Israel says will not forgo USD1.8bn compensation in Egyptian gas dispute

Israel is unlikely to pass up on the near USD1.8bn awarded to it in compensation for Egypt halting a natural gas supply contract in 2012, even though the two countries both want a way out of the dispute, Energy Minister Yuval Steinitz said on Wednesday.

(Source: Reuters)

£14m spent on private jets to deport asylum seekers in 18 months | UK news | The Guardian

http://www.theguardian.com/uk-news/2015/oct/16/14m-spent-on-private-jets-to-deport-asylum-seekers-in-18-months

EquiJuri: Fifa scandal: Jack Warner banned for life

EquiJuri: Fifa scandal: Jack Warner banned for life: Hi, Fifa Scandal I thought you'd like this: Read more Fifa scandal: Jack Warner banned for life Disgraced former vice-president and ally...

The same government of Qatar which corrupted FIFA is still in power, accordingly its relationships with all other international sport organizations such as FEI should also be legally audited for potential corruption. Same should apply to all Qatar relations will all international sports associations, which will also probably reveal other corruption cases. Shame on Qatar and Shame on FIFA

Switzerland bans Volkswagen sales

Switzerland bans Volkswagen sales

E-Corporate Lawyers: Swiss to interview witnesses in Malaysia corruptio...

E-Corporate Lawyers: Swiss to interview witnesses in Malaysia corruptio...: http://www.swissinfo.ch/eng/1mdb-fund_swiss-to-interview-witnesses-in-malaysia-corruption-probe/41663006

Swiss to interview witnesses in Malaysia corruption probe - SWI swissinfo.ch

http://www.swissinfo.ch/eng/1mdb-fund_swiss-to-interview-witnesses-in-malaysia-corruption-probe/41663006

EquiJuri: EquiJuri: "Houston woman convicted of making 'anim...

EquiJuri: EquiJuri: "Houston woman convicted of making 'anim...: EquiJuri: "Houston woman convicted of making 'animal crush' ... : http://www.theguardian.com/world/2015/sep/09/houston-woman-co...

E-Corporate Lawyers: Donate for Refugees, Swiss Solidarity!

E-Corporate Lawyers: Donate for Refugees, Swiss Solidarity!: For information and donations, please click the link below https://www.swiss-solidarity.org/en/donations/online-donation.html?don=refugees...

Donate for Refugees, Swiss Solidarity!

For information and donations, please click the link below
https://www.swiss-solidarity.org/en/donations/online-donation.html?don=refugees

E-Corporate Lawyers: Investment Guide

E-Corporate Lawyers: Investment Guide:  E-corporate lawyers' investment guide is currently legally featuring Egypt as an emerging economy for foreign direct and portfolio in...

E-Corporate Lawyers: Laws of the World

E-Corporate Lawyers: Laws of the World: EU Law European Parliament   USA Laws   French Law German Law UK Legislation

E-Corporate Lawyers: Egypt introduces new value-added tax!

E-Corporate Lawyers: Egypt introduces new value-added tax!: Egypt offers lottery and discounts to promote new value-added tax Egypt's finance ministry will issue lottery prizes in order to motiva...

Egypt introduces new value-added tax!

Egypt offers lottery and discounts to promote new value-added tax
Egypt's finance ministry will issue lottery prizes in order to motivate businesses to issue receipts and citizens to demand them, to promote popular observation of the soon-to-be imposed value-added tax. The ministry said in a statement on Saturday that it would hold a monthly lottery benefiting up to a thousand citizens from each governorate, with annual prizes valued at a total of EGP5m. The statement did not give further details about the operation of the lottery. The date of implementation of the long-awaited value-added tax has not yet been announced, but Finance Minister Hani Qadri Dimian told last week that the law establishing the tax would be approved by the cabinet “within weeks.” As an additional measure to support the introduction of the tax, the government will also implement a temporary 5% discount on the total value-added tax paid for goods, and a 15% discount on taxes paid for services. The new tax will be imposed on each additional stage in the production process, to ultimately distribute the tax over all contributors to a final product. The long-delayed tax will set a fixed rate on the consumption of most goods and services, with the exception of socially sensitive goods and services, such as some food products. The ministry, however, expects a “one-time and minimal” rise in general price levels. The amendments also keep the sales tax rate on automotives unchanged. (Source: Ahram Online)
The recent years have witnessed a major increase in all kind of taxes which led to an increase in the price level of all services and goods, together with a stronger dollar and decrease in export, which may lead to social unrest by low income population in millions, specially that they don't see any increase in quality of public services offered by the government specially health, education and human rights. Instead of the intense investment by the government in infrastructure projects, experts think it is also very important to invest in human asset specially education and health, in a country where almost 50% of the population do not read or write and over 50% are virus c positive, and the government is not doing anything about it except producing nice slogans by the President, who is widely criticized for human rights violence and depression of democracy.

Course Animation - Arezzo - Furusiyya FEI Nations Cup™ Jumping 2015

Preview - Gijon - Furusiyya FEI Nations Cup™ 2015

News - Gijon - Furusiyya FEI Nations Cup™ 2015

E-Corporate Lawyers: E-Corporate Lawyers: Law suit brought related to s...

E-Corporate Lawyers: E-Corporate Lawyers: Law suit brought related to s...: E-Corporate Lawyers: Law suit brought related to sex learning at classe... : https://www.youtube.com/watch?v=1pTl5c0VlAw https://www.youtube...

E-Corporate Lawyers: Law suit brought related to sex learning at classe...

E-Corporate Lawyers: Law suit brought related to sex learning at classe...: https://www.youtube.com/watch?v=1pTl5c0VlAw https://www.youtube.com/watch?v=1pTl5c0VlAw

Law suit brought related to sex learning at classes!

https://www.youtube.com/watch?v=1pTl5c0VlAwhttps://www.youtube.com/watch?v=1pTl5c0VlAw

E-Corporate Lawyers: Who do you think is the smartest Judge in USA?

E-Corporate Lawyers: Who do you think is the smartest Judge in USA?: http://www.abajournal.com/news/article/who_do_you_think_is_the_smartest_judge_in_the_united_states/

Who do you think is the smartest Judge in USA?

http://www.abajournal.com/news/article/who_do_you_think_is_the_smartest_judge_in_the_united_states/

E-Corporate Lawyers: Lawyer who ditched law practice at 37 ignored mom'...

E-Corporate Lawyers: Lawyer who ditched law practice at 37 ignored mom'...: http://www.abajournal.com/news/article/lawyer_who_ditched_law_practice_at_37_ignored_moms_warning_that_he_was_ruin/?utm_source=internal&...

