Sally Gerges News
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Telecom Egypt Co., the Arab country’s monopoly fixed-line phone company, fell the most in almost two weeks after its chief executive officer became the second official to leave the post in six months.
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Egyptian billionaire Naguib Sawiris , chairman of the Middle East’s biggest mobile-phone operator Orascom Telecom Holding SAE , says nothing drives him more than being told something’s impossible.
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Orascom Telecom Holding SAE jumped for a third day after its founder said he expects the company to receive a “fair offer” for the sale of its Algerian unit Djezzy to the country’s government.
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The Algerian government said it’s opposed to South African telephone company MTN Group Ltd.’s plan to buy Djezzy, the Algerian mobile-phone unit of Egypt’s Orascom Telecom Holding SAE.
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The rand strengthened and was the best-performing major currency after Algeria said it’s opposed to MTN Group Ltd.’s plan to buy Orascom’s Algerian unit and the Federal Reserve pledged to keep U.S. interest rates low.
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Zain Saudi Arabia, a unit of Kuwait’s biggest mobile-phone company, said its loss narrowed for the second straight quarter on revenue from new subscribers and lower costs.
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An Egyptian court has upheld a verdict that prevents France Telecom SA from gaining full control of the Egyptian Co. for Mobile Services, allowing Orascom Telecom Holding SAE to keep its stake in the Egyptian company.
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Russia’s new ties to Orascom Telecom Holding SAE and historic links with Algeria may help resolve a dispute between the mobile-phone company and the North African country’s government, Egyptian billionaire Naguib Sawiris said.
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