Tuesday, 2 December 2014

CIB + GB Auto clean up at IR awards • US State Dept spokes avoids criticizing Mubarak verdict • Magrina: cement market flat in FY15 • Salman eyes issuance of iron + cement production licenses • TE mulls divestments • Lufthansa to restore 2x daily service

WHAT WE’RE TRACKING TODAY

Relations between Cairo and Doha are far from resolved, as Al Wafd reports that Qatar’s ambassador to Egypt was not allowed to board a plane to Khartoum because he refused to go through security protocols and take his shoes off. (Read in Arabic)

France’s parliament will hold a symbolic vote to recognize the Palestinian state.

Happening today: “Egypt’s Electricity Crisis … Challenges & Opportunities” featuring the Minister of Electricity and Energy Dr. Mohamed Shaker at the Grand Nile Tower Hotel (formerly Grand Hyatt). RSVP to the Canadian Chamber of Commerce in Egypt.

Today is the second and final day of the INTERCEM Energy Forum, at the Conrad Cairo Hotel.

EXTEL / ME-IRS MIDDLE EAST INVESTOR RELATIONS STUDY

Everyone here at Enterprise and the wider Inktank Communications family would like to extend our congratulations to our friends who made the rankings in this year’s Middle East Investor Relations Study, carried out by Extel in partnership with the Middle East Investor Relations Society. The poll included 359 qualifying responses from 164 institutions (43% buyside and 57% sellside). Highlights include:

  • Hoda Yehia at GB Auto was named Best Investor Relations Professional (Egypt)
  • Hussein Abaza at CIB topped the poll for Best Investor Relations by a CEO (Middle East)
  • Sherif Khalil and his team at CIB led the poll for Best Company for Investor Relations (Egypt)

Results for the Best Company for Investor Relations (Egypt) poll looked like this:

  1. CIB
  2. GB Auto
  3. EFG Hermes
  4. Oriental Weavers
  5. SODIC
  6. Juhayna
  7. Orascom Construction Industries
  8. El Sewedy Electric
  9. Lecico
  10. Qalaa Holdings

Deeper down the league tables:

  • CIB, EFG Hermes and GB Auto were all ranked on the overall Leading Corporates for Investor Relations (MENA) survey
  • CIB, GB Auto and EFG Hermes were regionally ranked as Leading Corporates for Investor Relations (Crisis Communications)
  • GB Auto and CIB were regionally ranked as Leading Corporates for Investor Relations (Corporate Access) on a regional basis

Download the rankings as a pdf.

LAST NIGHT’S TALK SHOWS

Note from the Editor: Our regular talk show maven was off last night, and the temporary fill-in had no other option but to watch the shows with his aunt, as his own television set is not actually functional but rather only for decorative purposes to blend in with other people. As a result, the following review is unfortunately full of holes as the reviewer had to alternate between fending off offers to eat cheese sandwiches and insisting he was dressed warmly enough for the weather.

Ibrahim Eissa chided all of us for being stupid, saying that the government doesn’t understand politics, and that currently there is no concept of politics in the country. To demonstrate our backwardness, he cited the examples of Germany and Japan’s postwar reconstruction following WWII. He [rightly] pointed out that despite having two nuclear bombs dropped on them and despite being interned in camps by the Americans, the Japanese did not turn to terrorism and extremism [an implicit criticism of the oft-repeated mantra in Washington regarding the relationship between repression and terrorism], but that instead the Japanese took a completely different route by choosing to build their nation. Eissa pointed to the Japanese work ethic, the pride the Japanese take in their work, and their national focus on education.

Eissa then threw aside the paperweights(?) he was using as props to represent Germany and Japan and said, “Fine. Forget about Germany and Japan. China.” Eissa then claimed that Mao’s five-year plan [not sure which one he was referring to] entailed getting China’s 400 million opium addicts to give up the habit, which he says was successful. At this point, a short dispute erupted between this reviewer and his aunt, who wanted to turn the channel to watch Ahmed Moussa. The reviewer insisted this was for work and that no one cared about Ahmed Moussa had to say about anything.