Lawyer who ditched law practice at 37 ignored mom's warning that he was ruining his life

http://www.abajournal.com/news/article/lawyer_who_ditched_law_practice_at_37_ignored_moms_warning_that_he_was_ruin/?utm_source=internal&utm_medium=navigation&utm_campaign=most_read

EquiJuri: Horses for Sale

Please click the following link to check some new comers and stay tuned for the new editions coming soon. Cheers.



EquiJuri: Horses for Sale: German Showjumping Horses  8 years Holsteiner Mare 8 y Holsteiner mare Stm 1.70 m, by Cassini II X Acorado x Corleone Placed in 140 cm ...

Arrest , detention & Habeas Corpus, explained - Ireland Criminal Law - YouTube

Arrest , detention & Habeas Corpus, explained - Ireland Criminal Law - YouTube

Download the Twitter app

Sent from my iPad

Egypt Corporate Lawyers: [Swissquote] German Market Notably Lower Amid Yuan...

Egypt Corporate Lawyers: [Swissquote] German Market Notably Lower Amid Yuan...: German Market Notably Lower Amid Yuan Impact August 11, 2015 at 12:54 BERLIN (dpa-AFX) - The German market came under pressure on ...

[Swissquote] German Market Notably Lower Amid Yuan Impact

German Market Notably Lower Amid Yuan Impact

August 11, 2015 at 12:54

BERLIN (dpa-AFX) - The German market came under pressure on Tuesday, after China devalued yuan by the most in two decades to cushion its exports as the economy shows no solid signs of revival after the volatility in the stock market.

The bank set the value of yuan at 6.2298 a dollar, 1.9 percent lower than Monday's official fixing rate. This was the biggest one-day loss since 1994, when it unified official rate with market rates. Export stocks with exposure to China, mainly auto stocks and luxury goods, retreated in response to the move.

That said, investors also felt some relief after Greece early Tuesday reached an agreement with its creditors over the terms of the third bailout. There are minor details yet to be resolved.

The deal will likely unlock around 86 billion euros loans for Greece. The agreement has to be passed by parliament this week.

On the data front, German economic confidence deteriorated sharply to a nine-month low in August, survey data from the Mannheim-based Centre for European Economic Research or ZEW revealed.

The economic confidence index dropped unexpectedly by 4.7 points to 25 in August, the lowest score since November 2014. It was expected to rise to 31.9.

The Euro Stoxx 50 index of eurozone bluechip stocks lost around 1 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, was losing 0.78 percent.

The DAX index declined 1.7 percent.

Daimler and BMW declined 4 percent, while Volkswagen dropped 3.4 percent. Tire maker Continental lost 3.4 percent.

Manz declined more than 5 percent after reporting first-half results.

Deutsche Bank and Commerzbank were in negative territory.

Bucking the trend, Lufthansa and Lanxess made moderate gains.

Other markets in the region also fell.

The Asian stocks fell broadly as investors mulled the impact of China's abrupt devaluation of its currency on the global currency markets and the major economies, including the U.S., Europe and Japan.

In the U.S., futures point to a lower open on Wall Street. In the previous session, the Dow climbed 1.4 percent to end a seven-day losing streak, the tech-heavy Nasdaq gained 1.2 percent and the S&P 500 advanced 1.3 percent.

Crude for September delivery fell $0.36 to $44.60 per barrel, while December gold rose $8.9 to $1113.0 a troy ounce.

Copyright RTT News/dpa-AFX

Sent from my iPad

[Swissquote] Greece Secures Third Bailout Deal

Greece Secures Third Bailout Deal

August 11, 2015 at 12:38

BRUSSELS (dpa-AFX) - Greece reached an agreement with its creditors over the terms of the third bailout which would help nation stay afloat.

After intensive talks, external creditors namely the European Central Bank, the European Commission, the International Monetary Fund and the European Stability Mechanism finally wrapped up talks early Tuesday sealing a deal.

This would likely unlock around EUR 86 billion loans for Greece. The agreement has to be passed by the Greek parliament ahead of the meeting of Eurozone finance ministers on Friday.

It would help Athens to repay EUR 3.2 billion debt to the ECB, due on August 20.

There are minor details yet to be resolved, Finance Ministry spokesman Theodoros Mihopoulos said.

The key points of the deal were primary surplus targets and how to operate a new independent privatization fund. The agreement would also outline how to deal with its non-performing loans.

The primary deficit is expected to be 0.25 percent of GDP this year, but would turn to a surplus of 0.5 percent the next year.

Newspaper Kathimerini reported the draft deal includes 35 prior actions to be taken by Greece before the release of funds. It includes phasing out early retirement, a review of the social welfare system, changes in taxation of shipping firms and reform of the favorable tax treatments for the islands.

The Greek economic situation has strongly deteriorated over the last 8 months, making fiscal consolidation still quite a challenge in a country that is tired of austerity, Peter Vanden Houte, an ING Bank NV economist, said.

Copyright RTT News/dpa-AFX

Sent from my iPad

[Swissquote] Goldman Sachs Reportedly Agrees To Pay $270 Mln To Settle MBS Lawsuit

Goldman Sachs Reportedly Agrees To Pay $270 Mln To Settle MBS Lawsuit

August 2, 2015 at 00:40

NEW YORK CITY (dpa-AFX) - Goldman Sachs Group Inc. (GS) has agreed to pay around $270 million to settle a lawsuit by investors who claimed the bank misled them about the safety of billions of dollars worth of residential mortgage-backed securities, Bloomberg reported citing people familiar with the matter.

The agreement hasn't been signed yet and is expected to be disclosed as soon as Monday, the report said.

Pension funds led by NECA-IBEW Health & Welfare Fund of Illinois reportedly said the bank gave investors misleading information about the appraisals and credit quality of home loans underlying the securities. The prices soon collapsed amid the 2008 financial crisis, the investors said.

In mid-July, Goldman Sachs said that during the second-quarter, it recorded $1.45 billion in net provisions for mortgage-related litigation and regulatory matter.

Copyright RTT News/dpa-AFX

Sent from my iPad

[Swissquote] Bitcoin: Giappone, arrestato Karpeles numero uno di mt.gox

Bitcoin: Giappone, arrestato Karpeles numero uno di mt.gox

August 1, 2015 at 13:36

TOKYO (awp/ats/ans) - La polizia giapponese ha arrestato Mark Karpeles, numero uno di Mt.Gox, la piattaforma fallita di bitcoin, per il sospetto di aver gonfiato i suoi conti facendo leva sul presunto attacco hacker che ha gravemente danneggiato la reputazione della moneta virtuale online.

