http://www.zawya.com/middle-east/countries/egypten-usCopyright 2012 Zawya Ltd. All rights reserved.Mon, 13 Feb 2012 15:10:00 GMT3714476http://www.zawya.com/middle-east/countries/egypthttp://www.zawya.com/images/newsletter_zawya_logo.gifhttp://www.zawya.com/story.cfm/sidpdf_130212151446/CICR_Telecom_Egypt_13Feb12With France Telecom (FT) and Orascom Telecom, Media & Technology [OTMT] setting an acquisition price of EGP202.5/EMOB share, we envisage a potential premium for Telecom Egypt (TE) [ETEL] investors. The abovementionedEMOB acquisition price implies a value of EGP22.4/ETEL share, a 33% upside to ETEL's closing price. We reached this valuation by reevaluating ETEL's 45% equity stake in Vodafone Egypt (VFE) based on EMOB's implied 2011e EV/EBITDA of 7.4x. However, we believe this could result in a short-lived momentum for ETEL shares since the proposed transaction is based on an agreement between two strategic shareholders in EMOB. Hence, we prefer to retain our LTFV and TP at EGP21.9 and EGP21 (still offering a 24% upside), respectively, until the company posts its 2011 financials on February 22. Our recommendation is presently Buy.Mon, 13 Feb 2012 15:10:00 GMTCI Capital Research pdf_130212151446Subscriptionhttp://www.zawya.com/story.cfm/sidANA20120213T105057ZIFT84/France_Telecom_Orascom_reach_deal_on_Egypt_mobile_unitFrance Telecom said on Monday it had signed a non-binding accord to acquire most of the stake held by Egyptian mobile phone services company Orascom in their ECMS cellphone joint venture.Mon, 13 Feb 2012 10:54:58 GMTAFP ANA20120213T105057ZIFT84Openhttp://www.zawya.com/story.cfm/sidZAWYA20120213052545/Egyptian_company_sells_25000_tons_of_veg_oil_to_IraqThe Iraqi Trade Ministry has inked a contract with Egyptian company Arma for the purchase of 25,000 tons of vegetable oil.Mon, 13 Feb 2012 06:57:07 GMTAK News ZAWYA20120213052545Openhttp://www.zawya.com/story.cfm/sidANA20120212T124208ZIDB62/Orascom_says_in_advanced_talks_with_France_TelecomEgyptian mobile phone services company, Orascom, said Sunday it was holding advanced talks with France Telecom over the future of mobile operator Mobinil.Mon, 13 Feb 2012 05:21:44 GMTAFP ANA20120212T124208ZIDB62Openhttp://www.zawya.com/story.cfm/sid20120212_22340_2867/IMF_deal_critical_for_Egypt_say_economistsEgypt needs a quick agreement with the International Monetary Fund in order to avert a currency crisis after the depletion of more than half its foreign currency reserves, economists and analysts say.Mon, 13 Feb 2012 04:19:38 GMTFinancial Times 20120212_22340_2867Openhttp://www.zawya.com/story.cfm/sidZW20120212000022/MobinilOTMT_shares_suspended_pending_clarity_on_Mobinil_future_EGXThe Egyptian Stock Exchange said it has suspended trading in the shares of Egyptian Co. for Mobile Services, or Mobinil, and Orascom Telecom Media and Technology, or OTMT, pending clarification on Mobinil's future.Sun, 12 Feb 2012 10:41:56 GMTZawya Dow Jones News ZW20120212000022Openhttp://www.zawya.com/story.cfm/sidANA20120211T184548ZIBQ41/EgyptUS_row_over_aid_workers_can_be_resolved_McCainTop US Senator John McCain said Saturday that a diplomatic row with Egypt over the planned trial in Cairo of several workers from American pro-democracy groups can be resolved within days.Sun, 12 Feb 2012 04:55:18 GMTAFP ANA20120211T184548ZIBQ41Openhttp://www.zawya.com/story.cfm/sidZAWYA20120211085847/Kuwait_Energy_makes_a_new_well_discovery_in_EgyptKuwait Energy, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, today announced that it has made an oil well discovery in the Western Desert in Egypt. Sat, 11 Feb 2012 09:08:55 GMTPress Release ZAWYA20120211085847Openhttp://www.zawya.com/story.cfm/sidANA20120211T081916ZIAH02/Egypt_braces_for_strikes_to_mark_Mubaraks_ousterActivists planned a day of civil disobedience in Egypt on Saturday to mark exactly a