Buybacks
The stock exchange is witnessing a growing list of buybacks following huge tumbles in share prices in the aftermath of the global economic crisis. Egypt’s benchmark CASE 30 index has slid over 60 percent since its peak last May, largely due to foreign selling. Regulators have since made it easier for listed firms to buy back their shares in an effort to reduce trade volatility. Many companies have taken advantage of the new lenience, including investment bank EFG-Hermes, Orascom Telecom and Orascom Construction Industries, whose shares account for over a quarter of the CASE 30’s value, but the buybacks have not stopped prices from deteriorating.
Cairo declaration
The Cairo Declaration, issued by the 3rd Cairo conference and marking the 60th Anniversary of the Universal Declaration of Human Rights, stressed the necessity of fighting racism and religious extremism. It underlined the importance of empowering women in the political, economic, social and cultural fields, stressing that women’s gains are an integral part of human rights. The two-day conference was held under the title “The Role of National Human Rights Institutions and Non-Governmental Organisations in a Changing Environment”
Journalism award
Ibrahim Eissa, editor of al-Dostour, a Cairo independent daily with Muslim Brotherhood leanings, was awarded the 2008 Gebran Tueni Award for journalism by the World Association of Newspapers (WAN), which annually honours editors and publishers in the Arab world for distinguished work in journalism. The prize was created in remembrance of Gebran Tueni, Lebanese publisher and WAN board member who was killed by a car bomb in Beirut in December 2005. WAN awarded Eissa for his journalistic work and his fight for freedom of expression. The award grants him a scholarship of around 10,000 Euros to study journalism and leadership courses offered by WAN. Last October, Eissa was handed down a two-month jail sentence for publishing rumours about President Hosni Mubarak’s health but received a presidential pardon a few days after the verdict.
Egypt regains old treasures
Immigration officials in the United States have returned more than 80 ancient artefacts to the Egyptian government, pieces that had been stolen from a museum in the Cairo suburb of Maadi in 2002 by a United States Army helicopter pilot and later sold to an antiquities dealer. The antiquities, seized by Immigration and Customs Enforcement after an investigation in 2006, were among 370, dating to 3000BC or earlier, which had gone missing from the museum.
Best Country brand
Egypt has once again been named the world’s Best Country Brand for History in the fourth edition of the Country Brand Index (CBI), edging out other historically rich country destinations like France, Italy, Greece and China. The 2008 Country Brand Index also puts Egypt in the top three list of world’s Best Country Brand for Arts and Culture and is also cited for being in the top five list of world’s Best Country Brand for Authenticity. Now in its fourth year, CBI provides a comprehensive branding study that includes rankings, trends and travel motivations of tourists around the world.
Egypt wins women squash
Egypt beat defending champions England 2-1 to win the women’s world team championship title for the first time in Paris last weekend. Egyptian number one Omneya Abdel Kawy, ranked seven in the world, saw off Jenny Duncalf, crushing the world number six, 11-1, 11-6, 11-9. Third string Raneem al Weleily lost to England##s world number eight Laura Lengthorn-Massaro, 11-8, 5-11, 15-13, 6-11, 11-4, while Engy Kheirallah celebrated a 4-11, 11-9, 9-11, 11-0, 12-10 win over Alison Waters.
WATANI International
14 December 2008