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ROUND UP: The month at a glance

MOBINIL DROPS

A sharp drop in first quarter profits drove down MobiNil share prices on April 10. The company announced first quarter net profits of £E 35.04 million - a 61 percent drop from the £E 90.44 million reported in the fourth quarter of 1999. Company executives attributed the drop to the seasonal influences of the Eid and Ramadan and to increased costs resulting from an aggressive marketing campaign aimed at new subscribers. MobiNil stock dropped 7.1 percent in the week following the announcement, down to £E 148 per share on April 16.

EGYPT, ISRAEL TALK GAS - AGAIN

The long-rumored Israeli-Egyptian natural gas export talks - presumed to be dead last month after Israel claimed to have discovered considerable gas reserves of its own - were back on following a mid-April meeting between Egyptian oil minister Sameh Fahmy and Israeli infrastructure minister Eli Suissa.

RESERVES KEEP FALLING

Egypt's net international reserves fell $456 million in January down to $15.18 billion, their lowest level in more than three years. The Central Bank of Egypt continues to spend its reserves in order to meet the demand for dollars, which have been in short supply for more than a year. Egypt's reserves stood at $19.5 billion in January 1999.

HOPES HIGH FOR EGYPTIAN EUROBOND

Government officials in mid-April announced plans to issue a landmark sovereign eurobond. No date has been announced for the estimated $300-$400 million bond issue, which is expected to facilitate foreign borrowing by the private sector as well. In an April 19 interview with Al-Ahram, Finance Minister Medhat Hassanein didn't say what type of bond would be issued, or when it could be expected, but analysts have predicted that a five-year, dollar-denominated bond will debut in the third quarter of this year. Hassanein said the proceeds of the bond would be used to pay off domestic debt.

CANAL REVENUE DROPS IN FEBRUARY

Egypt's Suez Canal receipts for the month of February dropped to $144.4 million - down from $160.8 million in January, but up from the $139.1 million posted in February 1999. Along with tourism revenues, petroleum sales and remittances from Egyptians working abroad, the canal is a major source of hard currency for the Egyptian government.

AFRICA-EU SUMMIT INCONCLUSIVE

The much-hyped meeting between European leaders and the heads of 53 African nations took place in Cairo with little concrete progress made toward the stated goal of reducing Africa's foreign debt. The summit proved an opportune chance for numerous face-to-face meetings between various leaders - especially involving Libya's Muammar Qaddafi, who met with German Chancellor Gerhart Schroeder and European Commission President Romono Prodi, among others. The proceedings, however, were somewhat distracted by a prolonged war of words between British Foreign Minister Robin Cook and Zim-babwe's President Robert Mugabe - a result of Cook's earlier criticism of the African leader for postponing elections and encouraging the seizure of white-owned farms.

CHRETIEN AND MUBARAK AGREE TO BOOST TRADE

A visit to Egypt by Canadian Prime Minister Jean Chretien in April produced an agreement to increase bilateral trade between the two countries by C$1 billion within five years. A Canadian embassy spokesman said Canada will also grant Egypt an additional C$ 4.4 million to aid small to medium-sized projects.

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