Secondo le accuse, Karpeles, 30 anni, avrebbe avuto l'accesso non autorizzato per ben due volte alla piattaforma a febbraio 2013 al fine di aumentare il saldo del suo conto in dollari per un totale di 1 milione. La polizia, secondo i media nipponici, continua a indagare per verificare se il cittadino di origine francese abbia illecitamente gonfiato il suo conto di bitcoin.

Sent from my iPad

The homeless Harvard graduate !

http://www.washingtonpost.com/local/social-issues/the-homeless-man-who-graduated-from-harvard-law-school-with-chief-justice-john-roberts/2015/07/13/63257b5c-20ca-11e5-bf41-c23f5d3face1_story.html

Sent from my iPad

Egypt Corporate Lawyers: Lovely Egyptian Dance Music, enjoy fellow lawyers...

Egypt Corporate Lawyers: Lovely Egyptian Dance Music, enjoy fellow lawyers...: https://soundcloud.com/sooparlox/sets/semsesizer#utm_campaign=bulk&utm_content=playlist_notification&utm_medium=notification&ut...

Lovely Egyptian Dance Music, enjoy fellow lawyers

https://soundcloud.com/sooparlox/sets/semsesizer#utm_campaign=bulk&utm_content=playlist_notification&utm_medium=notification&utm_source=soundcloud&utm_term=20150603

Egypt Corporate Lawyers: Egypt's new investment law awaits Supreme Constitu...

Egypt Corporate Lawyers: Egypt's new investment law awaits Supreme Constitu...: Naeem   Analysis     Egypt's New Investment Law           Egypt   Ÿ   2 June 2015   Egypt's new investment law awaits Supreme Consti...

Egypt's new investment law awaits Supreme Constitutional Court ruling

Naeem Analysis     Egypt's New Investment Law
	Egypt Ÿ 2 June 2015

---

	Egypt's new investment law awaits Supreme Constitutional Court ruling The new investment law was ratified by the President and the cabinet back in March 2015. The law consists of a bundle of legislative amendments to stimulate investments in Egypt; including protection of state contracts from 3rd party law suits. However, we await implications of an impending ruling by the Supreme Constitutional Court (SCC) on challenges filed  against the new law itself. Our take – ►      An SCC ruling approving of the law should send positive signals to the investor community, in our opinion ►      Latest indications seem to suggest that final rulings on ongoing court cases lying at the Administrative court are being adjourned, awaiting the SCC ruling on the approval of the law no. 32. In addition, Egypt's State Commissioner's Authority recently recommended suspending the Sahl Hasheesh court case (related to Egyptian for Tourism Resorts), till a final verdict is announced in the appeal against the new investment law barring 3rd party law suits ►      However, we are yet to confirm the exact implications on ongoing court cases pertaining to some of the companies under our coverage universe ►      Based on previous indications, the new law should be applicable on cases filed before the issuance of this law, unless there is a final judgment issued by court. We infer that the latest draft that was approved by the cabinet, includes the same clause, indirectly stating that the law would not apply for cases wherein there has been a judgment passed by the concerned court (implying applicability of the law otherwise) ►      Companies under our coverage that could be impacted positively if the law gets finally approved by the SCC – positive on Talaat Moustafa Group Holding (TMGH)'s Madinaty case, Egyptian for Tourism Resorts (EGTS)'s Sahl Hasheesh case, Centamin (CEY)'s Sukari mine court case and Arab Cotton Ginning (ACGC) privatisation annulment case Highlights of what we had inferred from the previous statements pertaining to the law; specific to implications on contracts signed between the government and investors  – ►      Grievance committee to be set up for considering grievances against administrative decisions and, appeal law suits are not accepted before grievance procedures are undertaken by this committee ►      With respect to the effectiveness of the contracts made between the state and the investor – the investor has the right to establish, manage, finance and liquidate an asset,  without any restriction ►      The state is committed to the contracts concluded with investors. Investments based on cheat, fraud or corruption would not enjoy incentives and privileges granted by virtue of the investment law, and this cheat, fraud or corruption has to be proven by a judicial ruling from a concerned court ►      A ministerial committee for investment dispute resolution to be established to consider petitions, complaints or disputes with administrative bodies ►      Another ministerial committee to be set up for settlement of disputes related to investment contracts in which the state or any public entity is a party
Research Department Smart Village KM 28 Cairo Alexandria Road Bldg B16 – Giza 12577 Egypt P.O. Box 61 Tel: +2 0235355100 Fax:  +2 0235371076 research@naeemholding.com www.naeemholding.com  |  www.naeemonline.com   This e-mail and any files transmitted with it are confidential and solely intended for the use of the recipient(s). Any review, retransmission, dissemination or other use of, or taking any action in reliance upon this information by persons or entities other than the intended recipient(s) is prohibited. E-mails are susceptible to alteration and their integrity cannot be guaranteed. NAEEM Brokerage shall not be liable for this e-mail if modified or falsified. If you are not the intended recipient of this e-mail, please delete it immediately from your system and notify the sender of the wrong delivery and the mail deletion. Any views or opinions presented within this e-mail are solely those of the sender and do not necessarily reflect those of NAEEM Brokerage unless otherwise specifically stated.   The e-mail might contain financial recommendations, research news and, macro-economic analysis. If you wish to discontinue receiving these correspondences henceforth, kindly click on Unsubscribe

Egypt Corporate Lawyers: BBC News: Swiss arrests over Fifa 'corruption'

Egypt Corporate Lawyers: BBC News: Swiss arrests over Fifa 'corruption': I saw this story on the BBC News iPad App and thought you should see it:

Swiss arrests over Fifa 'corruption'

Six football off...

BBC News: Swiss arrests over Fifa 'corruption'

I saw this story on the BBC News iPad App and thought you should see it:

Swiss arrests over Fifa 'corruption'

Six football officials are arrested in Zurich, Switzerland, over corruption allegations involving the sport's world governing body Fifa.

Read more:
http://www.bbc.co.uk/news/world-europe-32895048


** Disclaimer **
The BBC is not responsible for the content of this e-mail, and anything written in this e-mail does not necessarily reflect the BBC's views or opinions. Please note that neither the e-mail address nor name of the sender have been verified.


Sent from my iPad

Egypt Corporate Lawyers: [Swissquote] Orascom DH: hausse du chiffre d'affai...

Egypt Corporate Lawyers: [Swissquote] Orascom DH: hausse du chiffre d'affai...: Orascom DH: hausse du chiffre d'affaires et baisse du bénéfice au 1er trimestre May 21, 2015 at 10:00 (ajoute détails par secteur) Zur...