year since they toppled Hosni Mubarak but left an increasingly unpopular but defiant military in charge.Sat, 11 Feb 2012 08:24:46 GMTAFP ANA20120211T081916ZIAH02Openhttp://www.zawya.com/story.cfm/sidZAWYA20120211043545/CBE_keeps_interest_rates_unchangedThe Central Bank of Egypt (CBE) kept the interest rates unchanged during its meeting last Thursday. The overnight deposit and lending rates remained unchanged at 9.25 and 10.25 per cent respectively. Sat, 11 Feb 2012 07:30:15 GMTAl Ahram Weekly ZAWYA20120211043545Openhttp://www.zawya.com/story.cfm/sidANA20120210T160849ZHYM46/Three_S_Korean_women_kidnapped_in_Egypts_SinaiArmed Bedouin kidnapped three South Korean tourists and their Egyptian guide in the Sinai Peninsula on Friday in the latest in a spate of abductions in the region, a security official said.Sat, 11 Feb 2012 07:03:28 GMTAFP ANA20120210T160849ZHYM46Openhttp://www.zawya.com/story.cfm/sidANA20120210T211354ZHZP57/Egyptians_rally_against_defiant_military_rulersThousands of people rallied outside Egypt's defence ministry Friday calling for the military rulers' ouster a day before a civil disobedience campaign marking Hosni Mubarak's overthrow a year ago.Sat, 11 Feb 2012 06:54:29 GMTAFP ANA20120210T211354ZHZP57Openhttp://www.zawya.com/story.cfm/sidANA20120211T001035ZHZX66/Euro_dips_as_Athens_debt_deal_teetersThe euro took a dive on Friday, as a deal to ease Greece's debt crisis appeared to unravel amid riots on the streets of Athens and a host of cabinet resignations.Sat, 11 Feb 2012 06:53:17 GMTAFP ANA20120211T001035ZHZX66Openhttp://www.zawya.com/story.cfm/sidANA20120211T013656ZHZZ26/Egypt_activists_plan_strikes_to_mark_Mubaraks_ousterActivists plan a day of civil disobedience in Egypt on Saturday to mark the first anniversary since they toppled Hosni Mubarak but left an increasingly unpopular but defiant military in charge.Sat, 11 Feb 2012 06:52:37 GMTAFP ANA20120211T013656ZHZZ26Openhttp://www.zawya.com/story.cfm/sidGN_10022012_110225/Cairo_mosque_becomes_protest_rallying_pointOne year after massive protests forced Egypt?s long-standing president Hosni Mubarak to step down, the Omar Makram Mosque in central Cairo has become famous as a rallying point for demonstrations against the military rulers.Sat, 11 Feb 2012 06:31:33 GMTGulf News GN_10022012_110225Openhttp://www.zawya.com/story.cfm/sidANA20120210T143849ZHXZ91/SP_downgrades_Egypt_on_politics_currency_fearsRatings house Standard & Poor's said it lowered Egypt's long-term foreign and local currency ratings from B+ to B on Friday because of a sharp decline in foreign currency reserves and ongoing concerns about political stability.Fri, 10 Feb 2012 14:42:07 GMTAFP ANA20120210T143849ZHXZ91Openhttp://www.zawya.com/story.cfm/sidpdf_100212123523/BMI_Egypt_Food__Drink_Report_Dec12Egypt's near-term growth outlook remains weak. Nevertheless, in an outlook pertinent for our food and drink forecasts, household and government spending are expected to outperform, even though fixed investment and the export sector will be unlikely to stage a more pronounced recovery amidst the political crisis. Risks to our food and drink forecasts are, however, on the downside, as consumer confidence takes time to recover, especially as we see little prospects for a swift economic recovery in Egypt heading into 2012. Still, in our opinion, Egypt has the greatest potential as a consumer market in the Middle East and North Africa (MENA) region and is also one of our favourite emerging markets. We expect it to be targeted both by imports from regional bases and directly.