Lamees El Hadidy deserves credit for having the most intellectually-engaging topic of discussion on Egyptian satellite television last night, presiding over a panel of three housing experts led by Minister of Housing Dr. Moustafa Madbouly. El Hadidy and her guests discussed the topic of social housing, which can at times be a loosely defined term. The bulk of their discussion focused on a public housing initiative targeting middle-income households. Madbouly said the initiatives under discussion aimed to provide housing at rates that were 25-50% below market markets.

El Hadidy was critical of the slow pace at which the program is rolling out as well as of difficulties that she stated she can personally attest to regarding applicants being denied participation in the program because they were not public sector employees. A panel member confirmed that non-public sector employees, as long as they met the income cap, were completely eligible if they provided an HR letter from their employer. El Hadidy countered by asking what those who are employed in the informal sector should do to provide evidence of income.Madbouly offered that even those who were employed in the informal sector could seek a letter of support from a certified accountant who could make an estimate on their earnings — hardly information we think is public.

El Hadidy asked how economically feasible and sustainable it was for the Egyptian state to continue its public housing program, given constraints on financial resources. Madbouly offered the model used in the Ismailia Development Project of the 1970s, without mentioning the project by name, whereby direct land sales at market prices could directly fund public housing.

The most noteworthy segment of the entire episode is when the issue of the Arabtec was inevitably raised in discussion. Madbouly said that he had just recently returned from a trip to the UAE where he met with officials from the developer. He cited the changeover of Arabtec’s management as a reason for the delay in the project, and said the Egyptian government is currently negotiating with Arabtec to be able to offer units that are 25-30% lower than market rates. He noted that the land might be sold to the developer at a discount rather than be donated outright, and that Arabtec will draw up projections based on different scenarios of what rate they can acquire the land from the Egyptian military, in order to determine if the project will be affordable for middle-income households.

Madbouly said Arabtec would come back with a final proposal by the end of this month and that he hoped that more housing deals would be signed and announced before the March investment summit.[Madbouly made similar comments to Reuters last week. (Read)]

SPEED ROUND

The EGX30 dropped 0.80% to close at 9,233 points with a turnover of EGP 575 mn, about 15% below the 90-day average. KSA gained 1.1%, Kuwait edged up 0.2%, Qatar inched up 0.7%, ADX lost 0.2% and the DFM slumped 2.2%.

US markets were down across the board yesterday on weak Thanksgiving retail sales and poor overseas manufacturing data, with the Dow dropping 0.29%, the S&P by 0.68%, and NASDAQ by 1.34%. Apple tumbled 7% in what Reuters calls “unusual trading,” prompting speculation that the algo traders were at play. European indices were down as well, with the FTSE dropping by 0.99% and the Deutsche Boerse by 0.17%.

In early trading this morning, Asian shares were mixed and oil was up slightly. Yesterday, the Hang Seng was up fractionally, the Shanghai Composite was flat, and the Nikkei was essentially flat.

EY finds highest rate of fraud in Egypt out of 59 countries surveyed.The Egyptian media today, led by Al Masry Al Youm, decided to dig up an EY report from May 2014 based on an executive survey which finds Egypt has the highest incidence of fraud out of 59 countries surveyed. AMAY and its translated edition (Egypt Independent), along with Ahram Online, led with headlines suggesting Egypt is the most corrupt country in the world. Why these outlets chose the headline given the report’s limited geographic scope (only Egypt and Nigeria from Africa, no country from Asia), or to dig up a 7-month old report, is unknown. (Download the report as a pdf)

As the global stand-off between OPEC and North American shale-oil producers continues, Reuters thinks GCC firms can prosper with oil around USD 70 / bbl but Bloomberg doesn’t rule out the possibility of oil falling to USD 40 / bbl with Iran, Venezuela, Nigeria, and Russia, in particular suffering. Vladimir Putin shrugs this off as he summoned his inner Ned Stark saying “winter is coming” and that the seasonal change will adjust the market. Spoiler alert: Ned Stark’s head gets chopped off, and the Ruble is now crashing. With the ruble down 37% against the greenback this year (making it the worst performing EM currency among the 34 tracked by Bloomberg), Moscow’s central bank tried to step in yesterday, to little effect. (Read in the WSJ or Bloomberg)

