Ousted TE chief speaks. Egypt will miss 2020 renewable targets. EGX moving to next-day settlement. No new banking licenses. Four more IPOs in 2H2015. Rights commission: 2,600 killed following Morsi’s ouster. Don’t make Morsi a ‘martyr’

WHAT WE’RE TRACKING THIS WEEK

The preliminary death sentence against former president Mohamed Morsi for his role in the Wadi Natroun prison break of 2011 could be confirmed on tomorrow (Tuesday, 2 June).

President Abdel Fattah El Sisi will visit Germany on Wednesday for talks with German Chancellor Angela Merkel. El Sisi will also meet with German President Joachim Gauck and Foreign Minister Frank-Walter Steinmeier.

Also Wednesday: The HSBC / Markit Economics PMIs for Egypt, the UAE and Saudi Arabia will drop at 7:30am CLT. The files will be available here in pdf at the appointed hour.

Conferences of note taking place this week include:

• SPE Oil and Gas Fields with Challenging Economics, Tuesday-Wednesday, 02-03 June, JW Marriott, Cairo.
• 6th OPEC International Seminar, Wednesday-Thursday, 03-04 June, Vienna

LAST NIGHT’S TALK SHOWS

Former Al Kahera Wel Nas TV presenter Islam El Beheiry was once again the topic of discussion on the talk shows after he was sentenced to five years in prison late at night on Saturday on charges of blasphemy. “There are 49 lawsuits currently filed against me,” El Beheiry told Lamees El Hadidy via telephone. “This is just the verdict on one of those cases filed by a Salafi lawyer; this was not one of the Azhar lawsuits.”

Asked what his next move would be, El Beheiry said that he would definitely appeal.

“Many of the people who are talking about my show now haven’t actually seen it. In any case I will be back on air again soon” — he didn’t specify when or where — “If you don’t like me and you don’t like what I have to say, it’s very simple: just don’t watch my show,” said El Beheiry.

Abdallah El Naggar, a prominent member of Al Azhar’s Islamic Research Center, came in with a very angry and bitter phone call in which he called El Beheiry rude, conceited and ignorant. “He has completely destroyed our heritage.”

“But is the solution to fight him in court or engage him in a public dialogue on the issues in which you feel he is misinformed,” asked El Hadidy. “Maybe its about time that bring these issues to the forefront with some public debate and discussion.”

“He has to respect the religious authorities,” El Naggar retorted. “These are accomplished scholars we’re talking about. How can we discuss anything with a person like him? His opinions are not based on any academic research. He is just seeking to destroy. I’ve never seen anyone so arrogant, he is even disrespecting the feelings of his audience.”

“I had hoped for a more constructive discussion. Instead of throwing insults back and forth, I wanted Azhar to present a convincing counterargument,” said El Hadidy.

Amr Adeeb came in on the same subject, saying, “I would really like to live to see the day when we no longer imprison people simply for voicing their opinions. Even a thousand years ago in Islam, this sort of thing never happened. If Islam El Beheiry, walks into the Dutch Embassy in Zamalek right now and tells them his story, they will give him a Dutch passport on the spot.”

Adeeb aired photos of released Egyptian-American prisoner Mohamed Soltan kissing the ground in the airport upon his return to the U.S. “It was a good move politically to send him home to Obama. Good riddance,” said Adeeb.

Adeeb also commented on the in-progress demolition of the NDP building in Tahrir.  ”As we all know this is prime real estate, one of the most expensive pieces of land in Cairo, so why are we turning it into a public park? If the proper investments are made this land could provide some much needed income for the state. The money can be used for a good cause such as the rehabilitation of informal settlements. I have nothing against public parks, but they can be made anywhere. I will stay with this issue until someone hears us because I feel really strongly about it.”