[Swissquote] Orascom DH: hausse du chiffre d'affaires et baisse du bénéfice au 1er trimestre

Orascom DH: hausse du chiffre d'affaires et baisse du bénéfice au 1er trimestre

May 21, 2015 at 10:00

(ajoute détails par secteur)

Zurich (awp) - Le promoteur immobilier et gérant d'hôtels Orascom DH a enregistré au premier trimestre 2015 une hausse du chiffre d'affaires de 7,2% sur un an à 74,8 mio CHF. La majeure partie des segments ont contribué à cette "bonne" performance, indique jeudi l'entreprise.

Le bénéfice net après minoritaires a quant à lui diminué de 32% à 3,4 mio CHF. Le résultat brut s'est inscrit à 25,6 mio CHF, soit un gain de 95,4%, et la marge correspondante est passée à 34% contre 19% il y a un an. L'EBITDA ajusté a plus que doublé à 23,2 mio CHF.

La dette nette a cédé 16,8% à 358,5 mio CHF. Le cash-flow opérationnel est de 0,4 mio CHF, contre une perte de 7,3 mio CHF. "C'est la première fois depuis 2010 que nous avons pu dégager des flux positifs au niveau de l'entreprise", annonce le communiqué.

La branche hôtelière a particulièrement soutenu la croissance. Le nouveau hôtel Rotana en Oman a pour la première fois contribué au chiffre d'affaires et le contrat avec l'investisseur égyptien El Sewedy pour le développement d'un terrain à El Gouna commence à porter ses fruits.

Les recettes dans ce secteur ont gagné 25% à 29,6 mio CHF. Pour les trois premiers mois, le taux d'occupation a atteint 47%, soit 3 points de pourcentage de plus. Et le revenu par chambre a pris 15% à 46 CHF. Orascom DH vise des économies de 2,5 mio pour cette division.

Le secteur vente d'immobiliers a également crû au cours de la période sous revue. Les recettes se sont appréciées 15% à 18,9 mio CHF en comparaison avec le premier trimestre 2014. Le groupe a notamment amélioré sa stratégie de vente.

La monétisation des réserves de terrains a été accélérée. Les recettes du segment sont passées à 24 (0,3 mio) CHF et l'EBITDA s'est inscrit à 22,3 (0,2) mio CHF.

En général, le promoteur immobilier et gérant d'hôtels constate que la tendance positive entamée au deuxième semestre 2014 se maintient.

Pour 2015, le groupe prévoit de réduire son endettement à 100 mio CHF et poursuivra son programme d'économies afin de générer suffisamment de liquidités. Les indicateurs de ventes en avril et mai sont par ailleurs prometteurs et le groupe est sur le point d'atteindre son objectif de ventes d'immobiliers pour 2015 de 75 mio USD, précise le communiqué.

lk/al/mm

Sent from my iPad

Egypt Corporate Lawyers: Egypt puts capital gains tax on hold for two years...

Egypt Corporate Lawyers: Egypt puts capital gains tax on hold for two years...: http://www.reuters.com/article/2015/05/18/egypt-tax-stocks-idUSL5N0Y91FO20150518

Egypt puts capital gains tax on hold for two years | Reuters

http://www.reuters.com/article/2015/05/18/egypt-tax-stocks-idUSL5N0Y91FO20150518

Egypt Corporate Lawyers: Statement by Prof. Emad Shahin on his death senten...

Egypt Corporate Lawyers: Statement by Prof. Emad Shahin on his death senten...: http://emadshahin.com/?p=1839


Sent from my iPad

Statement by Prof. Emad Shahin on his death sentence - Dr. Emad ShahinDr. Emad Shahin

http://emadshahin.com/?p=1839


Sent from my iPad

Egypt Corporate Lawyers: BBC News: Prince's private letters published

Egypt Corporate Lawyers: BBC News: Prince's private letters published: I saw this story on the BBC News iPad App and thought you should see it:

Prince's private letters published

Private letters sent b...

BBC News: Prince's private letters published

I saw this story on the BBC News iPad App and thought you should see it:

Prince's private letters published

Private letters sent between the Prince of Wales and government ministers a decade ago are published after a lengthy legal battle.

Read more:
http://www.bbc.co.uk/news/uk-32726099


** Disclaimer **
The BBC is not responsible for the content of this e-mail, and anything written in this e-mail does not necessarily reflect the BBC's views or opinions. Please note that neither the e-mail address nor name of the sender have been verified.


Sent from my iPad

Egypt Corporate Lawyers: "الرقابة المالية" تنشر مشروع آلية إتاحة بيع الأسهم...

Egypt Corporate Lawyers: "الرقابة المالية" تنشر مشروع آلية إتاحة بيع الأسهم...: http://www.mubasher.info/EGX/news/2749150/-%D8%A7%D9%84%D8%B1%D9%82%D8%A7%D8%A8%D8%A9-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%AA%D9%8...

Egypt Corporate Lawyers: Swedish Supreme Court Rejects Julian Assange's Arr...

Egypt Corporate Lawyers: Swedish Supreme Court Rejects Julian Assange's Arr...: Swedish Supreme Court Rejects Julian Assange's Arrest Warrant Appeal May 11, 2015 at 12:45 CANBERA (dpa-AFX) - Sweden's su...

"الرقابة المالية" تنشر مشروع آلية إتاحة بيع الأسهم في اليوم التالي للشراء - معلومات مباشر | مصر

http://www.mubasher.info/EGX/news/2749150/-%D8%A7%D9%84%D8%B1%D9%82%D8%A7%D8%A8%D8%A9-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%AA%D9%86%D8%B4%D8%B1-%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D8%A2%D9%84%D9%8A%D8%A9-%D8%A5%D8%AA%D8%A7%D8%AD%D8%A9-%D8%A8%D9%8A%D8%B9-%D8%A7%D9%84%D8%A3%D8%B3%D9%87%D9%85-%D9%81%D9%8A-%D8%A7%D9%84%D9%8A%D9%88%D9%85-%D8%A7%D9%84%D8%AA%D8%A7%D9%84%D9%8A-%D9%84%D9%84%D8%B4%D8%B1%D8%A7%D8%A1#.VVCQwXBXeK0


Sent from my iPad

Swedish Supreme Court Rejects Julian Assange's Arrest Warrant Appeal

Swedish Supreme Court Rejects Julian Assange's Arrest Warrant Appeal

May 11, 2015 at 12:45

CANBERA (dpa-AFX) - Sweden's supreme court rejected WikiLeaks founder Julian Assange's appeal over his arrest on rape and sexual assault allegations. Sweden has issued an arrest warrant to Assange, based on different complaints of rape and sexual assault by two Swedish women in 2010.

The whistle blower has been maintaining that the sexual encounters were consensual and alleged that the plot was to extradite him to U.S. He has been staying in embassy of Ecuador in London since 2012, to avoid extradition to Sweden.

