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Top related persons:
Mohammed Salem - 1 Md Manzer Hussain - 1 Bernadette Baum - 1
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Gaza City Palestinian Israel Gaza East Saudi
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REUTERS - 1 Lumi - 1 Etihad Atheeb Telecommunication - 1 Saudi Aramco Base Oil - 1 Al Rajhi Bank - 1 . Industries Qatar - 1 Commercial Bank - 1 Commercial International Bank - 1

Search resuls for: "Telecom Egypt"


11 mentions found


☆ Major Gulf bourses drop amid surging Gaza-Israel conflict
  + stars: | 2023-10-08 | by ( Md Manzer Hussain | ) www.reuters.com   time to read: +1 min
REUTERS/Mohammed Salem Acquire Licensing RightsOct 8 (Reuters) - Major stock markets in the Gulf tumbled on Sunday amid worries that rising conflict between Palestinian group Hamas and Israel threatens to spiral. The index was dragged down by losses in all sectors, with Lumi Rental (4262.SE) down 5% and Etihad Atheeb Telecommunication (7040.SE) dropping 5.3%. Saudi Aramco Base Oil (2223.SE) (Luberef)dropped 6.8% and the world's largest Islamic bank by assets, Al Rajhi Bank(1120.SE) slipped 2.1%. The Qatari index (.QSI) fell for a third straight session, ending 0.6% lower, with most sectors in the red. Outside the Gulf, Egypt's blue-chip index (.EGX30) plunged 2.6%, the steepest drop in nearly three months.
Persons: Mohammed Salem, Md Manzer Hussain, Bernadette Baum Organizations: REUTERS, Lumi, Etihad Atheeb Telecommunication, Saudi Aramco Base Oil, Al Rajhi Bank, . Industries Qatar, Commercial Bank, Commercial International Bank, Finance, Digital, Financial, Telecom Egypt, Fawry Banking, Thomson Locations: Gaza City, Palestinian, Israel, Gaza, East, Saudi
☆ Egypt sells $121.6 mln stake in state-controlled Telecom Egypt
  + stars: | 2023-05-14 | by ( ) www.reuters.com   time to read: +2 min
CAIRO, May 14 (Reuters) - Egypt's government sold a 9.5% stake in state-controlled Telecom Egypt (ETEL.CA) for 3.75 billion Egyptian pounds ($121.6 million), the finance ministry said in a statement on Sunday, breathing life into a privatisation programme that had seemingly stalled. The stock exchange said on Sunday the sale of 162.2 million shares of Telecom Egypt had been executed for a total 3.75 billion pounds. Another 0.5% of the shares are now being offered to Telecom Egypt employees until May 25. The two-part sale will reduce the government's stake in Telecom Egypt to 70% from the previous 80%, with the other 20% floating on the Egyptian Exchange. The ministry statement did not say what portion of the shares were sold to local buyers as opposed to non-Egyptians.
☆ Exclusive: China plans $500 million subsea internet cable to rival US-backed project
  + stars: | 2023-04-06 | by ( Joe Brock | ) www.reuters.com   time to read: +10 min
China's three main carriers – China Telecommunications Corporation (China Telecom), China Mobile Limited and China United Network Communications Group Co Ltd(China Unicom) – are mapping out one of the world’s most advanced and far-reaching subsea cable networks, according to the four people, who have direct knowledge of the plan. They said HMN Tech, which is majority-owned by Shanghai-listed Hengtong Optic-Electric Co Ltd, would receive subsidies from the Chinese state to build the cable. China Mobile, China Telecom, China Unicom, HMN Tech, and Hengtong did not respond to requests for comment. The consortium on the SeaMeWe-6 cable – which originally had included China Mobile, China Telecom, China Unicom and telecom carriers from several other nations – initially picked HMN Tech to build that cable. China Telecom and China Mobile pulled out of the project after SubCom won the contract last year and, along with China Unicom, began planning the EMA cable, the four people involved said.
☆ Exclusive: China plans $500 mln subsea internet cable to rival U.S.-backed project
  + stars: | 2023-04-06 | by ( Joe Brock | ) www.reuters.com   time to read: +10 min
China's three main carriers – China Telecommunications Corporation (China Telecom), China Mobile Limited and China United Network Communications Group Co Ltd(China Unicom) – are mapping out one of the world’s most advanced and far-reaching subsea cable networks, according to the four people, who have direct knowledge of the plan. They said HMN Tech, which is majority-owned by Shanghai-listed Hengtong Optic-Electric Co Ltd, would receive subsidies from the Chinese state to build the cable. China Mobile, China Telecom, China Unicom, HMN Tech, Hengtong and China’s Foreign Ministry did not respond to requests for comment. The consortium on the SeaMeWe-6 cable – which originally had included China Mobile, China Telecom, China Unicom and telecom carriers from several other nations – initially picked HMN Tech to build that cable. China Telecom and China Mobile pulled out of the project after SubCom won the contract last year and, along with China Unicom, began planning the EMA cable, the four people involved said.
☆ U.S. and China wage war beneath the waves – over internet cables
  + stars: | 2023-03-24 | by ( ) www.reuters.com   time to read: +28 min
Three of China’s state-owned carriers – China Telecommunications Corporation (China Telecom), China Mobile Limited and China United Network Communications Group Co Ltd (China Unicom) – had committed funding as members of the consortium, which also included U.S.-based Microsoft Corp and French telecom firm Orange SA, according to six people involved in the deal. China Telecom, China Mobile, China Unicom and Orange did not respond to requests for comment. China Telecom, China Mobile and China Unicom were resolutely behind HMN Tech, which had come in with a bid of around $500 million. China Telecom and China Mobile threatened to walk off the project, taking tens of millions of dollars of investment with them. Among them is China Telecom, which had previously won authorization to provide services in the United States.