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SPEED ROUND

The fallout from the state-led shakeup of Telecom Egypt’s leadership is still making news.Former CEO Mohamed El Nawawy said he was relieved of his duties because he refused to lower the prices charged to companies using TE’s internet infrastructure. El Nawawy said it made no financial sense to change the terms of an agreement signed three months earlier. The former CEO said TE is expected to go forward on three issues that will reduce its profitability: delaying obtaining a mobile operator license, reducing the prices charged for its internet infrastructure, and losing control of the national telecommunications infrastructure entity being created. For his part, CIT Minister Khaled Negm said the reshuffle is in the national interest. The NTRA said it will complete its assessment of reducing internet prices this week. Negm added that there were no complaints of financial misconduct on TE’s board. Negm, citing market saturation, also said TE will not be allowed to acquire a mobile operator license until 4G licenses are implemented. The company, meanwhile, denied it is planning on splitting the company into two entities, according a statement sent to EGX. Mohamed Salem, TE’s new Chairman added that the decision regarding the potential share buyback will be taken this week.

Car manufacturers stake hopes on gov’t protection… Picking up where we left off with this story last month, Aswat Masriya reports that Mercedes’ exit from the Egyptian car assembly market has spooked assemblers who believe the full implementation of a trade liberalization agreement with Europe by 2019 will see the end of the domestic industry due to customs advantages afforded European models. Full implementation would undoubtedly lead imports to be cheaper than domestically assembled models, according to Mena Sadek, Chief Investments Officer at GB Auto. Industry leaders have opened talks with the government to discuss ways of protecting the domestic manufacturing and assembly industries and the jobs they create.

…and Korean car brands may have received a boost: Korean automobile manufacturers appeared to gain ground yesterday in their struggle for tariff competitiveness with European models. A high-level delegation from Hyundai held separate meetings yesterday with both President Abdel Fattah El Sisi and Prime Minister Ibrahim Mahlab, and potential trade talks appear to have figured in both meetings. At the meeting with El Sisi, the Korean delegation discussed the importance of economic ties with Egypt and praised the “tremendous strides” the government has taken to ensure security and an attractive investment climate, which they asserted was among the most attractive in the region. El-Sisi pointed to the numerous opportunities available to Korean companies in a variety of different sectors and outlined how the Egyptian labor force is competitive and qualified, according to media reports. Mahlab was joined by his ministers of industry and of transportation for the Hyundai meeting. Talks covered the potential for tariff reductions; investment opportunities; and Egypt’s interest in Korean vocational and technical training, according to the official readout on the meeting from the prime minister’s office. The Korean ambassador and head of the Korean-Egyptian Friendship Council attended the meetings.

EGX to move to next-day settlement soon -Omran: The EGX chairman made the comments directly to Reuters on Sunday, saying that the bourse “will issue a decision in June to activate this mechanism.” Reuters notes that “moving to next-day settlement could increase trading activity in the market by making money flow faster, and by shortening the time that trades are unsettled, reduce [sic] counterparty risks.” In response to rumors that Egypt may be dropped from MSCI’s emerging markets index, Omran said “MSCI has not sent us anything about exiting their emerging markets index,” Omran said. (Read)

Egypt will miss 2020 renewable energy target: The nation will fall short of its stated target of generating 20% of its electricity from renewable sources by 2020, an unnamed source the New and Renewable Energy Authority told Al-Mal. The brief article notes that renewable energy accounts for barely 1% of total generation today. With projects under the new feed-in tariff unlikely to begin before mid-2016, the source says, Egypt will fall short of its stated target.

ICYMI: The future’s so bright, you’ve gotta wear shades. Speaking of solar, the technology has become dazzlingly cheap for new plants, energy scholar Robin Mills notes in the National, saying: “Recent bids in Jordan confirmed last year’s results from Dubai — solar is now cheaper than gas-fired power in this region, with major implications for energy strategies.” (Read, or check out the 1986 music video)

CBE won’t grant new banking licenses: Rehashing what has been common wisdom since the nearly 10-year reign of Farouk El-Okda as central bank governor, Al-Masry Al-Youm cites an unnamed official as noting the Central Bank of Egypt steadfastly refuses to issue new banking licenses. Despite “notable interest” from regional banks interested in acquiring a license in Egypt, the paper says, the CBE will only allow new entrants into the market via acquisitions that add value to the sector. The placement of the story is certain to raise speculation that a message is being sent to a would-be applicant.