The court noted that the investigators are trying to question Assange at his present residence and it finds no reason to lift the arrest warrant. However, one judge in the panel dissented.

U.S wants Assange in custody to question him over allegations of hacking and releasing of more than 500 thousand classified files on Afghan and Iraq war and 250 thousand secret diplomatic cables.

Copyright RTT News/dpa-AFX

Sent from my iPad

Egypt Corporate Lawyers: Sainsbury's Egypt woes should be removed soon: CFO...

Egypt Corporate Lawyers: Sainsbury's Egypt woes should be removed soon: CFO...: http://www.cnbc.com/id/10m2652349

Sainsbury's Egypt woes should be removed soon: CFO

http://www.cnbc.com/id/10m2652349

I just saw this on FOREX.com

I think you might enjoy this article: Reuters News Thailand toughens trafficking law with death penalty, steep fines.

BANGKOK, March 26 (Reuters) - Thailands parliament voted
overwhelmingly on Thursday to introduce harsher punishments for
human traffickers, including life imprisonment and the death
penalty in cases where their victims had died.
Thailands move came a day after Britain passed a law that
could see traffickers face life imprisonment, and marked the
latest step to combat a multi-billion dollar trade in human
misery.
Thailands National Legislative Assembly (NLA) voted to
amend the countrys Anti-Trafficking in Persons Act in the third
reading.
The changes will allow prosecutors to seek the death
penalty and fines of up to 400,000 baht ($12,281) for those
convicted of trafficking offences, Police General Chatchawan
Suksomjit said.
If the trafficked person dies in the hands of the
trafficker then the sentence can now be life in prison or even
the death penalty, said Chatchawan, who headed the committee
responsible for amending the act.
If a victim of human trafficking is severely injured, those
responsible can be sentenced to up to 20 years in prison and
fined up to 400,000 baht, he said.
The fine has now increased and goes up to 400,000 baht if
the trafficker causes grievous bodily harm to the trafficked
person.
The U.S. State Department last year downgraded Thailand to
the lowest category in its annual ranking of countries based on
their counter-trafficking efforts.
Thailands military government said in January it was
confident it had met the minimum standards to improve its
ranking.
But a government report aimed at lifting Thailand from the
list of the worlds worst offenders showed Thailand identified
fewer victims of human trafficking last year than in 2013 and
convicted fewer perpetrators.
Thailand is a source, transit and destination country for
human trafficking.
($1 = 32.5700 baht)

(Reporting by Panarat Thepgumpanat; Writing by Amy Sawitta
Lefevre; Editing by Simon Cameron-Moore)
((amy.lefevre@thomsonreuters.com; Tel: +66 26489737; Reuters
Messaging: amy.lefevre.thomsonreuters@reuters.net))

Keywords: THAILAND TRAFFICKING/








Disclaimer:

© Thomson Reuters 2015. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. Thomson Reuters is not liable for any errors or delays in Thomson Reuters content, or for any actions taken in reliance on such content. 'Thomson Reuters' and the Thomson Reuters logo are trademarks of Thomson Reuters and its affiliated companies.
For additional information on other Thomson Reuters Services please visit the Thomson Reuters public web site http://www.thomsonreuters.com/.

Sent from my iPad

I just saw this on FOREX.com

I think you might enjoy this article: Reuters News UK Supreme Court rules Prince Charles letters to ministers can be disclosed.

LONDON, March 26 (Reuters) - Britains Supreme Court ruled
on Thursday that 27 letters written by Prince Charles to
ministers in 2004-2005 can be disclosed to the media, a step
that could cast doubt over the political neutrality of the
future king.
The Guardian newspaper had been trying since 2005 to obtain
the letters from government departments using Britains freedom
of information law, but despite a court victory the Attorney
General vetoed disclosure in 2012.
After the Court of Appeal ruled last year that the
ministerial veto was unlawful, the Attorney General appealed to
the Supreme Court in a last-ditch attempt to stop disclosure,
arguing it could undermine Prince Charles position.
We dismiss the Attorney Generals appeal, the courts
President David Neuberger said.
The Supreme Court does not have the letters and they will
not be immediately released. Government departments are in
possession of the letters and it was not immediately clear how
disclosure would be handled following the Supreme Court ruling.



(Reporting by Estelle Shirbon; editing by Stephen Addison)
((stephen.addison@thomsonreuters.com; 0207 542 7947;))

Keywords: BRITAIN ROYALS/CHARLES








Disclaimer:

© Thomson Reuters 2015. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. Thomson Reuters is not liable for any errors or delays in Thomson Reuters content, or for any actions taken in reliance on such content. 'Thomson Reuters' and the Thomson Reuters logo are trademarks of Thomson Reuters and its affiliated companies.
For additional information on other Thomson Reuters Services please visit the Thomson Reuters public web site http://www.thomsonreuters.com/.

Sent from my iPad

Nigeria court bars military from deploying

Nigeria court bars military from deploying around polling stations - lawyer.

* Nigeria to hold presidential vote on March 28
* Opposition feared troops might have intimidated voters
* 82 percent of registered Nigerians collect voting cards

(Recasts with court ruling on Nigeria military)
By Oludare Mayowa and Julia Payne
LAGOS/ABUJA, March 24 (Reuters) - The Nigerian federal high
court in Lagos has barred the military from deploying around
polling stations during March 28 national elections, the lawyer
for the parliamentarian who brought the case said on Tuesday.
Opposition leader Femi Gbajabiamila had argued that any such
deployment would violate the constitution, lawyer Ijeoma
Njemanze said, amid opposition fears that soldiers could be used
to intimidate voters.
The ruling, made on Monday by Justice Ibrahim Buba, does not
affect troops already dispatched to northeast Nigeria, where
they are needed to battle an Islamist insurgency, she added.
The tight election pits President Goodluck Jonathan against
former military ruler Muhammadu Buhari. It was meant to take
place on Feb. 14, but was delayed by six weeks because the
military said it could not guarantee security, especially in the
northeast, where Islamists have waged a six-year insurgency.
Jonathan is seeking a second elected term, in the
closest-fought election since the end of military rule in 1999.
If the military deploys despite the court order, the
opposition is likely to use that fact to dispute the result
should it lose the parliamentary and presidential ballot.
The militarys role in the electoral process, including
pressing for the vote to be delayed, has alarmed some Nigerians,
reminding them of the bad old days of dictatorship, which
included the annulment of a 1993 vote by a military government.
The case was brought after an outcry over the heavy
deployment of troops in southwestern Ekiti and Osun states last
year. Reports in the press alleged that soldiers had conspired
to intimidate voters and rig a by-election in Ekiti -- a charge
the military and ruling party declined to deny or confirm.
Electoral officials said on Tuesday about 82 percent of
Nigerian voters had collected the cards they need to present at
polling stations to take part in Saturdays election, leaving 18
percent of registered voters disenfranchised.
After the decision to postpone the vote from February, there
has been a concerted push against Boko Haram militants,
especially by neighbours Chad and Niger, chasing them out of
much of the territory they had previously controlled.
There had been fears that millions of Nigerians in areas
affected by the insurgency, including a million internal
refugees, would be unable to vote.
Wherever it is safe and people have resumed normal life, we
will conduct elections, election commission head Attahiru Jega
said. Weve also got arrangements to conduct elections for
internally displaced persons. We have designated centres ...
where IDPs will be able to vote.
The commission said about 56.7 million voter cards had been
collected by Nigerians. Jega said distribution had now ceased,
apart from a handful of cards that had just been produced and
would be handed out in the next few days.

