CAIRO: Wigan Athletic striker Amr Zaki’s first half penalty was enough to hand his team a 1-0 win over Bolton Wonderers in the Premiership on Sunday.
The goal, which is Zaki’s 10th in the season will earn Zamalek £500,000.
The player, who’s on a one-year loan at Wigan from Zamalek, had a contract term obliging the Latics to pay the Cairo club £500,000 once he scores 10 goals.
Bolton could have opened the score line on 17 minutes when Kevin Davies was released through on Mike Pillott, before Paul Scharner’s perfect tackle saved Wigan from conceding.
Wigan took a strong hold of the game afterwards as Lee Cattermole and Emile Heskey had two golden opportunities saved by Jussi Jaaskelainen.
On 44 minutes, Wigan were awarded a penalty after Andy Obrien’s tackle on Henri Camara. Zaki stepped up confidently to send Jaaskelainen the wrong way.
In the second half, Bolton almost scored when Danny Shittu’s header was cleared off the line by Wilson Palacios. TV replays suggested that the ball might have crossed the line.
On 63 minutes, Pollitt produced a brilliant double save to deny Bolton. Johan Elmander’s initial effort from inside the box was parried by the keeper, before he had palmed the rebound at full stretch.
Bolton had their best chance of the game in injury time, when Matt Taylor’s early cross was headed by Shittu ahead of Pollitt, but the striker bitterly watched the ball clinch the bar.
The win lifts Wigan to seventh place with 28 points, while Bolton are 11th on 23 points.
Monday, December 29, 2008
News in brief
Oriental Weavers delays work on new complex
Oriental Weavers, the world's biggest machine-woven carpet producer, said on Sunday it would delay construction work for an industrial complex from mid-2009 to 2010 because of the global financial crisis.
Oriental Weavers said in March the first phase of the LE 1.3 billion ($235.5 million) complex would produce rugs with an initial investment cost of LE 495 million.
"In light of the decline recently in the world financial markets, the management of the company saw fit to move construction work planned for mid-2009 to the beginning of 2010," the company said in a statement to the stock exchange.
The company, however, has not seen any decline in its growth rate, productivity or sales, the statement said.
In November, Oriental Weavers reported a 48 percent increase in net profit after minority interest during the third quarter to 86 million pounds. It maintained its full-year profit growth target of between 10 to 12 percent.
Shares in the company were trading 0.71 percent up at LE 22.80 by 0953 GMT on Sunday. –Reuters
Steel companies agree to stabilize price at LE 3800 a ton
A state of calm is prevailing in the steel market in anticipation of the prices to be stabilized or slightly reduced in January.
The steel companies have implicitly agreed to stabilize the ex-factory price at LE 3800 per ton, even if Ezz group reduced its price, so as to maintain market stability in the face of the rising billet prices from $ 380 to $ 435 per ton.
Sources expected Ezz Group to reduce its price by LE 150 per ton like last month. They said the price in Cairo and Alexandria is LE 4200 per ton, and LE 4300 in the provinces and in Upper Egypt. Meanwhile, Misr Aluminum reduced its price in January by $525 per ton, bringing the price to $1750 rather than $2275 last month.
In a related context, there is relative calm in the cement market due to low demand and the poor weather conditions, which led to the suspension of transport. Sources said that the drop in demand forced traders to sell at prices lower than the ex-factory price. –Tegara Net
China says investment in Egypt ‘mutually beneficial’
Chinese Vice Premier Li Keqiang said on Friday that investment from Chinese enterprises in Egypt is mutually beneficial and will create a win-win situation, according to a press release issued on Sunday.
Li was attending the inauguration ceremony of an auxiliary project of Cairo International Conference Center, together with Egyptian Minister of Trade and Industry Rachid Mohamed Rachid.
Li said about 600 Chinese companies currently have invested in Egypt which not only bring friendship, funds and technology to support Egypt's economic construction, but promote China's economic growth as well.
He explained that rapid increase in trade volume between Egypt and China is proof that markets in developing countries have potential in the midst of the global financial crisis.
Rachid said that the Egyptian government will facilitate the pragmatic cooperation between Egyptian and Chinese companies. The Egyptian minister said that he hope entrepreneurs in both countries could seize the opportunity to push bilateral trade cooperation to a new high with the advantages of both sides.
Around 500 representatives from government and companies of China and Egypt as well as those in charge of the project attended Friday's ceremony.
According to Chinese statistics, trade volume between China and Egypt reached more than 5.3 billion U.S. dollars as of October this year, a 44-percent increase compared with the same period of last year.
