problems at Nigeria&#39;s Bonny export terminal.</p><p>The price of Asian spot cargoes fell to around $7.60 per million British thermal units (mmBtu) on Friday, down from around $7.90 per mmBtu last week.</p><p>Traders described Asian markets as subdued with little deal-making taking place while new supplies put a lid on prices.</p><p>Indonesia&#39;s Bontang export plant offered to sell 1 cargo in October and 3 in December.</p><p>Australia&#39;s Gladstone plant coming on stream next month sought to sell five commissioning cargoes in October-December.</p><p>However, supply at Nigeria&#39;s LNG export plant tightened after Shell warned of constrained feedgas entering the facility due to the shutdown of a major oil pipeline a day earlier.</p><p>Nigeria LNG had just lifted one force majeure a week earlier after repairing a pipeline. That disruption to gas supplies had only a negligible impact on LNG exports, delaying cargo loadings by three to four days.</p><p>Trinidad is also seeking to offload a cargo loading in the second-half of September.</p><p>On the demand side, Pakistan launched a tender to buy one cargo for delivery on Dec. 25-27.</p><p>Argentina purchased one cargo from Statoil for delivery in October, traders said, after launching a tender to buy three cargoes several weeks ago.</p><p>Israel has closed a tender for the purchase of a LNG cargo, although the outcome could not be confirmed.</p><p>Gas giant Qatar has agreed with PetroChina to skew deliveries under an existing long-term liquefied natural gas (LNG) supply deal towards the peak demand winter period, a shift likely to weigh on global spot prices.</p><p>The deal only extends to this winter, one of the sources said, but could be renewed when PetroChina and Qatar discuss their delivery programme for 2016 later this year.</p><p>With PetroChina&#39;s winter gas demand now largely filled through Qatari diversions, global LNG markets should see less Chinese buying on spot markets this winter, putting pressure on prices, a trader said.</p><p>Atlantic LNG spot prices were trading in the mid-$7/mmBtu range, according to one trader, who suggested that a transaction had taken place around similar levels.</p><p>Re-exports from European LNG import terminals are expected to intensify given the wide spread between domestic gas hub prices, currently trading around $6.10/mmBtu and Asian markets.</p> Sat, 29 Aug 2015 07:22:00 +0000 Reuters 2456642 at http://www.egyptindependent.com sites/default/files/photo/2015/04/02/499612/gas.jpg Egypt's market loses LE6.4 bn in week, EGX30 index down 1.3% http://www.egyptindependent.com//node/2456608 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/02/20/499612/cairo_stock.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p style="margin-top:0cm;margin-right:0cm;margin-bottom:18.0pt;margin-left: 0cm;line-height:18.0pt"><span style="font-size: 10.5pt; font-family: Arial, sans-serif;">Egypt&#39;s stock market has witnessed loses of LE6.4 billion (US$818 million) this week, as all indexes dropped, Egyptian Exchange data showed.<o:p></o:p></span><u1:p></u1:p><u2:p></u2:p></p><p style="margin: 0cm 0cm 18pt; line-height: 18pt;"><span style="font-size: 10.5pt; font-family: Arial, sans-serif;">The main EGX30 index, small and mid-cap EGX70 index and the broader EGX100 index declined 1.31 percent, 5.6 percent and 4.39 percent, respectively.<o:p></o:p></span><u1:p></u1:p><u2:p></u2:p></p><p style="margin: 0cm 0cm 18pt; line-height: 18pt;"><span style="font-size: 10.5pt; font-family: Arial, sans-serif;">EGX market capital lost LE6.38 billion, to hit LE437.69 billion, compared to LE444.07 billion last week.<o:p></o:p></span></p> Fri, 28 Aug 2015 08:21:00 +0000 Egypt Independent 2456608 at http://www.egyptindependent.com sites/default/files/photo/2015/02/20/499612/cairo_stock.jpg Egyptian pound steady at official auction, weaker at exchange bureaus http://www.egyptindependent.com//node/2456577 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/01/19/499612/dollar.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>Egypt&#39;s central bank kept the pound steady at 7.73 per dollar at a foreign exchange auction on Thursday, and the currency was weaker at exchange bureaus.</p><p>The central bank said it had offered $40 million and sold $37.8 million at a cut-off price of LE7.7301 per dollar , unchanged from the rate at the last auction on Tuesday.</p><p>The bank kept the pound at 7.5301 for five months until last month, when it allowed it to slide to 7.6301. On July 5, the bank let it slip a further LE0.10 .</p><p>Letting the pound weaken in a controlled way could boost exports and attract further investment, but also raises Egypt&#39;s already large bill for imported fuel and food staples.</p><p>Two traders at exchange bureaus said the pound was changing hands at 8 pounds per dollar, weaker than the LE7.96/97 on Tuesday.</p><p>The central bank gave banks permission in January to trade dollars up to LE0.10 above or below the official rate, with currency exchange bureaus allowed to trade at LE0.15 above or below the official rate.</p><p>Egypt has sought to tame a once-thriving currency black market with measures such as a cap on dollar-denominated bank deposits.&nbsp;</p> Thu, 27 Aug 2015 12:27:00 +0000 Reuters 2456577 at http://www.egyptindependent.com sites/default/files/photo/2015/01/19/499612/dollar.jpg EgyptAir Holding Company chief removed http://www.egyptindependent.com//node/2456571 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/07/11/94/aviation_minister_hossam_kamal.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Civil Aviation Minister Hossam Kamal decided Wednesday to remove EgyptAir Holding Company chief Sameh al-Hefny, reportedly after an Administrative Control Authority report slammed continuing deterioration in the company&rsquo;s competitiveness.</div><div>&nbsp;</div><div>State-run&nbsp;news website&nbsp;<em>Al-Ahram</em> said Hefny&rsquo;s removal came as the report slammed the parking of junked airplanes on sections of the landing strip of Cairo International Airport, as well as the neglect of a strip of land owned by the company which caused it to turn into disrepair.</div><div>&nbsp;</div><div>Sources at the Aviation Ministry told <em>Al-Masry Al-Youm </em>that Prime Minister Ibrahim Mehleb had approved to replace Hefny with Helmy Rizk, CEO of EgyptAir Express, the corporations domestic flights airliner.</div><div>&nbsp;</div><div>Hefny defended his term as EgyptAir Holding chief since March 2014, adding he had managed to mitigate the company&rsquo;s losses.</div><div>&nbsp;</div><div>&ldquo;I had the privilege of presiding over EgyptAir Holding Company since March 2014. The company&rsquo;s financial status had seen estimated losses at LE2.8 billion by June 2014,&rdquo; Hefny said in a statement published by Sada el-Balad satellite channel&rsquo;s website.</div><div>&nbsp;</div><div>&ldquo;During fiscal year 2014\2015, I succeeded in reducing those losses to LE570 million, targeting revenues up to LE400 million by the end of 2015\2016 for the first time in years.&rdquo;</div><div>&nbsp;</div> Thu, 27 Aug 2015 11:44:00 +0000 Egypt Independent 2456571 at http://www.egyptindependent.com sites/default/files/photo/2014/07/11/94/aviation_minister_hossam_kamal.jpg