(Reporting By Julia Payne; Writing by Tim Cocks; Editing by
Mark Trevelyan and Crispian Balmer)
((julia.payne@thomsonreuters.com;))

Keywords: NIGERIA ELECTION/

This court judgment reflects how important the independence of the judiciary from the government for protecting democracy, which should be the case in so many other Africans countries like Sudan, Egypt, Libya, Morocco and many other countries where the Judiciary is politically driven which effects justice, the rule of law and democracy, which is strongly condemned by legal scholars in the region.   








Disclaimer:

© Thomson Reuters 2015. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. Thomson Reuters is not liable for any errors or delays in Thomson Reuters content, or for any actions taken in reliance on such content. 'Thomson Reuters' and the Thomson Reuters logo are trademarks of Thomson Reuters and its affiliated companies.
For additional information on other Thomson Reuters Services please visit the Thomson Reuters public web site http://www.thomsonreuters.com/.

Sent from my iPad

Egypt Corporate Lawyers: Deux Avocats Parisiens ont fait condamner le Kreml...

Egypt Corporate Lawyers: Deux Avocats Parisiens ont fait condamner le Kreml...: http://www.vanityfair.fr/actualites/international/articles/deux-avocats-parisiens-ont-fait-condamner-le-kremlin-a-une-indemnisation-de-50-m...

Deux Avocats Parisiens ont fait condamner le Kremlin a 50 B USD

http://www.vanityfair.fr/actualites/international/articles/deux-avocats-parisiens-ont-fait-condamner-le-kremlin-a-une-indemnisation-de-50-milliards-de-dollars/23910http://www.vanityfair.fr/actualites/international/articles/deux-avocats-parisiens-ont-fait-condamner-le-kremlin-a-une-indemnisation-de-50-milliards-de-dollars/23910

Egypt Corporate Lawyers: BP said it has made a significant gas discovery of...

Egypt Corporate Lawyers: BP said it has made a significant gas discovery of...: BP said it has made a significant gas discovery offshore Egypt days after announcing plans to help invest around $12 billion to develop gas...

BP said it has made a significant gas discovery offshore Egypt

BP said it has made a significant gas discovery offshore Egypt days after announcing plans to help invest around $12 billion to develop gas and condensate from its West Nile Delta project in the country.

Egypt Corporate Lawyers: مصير القضايا في مرفق قضاء مصر الشامخ- ‫ Lawsuits i...

Egypt Corporate Lawyers: مصير القضايا في مرفق قضاء مصر الشامخ- ‫ Lawsuits i...: https://www.youtube.com/watch?v=N3uWl9tzNTk&sns=fb

مصير القضايا في مرفق قضاء مصر الشامخ- ‫ Lawsuits in Egyptian courts-

https://www.youtube.com/watch?v=N3uWl9tzNTk&sns=fb

Egypt Corporate Lawyers: Austria ban religious finance, "The Priest" a job ...

Egypt Corporate Lawyers: Austria ban religious finance, "The Priest" a job ...: "The Priests" is a nowadays job or position that we created, or more accurately politicians and rulers, to influence and interfer...

Austria ban religious finance, "The Priest" a job that we created to influence religion

"The Priests" is a nowadays job or position that we created, or more accurately politicians and rulers, to influence and interfere in religion or change it to achieve their political objectives. Further, the level of education, skill and exposure and environment influence their understanding and interpretation of religion, which should not be interpreted by intermediaries between one and his almighty god. The even worse outcome is, that we add a holy character to such normal people, and accordingly don't criticize or question their words or thoughts, even though it does not make and sense logic or sometimes not even based on any sound religious principals.
In our view, the most dangerous consequence of turning a religious and wise person into a "job"or "employee" is that he or she becomes dependent and more loyal to his employer or the entity which finances him or pay his salary more that he is loyal to his religion or the people or community to which he belongs, which influence the religion to the benefit of such employers of financing institutions, we see this happening in Judaism, Christianity and more dangerously happening in Islam, specially because of the deep pocket government that finances such "Priests, Shikhs or Immams, like Saudi Arabia, Iran, Turkey, and other countries which may have a more radical or violent understanding of Islam and wish to spread that terrorist or even retarded radical way of understanding or practicing religion, which eventually happen through financing radical or ignorant  foreigner Priests who preaches in mosques all over the world specifically in Europe and Americas.
All the above have led Austria, to band foreign finance to mosques, which in our view is a right political decision, though discriminating against Muslims, because it should have been applied to all other religions and priests including Christians and Jews, which also receive foreign finance from Russia, Zionist organizations and other political sources that pollute the purity and holiness of such great religions which have never required intermediaries between one and his almighty god. The Priests Job never existed during the Prophets eras, neither Moses, nor Jesus nor Mohamed and was never required or recommended by any of them, and accordingly communities, countries and governments should be very careful when choosing such Priests, and know their background, education, direction, financing, actual loyalty and make sure they really are part of the communities and societies where they operate,   if it is so necessary to have them.  It is also necessary in our view that those priest do not get salaries from any source and do that as a second charity or not for profit work besides their original jobs to make sure they are doing this really for the sake of god not just for money or to pursue the objectives of the people, organizations or government behind them.
for more information on the recent decision by Austria concerning the new law banning financing Islamic mosques or Priests please visit :
http://www.bbc.com/news/world-europe-31629543

Egypt Corporate Lawyers: SETTLEMENT REACHED OVER MADINATY REAL ESTATE PROJE...

Egypt Corporate Lawyers: SETTLEMENT REACHED OVER MADINATY REAL ESTATE PROJE...:  Egypt's general prosecution is supposed to have reached a settlement on Wednesday with the Madinaty real estate project, owned by Tala...