Li also called on China and Egypt to combine their advantages to explore international market.
Li made the remarks in his speech at a business forum Thursday in the Egyptian capital, amid his four-day official visit to the country.
He said Egypt has the advantage of a good geographic location, crossing Asia and Africa and nearing the Europe, while China is advantageous with high-level technologies and relatively complete services.
He said the Suez cooperation zone is a major and important project for China-Egypt economic and trade cooperation, and it is of strategic significance to do a good job in constructing the zone and to make full use of the zone. He added that China is ready to closely coordinate with the Egyptian side to establish working mechanism on promoting the project.
He also called on both sides to learn from each other's experiences in reform and development. – Xinhua
Finance Ministry establishes independent entity to run pension funds
The new insurance law includes the establishment of a national authority for social insurance, which is independent from the State Treasury and the Investment Bank, said Adviser to the Minister of Finance for insurance and pensions Mohamed Ahmed.
He explained that such a step aims to protect pensioners' social and health rights. During a seminar at Cairo University earlier this week, Ahmed likened the current Insurance Act to torn clothes that could not be patched up. He stressed that insurance companies did not intervene in the new system. "I will be proud to introduce such a law," he added.
There will be an unemployment insurance system for the first time, Ahmed said, adding that the project gives an insured person who suffers from a work injury the right to get compensation during the period in which he can not work.
The ministry will refer the new law to the People's Assembly and the Shoura Council [Egypt's lower and upper chambers of Parliament respectively] immediately after the State's Council drafts it constitutionally, he said. The ministry has been preparing the new bill for more than 18 months, has appointed the best graduates of Cairo University's Faculty of Commerce and dispatched them to London to be trained on how to manage the new system, he said. Some attendees, though, criticized the Ministry of Finance's supervision of insurance and pensions. – Tegara Net
Oriental Weavers, the world's biggest machine-woven carpet producer, said on Sunday it would delay construction work for an industrial complex from mid-2009 to 2010 because of the global financial crisis.
Oriental Weavers said in March the first phase of the LE 1.3 billion ($235.5 million) complex would produce rugs with an initial investment cost of LE 495 million.
"In light of the decline recently in the world financial markets, the management of the company saw fit to move construction work planned for mid-2009 to the beginning of 2010," the company said in a statement to the stock exchange.
The company, however, has not seen any decline in its growth rate, productivity or sales, the statement said.
In November, Oriental Weavers reported a 48 percent increase in net profit after minority interest during the third quarter to 86 million pounds. It maintained its full-year profit growth target of between 10 to 12 percent.
Shares in the company were trading 0.71 percent up at LE 22.80 by 0953 GMT on Sunday. –Reuters
Steel companies agree to stabilize price at LE 3800 a ton
A state of calm is prevailing in the steel market in anticipation of the prices to be stabilized or slightly reduced in January.
The steel companies have implicitly agreed to stabilize the ex-factory price at LE 3800 per ton, even if Ezz group reduced its price, so as to maintain market stability in the face of the rising billet prices from $ 380 to $ 435 per ton.
Sources expected Ezz Group to reduce its price by LE 150 per ton like last month. They said the price in Cairo and Alexandria is LE 4200 per ton, and LE 4300 in the provinces and in Upper Egypt. Meanwhile, Misr Aluminum reduced its price in January by $525 per ton, bringing the price to $1750 rather than $2275 last month.
In a related context, there is relative calm in the cement market due to low demand and the poor weather conditions, which led to the suspension of transport. Sources said that the drop in demand forced traders to sell at prices lower than the ex-factory price. –Tegara Net
China says investment in Egypt ‘mutually beneficial’
Chinese Vice Premier Li Keqiang said on Friday that investment from Chinese enterprises in Egypt is mutually beneficial and will create a win-win situation, according to a press release issued on Sunday.
Li was attending the inauguration ceremony of an auxiliary project of Cairo International Conference Center, together with Egyptian Minister of Trade and Industry Rachid Mohamed Rachid.
Li said about 600 Chinese companies currently have invested in Egypt which not only bring friendship, funds and technology to support Egypt's economic construction, but promote China's economic growth as well.
He explained that rapid increase in trade volume between Egypt and China is proof that markets in developing countries have potential in the midst of the global financial crisis.
Rachid said that the Egyptian government will facilitate the pragmatic cooperation between Egyptian and Chinese companies. The Egyptian minister said that he hope entrepreneurs in both countries could seize the opportunity to push bilateral trade cooperation to a new high with the advantages of both sides.