☆ Saudi leads most Gulf bourses higher; Egypt down
  + stars: | 2023-03-19 | by ( Md Manzer Hussain | ) www.reuters.com   time to read: +2 min
March 19(Reuters) - Saudi Arabia's stock market closed higher on Sunday to outperform the Gulf region, amid expectations of a lower interest rate hike by the U.S. Federal Reserve in the aftermath of the collapse of two big regional banks. Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes. Saudi Arabia's benchmark index (.TASI) ended its five sessions losing streak, jumping 1.8%, the highest intraday rise since Dec 13. The index heavyweight Islamic banks Qatar Islamic Bank (QISB.QA) and Masraf Al Rayan (MARK.QA) rose 1.9% and 3.2% respectively. Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 0.2%, extending its looses into a sixth sessions.
☆ Saudi bourse gains on upbeat earnings, non-oil activity; Egypt falls
  + stars: | 2023-03-05 | by ( Ateeq Shariff | ) www.reuters.com   time to read: +2 min
March 5 (Reuters) - Saudi Arabia's stock market extended gains for a third session on Sunday on buoyant earnings and upbeat non-oil business activity, while the Egyptian bourse fell further on profit taking. The kingdom's non-oil business sector activity soared to its highest level in eight years in February, a survey showed on Sunday, based on a strong increase in demand and an optimistic economic outlook. "However, the developments in oil markets could still have an uncertain impact on Saudi stocks due to the current volatility." Outside the Gulf, Egypt's blue-chip index (.EGX30) eased 0.1%, extending losses on profit-taking after the market hit a high in February. According to a media report, the telecom firm and Huawei Egypt inked a cooperation agreement to foster cooperation in digital transformation.
☆ Banks, real estate shares weigh on Saudi; insurer lifts Qatar
  + stars: | 2023-02-26 | by ( Shamsuddin Mohd | ) www.reuters.com   time to read: +2 min
Feb 26 (Reuters) - Major stock markets in the Gulf ended mixed on Sunday, with Saudi Arabia's index pressured by real estate and banking shares, but a 10% surge in Qatar Insurance (QINS.QA) lifted the Qatari index. Among other stocks, Saudi Tadawul Group fell 4.7% after its annual profit declined more than 27% to 424.6 million riyals ($113.17 million). Middle East Healthcare (4009.SE) jumped 10% after its annual profit soared more than 300% compared to a year earlier. The Qatari Stock index (.QSI) rose 0.7%, ending three consecutive sessions of losses, buoyed by its financial stocks. The insurer on Wednesday hit a more than 13-year low after reporting a consolidated net loss of 637 million riyals ($174.14 million) for fiscal year 2022, compared to a profit of 630 million riyals ($172.23 million) a year earlier.
☆ Most Gulf bourses rise on higher oil prices; Egypt down
  + stars: | 2023-02-12 | by ( Md Manzer Hussain | ) www.reuters.com   time to read: +2 min
Feb 12 (Reuters) - Most Gulf bourses closed higher on Sunday in response to Friday's oil price rise, driven by Russian plans to reduce crude production next month. Oil, which fuels the region's economies, rose more than 2%, with Brent crude gaining $1.89 to $86.39 a barrel. Russia plans to reduce crude production by 500,000 barrels per day (bpd) in March, or about 5% of its total output. The index was dragged down by a 4.7% loss in Commercial International Bank Egypt (COMI.CA) and a 2.9% fall in Telecom Egypt (ETEL.CA). Among other losers, Misr Fertilizers (MFPC.CA) and Abu Dhabi Islamic Bank Egypt (ADIB.CA) slid 3.7% and 4.3% respectively.
☆ Gulf stocks rise on hope of slower Fed rate hikes
  + stars: | 2023-01-29 | by ( Md Manzer Hussain | ) www.reuters.com   time to read: +2 min
Jan 29 (Reuters) - Stock markets in the Gulf ended higher on Sunday after cooling U.S. inflation lifted expectations the Federal Reserve would slow its pace of interest rate hikes. Saudi Arabia's benchmark index (.TASI) rose 0.2%, supported by gains in financial and energy sector stocks. The Qatari Stock index (.QSI) rose 0.4%, with most of its constituent stocks in positive territory. The bank reported Tuesday a more than 22% rise in FY net profit, beating analyst's expectations. Outside the Gulf, Egypt's blue-chip index (.EGX30) surged 3.7%, its highest intraday rise since November.
☆ Saudi bourse gains on strong earnings, oil prices; Qatar falls
  + stars: | 2022-10-23 | by ( Ateeq Shariff | ) www.reuters.com   time to read: +2 min
Oct 23 (Reuters) - Saudi Arabia's stock market ended higher on Sunday, in response to rising oil prices and strong earnings, while the Qatari index retreated amid falling natural gas prices. Post trading hours, the company reported a quarterly net profit of 269.9 million riyals ($71.82 million), up from 18 million riyals a year ago. Saudi National Bank (<1180.SE>), the country's biggest lender, inched 0.3% higher, after posting a net profit of 4.725 billion riyals ($1.26 billion) in the quarter, up from 3.98 billion riyals a year earlier. read moreThe Qatari index (<.QSI>) fell 0.5%, hit by a 1.1% fall in petrochemical maker Industries Qatar (<IQCD.QA>). "The commodity could extend losses as production outpaces expectations and warm weather limits demand, putting more pressure on the stock market," he said.
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