SETTLEMENT REACHED OVER MADINATY REAL ESTATE PROJECT

 Egypt's general prosecution is supposed to have reached a settlement on Wednesday with the Madinaty real estate project, owned by Talaat Moustafa Group Holding, according to a statement by the General Prosecutor's office. As per the settlement, TMGH is expected to pay EGP 3 bn to the government for changing purpose of portions of Madinaty project settlement also increases government’s share of fully-finished residential units in the project by 1.16 msqm to total 3.2 msqm.
As per the recent developments, government’s extra share of units are valued at EGP 6.16bn.

This judgment looks more like a business deal rather than a court judgment in our view. Egypt's court's judgments apparently are still politically driven and affected by the governing politicians, which is highly criticized by legal critics.

Egypt Corporate Lawyers: Orange Buys Orascom's share in Mobinil

Egypt Corporate Lawyers: Orange Buys Orascom's share in Mobinil:   French Orange is set to buy a stake held by Orascom Telecom  in Egyptian Company for Mobile Services, that operates Mobinil, for an...

Orange Buys Orascom's share in Mobinil

 

French Orange is set to buy a stake held by Orascom Telecom  in Egyptian Company for Mobile Services, that operates Mobinil, for an amount of 210 million euros. Accordingly, Orange's stake in the Egyptian market will rise to 99% from 94%.
This transaction is expected to be concluded by the end of the first quarter, as part of an agreement executed by Orange and Orascom previously in April 2012.

 

OCI EGM to consider break-up Feb 15 - Mubasher.Info | Egypt

http://english.mubasher.info/EGX/news/2692511/OCI-EGM-to-consider-break-up-Feb-15#.VMoAOYGkqK0


Sent from my iPad

Egypt Corporate Lawyers: Jim Rogers: I Predicted The Swiss Franc Shocker - ...

Egypt Corporate Lawyers: Jim Rogers: I Predicted The Swiss Franc Shocker - ...: http://uk.businessinsider.com/jim-rogers-i-predicted-the-swiss-franc-shocker-2015-1?r=US A very wise move that may put few exporters und...

Jim Rogers: I Predicted The Swiss Franc Shocker - Business Insider

http://uk.businessinsider.com/jim-rogers-i-predicted-the-swiss-franc-shocker-2015-1?r=US

A very wise move that may put few exporters under pressure but will make life easier for the rest of the Swiss population. For the few affected exporters, they should focus on quality, and try to market "a Superior Swiss Quality" to be able to sell their products abroad to the wealthy nations, like Rolex is doing for the last decade and proved to be a lucrative business.

Egypt Corporate Lawyers: Charlie! A pure Zionist propaganda...

Egypt Corporate Lawyers: Charlie! A pure Zionist propaganda...: http://www.globalresearch.ca/paris-charlie-the-shock-doctrine-par-excellence/5424960

Charlie! A pure Zionist propaganda...

http://www.globalresearch.ca/paris-charlie-the-shock-doctrine-par-excellence/5424960

Egypt Corporate Lawyers: "I am not Charlie": Cracks in the unity after Pari...

Egypt Corporate Lawyers: "I am not Charlie": Cracks in the unity after Pari...: http://english.ahram.org.eg/NewsContent/2/9/120041/World/International/I-am-not-Charlie-Cracks-in-the-unity-after-Paris-a.aspx

"I am not Charlie": Cracks in the unity after Paris attacks - International - World - Ahram Online

http://english.ahram.org.eg/NewsContent/2/9/120041/World/International/I-am-not-Charlie-Cracks-in-the-unity-after-Paris-a.aspx

#Egypt Corporate Lawyers: Shame on radical #Attacks and #French #Cartoons

Egypt Corporate Lawyers: Shame on Attacks and Cartoons:  Muslim Egyptians in the streets of Cairo and on social media very strongly condemn the attack on the French Charlie Hebdo Magazine, which ...

Shame on radical Attacks and French stupid Cartoons

 Muslim Egyptians in the streets of Cairo and on social media very strongly condemn the attack on the French Charlie Hebdo Magazine, which killed 12 and injured 10, which does not really represent Islam or Muslims, and fundamentally opposes believes, attitude and behavior of real Muslims, and the teaching of the prophet Mohamed (may peace be upon him)who was also subject to similar and even more serious offenses and has always showed us how merciful he was in everything he did, which lead several highly respected non Muslim figures to respect him and consider him the greatest person in history of mankind, such as Lamartine who said "Mohamed is an Apostle in all standards by which human greatness is measured"
and "is there a man greater than Mohamed?!"
Further George Bernard Said "the world much needs a man with Mohamed's bright thinking"
Micheal Hart said "Mohamed is the most influential and successful on both the religious and secular levels"
Mahatma Gandi said "after if finished reading the biography of Mohamed  i felt i needed to know more about this great personality, who uncontested, won the hearts and souls of billions of people all over the world"
In addition to being mentioned in all the holy books by Almighty God.
To the same extent of severeness they condemn such cartoons, and totally disagree with the French President that this is freedom of expression, as this is pure vulgar, defaming and disrespectful expression to a holy religion figure who has billions of followers all over the world. This same president who previously condemned and closed by administrative orders a TV show that was having fun of the Jews, and considered it unacceptable, to him we say your double standards is the only unacceptable thing, and freedom of expression is and should in civil respectable countries be limited to the respect of the rights of the others and should not include insults and defamation, which is a criminal offense, specially if it is directed to holy messengers of god like (Moses, Jesus and Mohamed).
Other analysts insist that the French government should investigate the matter with the Israili authorities as it is for sure a matter of organized crime planned and executed by the Israili authority rather than by a single person who does not have the means to do that on French soil, and further claim that the Israili are the only beneficiary from such a conflict between the Muslims and Christians, which has always been the case through history,  as history repeats itself, and the media which are all Jewish driven also label it to Islam to enhance the Islamophobia in Europe.

Others upset Muslims societies in the Middle East are starting a campaign to boycott French product, including cars, food, oil & gas stations, ban travel to France, like they did before with Denmark and made it suffer great economic loss in order to put pressure on the French and European governments to limit freedom of expression laws to insulting holy profits (Moses, Jesus and Mohamed) like the Anti-Semitic laws currently in force in Europe that protect Jewish feelings.

However, nobody know for sure yet who really did that, and the French government is investigating the matter.

Egypt Corporate Lawyers: AMI approves selling its stake in Dar Al - Fouad

Egypt Corporate Lawyers: AMI approves selling its stake in Dar Al - Fouad: Arab Moltaqa Investments approves selling its stake in Dar Al Fouad Hospital for EGP40.2m.   We hope that such sale does not have a ...