Electrolux inaugurates stove factory: Electrolux inaugurated its Tenth of Ramadan stove factory, the latest move in its domestic expansion plans. The company will use Egypt as a hub to manufacture for export to both African and Arab markets; the new plant will create up to 1,000 jobs, Al-Shorouk says.

EGX chief expects four IPOs in 2H2015: The Egyptian Stock Exchange is targeting three to four IPOs in 2H2015, bourse Chairman Mohamed Omran reiterated. Omran says Emaar Misr awaits the EFSA’s approvals to begin the listing process and the EGX could allow it to begin using its OPR as early as this week. Emaar Misr plans to list 13% of its shares in June, Amwal Al Ghad says. Al-Borsa, for its part, says that EFSA has given the green light to Emaar Misr’s upcoming IPO, which it says is expected to raise about EGP 2.8 bn through the issuance with 600 mn new shares, will skew 85% toward institutional investors, with the retail tranche set to cover the remaining 15%.

The Religious Endowments Minister said it is currently considering selling its minority stake in Bisco Misr, Al Borsa reported. The Ministry controls 5.1% of the company’s shares.

Reuters special report: Egypt deploys scholars to teach moderate Islam, but skepticism abounds: Reuters featured an in-depth article on its landing page on Sunday and going into Monday morning, opening with reference to President El Sisi’s address to Al Azhar earlier this year, noting: “Surprised by the president’s bluntness, the scholars went “white as sheets,” some of those in the audience told a Western official … In that struggle [against radical Islamists] the Al-Azhar institution is one of the most important fronts for Sisi – and for the wider region. The outcome of the struggle in Egypt, the intellectual and cultural capital of the Arab world, has ramifications far beyond its borders.” (Read)

Arabian Cement Company announces loan rescheduling agreement with NBE: Arabian Cement Company has rescheduled its loan installments to NBE on two loans: one for USD 149 mn and another for USD 142 mn, according to an emailed release on Sunday. The new terms of the loans will see their repayment over four years instead of the originally planned two years. The release notes that the “debt rescheduling was undertaken to improve the financial structure of the company.”

Prominent lawyer and revolutionary socialist activist Mahienour el-Masry was handed a 15-month prison sentence on Sunday on “charges of assaulting police officers, raiding and sabotaging an Alexandria police station,” as reported by the Cairo Post. A group of Alexandria-based lawyers have issued a statement in support of Mahienour and have announced a sit-in protest. Commentary: Without commenting on the sentencing or the trial, and with the caveat that we here at Enterprise are not usually very sympathetic to either socialism or public protest (or to most people or things for that matter): Published accounts of Mahienour see her come across as a tirelessly empathetic and selfless individual who has dedicated herself to improving her city of Alexandria and the lives of its residents. For more on her story, see Amro Ali’s piece published in Mada Masr nearly a year ago: Run, Mahienour, Run.

Human rights commission report — 2,600 killed in 18 months following Morsi’s removal:Nearly half of that number is ascribed to Morsi supporters, the AP notes. The figure also includes the death of 700 policemen, according to Mohammed Fayeq, head of the National Council for Human Rights speaking to reporters on Sunday. (Read)

Egypt has signed agreements with Saudi Arabia, Oman and Luxembourg to avoid double taxation, Al-Borsa reports.

The Carnegie Endowment created an infographic showing estimates of greenhouse gas emissions (GHG) for each grade of oil throughout the oil supply chain — from upstream extraction to midstream refining to downstream end use. The Kazakhstan Tengiz produces the least amount of GHG whereas the Canada Heavy Sour SCO emits the most. The Oil-Climate Index can be viewed here.

