NAEEM Shares and Bonds joins Nasdaq Dubai’s equity futures market - Daily News Egypt

NAEEM Shares & Bonds brokerage announced on Wednesday that it joined Nasdaq Dubai’s equity futures platform as a member, in a move aiming to connect its Emirati, Egyptian, and international clients to the fast-growing market. Nasdaq Dubai’s equity futures is considered a tool for hedging client portfolios, as well as indicating share prices’ direction. Since its opening on September 2016, a total of 653,471 contracts have been traded on Nasdaq Dubai’s equity futures market, with traded value increasing every month. Expansion to the range of offered contract is planned, aiming to include futures on stocks listed on other MENA exchanges, in addition to equity index futures and equity options. NAEEM Shares and Bonds was established in the UAE in 2005 as a subsidiary of NAEEM Holding investment bank.

January 19, 2017 11:53 UTC

'Red Sea islands' protesters granted release on bail - Daily News Egypt

Twelve demonstrators previously detained for protesting against the Egyptian-Saudi maritime demarcation deal were released from custody Wednesday, according to rights lawyers and the Socialist Popular Alliance Party (SPAP). Their release is conditioned by a fine of EGP 20,000 each, reported the Egyptian Front to Defend Protesters, which until Wednesday said that the prosecution authority had not filed an appeal against the release order. Protesters were arrested on 2 January near the Press Syndicate for refusing the demarcation deal that would result in the submission of the two Red Sea islands of Tiran and Sanafir, long under Egyptian sovereignty, to Saudi Arabia. On 16 January, the High Administrative Court issued a final verdict in favour of annulling the agreement.

January 19, 2017 11:44 UTC

Rock with hieroglyphic writing found in Sohag

A guard at the Abydos archaeological site in Sohag discovered on Thursday a rock with hieroglyphic writing on it. Archaeologists found that the piece is an original relic. Sohag Security Chief Mostafa Moqbel was notified by police of a report from archaeological detective Mahmoud Ahmed Abu Zeid who said the security guard securing the archaeological site found an irregular stone made of pink granite of three meters in length and width. It was taken to Ramses II Archaeological Temple. Edited translation from Al-Masry Al-Youm

January 19, 2017 11:30 UTC

UNTY vouches for kindness and being good to people - Daily News Egypt

After a few successful collections, UNTY has successfully positioned itself through abstract design and limited quantities that often sell out in a heartbeat. Daily News Egypt met Omar Mobarek, founder of UNTY, to talk inspiration, sketching, and material sourcing, as well as economic changes and market feedback. Moreover, there are sub-themes of protecting those we love, kindness, helping others, and being good to people. You will see it in our summer collection, as well as in a couple pieces going back to our second collection. Did the current economic events affect this collection, especially with the price gap between mass produced brands and exclusive local brands evidently decreasing?

January 19, 2017 11:15 UTC

World Tourism Organization awards young Egyptian expert for e-marketing breakthrough

The United Nations World Tourism Organization granted young Egyptian tourism expert Mohamed Youssef its most prestigious award for 2016 for his contributions to the development of the tourism industry, state-run newspaper Al-Ahram reported on Thursday. Youssef, 35, was a member of former tourism minister Hisham Zaazou's advisory board and was chosen by former tourism minister Khaled Ramy to be a member of Egypt's tourism e-marketing team. On Monday, the UNWTO invited Youssef to give a lecture on his new breakthrough to a number of ministers and tourism sector leaders around the world, Al-Ahram said. Youssef thanked the UNWTO for the award, thanked his team and everyone who helped him to reach where he is now. The award recognized Youssef's excellence and innovation in tourism in the Public Policy and Governance category.

January 19, 2017 10:56 UTC

In final press call, Obama says Israel-Palestine status quo 'unsustainable' - Daily News Egypt

For the last time, US president Barack Obama took reporters’ questions in the White House briefing room on Wednesday. On international issues, Obama admitted he continued to be “worried about the Israeli-Palestinian issue. The status quo is unsustainable.” He said it was bad for the Palestinians, the region, and for national security. In his final news briefing, he expressed concern that the “moment may be passing” for a two-state solution to the Israeli-Palestinian conflict. Obama explained that Manning faced trial and took responsibility for her actions in leaking hundreds of thousands of classified materials in 2010.

January 19, 2017 10:35 UTC

'Tipping points' keep Climate Change scientists bedeviled

Of the many things keeping climate scientists awake at night, tipping points may be the scariest. These thresholds for deep, sometimes catastrophic change in the complex web of Earth's natural forces, caused by man-made global warming, are largely invisible. In the case of ice sheets, how this might happen is well understood. Likewise, rock-like formations in shallow ocean waters called methane hydrates, prime suspects for episodes of rapid global warming millions of years ago. Even so, the promise of holding global warming "well below 2 C" is a reasonable guarantee that such scenarios can be avoided, he said.

January 19, 2017 10:30 UTC

Shezlong: First online psychotherapy in MENA, stirs controversy

Software engineer Ahmed Abu el-Haz was going through a debilitating phase in his life after an operation. The services are provided through videoconference therapy sessions and online chatrooms. In July 2015, Abu el-Haz partnered up with psychiatrist Mohamed el-Shamy to bring Shezlong to life. Together they built the platform, where now 14,000 patients from 45 different countries seek therapy through online video sessions. “We are aiming to launch the service next month; anyone can have access to a therapist through Whatsapp,” Abu el-Haz said.

