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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Egyptian for Tourism Resorts   0.69        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        Cairo Poultry   8.32        ARAB POLVARA SPINNING & WEAVIN   2.11        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

Industry & Trade

German finmin slams Volkswagen management over bonuses: paper


Published 2016-05-01 13:00:48| Amwal Al Ghad English

Germany's finance minister Wolfgang Schaeuble has criticised the executive board of scandal-ridden carmaker Volkswagen for not waiving bonuses despite bringing the company to the brink of collapse. "I have no sympathy for managers who first drive a large blue chip-listed company into an existence-threatening crisis and then defend their own bonuses in a public debate," Schaeuble told German weekly Frankfurter Allgemeine Sonntagszeitung. "That shows that something is not working." Volkswagen plans to pay the 12 current and former members of its management board 63.24 million euros ($72.44 million) for 2015, a year when Europe's largest carmaker posted a record loss due to legal and compensation costs for cheating diesel emissions tests. The company withheld a small part of bonus payments but will award them at a later date if certain performance criteria are fulfilled, including a recovery of the Volkswagen's share price. The bonus payouts have sparked public outrage in Germany and a spat within Volkswagen's supervisory board. Lower Saxony, VW's second-largest shareholder, had called for executive bonuses to be scrapped or cut as Europe's largest automaker counts the multi-billion-euro costs of "Dieselgate". Joerg Bode, a former supervisory board member who had represented Lower Saxony, told weekly Welt am Sonntag that ex-CEO Martin Winterkorn and his colleagues should pay back the part of the bonuses that had been generated by "cost cuts through fraud". Current supervisory board member Bernd Osterloh said last week that the carmaker should look beyond contractual obligations and that the management board should volunteer to cut their bonus payments. "It is also about morals," he had said. Osterloh also said that the supervisory board should also discuss changes to its own remuneration system once the dieselgate scandal has been resolved. "As soon as business is back to normal we should think about changing the (remuneration) system (of the supervisory board)," Osterloh was quoted by Welt am Sonntag as saying. A swift change to fixed salaries and abolishing variable pay components tied to dividends would be a wrong signal as that would effectively lead to a hike in remuneration, the Volkswagen labor chief told the paper. Following its record 2015 loss VW had slashed its dividend to 0.17 euros per preferred share from 4.86 euros.
Tech news
Tech giant Google is finally making the jump from software to devices. The search platform’s parent company, Alphabet, is reportedly creating a new division within Google to design new hardware devices, and has hired former Motorola president and CEO Rick Osterloh to lead it. Osterloh will join the company as senior vice president and will report to Google CEO Sundar Pichai, according to a report from Re/code. The news represents something of a homecoming for Osterloh, who became part of the Google family when the company acquired Motorola in 2011. It eventually sold the division to Lenovo in 2014, and Osterloh finally left Motorola last month following Lenovo’s decision to reorganize the division.
Internet News
Egypt is looking to add 500,000 new Internet users by the end of 2015 and increase its internet penetration rate to 50 percent from 34 percent by the end of 2016, communication minister Khaled Ali Negm said. The communication and information technology ministry mandated reduced prices at the start of August as part of its plan to expand Internet access across Egypt and improve speeds. "Every 10 percent increase in Internet penetration increases Egypt's gross domestic product by 1.8 percent," the minister told Reuters in an interview. The ministry hopes to add 1.5 million additional users by the end of 2016 to its current base of 3.4 million ADSL broadband users and increase the minimum speed to 2 megabits per second from the 1 megabit per second currently offered, he said. Since the lower prices came into effect at the beginning of August, 31,000 new Internet subscribers have come online. "By the end of 2016, the Internet in Egypt will look completely different," Negm said.