CORRECTION: A story in yesterday’s Real Estate roundup misidentified the company involved in a dispute with the Mahlab government over 26,000 feddans of land in Ayat, Giza. It is the Egyptian Kuwait Company, not Egypt Kuwait Holdings (EK Holdings). We regret the error; apologies to our friends at EK Holding.

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WORTH READING

“He was then a brilliant young mathematician who saw some interesting theoretical problems in a new field and solved them. But one thing led to another, and it was he, rather than von Neumann, who ended up as an intellectual celebrity, the subject of a Hollywood movie.” The New Yorker explains how, despite being a pure mathematician, John Nash’s name became heard in more economics classes than any other economist in “The Triumph (and Failure) of John Nash’s Game Theory“

WORTH WATCHING

The Economist’s video on possible solutions to the problem of invasive marine species due to the Suez expansion: Scientists worry that more Red-Sea creatures will make their way into the Mediterranean, an issue on which we reported last fall. “Egypt said it will take ‘adequate measures’ to limit the passage of invasive species, but what that entails still remains unclear.” (Watch, running time: 2:00).

DIPLOMACY

Saudi, Egypt downplay reports of discord over Syria: The AP manages to get conflicting statements from Saudi foreign minister Adel al-Jubeir and Foreign Minister Sameh Shoukry with regard to the nature of Egypt’s diplomatic dialogue with Russia on Syria: Shoukry said his government is working with the Russians to convince the Syrian government “of the need to take part in the political process along with different oppositions” supported by Russia, Egypt and Saudi Arabia. He added: “We don’t have to necessarily agree completely with the framework or the output.” Highlighting the divergence, al-Jubeir said the contacts with Moscow are primarily to “convince Russia to give up on Bashar or to exert efforts or use influence in Syria to convince Bashar to give up power as soon as possible.” Cairo will host a meeting of non-Islamist Syrian opposition groups next week. (Read)

EGYPT IN THE NEWS

The lead story on Egypt in the foreign press on Monday morning is news of the demolition of the burnt-out remains of the NDP headquarters, which began on Sunday in Tahrir, as reported by the BBC, Fox News, andXinhua, among others. As liberals and leftists around offices in Cairo shook their heads and took to Twitter to decry the erasure of the last icon of the 2011 revolt, some of us instead may have felt like saying this to some of our colleagues.

Egypt should not make a martyr of Mohamed Morsi -Al Jazeera America op-ed: Buried in an otherwise ordinary op-ed published by Mohamad Bazzi for Al Jazeera America calling upon the Mufti to give an advisory opinion against Morsi receiving the death penalty, the author makes note of an often overlooked but significant point that has only been sporadically raised elsewhere: most pundits spew the same tired argument that Morsi’s appeals can drag on for years. However, Morsi has thus far refused to recognize the court’s legitimacy. If he were to maintain this stance, this would call into question if he would actually lodge such an appeal, accelerating the date of any potential execution. (Read)

Social Media- In protest of President El Sisi’s upcoming visit to Germany, the Ikhwan are participating in aThunderclap campaign, (setting aside that ‘Thunderclap’ sounds like a colorful euphemism for passing gas) whereas if a targeted number of 100 supporters sign up, the Thunderclap website will simultaneously post on behalf of those who signed up a message in English and German against the President. Meanwhile, far-right French politician Marine le Pen spoke in support of President El Sisi, and tweeted images of her meeting with Pope Tawadros during her visit in Cairo.

ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM

Minister inaugurates production unit at the Attaqa power station
Al Borsa | 31 May 2015
Production from the Attaqa power station commenced with Electricity Minister Mohamed Shaker inaugurated a 160 MW production unit. The unit was completed three days ahead of schedule, Shaker said. In total, the power station will contain four units producing 640 MW. The remaining units are set to be inaugurated in June and July. (Read in Arabic)