- 2011 per capita food consumption = +12.1%; forecast compound annual growth rate to 2016 = +11.2%- 2011 beer sales = +11.2%; forecast compound annual growth rate to 2016 = +11.8%- 2011 carbonated drink sales = +7.9%; forecast compound annual growth rate to 2016 = +9.6%- 2011 mass grocery retail sales = +14.9%; forecast compound annual growth rate to 2016 = +38.6%Key Company TrendsRegional and Multinational Players Remain Interested in Egypt ? Saudi Arabia-based industrial company The Savola Group reported plans to buy a controlling stake in two Egyptian food makers. The firm is looking at a deal worth US$97.8mn to acquire a 78% stake in Al-Malika and Al-Farasha. Similarly, USbased multinational beverage corporation The Coca-Cola Company announced plans to launch a new juice product wholly made in Egypt. The firm said it has invested around US$16.7mn in the production of Cappy juice and is focusing on the expansion of its fruit juice product portfolio. Having opened its first Egypt store at the end of 2010, UK-based retailer Marks & Spencer (M&S) unveiled plans to launch three more stores in the country, as part of its five-year regional expansion programme.Key Risks to OutlookDownsiFri, 10 Feb 2012 12:30:00 GMTBusiness Monitor International Limited pdf_100212123523Subscriptionhttp://www.zawya.com/story.cfm/sidpdf_100212094732/Byblos_Bank_Country_Risk_Weekly_Bulletin_09Feb12This is a PDF report. Fri, 10 Feb 2012 09:45:00 GMTByblos Bank pdf_100212094732Subscriptionhttp://www.zawya.com/story.cfm/sidpdf_100212094351/CICR_Egypt_Economy__Inflation_09Feb12Annual headline inflation increased to 8.6% in January below both our expectations of 9.5% and December?s reading of 9.6%. Food prices saw a lower rise of 11.2% vs. 13.2% a month earlier on the back of depressed spending levels ? evident in slowed growth of domestic liquidity. The rise in food prices was mainly driven by the 34%YoY increase in vegetables prices. On a monthly basis, the CPI increased a mere 0.1% against a drop of 0.2% in December. Maintained uncertainty is still weighing on private spending levels which should reflect positively on inflation rate. Yet, renewed tension down-town may create some supply disruptions. This coupled with the problems of LPG cylinder shortage in various governerates, may impose upside risks to the inflation level. Thus, we expect inflation to read 8.4% in February.Fri, 10 Feb 2012 09:42:00 GMTCI Capital Research pdf_100212094351Subscriptionhttp://www.zawya.com/story.cfm/sidANA20120210T084443ZHWL70/US_groups_deny_Egypt_charges_of_political_meddlingAccused of interference in Egypt's affairs, US pro-democracy groups whose staff are to be tried in Cairo reject charges they are working secretly for the US government, which largely finances them.Fri, 10 Feb 2012 09:08:15 GMTAFP ANA20120210T084443ZHWL70Openhttp://www.zawya.com/story.cfm/sidANA20120210T085711ZHWM50/Dented_economy_haunts_Egypt_a_year_after_revoltA year after Egypt overthrew Hosni Mubarak, the poor state of the once growing economy of the Arab world's most populous nation poses a threat to its restive transition to democracy.Fri, 10 Feb 2012 09:05:22 GMTAFP ANA20120210T085711ZHWM50Openhttp://www.zawya.com/story.cfm/sidANA20120210T081711ZHWJ77/World_Bank_chief_expects_tension_over_Egypt_aidWorld Bank chief Robert Zoellick said he expects "tensions" as Egypt requests aid from the international lender, which in turn would demand progress on governance and democracy.Fri, 10 Feb 2012 08:40:12 GMTAFP ANA20120210T081711ZHWJ77Openhttp://www.zawya.com/story.cfm/sidANA20120209T195152ZHVF46/US_says_it_has_not_seen_Egypt_charges_against_NGO_staffThe United States issued a correction Thursday saying it has not yet obtained a document outlining the formal charges against US citizens working for pro-democracy groups in Egypt.Fri, 10 Feb 2012 07:13:02 GMTAFP ANA20120209T195152ZHVF46Openhttp://www.zawya.com/story.cfm/sidANA20120209T220758ZHVO69/Egypt_Bedouins_briefly_kidnap_19_policemen_securityEgyptian Bedouin kidnapped briefly kidnapped 19 policemen on Thursday after a tribesman was killed in a shoot-out with police near the