Morning Round-Up – Egypt World Bank loan, Centamin, Deloitte/StanChart

World bank to lend Egypt $200 million to support small and medium-sized businesses – Egyptian finance ministry statement inboxed this morning.

MENA also reports Egypt’s new Minister of Planning and International Cooperation, Ashraf al-Araby, will sign the loan deal at a ceremony today.

Centamin, the Egypt-focused gold miner, posted a 24% drop in second-quarter profit due to higher costs and as it did not sell as much gold in the period as it produced.  This was expected considering the miner had to shut operations twice this year and faced ongoing labour unrest.

I spoke to Centamin’s chairman, Josef El Raghy who told me the strikes were “disappointing”.  “They’ve been using the revolution to try to increase their own remuneration but that doesn’t deter us from our plans here,” Mr El Raghy said.

Deloitte’s CEO defends the work it did for Standard Chartered, the bank which is accused of hiding transactions with Iran – an exclusive from Reuters

The UAE’s Dana Gas said its quarterly profit rose 46% helped mainly by lower income tax expenses.

Abu Dhabi-based energy company Taqa reported flat profit for the second quarter (up 2.8%) as weak gas prices weighed on results.

Qatar lifts Xstrata stake to 11.5% in standoff with Glencore 

 

 




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