OIL & GAS

SFD and Oil Ministry to fund EGP 20 mn projects to have cars run on natural gas
Al Borsa | 31 May 2015
The Social Fund for Development (SFD) and the Oil Ministry signed an EGP 10 mn agreement to finance a project that will allow 2,000 cars to run on natural gas instead of diesel. In total, 21,500 vehicles have been switched to gas at a cost of EGP 107 mn. The SFD also signed an EGP 10 mn deal with Cargas to finance 50 projects to dispense BP Visco motor oils for cars that have been converted to run on gas. (Read in Arabic)

Dana Gas says Egypt is repaying debts
Veto Gate | 29 May 2015
Debt repayment is going as promised, Dana Gas said. The company has begun implementing the new projects pledged at the EEDC, a company executive told Veto. This followed the repayment of part of Dana Gas’ debt by EGPC, with representatives from Dana Gas expressing no concerns about Egypt’s commitment to repay what is owed to the company. (Read in Arabic)

Apache participates in establishing girl-friendly schools
The Cairo Post | 28 May 2015
1,162 girl-friendly schools have been established since 2003 to bring dropouts back to the education system, population minister Hala Youssef said. This is part of an initiative to reduce the educational attainment gap between males and females with Youssef announcing that the Education Ministry signed an MoU with the National Council for Childhood and Motherhood (NCCM) for that aim. The Cairo Post also noted that in addition to renovating 14 schools in Fayoum, Apache Corporation signed a cooperation protocol with the NCCM to provide technical and medical support. (Read)

BASIC MATERIALS & COMMODITIES

Egyptian investors to be given priority in Somalia -Somali agriculture minister
Al Borsa | 31 May 2015
The Somali parliament is set to pass measures facilitating Arab and African investments in Somalia. Somalia’s Minister of Livestock and Pastures Said Hussein Iid said investments from Egypt in particular will be prioritized. The minister said there is significant room for expansion of Egyptian-Somali cooperation, and said investors should start making use of the investment opportunities budding in Somalia. (Read in Arabic)

MANUFACTURING

NCEM needs to repay EGP 720 mn in order for gas supplies to resume, EGAS says
Youm7 | 31 May 2015
The National Cement Company (NCEM) needs to repay EGP 720 mn in overdue cheques in order for gas supplies to resume, EGAS said. EGAS is also asking NCEM for a 10% payment of the company’s EGP 850 mn debt. Around EGP 1 bn was spent refurbishing the factory recently, Youm7 was informed. A representative from NCEM said the company is refusing to bear the full cost of the EGP 720 mn debt as it was accrued by the former board of directors. Instead, NCEM is offering to repay it on regular installments. (Read in Arabic)

HEALTHCARE

Samsung Egypt help provide ultrasound equipment and training to Egyptian doctors
Al Borsa | 31 May 2015
Samsung Electronics Egypt launched its second Samsung SONO School in Egypt in Alexandria and under the auspices of the Ministry of Health and in collaboration with the Alexandria Center for Women’s Health & Development. The schools, which are part of Samsung’s CSR initiatives in the region, will supply the center with the latest diagnostic sonography machine equipped with cutting-edge ultrasound technology and providing the staff and doctors there with the training and assistance required to operate them. (Read in Arabic)

TOURISM

Ruble’s devaluation had minimal impact of Russian tourism to Egypt -Egypt tourism minister
Sputnik | 30 May 2015
The ruble’s devaluation “barely stemmed the flow of Russian tourists to Egypt,” Khaled Ramy, the Tourism Minister, told Sputnik. 833,000 Russians visited Egypt during 1Q2015, only a 13% y-o-y decrease compared to a projected 35-40% drop, Ramy said. In 2014, three mn Russian tourists visited Egypt, but still, Ramy says the CBE cannot allow the use of ruble in Egypt at present, despite having the idea floated earlier this year. The Minister “unveiled plans to introduce religious tours to Christian holy places, classical Egypt tours, as well as desert, spa and golf tours,” Sputnik reported. (Read)

