Egypt Independent: Business-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Yields on Egypt's T-bills rise at auction on Thursday http://www.egyptindependent.com//node/2466502 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/10/21/1755/tarek_amer.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Yields on Egypt&#39;s six-month and one-year treasury bills rose at an auction on Thursday, data from the central bank showed.</div><div>&nbsp;</div><div>The average yield on the 182-day bill rose to 11.838 percent from 11.832 percent at the previous auction a week ago.</div><div>&nbsp;</div><div>The 357-day bill&#39;s yield rose to 12.131 percent from 12.107 percent at a similar auction last week.</div> Thu, 11 Feb 2016 13:53:00 +0000 Reuters 2466502 at http://www.egyptindependent.com sites/default/files/photo/2015/10/21/1755/tarek_amer.jpg Egypt, Saudi drop in global rout; Saudi breaks chart support http://www.egyptindependent.com//node/2466484 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2013/12/26/484151/lbwrs_tswyr_mhmwd_bd_lgn_5.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Egypt&#39;s stock market fell in early trade on Thursday, erasing the previous day&#39;s gain as global bourses sagged, while Saudi Arabia&#39;s index was headed for a third straight day of losses after oil slid back near $30.</div><div>&nbsp;</div><div>Cairo&#39;s main index fell 1.0 percent in the first 30 minutes with Egypt&#39;s largest bank by market value, Commercial International Bank, dropping 1.6 percent after it recorded fourth-quarter net profit of LE1.2 billion (US$192 million), up 11 percent from a year earlier.</div><div>&nbsp;</div><div>&quot;The strong performance at the top line was partially offset by higher operating expenses and provisioning,&quot; said a note by Cairo-based Naeem brokerage, though it upgraded the stock to &quot;buy&quot; from &quot;accumulate&quot;.</div><div>&nbsp;</div><div>Orascom Telecom was down 1.8 percent. The conglomerate&#39;s board has approved its final offer for the acquisition of CI Capital, a subsidiary of CIB, the company said on Thursday.</div><div>&nbsp;</div><div>But Beltone Financial, taken over by Orascom late last year, surged 9.8 percent after it gained by the same amount on the previous day. Investors think Beltone will benefit strategically under new ownership.</div><div>&nbsp;</div><div>Saudi Arabia&#39;s index fell 1.1 percent to 5,769 points, confirming a break below technical support at the early February low of 5,834 points. This triggers a minor double top formed by the end-January and February highs and targeting about 5,600 points.</div><div>&nbsp;</div><div>The petrochemical sector was the main drag with Saudi Basic Industries, the largest listed stock by market value, down 1.5 percent.</div> Thu, 11 Feb 2016 10:16:00 +0000 Reuters 2466484 at http://www.egyptindependent.com sites/default/files/photo/2013/12/26/484151/lbwrs_tswyr_mhmwd_bd_lgn_5.jpg Egypt's CIB to issue LE8 bn in financial instruments http://www.egyptindependent.com//node/2466483 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/02/12/94/cib.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Commercial International Bank (CIB), Egypt&#39;s largest listed company, said on Thursday its board had approved a plan to issue financial instruments worth up to LE8 billion (US$1.02 billion) to fund expansion.</div><div>&nbsp;</div><div>The bank said in a statement that the plan would be presented to its general assembly. It did not specify what form the financial instruments would take but said they could be denominated in Egyptian pounds or a foreign currency.</div><div>&nbsp;</div><div>It did not give specific details on its growth plan.</div><div>&nbsp;</div><div>On Wednesday CIB announced a 26 percent jump in 2015 net profit to a record LE4.7 billion.</div> Thu, 11 Feb 2016 10:09:00 +0000 Reuters 2466483 at http://www.egyptindependent.com sites/default/files/photo/2014/02/12/94/cib.jpg Egypt's OTMT approves final offer for CI Capital http://www.egyptindependent.com//node/2466477 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/11/13/94/orascom_company.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Egyptian firm Orascom Telecom and Technology has approved the final offer for the acquisition of CI Capital, a subsidiary of Commercial International Bank, the company said on Thursday.</div><div>&nbsp;</div><div>OTMT, which has holdings in media, technology and cable businesses as well as energy, transport and logistics, is expanding into financial services. It plans to merge CI Capital with Beltone Financial, which it bought last month for almost LE650 million (US$83 million).</div><div>&nbsp;</div><div>CI Capital is working on four initial public offerings this year in the construction, consumption and tourism sectors. It also plans to open a brokerage firm in the United Arab Emirates in the second quarter of this year.</div><div>&nbsp;</div><div>A counter-offer for CI Capital was made earlier this month by a subsidiary of the National Bank of Egypt, but the bid was dropped after the two sides failed to agree on a timeframe to complete feasibility studies.&nbsp;</div> Thu, 11 Feb 2016 09:06:00 +0000 Reuters 2466477 at http://www.egyptindependent.com sites/default/files/photo/2014/11/13/94/orascom_company.jpg