Egypt’s solar, renewables in global spotlight. Erdogan repeats terms for normalization of ties with Egypt. Resurrecting Nasr Automotive? EGX names and shames. Mahlab cabinet deeds New Cairo land to Coptic Church. Hellfire missile sale gets approval.

WHAT WE’RE TRACKING TODAY

Guarded optimism seems to be the order of the day in Addis Ababa as Egyptian and Ethiopian officials meet to begin choosing a consultant for the Grand Ethiopian Renaissance Dam, Al-Ahram reports.

It is a holiday long-weekend: Businesses, banks and markets are closed 12-13 April for Coptic Easter and Sham El-Nessim. Now if only that didn’t mean entreaties from one’s mother-in-law to consume fiseekh and ringa…

LAST NIGHT’S TALK SHOWS

Rania Badawy filled in as she usually does on Wednesdays for Amr Adeeb. She wished everyone a Happy Coptic Easter and Sham Nassim and said she would later discuss the Pharaonic origins of some of the traditions observed on its occasion. At this point, Badawy began repeating the sins of Youssef El-Hosseiny from his episode last night, airing questionable findings as factual. The source: studio guest, physician and Egyptology researcher (note the lack of relevant credentials) Dr. Waseem El Sisi. As soon as he began saying that he was waiting on photographic evidence of an ancient hieroglyphic featuring three light bulbs, this guest reviewer was filled with relief that not another second of the program needed to be watched, or reviewed. The embrace of junk science is something of a meme in Egyptian media.

In contrast, Khaled El Hosseiny on ONTV has briefly redeemed himself, featuring another young researcher on his program for the second night in a row. This time, the researcher in question, Nouran Abdel Talab, seemed to be more grounded in the way professional science is conducted. There were no grand promises: she’s simply applying for a UNESCO prize to help continue funding her research. The treatment given to scientific research on tonight’s program was what one hopes will remain going forward. Immediately preceding Hosseiny’s program, ONTV aired a commercial featuring some well-known male actors speaking out against domestic violence against women, in an advertisement endorsed by UN WOMEN, among other organizations.

Khairy Ramadan, filling in as usual for Lamees El Hadidy on CBC Egypt, joined the growing chorus of late-night television hosts speaking out against the rationale behind Egypt’s involvement in Yemen, (Hosseiny did as well at the top of his program tonight; Badawy was lost in an enchanted world with her witch-doctor guest). Ramadan pointed out the absurdity of being involved in a conflict where Egypt is fighting on the same side as the Ikhwan, Al Qaeda and Daesh. He seemed fine for a minute, then nosedived into conspiracy theory.

Later in the program, Ramadan criticized recent calls for the legalization of hashish in the country. He noted with some surprise that veteran liberal politician and founding member of the Democratic Front Party Osama Al-Ghazali Harb had endorsed the idea in a call-in to Wael El Ebrashi’s television program. Ramadan later hosted Harb in his studio, where what transpired next could variously be described as walking the plank, or the forcible re-education of Osama Al-Ghazali Harb.

Ramadan provided two expert guests in the studio to decry hashish’s health effects, [dubiously] citing it as the root cause of the majority of crimes and accidents, and noting that it remains banned in a majority of countries in the world. Of course, after listening to what the young gentlemen had to say, Harb had an on-air change of heart, saying he was wrong for supporting the proposal. In reality, whatever one’s leanings regarding Harb, it’s slightly troubling to watch someone like Harb be paraded out onto Ramadan’s program and basically say ‘Why yes, I never thought of it that way.’ The whole thing is uncomfortable to watch and can be found here: (Watch in Arabic, running time: 1:41)

Tonight’s shows were so dull that it only behooves us to finish out the week by taking a look at a rant by Amr Adeeb against Qatar on his program last night that this guest reviewer missed. No reason; it was just missed. Viewer discretion is advised. (Watch in Arabic, running time: 5:17)

