Tuesday, 16 Aug 2011
Ahram Online reported that the Industrial Development Authority will grant 5 new steel plant licenses within the coming 3 months to meet requests from several steel producers in Egypt for capacity extension.
As per report, only currently established companies would be eligible to bid for the licenses indicating that no new players are expected to enter the market.
Mr Ismail Al Nagdy head of IDA said that the energy required for these licenses is already available.
In July, Egypt's cabinet granted four companies licenses for steel plants in the country as the government seeks to boost production and lower imports of supplies for the construction industry. The companies won the licenses in December but were later given an extension to make the required payments. The 4 firms are Port Said National Company for Steel, IIC for Steel Plants Management, Al Marakbi and Al Wataniya.
(sourced AHRAM)
Showing posts with label Egypt. Show all posts
Showing posts with label Egypt. Show all posts
Tuesday, August 16, 2011
Tuesday, March 15, 2011
Switzerland is not a safe haven for stolen funds
Micheline Calmy-Rey, 13:15, Tuesday 15 March 2011
Switzerland was the first country to freeze the assets of Ben Ali, Mubarak and Gaddafi, writes Micheline Calmy-Rey.
Few people could have imagined that the people's uprising in Tunisia would have such far-reaching consequences. On January 14, the former President was forced to flee the country. Five days later, on the 19th, the Swiss government froze any assets of the former President, his family and entourage that might be located in Switzerland.
The Swiss government made a similar decision on the evening of February 11, a mere 30 minutes after the resignation of President Mubarak in Egypt. And when the Libyan rulers used force against their own population, the Swiss Government decided on the 24th to freeze any assets of Muammar Gaddafi and his entourage that might be held in Switzerland with immediate effect. Why did Switzerland take these measures and block the assets of former dictators? Why has Switzerland been the first country in all three cases to take this action, moves that have subsequently been emulated by many other countries?
The answer is very simple: because our policy on this matter is absolutely clear. For almost twenty years the Swiss government has been consistently working to ensure that illicitly acquired assets are not invested in the Swiss financial centre. These efforts have long been recognised in specialist circles, and international experts regularly acknowledge that few countries have been as proactive in this area as Switzerland. A specialist of the World Bank recently remarked: “The idea of Switzerland as a safe haven for stolen funds belongs to the past, and, if at all, is best left to crime thrillers.” Although Switzerland is only ranked seventh amongst the world's financial centres, it occupies first place when it comes to the issue of returning stolen funds: in recent years no other country has even come close to repaying as much money derived from illegal activities to the countries of origin as Switzerland. In total 1.7 billion US dollars has been returned.
Is the reason Switzerland has returned more money simply that it accepted more dirty money than other financial centres? Today competition amongst financial centers’ is global. The reputation and credibility of a financial centre play an increasing part in this competition.
It would therefore be naive to believe that Swiss banks can allow themselves the luxury of standards that are less stringent than those of its immediate competitors. Rather, the reasons for our success can be found in the change of attitude that has taken place in Swiss politics. In recent years, the Government and Parliament have tightened existing laws and created new ones: loopholes have been identified and where necessary legislation improved. In many areas Swiss legislation today goes beyond that of many other countries and serves as a model. The latest example is the Act (Taiwan OTC: 3492.TWO - news) on the restitution of illicit assets of politically exposed persons, commonly referred to as the Lex Duvalier. Although it is often in fragile countries that corruption is rampant, these are precisely the ones that are powerless to protect themselves against the intrigues of their rulers. The Swiss law on restitution is the first of its kind in the world: it enables assets that have been illicitly appropriated or embezzled by dictators to be returned to countries that are no longer in a position to use judicial processes to request its return from abroad.
Nonetheless, I remain convinced that in the first instance our task is to tackle corruption in those places where it occurs. This is one of the reasons why the Swiss government has blocked the accounts of Ben Ali and Mubarak: to help the countries affected to take the legal steps necessary to recover the assets allegedly stolen as quickly as possible.
Since the accounts were frozen, both Egypt and Tunisia have asked Switzerland for legal assistance. So, the reaction of the Swiss government has already proven its worth and that is something we can be proud of.