EgyptAir exempts domestic tour operators from Umrah booking changing fees
Al Borsa | 30 May 2015
EgyptAir announced it is exempting domestic tour operators from booking changing fees during the current Umrah season. EgyptAir says it is taking this step to support the domestic industry after visas for Umrahs during the month of Shaaban were put to a halt. The value of cancelled bookings will be stored on the company’s accounts and could be used for other bookings in the future, EgyptAir said. (Read in Arabic)

TELECOMS & ICT

Egypt to create satellite assembly plant using Chinese funding
Al Mal | 31 May 2015
Egypt will create a satellite assembly and testing plant using a grant from China, the Scientific Research Minister said. He expects relations on scientific issues between the two countries to increase notably in the upcoming period. The Minister added that the government is participating with China to finance a renewable energy research centre in Sohag to the tune of USD 2 mn. The Chinese Ambassador to Cairo expressed his aim for stronger ties between the two countries, especially in energy and in nuclear energy projects in particular. (Read in Arabic)

BANKING & FINANCE

Sale of Citibank’s retail portfolio to be completed within a month -source
Al Masry Al Youm | 30 May 2015
The sale of Citibank’s retail portfolio is set be completed within a month, a source told Al Masry Al Youm. The CBE has already approved the start of due diligence for the multiple bidders. The source said that the CBE will prioritize offers presented by banks that add value to the market as a whole. (Read in Arabic)

NBE assessing giving out EGP 300 mn in loans to two companies
Al Shorouk | 31 May 2015
National Bank of Egypt (NBE) is currently assessing giving out a total of EGP 300 mn in loans to two companies, a board member told Al Shorouk. A steel company requested an EGP 200 mn loan to finance expansion plans in Sixth of October. EGP 100 mn was requested by an oil and gas company to finance its compliance with environmental standards. No further details were given about the loans of their requesters. (Read in Arabic)

NBAD to approve its five-year expansion plan in Egypt
Al Shorouk | 31 May 2015
The National Bank of Abu Dhabi (NBAD) is preparing to approve its five-year expansion plan in Egypt, according to the bank’s CEO, Ahmed Ismail Hassan. NBAD will increase its capital, Hassan said without disclosing by how much as the proportion of Egyptian operations are set to increase beyond the current 7-8%. NBAD is focusing on all economic sectors in Egypt and on national megaprojects in particular, according to Hassan. (Read in Arabic)

EFG Hermes EGM approves capital increase
Amwal Al Ghad | 31 May 2015
EFG Hermes’ Extraordinary General Meeting has approved the company’s EGP 391.8 mn capital increase and raising its issued capital rise from EGP 2.87 bn to EGP 3.3 bn through the issuance of 78 mn new shares at a par value of EGP 5. Subscribed shares would be distributed by offering 1.4 free shares for every 10 shares subscribed. The EGM also approved increasing the company’s authorized capital from EGP 3.2 bn to EGP 6 bn. This decision was supposed to have taken place last Sunday but was postponed as a quorum had not been reached. (Read in Arabic)

OTHER BUSINESS NEWS OF NOTE

National fund, Nasser Social Bank to fund SME’s aiding recovering addicts
Amwal Al Ghad | 31 May 2015
The Fund for Drug Control and Treatment of Addiction (FDCTA) signed a protocol with Nasser Social Bank to finance SME projects for rehabilitated drug addicts. The programme, called “New Beginnings,” seeks to reintegrate treated drug users back into society and labor market. The funding will only be granted to recovering addicts who have remained clean for at least ten straight months and do not suffer from any mental illness, the FDCTA’s head said. (Read in Arabic)

Ibrahim Mahlab forms new governing board to manage economic zone North West of Gulf of Suez
Al Borsa | 31 May 2015
Ibrahim Mahlab decreed the establishment of a new governing board for the newly formed General Authority for the North West of the Gulf Suez Economic Zone to manage the area for three years. Mahlab appointed Mohamed Rifaat Zaki to temporarily head the new board. (Read in Arabic)