border with Israel, security officials said.Fri, 10 Feb 2012 07:11:44 GMTAFP ANA20120209T220758ZHVO69Openhttp://www.zawya.com/story.cfm/sidANA20120209T141814ZHTK23/Islamists_halt_filming_of_Egyptian_TV_seriesIslamist students halted the filming of an Egyptian television series at Cairo's Ain Shams University protesting against the "indecent" clothing of the actresses, the production company said Thursday.Fri, 10 Feb 2012 07:09:50 GMTAFP ANA20120209T141814ZHTK23Openhttp://www.zawya.com/story.cfm/sidANA20120209T084833ZHRZ59/PostMubarak_Egypt_still_finding_its_wayThe spectacular uprising that ousted Hosni Mubarak a year ago turned the political order upside down in Egypt where the former ruler is now in jail and once-oppressed Islamists in parliament, but for most Egyptians the grievances remain unchanged.Thu, 09 Feb 2012 08:56:58 GMTAFP ANA20120209T084833ZHRZ59Openhttp://www.zawya.com/story.cfm/sidANA20120209T084910ZHRZ67/Mubarak_loyalists_not_reconciled_to_his_fallFor Hosni Mubarak loyalists, his downfall was a shock and a humiliation. A year later, they still miss their president and watch with bitterness the political upheaval in an Egypt they no longer recognise.Thu, 09 Feb 2012 08:56:38 GMTAFP ANA20120209T084910ZHRZ67Openhttp://www.zawya.com/story.cfm/sidZAWYA20120209035217/Global_mutual_fund_assets_put_at_259_trillionShashank Srivastava, acting CEO of the Qatar Financial Centre Authority, said, "The QFCA is delighted to be a sponsor once again of this latest GCC Mutual Fund Industry Survey.Thu, 09 Feb 2012 07:03:08 GMTArab News ZAWYA20120209035217Openhttp://www.zawya.com/story.cfm/sidGN_08022012_090256/Egypt_military_to_stay_in_power_until_June_30Egyptian Prime Minister Kamal Al Ganzouri said yesterday that the military council would stay in power until June 30, dampening expectations for an earlier transfer of power to a civilian administration. Thu, 09 Feb 2012 06:23:51 GMTGulf News GN_08022012_090256Openhttp://www.zawya.com/story.cfm/sidGN_08022012_090208/MENA_advertising_to_grow_34_on_social_networks_in_five_years Advertising is expected to grow 34 per cent on social networks in the Middle East and North Africa (Mena) region in the coming years, experts at the Digital Media Forum have said.Thu, 09 Feb 2012 06:14:30 GMTGulf News GN_08022012_090208Openhttp://www.zawya.com/story.cfm/sidANA20120208T210707ZHQW99/Egypt_army_deploys_nationwide_amid_protest_callsEgypt's army on Wednesday said it will deploy troops across the country after activists called for "civil disobedience" to mark the anniversary of strongman Hosni Mubarak's ouster, state media reported.Thu, 09 Feb 2012 05:10:52 GMTAFP ANA20120208T210707ZHQW99Openhttp://www.zawya.com/story.cfm/sidANA20120208T131455ZHOY98/Egypt_accuses_NGOs_of_illegal_political_activityEgyptian judges probing the alleged illegal foreign funding of non-governmental organisations on Wednesday accused the groups of illegal political activity, defending the planned trial of dozens in the case.Wed, 08 Feb 2012 13:45:45 GMTAFP ANA20120208T131455ZHOY98Openhttp://www.zawya.com/story.cfm/sidZAWYA20120208032245/Middle_East_firms_focus_on_market_competitiveness_of_staff_packagesTalent management and organizational effectiveness are high on the agenda this year for Middle Eastern companies, according to Hay Group's Business Outlook study for 2012. Wed, 08 Feb 2012 12:36:55 GMTArab News ZAWYA20120208032245Openhttp://www.zawya.com/story.cfm/sidZAWYA20120208095836/Ipsos_release_online_panel_dataTwo years after the launching of the Online Audience Measurement project, Ipsos has released KSA and Egypt panel data. Wed, 08 Feb 2012 10:23:51 GMTPress Release ZAWYA20120208095836Openhttp://www.zawya.com/story.cfm/sidpdf_080212061346/Banque_Audi_MENA_Weekly_Monitor_03Feb12This is a PDF report. Wed, 08 Feb 2012 06:13:00 GMTBanque Audi pdf_080212061346Subscription