Christine Lagarde thinks low oil prices will be good for the global economy, expecting the US economy to grow 3.5% next year, up from a forecast of 3.1% two months ago. Check the WSJ’s take on her remarks, which came at the WSJ CEO Council annual meeting; in the accompanying video clip, she notes that a “30% decline [in oil prices] translates into a 0.8 percentage point rise [in GDP growth] for advanced economies” including the US, Europe and China, so “net-net, it’s good for the world economy.” (Read / Watch)

Among the victims of falling oil prices: Irish producer Petroceltic, whose shares plunged 39% yesterday after Dragon Oil withdrew its GBP 500 mn acquisition offer. Petroceltic has operations in Egypt, as we have previously reported. (Read in the FT or the Guardian)

While you’re at it, check the US Energy Information Administration’s very thorough geostrategic analysis of the global chokepoints of maritime transit of oil here or download the PDF. Although the straits of Hormuz and Malacca are the world’s most important strategic choke points, 8% of the world’s seaborne oil trade passes through Egypt either via the SUMED pipeline or the Suez Canal.

Meanwhile, Putin has diverted the planned South Stream gas pipeline in a victory for the European Union — but the real winner is Turkey: “If there was one winner it was Turkey, which, along with China and other energy-hungry developing nations, has been exploiting the East-West rift to gain long-term energy supplies at bargain prices. Mr. Putin noted that on Monday during a news conference in Ankara with Turkey’s president, Recep Tayyip Erdogan, saying Turkey would receive a discount on gas and an additional three billion cubic meters of gas annually.” (Read)

EGYPT IN THE NEWS

The New York Times editorial board is ever so unhappy with Egypt. Again. “In Egypt, a Verdict Turns Back the Clock”.

Meanwhile the FT has an opinion piece this morning out of Beirut headlined “Egypt’s biggest problem is restoration of the security state: Army ring-fences its privileges and expands its economic empire.” It’s kicker: “…the Sisi regime’s decision to criminalise the mainstream Islamists of the Muslim Brotherhood is grist to the jihadi mill. The Brothers imploded after one year in government devoted to a sectarian power-grab. Yet they won five votes in a row, and many of those who cast them will now buy the Isis argument that jihad is the only way forward. What has really been restored in Egypt are the traditional protagonists in the Arab drama: the men on horseback against the zealots in turbans.

U.S. State Department spokesperson Jen Psaki turns herself into a human pretzel trying not to answer incredibly insistent requests for her comment on the Mubarak verdict at the State Department’s daily briefing:

QUESTION: So you don’t criticize at all?

QUESTION: What does that mean?

MS. PSAKI: It means that in general, we believe that courts should be —

QUESTION: It sounds to me like it means nothing.

MS. PSAKI: In general, we believe that impartial standards and the justice system should work as planned —

QUESTION: Yeah —

MS. PSAKI: — but I don’t have any specific comment —

QUESTION: But did —

QUESTION: But are you suggesting it wasn’t impartial?

MS. PSAKI: I don’t have any more specifics on —

QUESTION: But I – wow. I don’t understand that at all. What does that mean? You believe that – of course you do. But was that – were those standards upheld in this case?

MS. PSAKI: I don’t have anything – any specific comment on the case. I’d point you to the Egyptian Government.

QUESTION: (Inaudible) justice was served? Do you think justice was served in this case?

MS. PSAKI: I don’t have anything specific on the case.

(Read)

The lead story on Egypt in the foreign press was news that Ansar Beit Al Maqdis, Sinai-based Islamist militant group and Daesh affiliate, claimed responsibility on its official Twitter account for the murder of 58 year-old oil worker William Henderson in the Western Desert. Pictures of ID cards posted suggest that Henderson was affiliated with Apache Corporation and its local subsidiary, Qarun. An unidentified Apache employee was killed in Egypt’s Western Desert in an apparent carjacking in August. (Read in USA Today or the WSJ)

The Guardian’s Patrick Kingsley cites an Israeli study warning from the potentially harmful impact of expanding the Suez Canal, says it portends the arrival of swaths of non-indigenous invasive species to the Mediterranean. (You may recall we brought this study up back in October.) (Read)

Remember reports early last month of what the Egyptian Navy said was a Daesh attack on one of its vessels, which left eight seamen missing? The Times of Israel has a report from Israel Channel 2 that fleshes out the story,crediting Egypt with stopping what was meant to be a terror attack on Israel. (Read)

RANDOM FACT

More than EGP 400 mn has been invested in startup-stage companies in Egypt over the past four years, per the brilliant Khaled Ismail (@kismail1959) speaking at Endeavor Egypt (@Endeavoreg) yesterday.