Micheline Calmy-Rey Switzerland's Federal President and Head of the Federal (SES: E1:F20.SI - news) Department for Foreign Affairs FDFA. Courtsey finance stories from telegraph.co.uk
Few people could have imagined that the people's uprising in Tunisia would have such far-reaching consequences. On January 14, the former President was forced to flee the country. Five days later, on the 19th, the Swiss government froze any assets of the former President, his family and entourage that might be located in Switzerland.
The Swiss government made a similar decision on the evening of February 11, a mere 30 minutes after the resignation of President Mubarak in Egypt. And when the Libyan rulers used force against their own population, the Swiss Government decided on the 24th to freeze any assets of Muammar Gaddafi and his entourage that might be held in Switzerland with immediate effect. Why did Switzerland take these measures and block the assets of former dictators? Why has Switzerland been the first country in all three cases to take this action, moves that have subsequently been emulated by many other countries?
The answer is very simple: because our policy on this matter is absolutely clear. For almost twenty years the Swiss government has been consistently working to ensure that illicitly acquired assets are not invested in the Swiss financial centre. These efforts have long been recognised in specialist circles, and international experts regularly acknowledge that few countries have been as proactive in this area as Switzerland. A specialist of the World Bank recently remarked: “The idea of Switzerland as a safe haven for stolen funds belongs to the past, and, if at all, is best left to crime thrillers.” Although Switzerland is only ranked seventh amongst the world's financial centres, it occupies first place when it comes to the issue of returning stolen funds: in recent years no other country has even come close to repaying as much money derived from illegal activities to the countries of origin as Switzerland. In total 1.7 billion US dollars has been returned.
Is the reason Switzerland has returned more money simply that it accepted more dirty money than other financial centres? Today competition amongst financial centers’ is global. The reputation and credibility of a financial centre play an increasing part in this competition.
It would therefore be naive to believe that Swiss banks can allow themselves the luxury of standards that are less stringent than those of its immediate competitors. Rather, the reasons for our success can be found in the change of attitude that has taken place in Swiss politics. In recent years, the Government and Parliament have tightened existing laws and created new ones: loopholes have been identified and where necessary legislation improved. In many areas Swiss legislation today goes beyond that of many other countries and serves as a model. The latest example is the Act (Taiwan OTC: 3492.TWO - news) on the restitution of illicit assets of politically exposed persons, commonly referred to as the Lex Duvalier. Although it is often in fragile countries that corruption is rampant, these are precisely the ones that are powerless to protect themselves against the intrigues of their rulers. The Swiss law on restitution is the first of its kind in the world: it enables assets that have been illicitly appropriated or embezzled by dictators to be returned to countries that are no longer in a position to use judicial processes to request its return from abroad.
Nonetheless, I remain convinced that in the first instance our task is to tackle corruption in those places where it occurs. This is one of the reasons why the Swiss government has blocked the accounts of Ben Ali and Mubarak: to help the countries affected to take the legal steps necessary to recover the assets allegedly stolen as quickly as possible.
Since the accounts were frozen, both Egypt and Tunisia have asked Switzerland for legal assistance. So, the reaction of the Swiss government has already proven its worth and that is something we can be proud of.
Micheline Calmy-Rey Switzerland's Federal President and Head of the Federal (SES: E1:F20.SI - news) Department for Foreign Affairs FDFA. Courtsey finance stories from telegraph.co.uk
Saturday, February 19, 2011
Egypt unrest hit steel prices - Metalloinvest
Saturday, 19 Feb 2011
(Sourced from Reuters)
Reuters reported that unrest in Egypt has hit construction steel prices with spot rebar in Saudi Arabia's Jeddah now at USD 640 per tonne to USD 650 per tonne as Black Sea mills seek new markets away from the turmoil.
Mr Shukhrat Nishanov GD of Hamriyah said that “It is influencing the market. If that market was traditionally supplied by our colleagues in Turkey and Ukraine, well, they can't sell there so they are going to the Saudi market and this is disrupting our business."
Mr Nishanov said that Metalloinvest's Hamriyah, the only Russian owned steel plant in the United Arab Emirates sold its January rebar production for USD 700 per tonne roughly 8% above the current spot range.
