Economy

IMF mission in Cairo next week for talks on US$12bn bailout

27 Jul 2016
The International Monetary Fund confirmed on Tuesday that Egypt has asked it for financial support program and said an IMF staff mission will visit Cairo for about two weeks starting July 30. "We welcome this request, and look forward...
Yes

Egypt's central bank keeps pound stable at 8.78 per dollar

26 Jul 2016
The Central Bank of Egypt (CBE) kept the pound stable at 8.78 per dollar at its weekly foreign currency auction on Tuesday, the state-owned MENA reported. The CBE devalued the pound by about 14 percent to reach EGP 8.78 against the dollar...
Yes

Porsche to create more than 1,400 jobs for electric car

26 Jul 2016
Porsche (VOWG_p.DE) has raised the number of jobs it will create for the production of its first all-electric sports car to more than 1,400 from more than 1,000 previously, the manufacturer said on Tuesday. More than 1,200 of the new...
Yes

The identity crisis that led to Yahoo's demise

Yahoo CEO Marissa Mayer speaks during her keynote address at the annual Consumer Electronics Show (CES) in Las Vegas, Nevada in this file photo taken on January 7, 2014.
26 Jul 2016
When senior Yahoo executives gathered at a San Jose hotel for a management retreat in the spring of 2006, there was no outward sign of a company in crisis. The internet pioneer, not yet a teenager, had just finished the prior year with US...
Yes

Daimler's mytaxi to merge with Hailo to take on Uber

26 Jul 2016
Daimler's mytaxi said it will merge with British rival Hailo in an all-share deal, creating Europe's largest smartphone-based taxi-hailing business. Unlike US-based ride hailing start-up Uber, which established itself to compete...
Yes

Suez Canal introduces cheaper tolls for empty US oil vessels travelling to Gulf

25 Jul 2016
The Suez Canal Authority has announced a decision to reduce the toll on empty US oil vessels sailing through the canal to the Gulf by between 20 and 45 percent.  The new toll was introduced on Monday and will continue for six months,...
Yes

G20 will use 'all policy tools' to lift growth as Brexit weighs

25 Jul 2016
The world's biggest economies will work to support global growth and better share the benefits of trade, policymakers said on Sunday after a meeting dominated by the impact of Britain's exit from Europe and fears of rising...
Yes

Philip Green responsible for BHS collapse: UK lawmakers

25 Jul 2016
Retail tycoon Philip Green's greed and disregard for corporate governance led to the demise of BHS and cost 11,000 jobs, a report by British lawmakers said, calling the collapse of the stores group "the unacceptable face of...
Yes

Turkish Airlines fires personnel after failed coup: media

25 Jul 2016
Turkey's state-run Turkish Airlines fired more than 100 employees, including management and cabin crew, as part of a purge at state institutions to root out supporters of an abortive coup, Turkish media reported on Monday. The...
Yes

Egyptians top the ranks of Arab investments in Dubai real estate

24 Jul 2016
Egyptians ranked in second place among Arabs buying land and real estate in Dubai over the first half of 2016, with 710 Egyptian nationals purchasing land of a total value of 1.4 billion Dirham (AED) in the Emirati city....
Yes