Egypt's El Sewedy H1 net profit rises 32 pct

(Reuters) - Egypt's El Sewedy Cables posted a 32 percent rise in consolidated net profit to 337 million Egyptian pounds in the first half of 2007, the stock exchange said on Sunday.

Net profit in the year-ago period was 256 million pounds.


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Wheat Advances in Chicago on Demand From Overseas; Soybeans, Corn Decline

(Bloomberg) -- Wheat futures in Chicago rose,
extending gains as overseas demand for the U.S. grain increased
after a recent price decline. Soybean and corn futures fell.

Egypt, Japan and buyers in Taiwan this week said they
bought or planned to buy a total of more than 460,000 metric
tons of U.S. wheat. Importers are increasing purchases after
futures fell from a record $6.50 a bushel on June 29. World
inventories are forecast to drop before next year's harvest to
the lowest since 1982.


Read more at Bloomberg Commodities News

Emerging markets flooded by local-currency global bonds

(Reuters) - Emerging debt investors were flooded this week by billions of dollars in local-currency global bonds offered by governments and companies, despite market concerns related to the U.S. subprime mortgage market.

A large chunk of the new issuance is denominated in the Brazilian real, which has gained more than 14 percent so far this year. But sovereign bonds are also being offered in other strengthening local currencies, such as the Colombian peso, the Peruvian sol and even the stable Egyptian pound.


Read more at Reuters Africa

Wheat Rebounds on Demand From Japan, Egypt, Prospects for Global Shortfall

(Bloomberg) -- Wheat rose in Chicago on demand for
U.S. grain from Japan and Egypt amid forecasts for the lowest
global inventories in 26 years.

Japan plans to buy 40,000 metric tons of U.S. varieties.
Egypt said it purchased 60,000 tons. Advance sales of U.S.
supplies for delivery before May 31 are up 22 percent from a
year earlier, Department of Agriculture data showed. Global
stockpiles may fall to 112 million tons by May 31, the lowest
since 1982, the U.S. agency said on June 11.


Read more at Bloomberg Commodities News

Egypt's CASE 30 Benchmark Index Advances to Record: World's Biggest Mover

(Bloomberg) -- Egypt's main stock index rose for an
eighth day, climbing to a record on speculation that the sale of
the state-owned Banque du Caire SAE will spur more international
investment.

Orascom Telecom Holding SAE, the largest mobile phone
company in the Middle East, and Orascom Construction Industries
led the advance.


Read more at Bloomberg Stocks News

Egypt natural gas reserves 72.3 trillion cubic feet

(Reuters) - Egypt's confirmed reserves of natural gas reached 72.3 trillion cubic feet after increasing by 6.2 trillion cubic feet in the 2006-2007 fiscal year, Oil Minister Sameh Fahmy said on Monday, according to state news agency MENA.

Fahmy also said that Egypt's confirmed crude oil and condensate reserves had risen to 3.97 billion barrels, MENA said.


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Egyptian shares rise despite cautious sentiment

(Reuters) - Egyptian shares continued a week-long rally as the CASE30 index recorded a new year closing high for a third consecutive day on Thursday, despite cautious investor sentiment, according to analysts.

Market performance during the day was relatively volatile as it headed down early in the session before reversing the trend before the market's close.


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Yield rises at Egyptian 63-day deposit auction

(Reuters) - The average yield rose at a 63-day deposit auction by the Central Bank of Egypt on Wednesday to 9.049 percent from 8.986 percent a week earlier.

The bank accepted bids for 1.51 billion Egyptian pounds ranging from 8.9 to 9.12 percent, the central bank said.


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Egypt Fertiliser to borrow $1.25 bln for new owners

(Reuters) - Egyptian Fertilisers Co. will borrow $1.25 billion to help its new owners, including Abraaj Capital of the United Arab Emirates, finance their $1.41 billion acquisition, Abraaj said on Sunday.

The company will sell five-year Islamic bonds to raise $400 million and borrow another $850 million from banks, Tom Speechley, executive director of Abraaj Capital, told reporters.


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Tanjong to Buy Globeleq for $493 Million to Gain Power Generation Assets

(Bloomberg) -- Tanjong Plc, a Malaysian power
generation and betting group, agreed to buy Globeleq Ltd. for
$493 million, gaining generation plants in Egypt, Bangladesh,
Pakistan and Sri Lanka.

Tanjong will purchase Globeleq from CDC Globeleq Holdings
Ltd. in cash, the Kuala Lumpur-based company said in a statement
today. Tanjong shares were halted for the announcement.


Read more at Bloomberg Emerging Markets News

Strikes, Takeovers Threaten Mubarak Plans to Sell Egypt's State-Run Plants

(Bloomberg) -- The biggest wave of labor unrest since
World War II is rattling the government of Egyptian President
Hosni Mubarak as thousands of workers stage strikes and occupy
factories.

Fueling the unrest: Anger over stagnant wages and reduced
benefits as Egypt seeks to sell state-run factories and end four
decades of socialist-influenced economic policies. Workers have
also been emboldened by political protests in Cairo and other
cities, where small groups of dissidents are calling for an end
to the quarter-century rule of Mubarak, 79.


Read more at Bloomberg Exclusive News