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SPEED ROUND

The Council of Ministers had their weekly meeting yesterday, at which the ministers began acting on their previous decision to allocate state-owned land for national projects. The major decisions included:

• Allocating 78,000 feddans of land in Sinai for the Governorate of Northern Sinai to build an industrial zone on it. (Read in Arabic)
• Allocating a total of 9.2 feddans on which build grain silos in Ismailia. (Read in Arabic)
• Allocating 30 feddans of NUCA-controlled land in New Cairo to an extension to the St. Mark’s Coptic Orthodox Cathedral. (Read in Arabic)
• Allocating land to build an Olympic stadium in Damanhour, Beheira. (Read in Arabic)
• Allocating 18.5 thousand feddans for the expansion of New Aswan. (Read in Arabic)
• Providing EGP 400 mn to continue reimbursing civilians and border areas in Sinai. (Read in Arabic)
• Granting clemency to convicts who wave served part of their prison sentences in celebration of the upcoming Sinai liberation day. (Read in Arabic)

Shell submits an offer for BG Group’s shares: “The Boards of Shell and BG are pleased to announce that they have reached agreement on the terms of a recommended cash and share offer to be made by Shell for the entire issued and to be issued share capital of BG.” For each BG share, shareholders are offered 383 pence in cash and 0.4454 Shell B shares and the deal will leave BG shareholders in owning 19% of the new group formed by merger. The deal is estimated to be worth USD 70 mn. Regarding the impact of the acquisition on combined future operations in Egypt, The National notes that the takeover “would result in a faster pace of asset sales and reduced investment, and Shell’s chief executive was cool on the company’s future in Egypt as the focus turns to more promising projects elsewhere … Asked about the future of the combined group in Egypt, Mr van Beurden said: “In valuation of things we haven’t given it a lot of value in our assessment of the combined company going forward.” (Read)

Meanwhile, FT asks five questions (and answers them) on Shell’s reasoning behind the bid. Were the transaction not sufficient evidence that falling prices continue to shake up the oil and gas industry, Bloombergreports that Apache will sell “its assets [in Australia] to a group of private equity funds managed by Macquarie Capital Group Ltd. and Brookfield Asset Management Inc. for USD 2.1 bn.”

Al-Mal spoke yesterday with c-suite types at the three state-owned oil and gas companies the government is looking to IPO, including MIDOR (looking to raise USD 1.1 bn, proceeds will in part go to a 60% expansion in refining capacity at an investment cost of  about USD 1.4 bn); GasCool (EGP 125.5 mn, with proceeds going in part to finance expansion, including diversification into solar power); and PetroNeel(EGP 50 mn, according to reports, with the process here sounding rather more tentative than at either of the other two companies, if Al-Mal’s roundup is anything to go by). (Read in Arabic)

Sawari Ventures aims to close its USD 50 mn fund by year’s end, chairman and founder Ahmed Al Alfi told Reuters yesterday The fund will invest in clean-tech companies and knowledge-based entrepreneurs in Egypt, Tunisia, and Morocco.

‘As government gets on board, solar prepares to shine in Egypt‘: Reuters has a long (and quite solid) overview of trends shaping the industry that should serve as a good primer for anyone looking to get up to speed, noting: “With new political impetus for energy diversification, Egypt’s leadership is throwing its weight behind a combination of efforts to boost renewable energy generation.” Also worth reading on the subject: Michael Hochberg writes in the Middle East Institute on Egypt’s Energy Potential, highlighting the government’s push for renewables.