WORTH WATCHING

A soundless drone tour of the ruins of Chernobyl is worth watching this morning as Egypt continues to weigh where nuclear power falls in its energy security policy. (Watch)

ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM

Egyptian Electricity Holding Company to finance October electricity station through a capital increase
Arab Finance | 30 Nov 2014
Minister of Electricity Mohamed Shaker said the general assembly of the Egyptian Electricity Holding Company decided to execute a capital increase to finance the addition of four natural gas feeding units at the October six electricity station. The capital increase will be financed by a EUR 210 mn loan that the company managed to secure from HSBC. (Read in Arabic)

Egypt to export electricity within 5-years — NREA
Youm7 | 30 Nov 2014
The head of Egypt’s New and Renewable Energy Authority, Dr. Salah El-Sobki, said Egypt will be able to meet all local demand for power and export electricity with five years, noting that the government has already implemented several projects to that effect. (Read in Arabic)

Drop in international oil prices helps Egypt’s economy, according to EGPC
Daily News Egypt, Ahram Online | 01 Dec 2014
EGPC chief Tarek El-Molla continues to note that falling oil prices will benefit Egypt as a net importer, adding in this piece that EGPC has no plans to import additional quantities of fuel because it is strapped for foreign exchange. Ahram Online, meanwhile, quite correctly suggests it is unlikely consumers in Egypt will feel the benefit of falling oil prices, even if the state budget surely will. (Read in the Daily News or Ahram Online)

Egyptian Electricity Holding Company to invest EGP 74 bn through 2017
Al Mal | 01 Dec 2014
Minister of Electricity Mohamed Shaker sheds light on the Egyptian Electricity Holding Company’s plans to invest nearly EGP 74 bn in the period from 2012 to 2017. The five-year plan aims to generate 13,200 MW of electricity with 10,950 MW of the output coming from public sector projects and 2,250 MW from projects in partnership with the private sector. (Read in Arabic)

OIL & GAS

Expansion plans tied to progress on repayment of debts according to Petronas and BG
Al Mal | 01 Dec 2014
Petronas and BG will increase their E&P budgets this year to USD 1.3 bn, up from USD 900 mn last year, said an official at their local partner, Rashpetco. The unnamed official said he expected the government to fulfill its promise regarding the repayment of debts to foreign energy companies in the near future. Egypt paid USD 1.5 bn to international producers in October, of which USD 350 mn was allocated to BG. The government is expected to pay another USD 1 bn to IOCs in the very near future. Meanwhile, Rashpetco is continuing with its work to increase gas production to 1.4 bcf daily, up from the current daily rate of 1 bcf. (Print edition only)

Egypt reaches agreement with Dana Gas to revise gas prices according to government source
El Gornal | 30 Nov 2014
An official with Egypt’s oil ministry said an agreement has been reached with Dana Gas to revise the price of gas the company produces in Egypt, adding that the government also promised to pay a significant chunk of its overdue debts to the company in December. The official refused to reveal the new revised gas prices. Dana Gas currently receives USD 2.65 / mbtu. (Read in Arabic)

EOS Petro to expand operations in Egypt’s oil & gas sector
Al Mal | 01 Dec 2014
EOS Petro’s director for the Middle East & Africa region, Yousri Hassan, was quoted on Al Mal saying that his company is considering opportunities to expand its operations in Egypt either through acquisitions or increased participation in concession agreements expected during 2015. Hassan further noted that the oil & gas sector in Egypt is facing difficulties with demand outpacing supply and has urged the [government] to adopt new policies that would see it transform the sector from one that merely attracts foreign investments to one that ventures into foreign markets and thus increasing its supply sources. (Read in Arabic)

