Morning Wrap: Egypt stock exchange, Jobs, Orascom Telecom

Egypt unemployment hits 12.6%, against 11.8% in the same period a year earlier.  That puts 3.4 million people out of work.

Egypt mulls selling stake in stock exchange – Shareholders might include banks, financial institutions, brokerage firms and investors, with the government holding a majority stake, Ashraf El-Sharkawy, chairman of the Egyptian Financial Supervisory Authority was cited as saying.

UPDATE: Mr El Sharkawy sent me an email adding that this is likely a “long-term plan of three-to-four years”.

The Egyptian stock exchange rose for a third straight session yesterday, closing at a near 5-month high.

Standard Chartered settles with New York claims with $340 million 


Egypt’s Commercial International Bank posts 18% rise in second-quarter net income, above analysts’ expectations, who say the country’s lenders are benefiting from soaring yields on government debt.

Orascom Telecom swung to a second-quarter net profit of $27 million as it increased the number of subscribers and data usage.

Dubai’s Drake & Scull second quarter drops 49% and misses estimates, as high financing costs for acquisitions and increased provisions for contracts ate into profits

Emaar, the developer of the world’s tallest tower in Dubai, said second-quarter revenue from apartment sales more than doubled from the year- earlier period. Sale of villas dropped 3 percent during the period.

  • […] rates alone could increase GDP growth a percentage point or two in the medium to long term.  Unemployment in Egypt hit 12.6% in the second quarter, against 11.8% a year earlier – equivalent to 3.4 million out of work.  But that data […]

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