Egypt Independent: Economy-Main news en Egypt's Pioneers approves $393 mln share issue <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>Pioneers Holding approved a capital increase of 3 billion Egyptian pounds ($393 million), the Egyptian financial services firm said on Tuesday.</p><p>It plans to issue 170 million shares at 17.63 pounds per share, it said in a statement to the bourse.</p><p>Pioneers won a $33 million takeover bid on Monday for Egyptian cheese maker Arab Dairy, beating out a subsidiary of Lactalis, Europe&#39;s largest dairy group.</p><p>CEO Walid Zaky said the acquisition was part of an effort to expand in the food sector, a fast-growing industry in the most populous Arab nation of 87 million people.</p><p>Pioneers&#39; shares were up 2.34 percent at 12.25 Egyptian pounds on the Egyptian stock exchange at 0856 GMT.</p> Tue, 03 Mar 2015 11:14:00 +0000 Reuters 2445396 at sites/default/files/photo/2014/06/19/484151/217788_0.jpg Minister denotes progress in investment dispute resolution <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Investment Minister Ashraf Salman said that the government had made significant progress in resolving investment disputes, by ensuring that the draft law on investment, as well as other legislation, would help create a more encouraging environment for investors.</div><div>&nbsp;</div><div>Speaking during EFG Hermes&rsquo;s annual MENA one-on-one conference on Monday, Salman said his government had been &ldquo;working on multiple fronts to create a more favorable investment climate.&rdquo;&nbsp;</div><div>&nbsp;</div><div>He said that a panel led by Prime Minister Ibrahim Mehleb has managed to resolve 11 out of 25 major investment disputes, while his ministry was able to address 259 out of 359 in the past six months.</div><div>&nbsp;</div><div>&ldquo;We are really working fast on this front and the new investment law includes a full mechanism for dispute resolution,&quot; said Salman, according to an EFG Hermes statement.</div><div>&nbsp;</div><div>The minister said that the long-awaited investment law was not the only legislative tool the government would apply to improve the investment sector.</div><div>&nbsp;&ldquo;It would be a mistake, he suggested, to focus only on the investment law rather than the full basket of pro-growth legislation on which the government is working, including laws on labor, energy, mining and microfinance&rsquo;, he said, pointing to government efforts to lay down what he described as &ldquo;a clear tax strategy with fixed taxation for a 10-year period rather than providing a system of tax incentives to lure new investors.&rdquo;</div><div>&nbsp;</div><div>&nbsp;</div><div>&nbsp;</div> Tue, 03 Mar 2015 10:37:00 +0000 Mohamed Mostafa 2445383 at sites/default/files/photo/2014/11/05/94/investment_minister_ashraf_salman.png Ericsson says Egypt needs more investments to enhance telecom services <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>A senior official at Ericsson has said that Egyptian telecommunication networks need development through additional investments to as to enhance coverage at all regions of the country.</div><div>&nbsp;</div><div>Isil Yalcin, Ericsson&rsquo;s North Africa director, told <em>Al-Masry Al-Youm</em> that telecommunication services in Egypt are good in some areas and weak in others, which requires more investments.</div><div>&nbsp;</div><div>Yalcin, who was speaking on the sidelines of the international conference by the Mobile World Congress in Barcelona, said while Egypt&rsquo;s GDP is low, some social classes enjoy a higher than average income, which, she said, requires mobile phone providers to offer services that suit all social categories in terms of income.</div><div>&nbsp;</div><div>Yalcin voiced optimism for the future of communication industry in Egypt given the fact that the youth are the most common users of the services, therefore promising a bigger market in the future.</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div><div>&nbsp;</div><div>&nbsp;</div><div>&nbsp;</div> Mon, 02 Mar 2015 16:26:00 +0000 Al-Masry Al-Youm 2445357 at sites/default/files/photo/2015/03/02/94/isil_yalcin_ericssons_north_frica_director.jpg Ghabbour Auto's net profits drop 28.9% in Q4 2014 <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Ghabbour Auto said Monday that its net profits dropped 28.9 percent to LE32.1 million in 4Q2014&nbsp;on the back of FX loses and higher tax rates, according to statement from a leading automotive assembler and distributor in the Middle East and North Africa.</div><div>&nbsp;</div><div>GB Auto Chief Executive Officer Raouf Ghabbour criticized the exceptional advantage given to offshore assemblers saying it threatened the sector domestically.&nbsp;</div><div>&nbsp;</div><div>&quot;The exceptional advantage given to offshore assemblers under the European, Turkish and Moroccan partnership agreements is placing the entire domestic industry under tremendous, unprecedented pressure &mdash; and threatens hundreds of thousands of skilled manufacturing jobs in our sector and feeder industries alike,&quot; Ghabbour said.&nbsp;</div><div>&nbsp;</div><div>Ghabbour called on the government to protect the sector at home, while being fair at the same time toward offshore assemblers.&nbsp;</div><div>&nbsp;</div><div>The Passenger Cars division made a 13.3 percent increase in revenues in 4Q14 up to LE2,303.6 million, according to the statement.</div><div>&nbsp;</div><div>The Motorcycles and Three-Wheelers (tuk-tuk) line continued to benefit from lifting the ban on imports of components for two and three-wheelers as beside the strong demand on both vehicles on market, achieving a 32.5 percent increase in revenues in 4Q14.</div><div>&nbsp;</div><div>The Commercial Vehicles and Construction Equipment department benefited in 2014 from Egypt&rsquo;s spending on infrastructure, achieving a 91.7 percent increase in unit sales and 106.7 percent growth in revenues, said the statement.&nbsp;</div><div>&nbsp;</div> Mon, 02 Mar 2015 16:01:00 +0000 Egypt Independent 2445348 at sites/default/files/photo/2012/04/09/36/tuk_tuk_drivers_-_07.jpg