Friday, 18 February 2011
The Cairo-based Islamic bank, in which Bahrain's Al Baraka Banking Group (ABG) has a controlling stake, reported a 16 percent rise in net profit during the first nine months of 2010 in November.
It made annual net profit of 46.6 million pounds in 2009, the stock exchange said.
The high-end real estate firm, which does not fully recognise revenue until it delivers units, has cash in reserve and strong cash flows, as well as limited outstanding debt and land debt, its chief executive told Reuters.
Egypt's property sector has been a major driver of foreign investment and growth, but was hit last year by a string of legal rows over state land sales. Analysts are watching the sector to see how it fares after the political turmoil.
Just a few months ago Trends forecaster Gerald Celente seemed almost off his head in talking about revolution and food riots. Today he is vindicated by events in Tunisia, Egypt and even Bahrain.
Get his take on these revolutions and what they mean for the future. Mr Celente always has his own unique take on events and this interview is not a disappointment:
The corporation was responding to a direction given by the HC which, while hearing a writ petition earlier, asked the corporation to file its reply to the contentions raised in the petition.
This petition was taken up based on a letter written by the state handlooms minister P Sankara Rao, who charged the authorities with conniving with private players and causing loss to the state exchequer. "We entered into an agreement with Emaar Properties of Dubai to develop the land into township, golf course and other facilities. But by keeping our corporation in dark, the Emaar properties entered into clandestine agreements with Emaar-MGF and Stylish Homes companies only with an intention to defraud us", the APIIC's general manager (law) A Rashmi said in her counter.
Bahrain’s military has just seized control of much of the capital after clashes between anti-government protesters and riot police. The violence has got many people outside the Middle East looking at the island state for the first time. But does it matter to business and investors?
The answer is yes. Not so much because Bahrain is a financial centre and home to the US Navy’s Fifth Fleet. But because Bahrain has the potential – belied by its tiny size – to inspire political ructions in Saudi Arabia, the world’s biggest oil producer. That explains why the protests have exacerbated jitters in the Middle East’s already shaky stock markets.
The Bahrain protests are led by resentful Shia Muslims, who live in the only country in the world where a Shia majority population is ruled by a Sunni minority. They make up 60 to 70 per cent of the population and are demanding more political freedom from the ruling al-Khalifa family.
A facetious question, for sure. But consider these two images. Are they compatible?
Bahrain's 2014 eurobond has hardly moved, even as the air in the kingdom has been replaced by tear gas.
As Gabriel Sterne, senior economist at frontier market specialist Exotix, points out, markets seem to be very relaxed about these vivid events.
Prices on the Eurobond maturing in 2014 have fallen just over 3% since late January, hardly a major eruption. That means that spreads over US benchmark yields have increased less than 1/3 of one percentage point (i.e. 31bp) since the one-year trough on January 18th. Spreads now stand at just 150bp above similarly-dated US treasuries. That could be a world record low for a country suffering such civil strife.
"EFG-Hermes Holding does not manage any funds or portfolios for the family of the former president of Egypt," the bank said in a statement released by the stock exchange.
EFG-Hermes said it had also received a statement from its executives confirming they had no direct or indirect personal or financial ties to the Mubarak family.