BASIC MATERIALS & COMMODITIES

Ministry of Investment considers issuing new iron and cement production licenses
Daily News Egypt | 01 Dec 2014
The Ministry of Investment is now considering issuing new licenses to iron and cement producers to satisfy growing domestic demand, according to Minister of Investment Ashraf Salman. Salman expects Egypt to suffer from a shortage of 30,000 tons of cement by 2020 and will be on the verge of a deficit of iron. GAFI are currently reviewing the ministry’s proposal. (Read)

CEO says no changes to Arabian Cement’s business plans in 2015
Al Borsa | 30 Nov 2014
Arabian Cement CEO Jose Maria Magrina said changes in the local cement market were unlikely in 2015, adding that he expected demand to remain steady. Magrina told Al Borsa that, while there were several large national infrastructure projects, it would take more than one-year to complete the due diligence for said projects, pushing back actual construction work to the following year. On that basis, he doesn’t expect significant changes to local demand or supply in 2015. Magrina forecasted local demand of cement to climb a “minor” 3-5% in 2015. He also said the government is placing restrictions on the import of clinker. Magrina explained that there are 22 cement companies in Egypt with a production capacity of 77 million tons a year, versus a demand for only 52 million tons a year. Magrina also painted a bleak picture of cement exports because of the region’s economic challenges, explaining that his company was instead focusing on projects in different parts of Africa. (Read in Arabic)

MANUFACTURING

Saudi’s CPC to invest USD 100 mn in Sphinx Glass Company in the coming two years
Amwal Al Ghad | 30 Nov 2014
Riad Kiwan, Chief Operating Officer at Saudi Arabia’s Construction Products Holding Company (CPC), announced that the company is planning to inject USD 100 mn in Sphinx Glass Company’s factory within the coming two years in order to double the production capacity to 12,000 tons / day. CPC have recently acquired the full shares of Sphinx Glass Company (which was a subsidiary of Qalaa Holding) for EGP 1.3 bn. (Read in Arabic)

El Sewedy Electric reports a 48% surge in net profits during 9M period
Mubasher | 01 Dec 2014
El Sewedy Electric announced their consolidated financial results for the nine-month period ending 30 Sep 2014, where net profits surged 48% to EGP 333.9 mn against EGP 225.7 mn during the same period last year, while total revenues during the 9M14 amounted to EGP 12.8 bn. (Read in Arabic)

TELECOMS

Telecom Egypt considers divesting from local subsidiaries, seeks investment advice
Al Mal | 01 Dec 2014
A number of investment banks responded to Telecom Egypt’s request for bids to value some of its assets and assess potential investment opportunities. A consortium including EFG Hermes and Lazard is competing against other alliances including one with CI Capital and Perella Weinberg Partners for the deal. TE is considering divesting investments including Vodafone Egypt, Egypt Trust, and its stake in Nokia Siemens Networks, says Al-Mal. (Read in Arabic)

BANKING & FINANCE

Pioneers Holding reports 61.4% rise in 9M14 earnings
Mubasher | 01 Dec 2014
Pioneers Holding announced today its 9M14 consolidated financial statements, reporting EGP 377.3 mn in net profits, a 61.4% rise against EGP 233.8 mn during 9M13. The company reported net profit of EGP 159.4 mn during 3Q14, which represents a 15.4% rise year-on-year against EGP 138.1 mn in 3Q13. (Read in Arabic)

EFSA: EGP 17 bn in additional paid-in capital approved for companies in past 10-months
Mubasher | 01 Dec 2014
Egyptian Financial Supervisory Authority chief Sherif Samy said EFSA approved capital increases of EGP 30 bn for 2,803 companies over the last ten months of the year, of which EGP 16.9 bn was paid-in capital. This was in comparison to an approval of EGP 22.2 bn for 2,419 companies during the same period last year. In a press release, Samy also revealed that the market capitalization of companies listed on the EGX increased by 25.3% from October 2013, reaching EGP 504.23 bn by the end of October of this year. He also noted that the EGX 30 benchmark index rose by 34.4% year-to-date. Lastly the president of EFSA explained that trading of both listed and unlisted securities reached EGP 274 bn as of the end of October, compared to EGP 160 bn in October of 2013, a 72% increase. (Read in Arabic)