ABB-ECM-Avec-Petrojet consortium competes for develop electronic signals for Metro Line 1
Al Borsa | 31 May 2015
A consortium which includes Italian ECM, Avec, ABB Group and Petrojet have submitted their technical and financial qualifications to bid for a tender to develop the electronic signals and guiding lights system on metro line 1, in addition to rehabilitating the Costica train yards in Helwan. According to ECM engineering official Samy Saleh, the electrical systems project is expected to cost around EUR 30 mn, while the rehabilitation is expected to cost EGP 1 bn. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Court sets precedent on employees’ profit share
Al Ahram | 31 May 2015
The Cairo Economic Court set guidelines for distributing employee share of profits. For a profit share to be distributed, the court said the company needs to have registered a profit and the distribution has to be done in accordance with the AGM. The profit share cannot exceed the annual salaries of the employees and has to be at least equivalent to 10% of any dividend payment. (Read in Arabic)

ON YOUR WAY OUT

The gas pipeline in Al Arish was bombed by unknown assailants, Al Araby reported. Al Araby says the pipeline delivers natural gas to the Egyptian military’s outpost in the city as well as to Jordan. Gas supplies to Al Arish have been shut down completely as a result.

The law postponing the implementation of the capital gains tax will be issued in three weeks, says Ashraf Salman: President El-Sisi will issue a law postponing the implementation of the capital gains law in three weeks’ time, said Investment Minister Ashraf Salman. He added that the postponement law will officially begin on 17 May with investors being reimbursed for taxes collected since that date. The move comes as Misr for Central Clearing has continued to collect on the capital gains tax despite a government decision to postpone the law, citing that there were no regulations officiating the decision. (Read in Arabic)

The Central Bank of Egypt will be putting EGP 6.25 bn in treasury bonds up for sale on Monday. Three-year bonds amounted to EGP 3 bn of the total offering, while seven year bonds will go for EGP 1 bn of the total. 1.5 year treasury bonds will cover EGP 1.5 bn. (Read in Arabic)

The Housing & Development Bank reported 1Q2015 consolidated financial results on Sunday, posting a net profit of EGP 157 mn, up from EGP 142 EGP mn y-o-y. The standalone results had been previously reported on 14 May. (Read)

The government has agreed to allow the Ministry of Investment to begin procedures to renationalize Nile Cotton Ginning, following a verdict in 2011, Al-Masry Al-Youm reports. The ruling was upheld in a 2013 appeal heard before the Supreme Administrative Court. The government will assign the Holding Company for Construction to take the lead on the project to restructure and eventually run the company.

Nabq Sinai’s valuation will be complete in two weeks time, according to Chairman Hossam Attiya, putting the company on track to offer 25% of its shares to the public during its upcoming capital increase. (Read in Arabic)

Ex-FIFA vice president cites satirical ‘Onion’ article in his self-defense: “The satirical article, published Wednesday under the headline, “FIFA Frantically Announces 2015 Summer World Cup in the United States,” mockingly suggested that, to placate American officials, the governing body had added a new tournament, which would begin the very same day. Holding up a printout of The Onion piece as if it were a genuine news report, Mr. [Jack] Warner [former vice president of FIFA] told viewers of the video posted on his personal website, Facebook page and YouTube channel, “All this has stemmed from the failed U.S. bid to host the World Cup.” (Read in the NYT)

Don’t Understand Bitcoin? This Man Will Mumble An Explanation At You. (Watch, running time: 1:12)

BY THE NUMBERS

USD CBE auction (Sunday, 31 May): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Sunday, 31 May): 7.63 (-0.05 from Sunday, 24 May, Reuters)

EGX30 (Sunday): 8,782.55 (-1.45%)
Turnover: EGP 384.8 mn (32% below the 90-day average)

WTI: USD 59.87 (-0.71%)
Brent: USD 65.19 (-0.56%)

TASI: 9,688.7 (-0.7%)
ADX: 4,527.6 (+0.3%)
DFM: 3,923.2 (-1.9%)
KSE Weighted Index: 421.8 (+0.2%)
QE: 12,048.3 (+1.2%)
MSM: 6,387.9 (flat)