Does anyone have a pointy stake and a clove of garlic we could borrow? The notion of reviving production at Nasr Automotive just won’t die. The last car to roll off the production line at the state-owned automobile production line did so in 2009, and there’s a segment in society so enamored of the ‘128 that it needs to resurrect talk every six months or so of setting the “wheel of production” back to work. This time, it’s the Egyptian Federation of Trade Unions that’s apparently leading the charge, Al-Borsa reports, kindly providing a link to its own take-down in August of last year of the feasibility of more ‘128s, ‘133s, Shahins, Polonezs and Floridas being churned out. If the government spends five minutes today thinking about its policy toward the automotive industry, it may want to consider how the unfair trade advantages currently afforded Turkish, Moroccan and European imports will essentially destroy of the domestic automotive assembly industry — and hundreds of thousands of skilled jobs with it — in under a decade.

Travel Daily UK interviews Jason Hilton, deputy MD of UK travel operator Red Sea Holidays:The takeaway: “We believe 2015 will be a good year for tourism in Egypt on the back of political stability and the development of existing and new hotels and resorts.” (Read)

The Russians are coming! Good news for the Egyptian travel industry: The Russian ruble is at its highest level today since December. Notes the WSJ: “‘Of course, clients are very happy when the foreign currency rates decline, even if by a little bit,’ said Yana Starostina, a manager at a travel agency in central Moscow who says customers are now arranging trips to Europe and Egypt.” (And as an aside to cap this little run of tourism news: It appears the Ministry of Trade and Industry has banned the import of foreign-made Egyptian souvenirs — which, frankly, isn’t a bad idea at all from both the ‘tourism experience’ and job-creation points of view, provided we can get our acts together.)

Preliminary approval received for U.S. sale of Hellfire missiles to Egypt: According to a release by the Defense Security Cooperation Agency: “The State Department has made a determination approving a possible Foreign Military Sale to Egypt for AGM-114K/R3 Hellfire II Missiles and associated equipment, parts, training and logistical support for an estimated cost of USD 57 mn … This proposed sale will contribute to the foreign policy and national security of the United States by helping to improve the security of a friendly country that has been and continues to be an important force for political stability and economic progress in the Middle East. Egypt will use the enhanced capability as a deterrent to regional threats and to strengthen its homeland defense.” The Agency on Monday had also announced that Pakistan received approval for “15 Bell AH-1Z Viper attack helicopters, 32 General Electric helicopter engines and 1,000 Hellfire missiles,” asreported by Reuters.

EGX names and shames: The listing committee of the Egyptian Stock Exchange has apparently sent warnings to 67 companies that have yet to submit their FY 2014 financials within the three-month window for release of the same. Al-Mal has the list of the 67 companies here, but we’re taking this report with a grain of salt: At least a half-dozen of the “major” companies listed have indeed released their results, but haven’t yet held AGMs to ratify them.

PHD-MNHD co-development agreement is old news: Al-Mal is running a front-page story on news that Palm Hills Developments and Madinet Nasr Housing and Development signed yesterday a memorandum of understanding to co-develop a 433,643 sqm land plot in East Cairo about 45 km down the Cairo-Suez Road toward the ‘new capital.’ The news was previously announced (and covered by Al-Mal) on 1 April and the details square with previous coverage.

Easter present to Copts from Mahlab: Cabinet has decided to deed 30 feddans of land (presently held by the New Urban Communities Authority) in New Cairo to the Coptic Church, Prime Minister Ibrahim Mahlab said after yesterday’s cabinet meeting. “This place will deliver services to the residents of this district on both the spiritual and material level. It will include a church and buildings for social and educational services. Only one Orthodox church is located in this district and is not enough for the number of residents there,” Father Boulos Halim, spokesman for the Coptic Orthodox Church, told Ahram Online.

Arrest warrant issued for alleged pyramid scheme head: Prosecutors have ordered frozen the assets of Ahmad “El Mesterayyah” Mostafa, the alleged orchestrator of a large-scale pyramid scheme in Upper Egypt on which we reported this past Tuesday, who is now actively being sought on an arrest warrant, Egypt Independent reports in a translation of a story from its parent edition Al-Masry Al-Youm.

