Egypt Independent: Economy-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Stock market loses LE3 billion http://www.egyptindependent.com//node/2438031 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/05/25/484151/200704_0.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p dir="ltr" id="docs-internal-guid-de5472fb-e963-a9f5-a703-f554c3cef37e">Stock market indexes declined on Monday amid sales by institutions and foreign funds after gains that were achieved over the past few days.</p><p dir="ltr">The capital market lost around LE3 billion, reaching LE516.7 billion.</p><p dir="ltr">The main EGX30 declined by 1.35 percent reaching 9316.13 points. The small and medium-sized EGX 70 decreased by 0.93 percent standing at 648.57 points. The broader EGX 100 fell by 0.8 percent reaching 1157.13 points.</p><p dir="ltr"><em>Edited translation from Al-Masry Al-Youm</em></p> Mon, 18 Aug 2014 20:51:00 +0000 Al-Masry Al-Youm 2438031 at http://www.egyptindependent.com sites/default/files/photo/2014/05/25/484151/200704_0.jpg Egypt railway losses LE20 million in 4 days http://www.egyptindependent.com//node/2438029 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2013/08/14/481046/shutterstock_114380764.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div><span style="font-size: 14px;">Egypt&#39;s railway authority sustained losses of LE20 million from Thursday to Sunday, prompted by cancelled reservations and operation hiccups, a senior official at the authority said.</span></div><div>&nbsp;</div><div>Rashad Abdel Atty, deputy chairman of Egypt Railway, told<em> Al-Masry Al-Youm</em> that train movement had not been stopped for security reasons after recent actions of vandalism that coincided with the Muslim Brotherhood&#39;s marking of one year since the dispersal of protests supporting former president Mohamed Morsy.</div><div>&nbsp;</div><div>Abdel Atty said that coordination was in place between police departments across the country to secure train movement and deter any sabotage at the railways.</div><div>&nbsp;</div><div>He, however, admitted difficulties in securing Upper Egypt-bound journeys due to the long distances between stations, noting that the security process on those lines relies on communications with train drivers, civilians and level-crossing watchmen.</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div><div>&nbsp;</div> Mon, 18 Aug 2014 18:33:00 +0000 Al-Masry Al-Youm 2438029 at http://www.egyptindependent.com sites/default/files/photo/2013/08/14/481046/shutterstock_114380764.jpg Finance Ministry seeks US$10.4 billion loan from IMF http://www.egyptindependent.com//node/2438006 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/05/15/484151/swr_hn_qdr.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p dir="ltr" style="font-size: 14px;"><span style="font-size: 1em; line-height: 1.5em;">An informed governmental source said Finance Minister Hani Qadri Demian will try to convince the Cabinet to resume negotiations with the International Monetary Fund starting next year in order to reduce the budget deficit, especially that governmental measures over changing prices of natural gas, electricity and fuel are not enough for the fill the gap.</span></p><p dir="ltr" style="font-size: 14px;">Negotiations between Egypt and IMF over a US$4.8 billion to support the economy stopped in 2013. The loan would also yield confidence in the Egyptian economy and hence encourage investors.</p><p dir="ltr" style="font-size: 14px;">Rationalizing subsidies and carrying out economic reform measures were among the conditions to get the loan.</p><p dir="ltr" style="font-size: 14px;">The Cabinet had earlier adopted an increase in prices of fuel and electricity as well as the gradual removal of subsidies on energy to reduce the budget deficit.</p><p dir="ltr" style="font-size: 14px;">The minister, according to the source, started serious attempts to convince the government to file new requests to IMF to resume talks to get US$10.4 billion by 2015 with a 1-2 percent interest rate, especially that the fund praised the steps taken by the government regarding energy and commodities as well as the new tax measures that would increase the state resources.</p><p dir="ltr" style="font-size: 14px;"><em>Edited translation from Al-Masry Al-Youm</em></p> Sun, 17 Aug 2014 09:07:00 +0000 Al-Masry Al-Youm 2438006 at http://www.egyptindependent.com sites/default/files/photo/2014/05/15/484151/swr_hn_qdr.jpg Stock market gains LE3.8 billion http://www.egyptindependent.com//node/2437980 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/06/05/484151/201460_0.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p dir="ltr" id="docs-internal-guid-049b688f-d4c6-2ae4-7cca-09ad820eb4cc" style="line-height:1.15;margin-top:0pt;margin-bottom:0pt;">&nbsp;</p><br /><p dir="ltr" style="line-height:1.15;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:15px;font-family:Arial;color:#000000;background-color:transparent;font-weight:normal;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;">Stock market surpassed on Thursday fears of first anniversary of the Rabaa al-Adaweya and Nahda sit-ins dispersal amid violent incidents that took place.</span></p><br /><p dir="ltr" style="line-height:1.15;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:15px;font-family:Arial;color:#000000;background-color:transparent;font-weight:normal;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;">Capital market gained LE3.8 billion, reaching LE516 billion</span></p><br /><p dir="ltr" style="line-height:1.15;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:15px;font-family:Arial;color:#000000;background-color:transparent;font-weight:normal;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;">Purchases by the local and foreign institutions pushed the indexes up, while transactions of the individuals went toward selling. The main EGX 30 increased by 1.06 percent, the small- and middle-sized shares index EGX70 increased by 1.2 percent, while the broader EGX100 increased by 1.1 percent.</span></p><br /><p dir="ltr" style="line-height:1.15;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:15px;font-family:Arial;color:#000000;background-color:transparent;font-weight:normal;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;">Egyptians and Arabs&rsquo; net sales achieved around LE37.2 million and LE32.3 million consecutively. &nbsp;Net purchases by foreigners reached LE69.4 million.</span></p><br /><p dir="ltr" style="line-height:1.15;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:15px;font-family:Arial;color:#000000;background-color:transparent;font-weight:normal;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;">Transactions by institutions reached 37.8 percent, while by individuals reached 62.1 percent.</span></p><br /><p dir="ltr" style="line-height:1.15;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:15px;font-family:Arial;color:#000000;background-color:transparent;font-weight:normal;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;">Edited translation from Al-Masry Al-Youm</span></p> Thu, 14 Aug 2014 13:47:00 +0000 Al-Masry Al-Youm 2437980 at http://www.egyptindependent.com sites/default/files/photo/2014/06/05/484151/201460_0.jpg