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Egypt appoints new foreign minister

Egypt appoints new foreign minister
Reuters
Sunday, June 19, 2011 0653 PM

CAIRO – Egypt appointed a new foreign minister Sunday to replace Nabil Elaraby, who was picked as the new Arab League chief last month, a cabinet official said.

"We have named our former ambassador in Berlin, Mohammed el-Orabi, as the new foreign minister," the official told Reuters. The government confirmed the appointment in a statement.
El-Orabi was Egypt's deputy foreign minister for economic affairs and previously served in embassies in Kuwait, London and Washington, according to Egypt's state news agency.
Elaraby was made foreign minister in a cabinet reshuffle in early March. He takes over at the Arab League from Amr Moussa, who led the 22-nation Cairo-based body for 10 years.
Since veteran leader Hosni Mubarak was overthrown in February, the army-backed interim government has upheld an alliance with the United States and Israel but sought to calm tensions with regional rival Iran.
The improvement in relations with Tehran has alarmed Gulf Arab states which relied on Mubarak's support in their disputes with Iran.
Elaraby said on June 13 that Iran must not meddle in the internal affairs of Gulf states, saying Egypt considered the internal security of fellow Arab countries a "red line."


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Education in Egypt going downhill

Education in Egypt going downhill
Sunday, June 19, 2011 0240 PM

اقتباس CAIRO - It takes Egyptian families a lot of time and effort to choose the kind of schooling they wish for their children. The parents’ financial capacity and social status, as well as their vision of the aim of education usually determine

اقتباس their decision

.

The educational system in Egypt is somewhat confusing as it incorporates a variety that includes ostensibly free governmental schools, in which Arabic is the basic language of education, governmental experimental schools that teach science and mathematics in English, and Azharite schools, that offer religious-oriented education.
In addition there are private language schools that give extra attention to foreign languages and recreational activities, as well as Francophone and Anglophone schools, that teach the syllabi of their respective countries.
Once children reach the age of three or four, their parents start a search for a school that fulfils their needs and abilities. While the well off tend to pick up information from here and there about available schools, the low-income strata are left with the one option of governmental schools in their neighbourhood, whose fees are minimal.
The call for free education was first initiated by Taha Hussein, the doyen of Arabic literature, when he was appointed to the education portfolio back in the early l950s. Hussein, who was blind, came from a poor background and yet was a PhD holder from the Sorbonne and propagated the motto that 'education is like air and water'.
The l952 revolution that laid the foundation of socialist rule was keen to provide free education for a wide base of the public, which has been maintained by successive governments; very low fees are paid for textbooks at all stages of school education, as well as at university.
Educational experts have been extremely concerned about the quality of education in Egypt, especially in the past two decades. They say quantity (that is the number of students) has come at the expense of quality.
Student density in governmental schools averages today around 60 per class. It is even higher in certain districts, which adversely affects the educational process.
In these circumstances teachers are not capable of doing their job properly nor are school children able to grasp what they are being taught.
According to official figures about 60 per cent of the population enrol their children in governmental schools since they cannot afford otherwise. And yet, to overcome the inadequacies, parents are compelled to provide their children with extra private home tutoring or after-school classes, which cost them more than their budget can bear. Recent figures indicate that private tutoring costs Egyptians some LE l5 billion a year.
Sociologists have noticed that there has been of late a growing tendency among the upper middle class to put their children in international schools, where the focus is given to building the character of students.
As such they are provided with different skills that promote their freethinking and expression. The fees of these schools however begin with LE 20,000 to reach in some instances LE 65,000 a year and some of these schools refuse to be paid in Egyptian pounds accepting only hard currencies.
According to Professor Hamed Ammar, who has been dubbed the father of educationalists in Egypt, the wide difference between the education available in governmental and in international schools has created a social and cultural gap that is dividing society into isolated communities.
The upgrading of education is today one of the persisting public demands in the post revolution period. The incumbent Government has today raised the education al^_*^_*^_*^_*^_*^_*^_*^_* in the budget to LE3 billion, which is threefold last year's sum.
Official figures show that expenditure on education in Egypt last year accounted for 3.4 per cent of the GDP against 5.4 per cent in oil-rich Arab countries, 7.1 per cent in Tunisia, 5.5 per cent in Syria and l3.3 per cent in Cuba, which is technically a developing country. (However, Cuba scores highly on the human development index [HDI], nearing the minimum level for developed county status).