TOURISM

Lufthansa, Under Siege in Gulf, to Eke Out Growth in Egypt, Iran
Bloomberg | 1 Dec 2014
The German flag carrier will “switch to a double-daily service between Frankfurt and Cairo next summer and to restore flights from Munich,” Bloomberg reports, as Lufthansa simultaneously cuts service between Abu Dhabi and Frankfurt. (Read)

Saudi tourists to Egypt skyrocket 98%
Saudi Gazette via Albawaba | 1 Dec 2014
The Saudi Gazette provides a recap of recent tourist figures for Egypt, noting that KSA nationals are returning to Egypt in droves. (Read)

OTHER BUSINESS NEWS OF NOTE

Arab Dairy reports EGP 23.9 mn in losses during 9M14
Al-Mal | 01 Dec 2014
Arab Dairy’s board of directors ratified the company’s financial statements for 9M14, reporting net loss of EGP 23.99 mn against EGP 3.28 mn in profits during the same period last year. The company’s total revenues for the period have reached EGP 465.1 mn, against EGP 474.2 mn last year. Global giant Lactalis, KSA’s Arrow and Egypt’s Pioneers Holding are all bidding to acquire Arab Dairy. (Read in Arabic)

Badr Investors Association to establish EGP 200 mn holding company
Amwal Al Ghad | 01 Dec 2014
The chairman of Badr City’s Investors Association, Alaa Al Sakty, announced that the association will establish a holding company with a paid-in capital of EGP 200 mn with the aim of developing the city. The new entity will represent a coalition of some 27 Egyptian companies and businessmen most notable of which include Mohamed Farid Khamis, founder of Oriental Weavers; Safwan Thabet, chairman of Juhayna; and Yousri Qutb, chairman of Universal Group. The holding company will direct its efforts at developing the city’s infrastructure, investing in manufacturing facilities and the build-out of residential homes for the city’s workers and employees. Al Sakty also highlighted that the city will be powered by a 300 MW solar power plant the details of which would be announced once the holding company is established. (Read in Arabic)

Italian-Egyptian consultations on immigration kick off today
Al-Mal | 01 Dec 2014
With the ministers of international cooperation and manpower as well as the Italian ambassador to Cairo attending, Italy and Egypt will kick off consultations today (Tuesday) on immigration policies between the two countries as well as professional development initiatives. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Mubarak’s acquittal triggers questions about the possible return of former NDP members to political life
Al Ahram | 01 Dec 2014
The acquittal of former president Hosni Mubarak is prompting questions and fears about the possible return of members of the dissolved National Democratic Party (NDP) to political life, especially in the next Parliament. Some activists such as Khaled Youssef are calling for the revolutionaries of 25 January and 30 June to unite in the face of a possible return of NDP and Muslim Brotherhood members to political life through parliamentary elections. Others, such as prominent attorney Baha El-Din Abou Shaka, explained that the Egyptian people have enough knowledge and intelligence to refrain from voting for disgraced figures, adding that not all NDP members are corrupt. (Read in Arabic)

Egyptian-Jordanian summit aimed at “fighting terrorism and correcting the image of Islam”
Al Ahram | 01 Dec 2014
President Abdel Fattah El-Sisi welcomed King Abdullah of Jordan, who paid a quick visit to Egypt yesterday. The two leaders discussed ways to fight regional terrorism and work towards building a better image of the Islamic religion, which reflects its true and peaceful teachings. Presidential spokesman Alaa Youssef said both men also discussed ways to solidify bilateral ties and discussed regional issues such as the Syrian conflict and the plight of the Palestinian people. (Read in Arabic)

El-Sisi: The January and June revolutions will forge ahead with building justice, a committee will examine legal changes to combat corruption
Al Ahram | 01 Dec 2014
President Abdel Fattah El-Sisi said Egypt will forge ahead towards building a modern democratic state, founded on the principles of freedom, justice, equality and fighting corruption, according to a statement from the President’s office. In response to the recent acquittal of former president Hosni Mubarak and other ousted officials, the presidential statement explained that the Judiciary is an independent branch of government and that it would not comment on the decision. However, in response to the Court’s request, the President ordered a review of the compensation paid to victims of violence during the January revolution. El-Sisi also ordered a committee tasked with making legislative changes to amend the criminal law to better encompass charges of corruption. (Read in Arabic)