Indian ambassador Navdeep Suri (@navdeepsuri; personal bio) said goodbye to Cairo yesterday, capping his second posting to Egypt (the first was more than 25 years ago), during which he reinvigorated ties between India and the Arab world’s most populous nation. Suri is to become High Commissioner to Australia (what Commonwealth types call one another’s ambassadors to other Commonwealth nations).

Don’t let the overly dramatic headline from Huffington Post (or the fact that something is being referenced from the Huffington Post) distract you from the interesting focus of the article itself: a new visually-friendly website named Mwazna [Budget] that aims to help Egyptians understand where their money is going. Mwazna is the brainchild of Amr Sobhy and Tarek Amr, the team that brought usMorsiMeter, which many of us used to troll people with (and which is still online by the way).

Turkish truckers find alternative routes through Iran, Egypt as roll-on-roll-off ports agreement expires: “Turkish logistics companies will use the trans-Iran route instead of crossing through Egypt on their way to the Gulf states as of April 23, International Transporters Association CEO, Fatih Sener said on Tuesday,” as reported by The Journal of Turkish Weekly on Wednesday. The exact date as given in the article still seems to fluctuate from story to story but the agreement is set to expire around sometime in the third week of this month.

The United States remained the world’s top producer of hydrocarbons in 2014, according to U.S. Energy Information Administration estimates. While U.S. hydrocarbon production over the past several years is attributed to its success at exploiting tight oil formations and shale gas, Russia’s production fell on weak economic growth in Europe and reduced demand for gas. Saudi Arabia’s production remained virtually unchanged from 2013.

Yemen Updates: Al Qaeda has offered a bounty for the capture, dead or alive, of the leader of the Houthi rebels Abdulmalik al-Huthi and former Yemeni president Ali Abdullah Saleh for 20 kg of gold apiece, or roughly USD 7.8 mn, as reported by the AFP. With regard to the Egyptian media, as noted above in the talk show reviews, a number of television hosts have started to speak out against the campaign, arguing that Egypt has always endorsed political solutions to conflicts embroiling the region. The number of Egyptians evacuated from Yemen has reached 1,000 nationals, according to the MFA as reported by Aswat Masriya. Despite ongoing street battles between Houthi rebels and Hadi loyalists in the second city of Aden, the first batch of medical aid arrived by boat, consisting of 2.5 tons of medical aid. Finally, UAE foreign minister Sheikh Abdullah bin Zayed Al-Nahyan said on Wednesday that the landing of ground troops in Yemen would only proceed with the permission of Yemen’s legitimate President Abedrabbo Mansour Hadi.

Meanwhile, the situation is only escalating, following reports that Iran sent a destroyer and another ship to the Bab al-Mandab strait on Wednesday for what it calls “an anti-piracy campaign,” theAP is reporting. The same piece notes that “Iranian Parliament Speaker Ali Larijani condemned the Saudi government, accusing it of committing crimes against humanity in Yemen,” as well as pointing out the Pakistani parliament is still apparently deliberating on the response to Saudi’s request to send their country’s troops to Yemen.

Opposition politicians and media in Turkey are highly critical and skeptical of what role Turkey can play in any possible mediation between Iran and the Arab states, despite Erdogan’s recent visit to the Islamic Republic on Tuesday. Speaking of Erdogan, after saying that he aims to double trade with Iran, which as noted above, would include using Iran as an alternate route to Egypt for its truckers after Ankara’s ro ro agreement with Egypt expires this month, Erdogan repeated his insane and impossible demands for rapprochement with Cairo. They include the release of Morsi, the release of all “political prisoners,” the stay of executions for such cases, and the lifting of bans on Ikhwan and all Islamist political parties.

