Daily Archives: August 3, 2013

Sale of Egypt's Omar Effendi annulled by court

Egypt: The 2006 sale of 90% of Egypt’s state-owned department store Omar Effendi for EGP589.5m to Saudi Arabia’s Anwal United Trading Co has been annulled by the country’s Supreme Administrative Court, Ahram has reported. The court rejected appeals by Anwal head Jamil Al-Kanbit, along with National Bank of Egypt and Bank Audi, against a 2011 ruling by the State Council’s Administrative Court, and invalidated the deal on grounds that it had violated Egyptian law as it was done through direct order rather than a public auction. [AMEInfo.com]

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Construction of SODIC's Eastown to commence this month

Egypt: The Egyptian government has granted the Six of October Development and Investment (Sodic) the construction permits for the first phases of its Eastown project in New Cairo, enabling construction to commence this month. Sodic’s wholly-owned company and the owner of Eastown, Soreal plans to invest over EGP3bn ($427m) in the mixed-use project over the course of the next three years, the developer said. [AMEInfo.com]

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Egypt cuts rates

Egypt: The Egyptian central bank has unexpectedly reduced its main overnight interest rate by 50 basis points, saying it was more concerned about boosting growth than taming resurgent inflation, Reuters has reported. “Give that the downside risks to the GDP outlook outweigh the upside risks to the inflation outlook, the MPC decided to cut the key CBE rates,” the bank’s Monetary Policy Committee said. The central bank cut the deposit rate to 9.25% and the lending rate to 10.25%. It lowered its discount rate and the rate it uses to price one-week repurchase and deposit operations to 9.75%. [AMEInfo.com]

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Terror: Indonesia has experiences Nigeria can learn from – Ambassador Haseng

What is the volume of trade between Nigeria and Indonesia? Bilateral trade between the two emerging economies reached US$2.1 billion in 2011and … terrorism and has developed cooperation with many countries, including through tripartite agreements.

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Understanding sectional title properties

Familiarise yourself with the rules and regulations before making an offer to purchase.

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Bits Blog: Obama Administration Overturns Ban on Apple Products

The Obama administration has vetoed a product ban that would have forced Apple to stop selling some iPhones and iPads in the United States. read more

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The Race to Build a Better Business Class

Billions are being spent to pack business-class seats with engineering innovations and fancy features. read more

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Obama administration overturns ban on some iPad, iPhones

WASHINGTON (Reuters) – The Obama administration has overturned a U.S. trade panel’s ban on the sale of some older iPhones and iPads, reversing a ruling that had favored Samsung Electronics Co Ltd over Apple Inc in their long-running patent battles. read more

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New Siemens CEO says played no role in his predecessor's ouster

FRANKFURT (Reuters) – Joe Kaeser, the new chief executive of German engineering group Siemens, told a newspaper he played no role in the ousting of his predecessor Peter Loescher. read more

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Twitter UK boosts anti-abuse tools after threats against women

LONDON (Reuters) – The British arm of Twitter apologized on Saturday to a group of high-profile women who have been threatened with death and rape on the micro-blogging site, and announced measures to make it easier for users to report abusive tweets. read more

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CBS retaliates, blocks online shows for Time Warner cable customers

LOS ANGELES (Reuters) – U.S. broadcast network CBS took its dispute with Time Warner Cable to the Internet, blocking access to shows on the CBS.com website for the cable operator’s customers in New York and Los Angeles. read more

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U.S. seeks tighter control over Apple in e-book case

NEW YORK (Reuters) – Apple Inc is headed for a showdown with the U.S. government and dozens of states, which on Friday urged that tough new restrictions be imposed on the company for illegally conspiring to raise e-book prices. read more

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Hubble Finds 'Smoking Gun' After Gamma-Ray Blast

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Africa: Let's Make a Success of Failures

[SciDev.Net]Unsuccessful development initiatives offer vital lessons – but only if we are open about failure, says Ben Taylor.

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