Economy news

Mobile phone sales tax to rise 5%

Indian bankers display cellular telephones on which they are using Mobile-based Trading at The Bombay Stock Exchange (BSE) during its launch in Mumbai , September 21, 2010. India, the fastest growing mobile phone market, launched stock trading through wireless technology this week, making access to market data easier for a growing breed of tech-savvy investors. The Bombay Stock Exchange, Asia's oldest exchange, introduced trading in shares on mobiles while rival National Stock Exchange is set to launch its services early next month.
05 Mar 2013
The sales tax on mobile phone use is set to jump to 20 percent up from 15 percent, according to Turkish Anadolu news agency. On Tuesday, Anadolu quoted Tax Authority Chairman Mamdouh Omar as saying the tax hike would not include jumps in...
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Fact box: Almost 500,000 lost their jobs in 2011

05 Mar 2013
In March, the Central Agency for Public Mobilization and Statistics published a new book that revealed 483,000 Egyptians had lost their jobs in 2011 following the popular uprising that toppled former President Hosni Mubarak. According to...
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Qandil expects IMF loan approval soon

05 Mar 2013
The Cabinet issued an official invitation to the International Monetary Fund delegation to resume talks over a US$4.8 billion, according to Prime Minister Hesham Qandil Tuesday. Qandil also said he expects Egypt will receive approval for...
Yes

Nour Party launches initiative to 'save' economy

President Mohamed Morsy met with leaders from the Salafi Nour Party Saturday night to discuss the party's national consensus initiative.
04 Mar 2013
The Nour Party announced on Monday the launch of the National Council for Economic Development, as part of a bid to boost the nation's deteriorating economy. Ayman Farouk, a member of the party's economic committee, explained that...
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Iraq to provide Egypt with 4 million barrels of oil per month

Oil and gas plant
04 Mar 2013
Iraq will start supplying Egypt with 4 million barrels of Basra crude oil per month, according to an agreement signed by the two countries on Monday. Iraq would also supply 4,000 tones of diesel fuel to Egypt every day, to help bridge the...
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Market falls amid OCI travel ban, new regulations

A file photo of the Egyptian stock market
04 Mar 2013
The main index of the Egyptian stock market fell by a whopping 2.30 percentage points on Monday, the biggest losses in a single day in over a month, after the prosecutor general issued a travel ban on the CEO of Orascom Construction...
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57.5% of Egyptians do not make ends meet: Govt survey

04 Mar 2013
A survey of Cabinet’s Information and Decision Support Center (IDSC) has shown that the incomes of 57.5 percent of Egyptian families did not cover their monthly needs in May 2012, compared to 45 percent in the same month of last year...
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Egypt bans OCI founder, chairperson from travel

03 Mar 2013
The prosecutor general’s office placed a travel ban on the founder of Orascom Constructions Industries Onsi Sawiris and his son, company chairperson Nassef Sawiris, state newspaper Al-Ahram reported on its website Sunday evening. An...
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Stock market slightly rises at end of trading

Cairo Stock Exchange
03 Mar 2013
Egypt’s stock market rose slightly by the end of trading Sunday, the first session of the week, reversing the significant decline that began more than a week ago. The main index, EGX 30 — which tracks the performance of the...
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Egypt finance minister expects IMF loan before elections

Canadian dollars
03 Mar 2013
Finance Minister Morsy Hegazy said Sunday he expected his government to reach an agreement with the International Monetary Fund on a US$4.8 billion loan before parliamentary elections in April, state media reported. The crucial loan has...
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