Apple Watch reviews are out, and it seems the herd is impressed. The killer feature? It seems as simple as not having to pull your iPhone (5 or later) out of your pocket to see who just messaged you or who’s calling. That, and the Health function. Re/code (run by the folks who used to lead personal tech coverage at the Wall Street Journal) has an exhaustive review after a one-week trial; the Journal itself declares “if you can tolerate its flaws, you can wear the future on your wrist and keep your iPhone in your pocket.” You can pre-order the watch in the U.S., Canada and the U.K. starting tomorrow for April 24 delivery.

NASA posted another one of those great pictures of Cairo at night taken from the International Space Station.

** Save us from the tyranny of the calendar: Name the New Capital. Enterprise has opened nominations for naming the newly proposed administrative capital, as we’ve nearly exhausted the calendar while naming the rest of Egypt. In fact, a calendar-based name would be just about the only thing worse than calling it The Capital Cairo.  The best nominations will be shortlisted and put up for a straw poll on our website soon. We’ll keep nominations open until next week — 16 April, to be exact. Shoot us your suggestions on editorial@enterprise.press with the subject line #downwiththecalendar. (h/t Hassan B. for the contest idea and Hussein B. for the hashtag).

***
A MESSAGE FROM PHAROS HOLDING

Pharos Holding Named 5th Best Brokerage House in Egypt by Traded Volume
Pharos Holding is pleased to announce that its securities arm ranked among the top brokerage houses in Egypt this month, according to a press release from the Egyptian Stock Exchange. The firm came in fifth in terms of value traded in its main market Egypt, with transactions totaling EGP 1.5 bn and a volume of 138.5 mn shares — representing 4.6% of the total value traded. Pharos Holding also came in at first place in terms of transactions executed by Gulf Arabs, with a total traded value of EGP 289 mn and a volume of 23.8 mn shares — representing 17.04% of total traded by Arab investors.

To learn more about Pharos Holding, please visit our website.
***

WORTH WATCHING

Comedian Benjamin Apple’s 12-episode web miniseries Cubed thrives on deadpan and introversion. The following are the best two episodes, each about a little over a minute in length:

Diana Has Something (Watch, running time: 0:57)

I Had A Dream About You. “Hey I had a dream about you last night.” “Really?” “Yeah, well it was you. But it didn’t quite look like you…” (Watch, running time: 1:14)

He also has a short piece on fictional social network Jynx, which sounds like it’s custom-tailored to Egyptians: “A new Facebook alternative that only connects you with people who share all your opinions.” (Watch, running time: 1:31)

EGYPT IN THE NEWS

The lead story on Egypt in the foreign press this morning is news of a string of attacks in North Sinai on Wednesday that has claimed the lives of 11 civilians and 2 soldiers from RPG fire in in three separate attacks spread across Sheikh Zuweid and Al Arish, the AP is reporting, citing security officials.

Patrick Werr compellingly argues in The National that ‘Egypt must turn to SMEs for job creation, and beyond mere rhetoric, he specifically calls out the difficulty that entrepreneurial hopefuls face when trying to access SME financing set aside by the government and banks.

‘Egypt to try another 379 Brotherhood members over sit-in violence’: The accused are being charged of violence and vandalism stemming from the Rabaa dispersal. (Global Post)

Brian Dooley in Defense One argues against the recently released executive hold on military aid to Egypt, on the basis of criticisms of Egypt’s human rights record. (Read)

ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM

Q4 fuel subsidy bill estimated to cost EGP 15-20 bn
Al Mal | 07 April 2015
The cost of subsidizing fuel subsidies is estimated to come at EGP 15-20 bn in the fourth quarter of FY 2014/15, a source at EGPC told Al Borsa. The source added that if the international energy prices remain at their current low levels, the government will be able to register the promised savings and having the fuel subsidy bill come at EGP 70-75 bn. (Read in Arabic)