AMI approves selling its stake in Dar Al - Fouad

Arab Moltaqa Investments approves selling its stake in

Dar Al Fouad Hospital for EGP40.2m.

 

We hope that such sale does not have a negative effect on the management of the hospital which may negatively affect the prices of health services to the poor.

Egypt Corporate Lawyers: Egypt Corporate Lawyers: Court to hear Ajwa lawsui...

Egypt Corporate Lawyers: Egypt Corporate Lawyers: Court to hear Ajwa lawsui...: Egypt Corporate Lawyers: Court to hear Ajwa lawsuit Dec 8 : The Economic Court will look into the lawsuit filed by shareholders of Ajwa Gr...

Red Sea investors issue note to tourism minister opposing Read Sea ports coal expansion

Red Sea investors issue note to tourism minister opposing Read Sea ports coal expansion
The Tourism Investors Association (TIA) in the Red Sea and Ain Sokhna will issue a note to the Tourism Ministry regarding damage from the import of coal. The Ministry of Transportation has been using ports along the Red Sea coast to receive imported coal. On Monday, the ministry chose Safaga and Al-Adabiya Ports close to Ain Sokhna, where there are many tourist resorts, according to the official. (Source: Daily News Egypt)

We strongly condemn such expansion as it will seriously affect the marine biology in the Red Sea which is the back bone of the local economy's tourism, and urge government officials to consider the environment before issuing any such a decision, which we shall take every legal step to challenge before supervising authorities and competent courts.

Egypt Corporate Lawyers: Court to hear Ajwa lawsuit Dec 8

Egypt Corporate Lawyers: Court to hear Ajwa lawsuit Dec 8: The Economic Court will look into the lawsuit filed by shareholders of Ajwa Group for Food Industries to get compensation for the period ...

Court to hear Ajwa lawsuit Dec 8

The Economic Court will look into the lawsuit filed by shareholders of Ajwa Group for Food Industries to get compensation for the period of halting the stock on the Egyptian bourse.
Khalid Al-Gharabawi, a lawyer and shareholder at Ajwa, said this case was filed by some shareholders after a ruling was issued against former Managing Director Mahmoud El Sayed Abdel Fattah who was ordered to pay damages for the period of halting the stock.
The stock resumed trading in mid-October 2014 after being stopped for more than three years.
Al-Gharabawi told Mubasher in a phone call that shareholders also plan to take more legal actions against Ajwa, demanding compensations for the huge losses they incurred from the stock halt.

Other groups of shareholders of different companies, such as Abraj Capital, Al Borg Lab, El Mokhtabar, and Orascom are also discussing filing the same law suits against the management of their comapnies for delisting their stocks from the Egyptian Stock Market which affected minority shareholders who have been diluted by the new acquirers of such companies.

We urge all joint stock companies' managements and boards to consider minority shareholders rights' and interests to avoid such law suits, and to abide by more ethical corporate governance rules and principals of equity.

Fwd: Kellogg wins price war with Abraaj to acquire Bisco Misr - Positive

Sent from my iPad

Begin forwarded message:

From: "NAEEM Research" <research@naeemholding.com>
Date: January 4, 2015 at 12:07:31 GMT+1
To: "Research.brkeg" <brkeg.res@naeemholding.com>
Subject: Kellogg wins price war with Abraaj to acquire Bisco Misr - Positive

Naeem Analysis Egyptian Company for Foods/Bisco Misr
	Egypt Ÿ 4 January 2015

---

	Kellogg wins price war with Abraaj to acquire Bisco Misr - Positive  ►      Global food producer Kellogg Co. offered EGP89.86/share for Bisco Misr (BISM) on 24/12/2014, surpassing Abraaj Group's last offer price of EGP88.09/share. Post the Kellogg offer, Abraaj announced that it withdrew from the race to acquire BISM ►      The Egyptian Financial Supervisory Authority (EFS) has extended the mandatory tender offer period by five working days, starting from the day after 31/12/2014 to 11/01/2015 ►      The background - the latest move by Kellogg, comes as part of a bidding war with Abraaj to acquire BISM, which started back in November 2014. Abraaj first made an approach to buy at least 51% of Bisco Misr at a price of EGP73.91/share (with 56% of BISM shareholders then agreeing to sell). This was followed by multiple counter offers made by each of the parties, with Kellogg making its previous offer at EGP86.36/share, only to be countered by Abraaj (at EGP88.09/share). BISM was supposed to have also been approached previously by JUFO and Savola group Our take – Positive ►      The latest offer price of EGP89.86/share, represents a total equity value of EGP1,033m for 100% of Bisco Misr – 22% above the first initial offer made by Abraaj at EGP73.91/share ►      Annualising BISM's 3Q14 results, the offer price (excluding available cash in the B/S) implies a 2014e P/E of 15.3x and price-to-sales of 1.9x   ►      BISM has a strong B/S with available net cash of EGP44m as of September 2014 – representing EGP3.8/share. Net of cash, the effective cost of acquisition would amount to EGP989m or EGP86.0/share for Kellogg – Implying a forward P/E of 14.7x; a decent premium (of around 20%) compared to EGX30 and MSCI EM multiples ►      While viewing this definitely as good news for BISM shareholders and, for similar such companies exposed to the consumers space in Egypt, this to us also implies increasing interest in M&A activity in the country - indicating to us, foreign investors' risk perception on Egypt, to an extent having shifted over the past one year; a result of political stability, better security and, improving macro-economic indicators. Overall, some foreign investors seem to perceive this to be an ideal time, in order to be favorably exposed to Egypt's fundamental dynamics being on a path of recovery ►      We await to see the next move by Kelloggs to complete the acquisition of BISM
Research Department Smart Village KM 28 Cairo Alexandria Road Bldg B16 – Giza 12577 Egypt P.O. Box 61 Tel: +2 0235355100 Fax:  +2 0235371076 research@naeemholding.com www.naeemholding.com  |  www.naeemonline.com   This e-mail and any files transmitted with it are confidential and solely intended for the use of the recipient(s). Any review, retransmission, dissemination or other use of, or taking any action in reliance upon this information by persons or entities other than the intended recipient(s) is prohibited. E-mails are susceptible to alteration and their integrity cannot be guaranteed. NAEEM Brokerage shall not be liable for this e-mail if modified or falsified. If you are not the intended recipient of this e-mail, please delete it immediately from your system and notify the sender of the wrong delivery and the mail deletion. Any views or opinions presented within this e-mail are solely those of the sender and do not necessarily reflect those of NAEEM Brokerage unless otherwise specifically stated.   The e-mail might contain financial recommendations, research news and, macro-economic analysis. If you wish to discontinue receiving these correspondences henceforth, kindly click on Unsubscribe

---