He said that the company, which is also Russia's largest iron miner, opened its steel plant in the UAE last year to tap into the Middle Eastern construction boom. It currently produces 80,000 tonnes of rebar per month or 1 million tonnes per year. This can be ramped up slightly to about 1.2 million tonnes if demand increases.
Metalloinvest, controlled by billionaire Mr Alisher Usmanov may also add a second mill later in the decade, though it has yet to take a final decision. It already operates two major steel plants in Russia.
Mr Nishanov said that Hamriyah does not sell any steel directly to Egyptian buyers. He said “We export 30% to Saudi Arabia, 20% to Iraq and our trading partners sell to other buyers in the Persian Gulf and 10% to 15% is sold to local firms.”
He does not expect the Egyptian market to revive until there is more certainty about the country's future political course.
Mr Shukhrat Nishanov GD of Hamriyah said that “It is influencing the market. If that market was traditionally supplied by our colleagues in Turkey and Ukraine, well, they can't sell there so they are going to the Saudi market and this is disrupting our business."
Mr Nishanov said that Metalloinvest's Hamriyah, the only Russian owned steel plant in the United Arab Emirates sold its January rebar production for USD 700 per tonne roughly 8% above the current spot range.
He said that the company, which is also Russia's largest iron miner, opened its steel plant in the UAE last year to tap into the Middle Eastern construction boom. It currently produces 80,000 tonnes of rebar per month or 1 million tonnes per year. This can be ramped up slightly to about 1.2 million tonnes if demand increases.
Metalloinvest, controlled by billionaire Mr Alisher Usmanov may also add a second mill later in the decade, though it has yet to take a final decision. It already operates two major steel plants in Russia.
Mr Nishanov said that Hamriyah does not sell any steel directly to Egyptian buyers. He said “We export 30% to Saudi Arabia, 20% to Iraq and our trading partners sell to other buyers in the Persian Gulf and 10% to 15% is sold to local firms.”
He does not expect the Egyptian market to revive until there is more certainty about the country's future political course.
(Sourced from Reuters)
Monday, February 7, 2011
Ukraine temporarily suspends rolled steel product shipments to Egypt
Monday, 07 February 2011 15:12:40 (GMT+2)
Ukrainian steel producers have temporarily suspended shipments of rolled steel products to Egypt, due to the political crisis in this country, Russian information agency Prime-Tass has reported, citing Vladimir Pikovskiy, head of the steel and mining industry department of Derzhzovnishinform (DZI), the Ukrainian national research and information center for monitoring international commodity markets. According to Mr. Pikovskiy, none of the Ukrainian steel exporters will risk making shipments to Egypt until March. "No one is canceling contracts, but shipments in February are probably not worth the risk," he said, adding that the temporary stoppage of shipments of rolled steel products to Egypt will not affect the output of the Ukrainian steelmakers. According to DZI data, in 2010 Ukraine's steelmakers exported 944,000 mt of rolled steel products to Egypt, accounting for 3.5 percent of total export of these products. Ukrainian steelmakers' total rolled steel product exports to North African countries amounted to 1.23 million mt in 2010, accounting for 4.6 percent of the total exports of Ukrainian steel products (27 million mt).
Tags: Egypt , Ukraine , Africa , CIS , steelmaking , trading
sourced:steelorbis
Ukrainian steel producers have temporarily suspended shipments of rolled steel products to Egypt, due to the political crisis in this country, Russian information agency Prime-Tass has reported, citing Vladimir Pikovskiy, head of the steel and mining industry department of Derzhzovnishinform (DZI), the Ukrainian national research and information center for monitoring international commodity markets. According to Mr. Pikovskiy, none of the Ukrainian steel exporters will risk making shipments to Egypt until March. "No one is canceling contracts, but shipments in February are probably not worth the risk," he said, adding that the temporary stoppage of shipments of rolled steel products to Egypt will not affect the output of the Ukrainian steelmakers. According to DZI data, in 2010 Ukraine's steelmakers exported 944,000 mt of rolled steel products to Egypt, accounting for 3.5 percent of total export of these products. Ukrainian steelmakers' total rolled steel product exports to North African countries amounted to 1.23 million mt in 2010, accounting for 4.6 percent of the total exports of Ukrainian steel products (27 million mt).
Tags: Egypt , Ukraine , Africa , CIS , steelmaking , trading
sourced:steelorbis
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