Siemens in negotiations with local partners to participate in power station project
Al Mal | 08 April 2015
Siemens are negotiating with local companies to partner with it in the proposed EUR 6 bn 4,400 MW power station project in Beni Suef, a source at the Ministry of Electricity told Al Mal. Siemens is in talks with El Sewedy, OCI, and Hassan Allam Holding. If an agreement is reached, the source tells Al Mal that El Sewedy will be tasked with the electric works as well as providing the cables, OCI will be doing the construction, and Hassan Allam will be assigned the civil engineering tasks and providing switchboards. Siemens expects to begin construction in two months. (Read in Arabic)

BASIC MATERIALS & COMMODITIES

Centamin gold production up y-o-y, down q-o-q at Sukari mine
Company Statement | 08 April 2015
Total gold production for the quarter ending 31 March was 108,233 ounces, a 46% increase on 1Q2014 and 16% lower than 4Q2014, the company said, noting this was in line with expectations: “As foreshadowed in previous announcements, a reduction in quarterly production rates was expected during the first half of 2015 as mining progresses through the upper portions of the next stage of open pit development. Plant productivity for the quarter remained at around the 10Mtpa nameplate capacity rate and there remains scope for further increases in throughput during the coming quarters as optimization continues. The operation is well placed to meet our full year forecast of 420,000 ounces…” (Read)

Supplies ministry seeks financing from Afrexim Bank
Al Borsa | 08 April 2015
The Ministry of Supplies is negotiating with Afrexim Bank financing the ministry’s projects to enhance domestic trade and support exports from companies affiliated with the Food Industries Holdings Company. The ministry aims to secure part of the USD 500 mn in financing pledged to Egypt by the bank. Representatives from Afrexim bank said opening up markets for domestic food manufacturers was discussed along with encouraging investments in Africa. (Read in Arabic)

Science and Technology Fund agrees to finance zeolites project
Al Borsa | 08 April 2015
According to the President of the Petroleum Research Institute, Egypt’s Science and Technology Development Fund has agreed to finance a EGP 2.2 mn project for the production of zeolites, a water-trapping mineral. The project, according to the source, will advance the development of Egypt’s petrochemicals industry. (Read in Arabic)

TELECOMS & ICT

TE signs EGP 200 mn deals with HitekNOFAL
Al Borsa | 08 April 2015
Telecom Egypt (TE) signed three deals with cable manufacturer HitekNOFAL worth EGP 200 mn. The deal involves the installation of fiber-optic cables to: replace copper wires to allow for high-speed internet connections and replacing phone lines. The third deal involves the sale of cable-maintenance equipment. This comes as part of TE’s drive to improve the quality of the service provided as it targets providing four mn clients with fiber-optic connectivity before the end of the year. (Read in Arabic)

Mobile operators updated the data for 29 mn lines
Al Borsa | 08 April 2015
Mobile operators have completed updating the information for 29 mn lines that had incomplete data, a source at NTRA said. Updating the entire client database will be complete before the end of 2015, NTRA said. The source added that NTRA will continue to monitor the database of mobile clients to ensure that all mobile phone numbers are registered with complete user data. (Read in Arabic)

BANKING & FINANCE

QNB aims to expand leasing activities by 62% this year
Al Mal | 08 April 2015
QNB aims to expand leasing activities in Egypt by 62% in 2015. The bank is targeting having its leasing business reach EGP 1.5 bn by year’s end. Longer term plans for QNB target having the size of the leasing business reach EGP 3-4 bn within the next three years. Al Mal notes that QNB had 13% of the leasing market in 2014 at EGP 925.78 mn. (Read in Arabic)

OTHER BUSINESS NEWS OF NOTE

Operations at Ain Sokhna Port on hold due to weather conditions.
Al Mal | 08 April 2015
Operations at the Ain Sokhna Port were shut down yesterday, Al Mal reports citing the Red Sea Ports Authority. Wind speeds went over 16 knots and visibility dropped to dangerously low levels the port authority spokesperson said. The Höegh Gallant FSRU is docked at the port and was supposed to being regasification within the next ten days. (Read in Arabic)