January 19, 2017 10:28 UTC

Impact of Egypt’s mega projects revealed at Cityscape Business Breakfast - Daily News Egypt

Senior real estate stakeholders, experts, and government officials put the spotlight on the impact of mega projects on Egypt’s real estate sector at the Cityscape Egypt Business Breakfast on Tuesday. Cityscape Egypt conference is considered the industry’s benchmark for assessing substantial growth in the real estate market, and it is a positive indicator that Egypt has a promising real estate market, Egypt’s assistant minister of housing for technical affairs Khaled Abbas said. Those are the manufacturing, commercial, logistics, ports, and real estate sectors. Darwish added that the authority is currently seeking cooperation with real estate developers to develop integrated urban communities in East Port Said, Qantara, and Ain Sokhna through land partnership, noting that a number of real estate developers are hesitant to sign50-year land usufruct agreements. “The Cityscape Egypt Business Breakfast successfully kicked off the real estate conversation for 2017, providing unique insight into the sector and what to expect for the coming year,” said Tom Rhodes, Cityscape Egypt event director.

January 19, 2017 10:27 UTC

'IS' kills twelve in Palmyra, among them teachers, soldiers: monitor

The terrorist group beheaded four of the people -- state employees and teachers -- outside a museum, the group said. The eight others -- four of them government soldiers and four of them rebel fighters captured elsewhere in Syria -- were shot dead. Some of the killings took place at an ancient Roman theater in Palmyra, where IS last year put at least 25 government fighters to death, the Observatory said. Government forces and their militia allies, backed by Russian air power, had earlier taken the city back from IS in March, after first losing it in 2015. But IS has now captured Palmyra for a second time from the government at the end of last year.

January 19, 2017 10:13 UTC

Middle East expects big changes under Trump

Trump seems to calculate that their shared enemy in the Islamic State group is more important than shared values. Trump has barely mentioned these as foreign policy principles, extolling instead deal-making, diplomatic and economic, and championing the fight against IS. Obama's decision to not veto the resolution followed bitterness in Israel over the 2015 nuclear deal with Iran. Whereas much of Obama's disapproval of Netanyahu was expressed in moral terms, Trump has steered wide of any such thing. But Iranian President Hassan Rouhani on Tuesday dismissed the possibility that Trump could undo the nuclear deal, likening it to turning a finished shirt back into cotton.

January 19, 2017 09:22 UTC

Egypt on track to receive 2nd tranche of IMF loan

"The restoration of macroeconomic stability will allow Egypt to put the economic turbulence of the post-revolution period behind it," the IMF said in its report. In its report, the IMF acknowledged the risk that the government could cave to political pressure to slow down painful changes. "The risks to the program mainly arise from the difficulties inherent in implementing a strong and wide-ranging reform program," the IMF said. The IMF's US$12 billion loan is part of a wider financing package for Egypt, which is estimated to need US$35 billion over three years. The IMF said the program was fully financed for the first year but additional financing was needed for the next two years.

January 19, 2017 08:57 UTC

Malaysian PM tells Myanmar to 'stop killing' of Muslim minority, as OIC meet

"The persecution of your fellow men and women, simply on the grounds that they are Muslim, must stop," he said. It insists the strife in Rakhine State is an internal matter. Najib, who joined protesters in Kuala Lumpur last month calling for foreign intervention to stop "genocide", said Myanmar must act. The violence in the north of Rakhine State since October is the most serious since communal clashes in 2012 in which hundreds of people were killed. OIC Secretary General Yousef al-Othaimeen said Myanmar must prevent "ongoing discrimination and the unwarranted systematic abuse against the Rohingya".

January 19, 2017 08:40 UTC

Blue Sky Travel Agency loses quarter of its revenues in 2016 - Daily News Egypt

Hossam El-Shaer, chairperson of Blue Sky Travel Agency, said that the company’s revenues dropped by a quarter in 2016 compared to 2015. He attributed the fall to the low tourism inflow from Europe, following the tragic incident of the Metrojet Russian airliner crash at the end of October 2015. The company owns about 20 hotels and floating hotels in all Egyptian tourism destinations, especially in the Red Sea area, South Sinai, Luxor, and Aswan. El-Shaer said that his plan to complete the projects worth EGP 1.3bn will hinge on the return of Russian and British tourism. He explained that putting the projects on hold was mainly due to the lack of tourism inflow, as well as the high costs.

January 19, 2017 07:43 UTC

We repatriate Air France’s money in return for bearing foreign exchange gap: regional director - Daily News Egypt

Air France obtained an approval to repatriate its money in Egyptian banks on condition of bearing the foreign exchange rate gap. How do you see the Egyptian pound’s flotation decision? The pound’s flotation decision by the Egyptian government benefit the local economy as it attracts foreign investment; nevertheless, it negatively impacts foreign companies already operating in Egypt. We finally obtained an approval to repatriate our money, but the company is unable to repatriate the full amount of its money in banks. The company’s profits were significantly affected after the pound’s flotation, and Air France will bear the foreign exchange rate gap before and after the pound’s flotation.

January 19, 2017 07:14 UTC

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