4,325 people are living with HIV / AIDS in Egypt – Minister of Health
Shorouk | 01 Dec 2014
In a speech for world AIDS day, Minister of Health Adel Adawy said 4,325 people in Egypt are living with HIV / AIDS, 82% of whom are male. The numbers mentioned by the minister contradict the figures provided by UNICEF, who have the number at over 11,000. Adawy also discussed the Egyptian government’s initiatives to combat HIV / AIDS and how the ministry is able to provide antiretroviral drugs to those in need. (Read in Arabic)

Egypt and Kuwait sign economic cooperation agreement
Al Borsa | 01 Dec 2014
Egypt’s Minister of Trade and Industry, Mounir Fakhry Abdel Nour, and Kuwait’s Deputy Prime Minister and Minister of Trade and industry, Abdel Mohsen Al Modaag, have signed an economic cooperation agreement between their respective countries aimed at boosting and diversifying trade, in addition to increasing industrial cooperation and facilitating the transfer of technology. The agreement has a five year tenor that is periodically renewed and entails the establishment of a Egyptian-Kuwaiti Cooperation Council with Abdel Nour chairing the council’s first meeting scheduled for this January. (Read in Arabic)

INTERNATIONAL

World Food Programme to suspend aid for 1.7 mn Syrian refugees
Reuters, New York Times | 01 Dec 2014
Fund shortage drove the World Food Programme to suspend its food voucher programme to 1.7 million Syrian refugees in Jordan, Lebanon, Turkey, Iraq, and Egypt. The WFP needs USD 64 mn to be able to sustain their services in December. Rations have already been cut for 4.25 mn people in Syria and with winter setting-in, the WFP suspects that many families will go hungry. (Read inReuters or the New York Times)

You can donate to the WFP on their website here.

ON YOUR WAY OUT

Palm Hills Developments plans to invest EGP 1.7 bn next year; the EGX wanted an explanation of that very welcome news and briefly suspended trading yesterday. (EGX statement and Reuters report)

The court case of Irish Egyptian teenager Ibrahim Halawa, who is on trial in Cairo following protests against the ouster of Mohamed Morsi, was postponed until 6th January. (Read)

The EGX said that Cairo for Oil and Soap Company (COSG) submitted a request to a capital increase to EGP 240 mn from EGP 80 mn. (Read in Arabic in Arab Finance as the disclosure on the EGX website is blank)

If you’re as obsessed with the Nazi era as we are, you’ll want to check out this quick New York Times story on how one of Europe’s more evil creatures appears to have escaped justice: “A leading Nazi hunter said on Monday that Adolf Eichmann’s top lieutenant, long one of the world’s most wanted fugitives, died at least four years ago in Syria, where he had escaped justice and may have advised the government.” Alois Brunner is believed to have sent more than 128,000 human beings to their deaths. (Read)

Given that December has begun: “The cost of six geese-a-laying spiked considerably this year, while most of the items in the carol ‘The Twelve Days of Christmas,’ saw little to no increase, according to the 31st annual PNC Wealth Management Christmas Price Index,” reports the AP. (Check out the AP story or the underlying index)

KEEP CALM and READ ENTERPRISE: Some of our readers using Gmail yesterday were greeted with a warning from Google saying we may have wanted information about you to which we were not entitled. Well, we don’t (and we know a great many of our 1,500+ subscribers on a personal basis, in any case). Google’s algorithms thought we were running what is known as a “phishing” scam — largely based on the fact that we talk rather a lot about money.

If you haven’t done so already, please ask your IT departments to white-list the domains “inktankcommunications.com” and “enterprise.press” and, while they work that out, pass the time by reading how cyber-attacks are traced: The Economist has a nice explainer on one of its blogs, ending on an ominous note with the admission that’s almost impossible to know for certain who is behind such an attack. (Read)

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