Around 500 representatives from government and companies of China and Egypt as well as those in charge of the project attended Friday's ceremony.
According to Chinese statistics, trade volume between China and Egypt reached more than 5.3 billion U.S. dollars as of October this year, a 44-percent increase compared with the same period of last year.
Li also called on China and Egypt to combine their advantages to explore international market.
Li made the remarks in his speech at a business forum Thursday in the Egyptian capital, amid his four-day official visit to the country.
He said Egypt has the advantage of a good geographic location, crossing Asia and Africa and nearing the Europe, while China is advantageous with high-level technologies and relatively complete services.
He said the Suez cooperation zone is a major and important project for China-Egypt economic and trade cooperation, and it is of strategic significance to do a good job in constructing the zone and to make full use of the zone. He added that China is ready to closely coordinate with the Egyptian side to establish working mechanism on promoting the project.
He also called on both sides to learn from each other's experiences in reform and development. – Xinhua
Finance Ministry establishes independent entity to run pension funds
The new insurance law includes the establishment of a national authority for social insurance, which is independent from the State Treasury and the Investment Bank, said Adviser to the Minister of Finance for insurance and pensions Mohamed Ahmed.
He explained that such a step aims to protect pensioners' social and health rights. During a seminar at Cairo University earlier this week, Ahmed likened the current Insurance Act to torn clothes that could not be patched up. He stressed that insurance companies did not intervene in the new system. "I will be proud to introduce such a law," he added.
There will be an unemployment insurance system for the first time, Ahmed said, adding that the project gives an insured person who suffers from a work injury the right to get compensation during the period in which he can not work.
The ministry will refer the new law to the People's Assembly and the Shoura Council [Egypt's lower and upper chambers of Parliament respectively] immediately after the State's Council drafts it constitutionally, he said. The ministry has been preparing the new bill for more than 18 months, has appointed the best graduates of Cairo University's Faculty of Commerce and dispatched them to London to be trained on how to manage the new system, he said. Some attendees, though, criticized the Ministry of Finance's supervision of insurance and pensions. – Tegara Net
Undersea cable FLAG to be up and running today, says MCIT
Undersea cable FLAG to be up and running today, says MCIT
By Sherine El Madany
First Published: December 29, 2008
CAIRO: Service on FLAG Europe-Asia cable — which along with cuts in two other cables had disrupted internet and international phone services in some parts of the Middle East and South Asia — would be restored by Tuesday, said Egypt’s Ministry of Communications and Information Technology (MCIT)
“Repairs on the cable were completed on Monday and [the operating company] is currently running tests on it,” said Mohamed Hanafy, press officer at the ministry. “The cable is expected to retrieve its full capacity within 24 hours, which would improve internet services in Egypt.”
Work on the other two cables is still pending and could last to the end of the year. “Egypt's internet capacity will be fully restored early next week when these two cables get fixed,” Hanafy said.
Breaks in three submarine cables under the Mediterranean are suspected to be caused by a ship's anchor; however, operating companies have not confirmed that yet, he added.
The undersea cables — owned by different consortiums including France Telecom — were damaged between 09:28 and 10:06 Cairo local time on Dec. 19. The damage caused varying degrees of disruption from Zambia to India and Taiwan.
The disruption reduced Egypt's internet capacity by about 80 percent. Based on the ministry’s latest statistics, around 12 million Egyptians use the internet. Residents told Reuters internet service was either non-existent or very slow. Several Egyptians said at the time that it was impossible to call the United States but calls to Europe appeared to be going through.
The ministry said in a statement released on Dec. 21 it did not receive complaints from financial institutions in the country about any disruption to their performance.
Sources at the Egyptian Stock Exchange said the internet blackout did not disrupt trading because the exchange uses a built-in system that does not connect through the internet.
"But there remains some tangible impact on call centers," the ministry’s statement said. According to international reports, the cuts caused Egypt to lose around 66 percent of its voice traffic.
Work began on Dec. 21 to fix the submarine cables. “More than 85 percent of Egypt's internet capacity has been restored so far,” Hanafy pointed out.
France Telecom expected to have repaired SEA-ME-WE4 by Dec. 25 and SEA-ME-WE3 by the end of the year.
“Repairs on SEA-ME-WE4 were already completed but when they [France Telecom] tested it, they found some problems with the power release. It could take up to 3-4 days to have it up and running again,” Hanafy explained.
