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The Consumer Protection Agency (CPA) has ordered that Uber suspend its ad campaign on charges of having a sense of humor. CPA head Atef Yacoub decreed that the ride-sharing giant’s campaign, with the slogan “I was saved from driving my mother-in-law home 64 times,” violated decency laws and regulations, Al Masry Al Youm reports. Not […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Rooya to start construction at EGP 300 mn Hadaba project, to IPO in 1H17
Rooya Real Estate Development is set to IPO in1H17, possibly listing around 30% of its shares, chairman Hisham Shoukri told Al Mal. The company tapped Grant Thornton as financial advisor to prepare the fair value report, while Baker McKenzie is the legal advisor. Pioneers Holding, which holds 60% of Rooya’s shares, said in March last […]
Posted inSpeed Round
One killed in Maadi bombing
Maadi bombing claims one: One man was killed and three members of his family injured by a bomb blast in Maadi on Friday. The Associated Press reports that the blast claimed the life of a guard who came upon an improvised explosive device while cleaning a yard off Midan Gazayer.
Posted inSpeed Round
Egypt was hit by a minor earthquake on Friday night
Did it feel like poltergeist to you Friday night? Egypt was hit by a minor earthquake on Friday night, which registered at 3.3 on the Richter scale, Ahram Online reports. While not many people reported to be affected by it, the earthquake was blamed by the twitter-sphere for a collapse of a building in Garden […]
Posted inSpeed Round
Emaar Malls makes USD 800 mn bid for Souq, challenging Amazon
Emaar Malls has made a USD 800 mn bid to acquire Souq, challenging Amazon’s USD 650 mn offer to the regional online retailer, Bloomberg reports, citing sources close to the transaction. The regional malls giant’s offer includes a USD 500 mn convertible deposit, according to the sources, and no final offer has been reached with […]
Posted inSpeed Round
Russia sees oil at USD 40 / bbl, Turkey rattles saber at Cyprus over oil and gas exploration
A couple of oil and gas stories worth noting this morning: With OPEC members meeting in Kuwait this weekend to review production, Russia is hunkering down for “years” of oil at USD 40 / bbl, reports Bloomberg. Meanwhile, Turkey and Cyprus are in a spat over offshore oil and gas exploration, with Cyprus saying on […]
Posted inSpeed Round
KfW accidentally transfers 100s of mns of EUR — over and over and over again
The Germans — they’re just like us. A German bank accidentally transferred EUR 5 bn to four other banks because of a technical glitch. State-owned KfW got the money back, but the kicker is that this isn’t the first time it’s erroneously transferred hundreds of mns of EUR: It did it with Lehman Bros. the […]
Posted inUncategorized
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Posted inImage of the Day
German opens up a village’s first school
Today’s “aww” moment brought to you by ‘Didi’: Being the selfish capitalists that we are, we have a tendency to measure foreigners’ love for us by the number of tourists they bring in or the USD value of their investments. But Diana Sander from Germany has reminded us of the human side of that love. […]
Posted inEGYPT IN THE NEWS
European arm sales to Egypt hinge on modern, historic strategic goals
Europe’s arms sales to Egypt, particularly its navy, are underpinned by both historical factors and modern changes in geopolitical affairs, writes Mohamed Soliman for Foreign Affairs. The strategic importance of Egypt to Europe (especially France) has always been the Suez Canal and the need to keep it open for European shipping, with France and UK […]