Economy news

Sources: Natural gas, electricity prices to go up next month

Ibrahim Mehleb
22 Apr 2014
The Egyptian government will start applying the prime minister's decision about the increase in prices of natural gas and electricity consumption next month, sources told Al-Masry Al-Youm. Other sources from the petroleum ministry...
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Supply Minister: No plans to cancel subsidies

21 Apr 2014
Supply Minister Khaled Hanafy has reiterated that the government has no intentions to cancel subsidies for low-income citizens. “All decisions are aimed at delivering subsidies to needy beneficiaries,"  the minister said in...
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Egypt Gas: Higher prices save LE1 bn yearly

21 Apr 2014
The government's decision to raise natural gas prices for home users will save the state LE1 billion annually, said Egypt Gas CEO Faisal Abul Ezz. In a phone interview with CBC, Abul Ezz said the decision will lessen the gap between...
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Cornerstone of Assiut smart village laid, with LE4 billion investments

16 Apr 2014
Telecommunications Minister Atef Helmy and Assiut Governor Ibrahim Hammad laid on Wednesday the cornerstone of the smart village project, which will be carried out in New Assiut city, to be the first investment technological zone in Upper...
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Capital market earns LE5 bn

Mohammed Omran, chairman of Egypt's stock exchange, delivers his speech during the inauguration ceremony of the stock exchange's new premises in the Smart Village on the outskirts of Cairo, April 12, 2012.
15 Apr 2014
In spite of the Galaa Square bombing, stock indices went up on Tuesday due to purchases by foreign and Egyptian investors, while Arab investors tended to sell.   Traders said foreigners continue to invest because they are confident...
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Egypt reduces gas production for ten days

Natural gas field in the Mediterranean
15 Apr 2014
A source at the Egyptian Natural Gas Holding Company said that Egypt will reduce gas production by 220 million cubic feet per day from 17 to 27 April.   Production will be 4.69 billion cubic feet per day instead of...
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Egypt pound weakens at central bank's dollar sale and on black market

14 Apr 2014
The Egyptian pound weakened at a central bank dollar sale and on the black market on Monday, after hitting a six-month low last week. The central bank said it sold dollars at a cut-off price of 6.9702 pounds, weaker than the rate of 6.9651...
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Minister: Egypt to raise electricity prices before election

Minister of Planning and International Cooperation Ashraf al-Araby
14 Apr 2014
Egypt plans to boost electricity prices for the richest 20 percent of its citizens before the presidential elections at the end of May, as the country has 'no time to waste' in starting reforms, the planning minister said. Ashraf...
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Stock exchange loses LE2 bn

13 Apr 2014
Egyptian stock indices fell at the end of Sunday’s trading session after giving up all the morning gains due to increasing pressure to sell leading stocks.   The capital market lost more than LE2 billion to end at LE467,488...
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Egypt to need more financial support: IMF

IMF logo
13 Apr 2014
Washington (AFP) - Egypt will need further international assistance to put its economy back on track despite receiving huge loans from Gulf Arab states, the IMF said Friday.   "Egypt will need financial support which could come...
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