Weak Chinese manufacturing data and a drop in Asian stocks helped send oil futures lower in electronic trade Thursday. Crude for July delivery  fell over $1 or 1.2% to $93.18 a barrel, after preliminary results from HSBC’s monthly survey of Chinese factory activity showed an unexpected contraction. London-traded Brent crude oil for July delivery   surrendered 91 cents, or close to 1%, to $101.69 a barrel. HSBC’s “flash” Purchasing Managers’ Index for May fell to a seven-month low of 49.6, down from April’s final reading of 50.4. Asian stocks fell sharply after the data, with the main indexes in Hong Kong, Sydney and Taipei all more than 1% lower. In Japan, volatility in the government bond market prompted central-bank action and sent the Nikkei Stock Average  tumbling 7.3% by the close, the worst one-day loss since March 2011. The loss for oil extended the futures’ mugging on Wednesday, when the New York Mercantile Exchange floor session saw July crude plunging 2%, while the Brent contract retreated 1.3%. More»

The dollar tumbled against the Japanese yen on Thursday, dropping below 102 yen to levels not seen in more than a week as stocks in Japan plunged on back of fears the U.S. Federal Reserve could begin to pare back its bond-buying program. In addition, weak data from China also weighed heavily on Asia markets. The dollar exchanged hands at ¥101.57 in recent trade, a more than 1% move south from levels seen late Wednesday in North America. Wall Street stocks finished lower on Wednesday and U.S. stock futures were pointing to more losses for Thursday after minutes of the latest Federal Reserve meeting and testimony from Fed Chairman Ben Bernanke indicating a tapering of quantitative easing in the coming months. The ICE dollar index , a gauge of the greenback’s movement against six other major currencies, fell to 84.248 from 83.251 late Wednesday in North America. The euro bought $1.2837, lower than late Wednesday’s level of $1.2850. The Australian dollar traded at 96 cents, not far off where it was trading late the prior North American session. More»

EFG-Hermes Holding (HRHO.CA), the leading investment bank in the Arab world, reported a net profit of EGP 98.03 million for the first quarter of 2013, compared to a net profit of EGP 77.01 posted for the same period a year earlier. Basic earnings per share for Q1/13 reach EGP 0.09, opposed to EGP 0.07 a year earlier. Equity rights have hit around EGP 12.15 billion by the end of March 2013, compared EGP 11.41 billion posted by the end of December 2012. More»

The Japanese yen lost ground Tuesday following fresh remarks by Japan’s economic minister about the currency’s recent price levels. The U.S. dollar  rose to 102.50 yen, up from ¥102.20 earlier in Tokyo trading hours following reports that Economy Minister Akira Amari said he hopes the yen’s foreign-exchange rates will settle at levels that “match the basic strength of the Japanese economy.” He also declined to comment to reporters on whether a correction in the yen has been completed or not. The statements came on the same day the Bank of Japan began its two-day monetary policy meeting. Over the past weekend, Amari had reportedly said on a talk show that the “correction” of the yen was “largely completed.” Further weakness in the currency would be harmful, he was quoted as saying, and the government’s job is to determine how to minimize the negative impact. More»

U.S. crude-oil futures wobbled between small losses and gains Tuesday, with the moves coming before data expected to show a drawdown in weekly oil inventories. Crude oil for June delivery  was up 16 cents, or 0.2%, to $96.87 a barrel in electronic trade, flipping from a loss of 7 cents a barrel earlier in the day. Oil prices on Monday had risen 69 cents, or 0.7%, to $96.71 a barrel on the New York Mercantile Exchange, helped in part by weakness in the U.S. dollar  , marking its fourth straight win. Traders later Tuesday and on Wednesday will assess separate oil-supply updates. Total oil supplies are now near their highest weekly level in at least 30 years, according to Energy Information Administration data that go back to August 1982. More»

Gold futures rose in electronic trade Tuesday, building on gains from the previous session that ended a lengthy string of losses. Gold for June delivery  rose $12.10, or 0.9%, to $1,396.10 an ounce in electronic action. The precious metal on Monday was headed for its eighth consecutive loss, but staged a turnaround to finish higher by $19.40, or 1.4%, at $1,384.10 an ounce on the Comex division of the New York Mercantile. The last time gold fell for eight consecutive sessions was in 2009. A warning by Moody’s Investors Service of a potential downgrade of U.S. debt this year weighed on the U.S. dollar  Monday, with pressure on the greenback making way for gold to finish more than 4% higher than the low of the session, said CMC chief market analyst Ric Spooner late Monday. A weaker greenback tends to make dollar-denominated commodities such as gold less expensive for holders of other currencies. Monday’s rally represented a “key reversal” in technical terms, Spooner said. More»