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Egypt jails 3 to life for spying for Israel

Egypt jails 3 to life for spying for Israel
Thursday, June 23, 2011 0233 PM

اقتباس CAIRO (Updated) - An Egyptian court sentenced a businessman, and two Israelis who were tried in absentia, to life in prison on Thursday for spying for Israel.

Egypt arrested businessman Tarek Abdel Rezek Hussein, 37, the owner of an import-export firm, in August for involvement in the recruitment of operatives working for telecoms firms in Egypt, Syria and Lebanon.
The two Israelis, who have not been arrested but were accused of being part of the spy ring, were also convicted and sentenced by the emergency state security court.
Hussein was accused of accepting $37,000 (23,129 pounds) to provide Israel with information about Egyptians working in telecoms companies who could be recruited to spy in Egypt, Syria and Lebanon.
The rulings were issued by judge Gamal el-Din Safwat Rushdi, witnesses in court said.
The case is separate from one involving Ilan Grapel, 27, a dual US-Israeli citizen who was detained on June 12 on suspicion of spying. Israel has denied he is a spy.
Egypt has maintained diplomatic and economic ties with Israel since they signed a peace accord three decades ago. But resentment lingers among ordinary Egyptians over Israel's conflict with the Palestinians.
Over the years, Egypt has arrested a number of people accused of spying for Israel.
In 2007, Egypt convicted a 31-year-old Egyptian-Canadian dual national of spying for Israel. Three Israelis were charged in absentia. Israel dismissed the case as a fabrication.
In 1996, Egypt sentenced Azzam Azzam, an Israeli Arab textile worker, to 15 years in jail for spying for Israel. Egypt said Azzam had passed messages in women's underwear using invisible ink.
Both Azzam and Israel denied the charges. He was released after serving eight years as part of a deal that included the release of six Egyptian students in Israel.

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Egypt's bourse gains on local, Arab buying

Egypt's bourse gains on local, Arab buying
Thursday, June 23, 2011 0425 PM

اقتباس CAIRO - Egyptian indexes rose slightly on Thursday, ending a three-day losing streak, traders said. The country's benchmark index EGX 30 gained 0.1 per cent to 5,479.6 points, they added.

The broader indexes EGX 70 and EGX 100 were also in the black, rising by 0.15 and 0.19 per cent to 643.38 and 994.87 points respectively.
Locals and Arabs made net purchses worth LE22.9 million ($3.8 million) and LE24.8 million. Non-Arabs made net sell-offs worth LE47.7 million, according to Bourse data. Volume exceeded LE1.7 billion, according to Bourse data.
Egypt's heavyweight Commercial International Bank (CIB) shed 0.53 per cent to LE30.02 per share. EFG-Hermes, the country's biggest investment bank by market value, slipped by 1.55 per cent to LE20.99 per share.
Orascom Construction Industries (OCI) rose by 0.51 per cent to LE274.07 per share. Talaat Moustafa, the country's biggest listed builder, gained 1.61 per cent to LE5.06 per share.
Orascom Telecom, the largest Arab mobile operator by subscribers, shed 0.24 per cent LE4.15 per share. Telecom Egypt, the country's landline monopoly, added 0.26 per cent to LE15.23.
Heliopolis Housing, an Egyptian real-estate developer, sold land plots for LE36 million at an auction, the company said in a statement, carried by Bloomberg.
The company disposed of three plots totalling 3,274 square metres, Heliopolis said.
The last land sale by Heliopolis on May 30 netted the company LE14.9 million for 10,459 square metres.
Globally, investors pulled in their horns in reaction to a relatively downbeat outlook from the US Federal Reserve, sending world stocks and oil prices lower and boosting the dollar in a search for safety, according to Reuters.
The Fed said on Wednesday that while longer-term the U.S. economy should pick up, it was taking longer than predicted.
"The economic recovery is continuing at a moderate pace, though somewhat more slowly than (we) had expected," it said.
World stocks as measured by MSCI were down 0.9 per cent, leaving the index flat for the year to date.
The FTSEurofirst 300 lost 0.9 per cent and Japan's Nikkei closed down a third of a per cent.