The SEA-ME-WE4 is 20,000 km long and links 14 countries, running from France through the Red Sea to India and then Singapore. SEA-ME-WE3 is 40,000 km long and links 33 countries. It runs from northern Germany to Spain, the Red Sea, India and Southeast Asia, from where two branches extend as far as Australia and South Korea.
FLAG Europe Asia (FEA) is 27,000 km long and runs from Britain through the Red Sea to India, Southeast Asia and Japan.
The outage in December was the second time this year. In January, breaks in undersea cables off the Egyptian north coast disrupted internet access in Egypt, the Gulf region and south Asia, forcing service providers to reroute traffic and disrupting some businesses and financial dealings.
The ministry said last week that contacts would be made with the owners of the cables and the relevant authorities about "the appropriate compensations”.
“Compensation would be based on causes of the breaks,” Amr Badawy, executive chairman of National Telecom Regulator Authority (NTRA) said on Monday.
“We are still waiting for the final reports explaining the causes of the damage,” Hanafy added, explaining compensations will be sorted out between the operating and insurance companies.
“Last time, we [Egyptian government] paid compensations because the breaks occurred in Egyptian water, but it’s different this time because the damage took place in international water near Italy.”
By Sherine El Madany
First Published: December 29, 2008
CAIRO: Service on FLAG Europe-Asia cable — which along with cuts in two other cables had disrupted internet and international phone services in some parts of the Middle East and South Asia — would be restored by Tuesday, said Egypt’s Ministry of Communications and Information Technology (MCIT)
“Repairs on the cable were completed on Monday and [the operating company] is currently running tests on it,” said Mohamed Hanafy, press officer at the ministry. “The cable is expected to retrieve its full capacity within 24 hours, which would improve internet services in Egypt.”
Work on the other two cables is still pending and could last to the end of the year. “Egypt's internet capacity will be fully restored early next week when these two cables get fixed,” Hanafy said.
Breaks in three submarine cables under the Mediterranean are suspected to be caused by a ship's anchor; however, operating companies have not confirmed that yet, he added.
The undersea cables — owned by different consortiums including France Telecom — were damaged between 09:28 and 10:06 Cairo local time on Dec. 19. The damage caused varying degrees of disruption from Zambia to India and Taiwan.
The disruption reduced Egypt's internet capacity by about 80 percent. Based on the ministry’s latest statistics, around 12 million Egyptians use the internet. Residents told Reuters internet service was either non-existent or very slow. Several Egyptians said at the time that it was impossible to call the United States but calls to Europe appeared to be going through.
The ministry said in a statement released on Dec. 21 it did not receive complaints from financial institutions in the country about any disruption to their performance.
Sources at the Egyptian Stock Exchange said the internet blackout did not disrupt trading because the exchange uses a built-in system that does not connect through the internet.
"But there remains some tangible impact on call centers," the ministry’s statement said. According to international reports, the cuts caused Egypt to lose around 66 percent of its voice traffic.
Work began on Dec. 21 to fix the submarine cables. “More than 85 percent of Egypt's internet capacity has been restored so far,” Hanafy pointed out.
France Telecom expected to have repaired SEA-ME-WE4 by Dec. 25 and SEA-ME-WE3 by the end of the year.
“Repairs on SEA-ME-WE4 were already completed but when they [France Telecom] tested it, they found some problems with the power release. It could take up to 3-4 days to have it up and running again,” Hanafy explained.
The SEA-ME-WE4 is 20,000 km long and links 14 countries, running from France through the Red Sea to India and then Singapore. SEA-ME-WE3 is 40,000 km long and links 33 countries. It runs from northern Germany to Spain, the Red Sea, India and Southeast Asia, from where two branches extend as far as Australia and South Korea.
FLAG Europe Asia (FEA) is 27,000 km long and runs from Britain through the Red Sea to India, Southeast Asia and Japan.
The outage in December was the second time this year. In January, breaks in undersea cables off the Egyptian north coast disrupted internet access in Egypt, the Gulf region and south Asia, forcing service providers to reroute traffic and disrupting some businesses and financial dealings.
The ministry said last week that contacts would be made with the owners of the cables and the relevant authorities about "the appropriate compensations”.
“Compensation would be based on causes of the breaks,” Amr Badawy, executive chairman of National Telecom Regulator Authority (NTRA) said on Monday.
“We are still waiting for the final reports explaining the causes of the damage,” Hanafy added, explaining compensations will be sorted out between the operating and insurance companies.
“Last time, we [Egyptian government] paid compensations because the breaks occurred in Egyptian water, but it’s different this time because the damage took place in international water near Italy.”
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