In a meeting held on Sunday, the board of Egypt's Maridive and Oil Services – MOS (MOIL.CA) appointed Dr. Mohammed Tariq Majed Nadim as Chairman, in place of Eissa Hamed Eleish who passed away. Madim will also act as CEO till the company’s executive structuring is endorsed in the upcoming board meeting. The Chairman was authorized to buy or sell marine units, real estate, land plots, warehouses, workshops or any other owned assets. He was also delegated to carry out talks over refinancing facilities. A board meeting will be held within one month to ratify the company’s new organizational structure. Dr. Mohammed Tariq Majed Nadim has been the Non-Executive Vice Chairman of the Board for Maridive and Oil Services SAE. He has held this position since 1989. Dr. Nadim previously served as Maridive Offshore Projects SAE (MOP), Maritide Maridive & Oil Services, Noba Fridge for Freezing & Food Supply and National Transport & Overseas Services (NOSCO). He is the Managing Director of El Roda For Agriculture & Bestial Development Co. and is also a senior of Valentine Maritime Limited. Dr. Nadim is also Chairman of other companies, including EgyDream for Tourism Development and EgyDream for Tourism Projects. Dr. Nadim holds a Bachelor of Science degree in Accounting, Masters degree and Doctorate in Philosophy degree in Economics from California Pacific University. More»

EFG-Hermes (HRHO.CA), the leading investment bank in the Arab world, is named “Best MENA Asset Manager of the Year” with a total of five wins on the 2012 Zawya MENA Funds Ranking Awards, including three first place finishes for Egypt-based funds and one for a Qatari fund. The recognition underscores the division’s continued ability to innovate and outperform the market despite challenging conditions. The Al Massy Fund, which has consistently received awards for outperforming its peers, was named “Best Egypt Balanced Fund,” while the EFG Hermes’ Egypt Fund won “Best Egypt Equity Fund.” The Al Baraka Bank Egypt Fund was named “Best Egypt Equity Islamic Fund,” and the Al Waseela Fund was named, for the first time, “Best Qatar Equity Fund of 2012.” The prestigious awards on the Zawya ranking are a further testament to the proven track record of strong performance and innovation by the Asset Management Division and add to an impressive list of honours already earned for overall performance in 2012. “Last year was operationally challenging on many fronts but we managed to top the rankings across all categories with our Egypt-based Money Market, Equity, Balanced and Islamic Funds,” said Nabil Moussa, Head of Asset Management in Egypt. “The diversity of our product offering, as well as the expertise of our outstanding team, has been key to our success over the past year.” In 2012, the division was named “Egypt Asset Manager of the Year” for the second time in three years at the MENA Fund Manager Performance Awards, which also gave recognition to the Crédit Agricole III Fund as “Money Market Fund of the Year” and the Al Massy Fund as “Balanced Fund of the Year.” More»

The U.S. dollar soared against major currencies on Friday on growing speculation that the Federal Reserve could soon begin to rein in its bond-buying program and after data showed U.S. consumer sentiment hit an almost six-year high in early May. The Dow Jones Industrial Average and benchmark S&P 500 stock index surged to new closing highs in a rally that has pushed both indices this year up 17 percent. Major European equity indexes climbed to highs last seen five years ago or more, helped by a rally in automakers' shares, which rose on signs of a revival in domestic sales. Stocks on both sides of the Atlantic were boosted after a survey of U.S. consumer sentiment in early May rose more than economists had expected, with more Americans giving favorable views about their financial and economic prospects, particularly among upper-income households. In a separate report by an industry group, a gauge of future economic activity also suggested the expected U.S. slowdown will be temporary, with the index rising in April to a near five-year high. More»

Emerging markets telecoms group Vimpelcom wants to delist Cairo-based subsidiary Orascom Telecom Holding (OTH) from the Egyptian and London stock exchanges so it can manage it directly, two sources said on Friday. The move will also allow Vimpelcom to cut costs associated with running the Egyptian office and avoid regulatory and political risks, a source familiar with Vimpelcom's plans and a source close to Vimpelcom said. Vimpelcom acquired a controlling stake in OTH in 2011 along with 100 percent in Italy's Wind from Egyptian tycoon Naguib Sawiris in a $6 billion-plus deal, expanding outside its Russian home market. Together with subsidiaries, Vimpelcom owns 51.92 percent of OTH, which has mobile businesses in Canada, Algeria and other emerging markets such as Bangladesh. The purchase of Wind and Orascom, which was overshadowed by a bitter shareholder dispute at Vimpelcom, saddled the company with heavy debts and prompted it to launch a strategic review of the assets. More»