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Egypt's Palm slips into H1 net loss

Egypt's Palm slips into H1 net loss
Reuters
Sunday, August 21, 2011 0528 PM

اقتباس CAIRO - Egyptian real estate firm Palm Hills Developments, the country's second-biggest developer slipped to a 2011 first-half net loss of 81.4 million Egyptian pounds, the stock exchange said on Sunday.

The firm, hard hit by an uprising that toppled President Hosni Mubarak and widening graft probes that have frozen sales and increased cancellations, reported a 191.4 million net profit in the first half of 2010, the note said, without providing further details.


Palm Hills had reported a first-quarter net loss of 36.2 million Egyptian pounds, compared with a year-earlier net profit of 107 million pounds.


Palm Hills is among several real estate firms facing legal challenges contesting its land bank.


Its Chairman Yasseen Mansour was among several businessman who were facing corruption charges. Mansour and the former housing minister Ahmed el-Maghrabi were cleared of corruption charges in a state land sale last month.


But although Mansour was cleared of criminal charges, the company is awaiting a verdict by another court on whether the contract for one of its land plots will be scrapped. That court is due to hear the case on October 4.


The firm is facing court cases contesting the legality of two of its land plots and has said it would return at least two other plots of land to help manage cash flows.

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Egypt's bourse falls on Sinai unrest

Egypt's bourse falls on Sinai unrest
Bloomberg
Sunday, August 21, 2011 0526 PM


CAIRO - Egypt's benchmark stock index dropped the most in more than a week as protesters demonstrated outside the Israeli embassy in Cairo after a deadly incident at the border and following a slump in global markets.



"This drop is clearly due to the political tensions in Sinai," Tamer Nigm, head of sales and trading at Cairo- based Watheeqa Securities Brokearage told Bloomberg.

"There are fears that the situation may escalate," Nigm said.

The country's main index EGX 30 fell 3.24 per cent to 4,593.39 points. The broader indexes EGX 70 and EGX 100 plunged by retreated 2.75 and 3.06 per cent to 550.45 and 836.62 points respectively.

Egypt's heavyweight Commercial International Bank (CIB) shed 2.66 per cent to LE26.01 per share. EFG-Hermes, the country's biggest investment bank by market value, dipped by 5.09 per cent to LE16.05 per share.

Orascom Construction Industries shed 3.33 per cent to LE244.17 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, shed 2.95 per cent LE3.29 per share.

Mobinil fell by 3.79 per cent to LE98.22 per share.

Other markets in the Middle East region were also in the red. UAE and Qatar markets ended with a sell-off across sectors, with jittery investors dumping stocks on macro-economic fears as the possibility of US and Europe heading back into recession took centre stage.

Property stocks led by turnover in Dubai, with Emaar Properties falling 1.8 per cent and Arabtec down 0.7 per cent.

The benchmark was off 4.2 per cent on the month.
Abu Dhabi's Dana Gas declined 1.8 percent after reports the energy firm picked banks to arrange its planned listing on the London Stocks Exchange.

Losers outnumbered gainers 21 to three on the index
"Concerns over economic indicators and fears of the economy going back into a recession-- that kind of concern will have an effect on commodity prices, petrochems and our markets," said Haissam Arabi, chief executive and fund manager at Gulfmena Investments. "What we're seeing is natural."


"We're starting to shift from aggressive names to domestic names because fundamentals remain strong in the GCC. This might create opportunity for banks to pick up. They're doing well and are cheap right now," Arabi added.
Dubai's index fell 1.1 per cent to 1,453 points and Abu Dhabi's market also slipped 1.1 per cent to close at 2,556 points.

Elsewhere, Qatar's index ended 1.2 per cent lower at 8,096 points, but Vodafone Qatar limited losses after rising 0.6 per cent. All other stocks fell with Masraf Al Rayan - most active by volume - dropping 0.9 per cent.

Muscat's index ended 0.6 percent lower at 5,492 points, easing from Thursday's 10-day high. Battered stock Renaissance ended flat after it gave back marginal early-session gains, triggered after company officials said Renaissance will meet its short-term commitments as it focuses on turning around Topaz, its troubled engineering unit.

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