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

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

Egyptian vehicle assembler and distributor GB Auto said on Thursday that its first quarter net income surged 160.1 percent, boosted by record sales revenue."Our growth this quarter reflects strong showings from regional operations in Iraq and the motorcycles and three-wheelers, tyres and financing businesses in Egypt," chief executive Raouf Ghabbour said in statement accompanying the results.Net income rose to 47.3 million Egyptian pounds ($6.8 million) from 18.2 million pounds in the first quarter of 2012, while sales revenue climbed to 2.08 billion pounds from 1.71 billion pounds.($1 = 6.9760 Egyptian pounds) More»

The dollar held largely steady Thursday ahead of a raft of data that could offer further evidence on whether an economic recovery remains under way in the U.S. The ICE dollar index , which measures the greenback’s movement against six other major currencies, was at 83.799 versus 83.795 on Wednesday. The WSJ Dollar Index , an alternative gauge of the currency’s moves against a slightly wider basket, edged up to 75.27 from 75.24. The dollar briefly climbed against the Japanese yen after Japan said stronger household consumption and exports helped the economy grow 0.9% in the first quarter, surpassing expectations. The greenback  rose to around ¥102.25, but then lost grip of the slight gain by softening to ¥102.15. The dollar late Wednesday traded at ¥102.23. Quarterly gross domestic product figures from France, Germany and the euro zone that fell short of expectations had supported broad gains for the dollar on Wednesday. More»

Benchmark U.S. crude-oil futures fell Thursday, retreating from gains that were earlier ushered in by an unexpected decline in weekly inventories. Crude-oil prices for June delivery  lost 36 cents, or 0.4%, to trade at $93.94 a barrel in electronic trade. Later Thursday, investors will look through U.S. economic data, including weekly figures on jobless claims, for signals about future energy demand. Improvement in the labor market is also in focus at the Federal Reserve, which has to decide when it will start tapering down bond purchases that were aimed at stimulating economic growth. Oil prices on Wednesday swung higher, ending up 9 cents, or 0.1%, on the New York Mercantile Exchange after the U.S. Energy Information Administration said crude supplies fell 600,000 barrels for the week ended May 10. Analysts polled by Platts had projected a rise of 300,000 barrels. The decline in inventories gave the oil market the push needed to break free from losses stemming from demand worries after France, Germany and the euro zone each posted disappointing reports on quarterly economic activity. More»

The euro hit a six-week low against the dollar on Wednesday after data showing the euro zone economy contracted more than expected in the first quarter of the year, strengthening the case for another interest rate cut. The data also briefly halted a rise in European shares, which have gained nearly 10 percent since mid-April driven in part by the European Central Bank's decision to cut its main rate to a record low this month. "If we look at the figures from this morning, Europe is still in the doldrums but liquidity is still dominating the market and investors are hoping at least that the second half of this year will improve," said Rabobank euro zone market strategist Emile Cardon. The single currency, down roughly 1.4 percent against the dollar in May, fell 0.2 percent after the GDP data to a low of $1.2888. The FTSEurofirst 300 index .FTEU3 of European blue chip shares, which closed at a five-year high on Tuesday, paused in the wake of the GDP before resuming its climb. The index was later up 0.4 percent on the day. More»

Egypt's Maridive and Oil Services (MOIL.CA), the biggest oil services company by fleet size in the Middle East, announced that its subsidiary – announced on Wednesday that the company’s chairman Mr. Issa Hamed Eleish has passed away. As a result, the Egyptian Exchange management decided to suspend trading on the Maridive’s stocks until reviewing the news. The late Capt. Issa Hamed Eleish has served as Chairman of the Board and Managing Director of Maridive and Oil Services S.A.E. He has held both positions since 1990. Capt. Eleish was also Chairman of the Board of Directors and a Managing Director of Maridive Offshore Projects Co. He was Chairman of the Board of Directors and a Managing Director of P & J Paste & Juice Co. More»

EFG Hermes (HRHO.CA), Egypt's biggest investment bank, is seeking to raise its capital to 2.87 billion Egyptian pounds ($412.1 million) from 2.39 billion by issuing bonus shares, the bank said in a statement to the country’s bourse the Egyptian Exchange (EGX) on Tuesday. EFG plans to issue one free share per five shares held, the statement said, adding that the financial regulator must approve the decision. More»

OCI N.V. has confirmed its commitment to its mandatory tender offer submitted to Egypt’s financial regulator – the Egyptian Financial Supervisory Authority (EFSA) to acquire all outstanding ordinary shares of Orascom Construction Industries S.A.E. (OCI S.A.E.) (OCIC.CA) listed on the Egyptian Exchange (EGX). The Dutch offer confirmation comes despite the economic developments that had impacted the Egyptian firm Yet, the Dutch unit noted that the price included in the offer was lowered to EGP 255 from EGP 280 per share, noting that it will contact EFSA to finalize relevant procedures. OCI N.V. further referred that the earlier notification included the bidder’s renewal of financial commitments and obligations from global financial institutions like Cascade, which is owned by Bill Gates and his family, as well as Davis Select Advisor and Southeastern Asset Management. More»

The U.S. dollar pulled lower Tuesday, edging back from gains against Japan’s yen, and softening against the euro ahead of the release of economic reports from Europe. The ICE dollar index , which measures the U.S. dollar’s moves against six other major currencies, fell to 83.015 from late Monday’s level at 83.276. The WSJ Dollar Index , an alternative gauge of the greenback’s moves against a slightly wider basket, fell to 74.61 from 74.82. The U.S. dollar  bought 101.51 yen, down from ¥101.81 late Monday in North America. Still, the yen waded at nearly five-year lows against the greenback, which pierced above the ¥100 mark last week, extending its gains on the back of the Bank of Japan’s major monetary stimulus program launched in April. The dollar’s surge against the yen has also been supported by data showing the U.S. economy remains on the recovery track. Barclays told clients Monday it continues to recommend long dollar/yen positions and expects the dollar to reach the ¥103-¥105 range before stabilizing. More»