PM Mahlab to inaugurate Second Arab Food and Drugs Conference
Al Masry Al Youm| 08 April 2015
PM Ibrahim Mahlab will inaugurate the Second Arab Food and Drugs Conference on Saturday, 11 April  in Sharm El Sheikh. Delegations from 30 countries are set to attend. According to its website, “ the conference aims at promoting the joint Arab efforts to achieve assessed food and drug safety.” (Read in Arabic)

EGYPT POLITICS + ECONOMICS

State mployees entitled to pay if leave requests are denied – Planning Ministry
Al Borsa | 08 April 2015
State employees who are denied leave are entitled to pay from their employers, the Minister of Planning explained as part of the new civil service law. Such payments are to be made three years after the year for which the leave was refused. The minister also outlined that employees with disabilities are entitled to 45 days of leave annually. (Read in Arabic)

Imports to the Port Said Free Zone have duties reduced by 25%
Amwal Al Ghad | 08 April 2015
Import duties on goods in the Port Said Free Zone will have duties reduced by 25%, agreed PM Mahlab, following a request from the Minister of Trade and Industry. The allowances also include a wavering of EGP 200 in taxes per person every six months for purchases from the free zone. The PM has also issued orders to increase the investment provisions in Port Said by EGP 200 mn. (Read in Arabic)

ON YOUR WAY OUT

Egypt’s road to 2017 Africa Cup winds through Nigeria: Quoth the football oracles at Ahram Online: “Egypt are likely to battle it out with Nigeria for a place at the 2017 African Cup of Nations after both sides were paired in G of the qualifiers as the draw was held in Cairo on Wednesday. The group also includes minnows Chad and Tanzania. The winners of the 13 groups will directly qualify for the 2017 Nations Cup finals in Gabon along with the best two second-placed teams. Egypt will start their qualifying campaign away to Tanzania in mid-June before playing Chad on the road in September. They then host Nigeria in March 2016.” (Read)

Alexandria Governor Hany El Messiri has inaugurated the upgraded Mostafa Kamel power station in Egypt’s second city and, apparently, also signed off on repairs of Al-Raml tramline to better serve commuters. (Read in Arabic)

Shakeup in Maspero? During what Al-Mal characterized as a “recent meeting with employees” at state broadcast organization Egyptian Radio and Television Union (ERTU), Prime Minister Ibrahim Mahlab reportedly said that he had approved a financial and administrative restructuring plan drawn-up by the Planning Ministry. Its goal: to make Maspero more efficient and less of a drain on state coffers. In light of the paucity of details, employees are apparently concerned about their job security. (Read in Arabic)

The Tunisia Investment Forum (TIF) 2015 will take place this year from 11-12 June at El Mouradi Gammarth Hotel, Tunis under the theme: “Invest in Tunisia, Join the Growing Success”. View the event’s official website here.

CIT Minister Khaled Negm has called for an Arab alliance to fight cyber terrorism in the region.

Following news on Monday that the United States Postal Service was one day away from the release of a stamp commemorating late poet Maya Angelou, The Washington Post discovered that the quotation appearing on her stamp and attributed to her was never actually spoken or written by Angelou. On Tuesday, Mike Scollins of Funny or Die posted some really good spoofs of the misattribution — at least among the first half.

BY THE NUMBERS

USD CBE auction (Wednesday, 08 April): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Wednesday, 08 April): (7.65 +0.01 from Tuesday, 07 April)

EGX30 (Wednesday): 8,788.90 (+0.83%)
Turnover: EGP 687.5 mn (22% above the 90-day average)

WTI: USD 51.04 (+1.23%)
Brent: USD 56.18 (+1.13%)

TASI: 8,851.8 (+0.6%)
ADX: 4,572.6 (+0.3%)
DFM: 3,761.2 (-0.4%)
KSE Weighted Index: 427.5 (+0.3%)
QE: 11,947.5 (+1.0%)
MSM: 6,277.9 (-0.3%)