Economy news
New tax casts gloom over stock exchange
27 Feb 2013
The EGX30, the Egyptian Stock Exchange's main index, fell 0.55 points Wednesday, continuing its downward spiral that began last week.
Since 21 February, the EGX30 has fallen 80.5 points amid deepening investor concerns about the...
Yes
Ratings agency predicts further delay to IMF deal
27 Feb 2013
Egypt's extended election timetable could delay a $4.8 billion IMF loan agreement until the third quarter, Fitch Ratings said Wednesday, warning that such a deal is becoming more pressing as financial conditions deteriorate.
In a...
Yes
Cabinet approves draft Islamic bonds law
27 Feb 2013
The Cabinet approved a draft law governing the issuance of Islamic bonds, known as sukuk, on Wednesday. The proposed regulatory framework will be referred to the Shura Council, which has temporary legislative powers until the House of...
Yes
Energy subsidies will disappear by 2016, says minister
26 Feb 2013
Minister of Industry and Foreign Trade Hatem Saleh said Tuesday that energy subsidies for industrial firms would disappear over the next three years.
“There are 100 intensive-energy consuming factories that use 70 percent of the...
Yes
Revised economic plan hikes cigarette, iron, cement, alcohol taxes
26 Feb 2013
Egypt’s amended economic reform plan will raise taxes on cigarettes, alcohol, iron, cement, carbonated drinks and mobile phone use. It also exempts those who make less than LE12,000 monthly from paying income taxes, the government...
Yes
Egyptian stock market falls 0.03 %
26 Feb 2013
The EGX30, the Egyptian Stock Exchange's benchmark index, fell 0.03 percent Tuesday, signaling a possible slowdown since it began reporting significant losses last week.
Since 21 February, the EGX30 lost 80.5 points amid deepening...
Yes
Finance minister says reforms require "sacrifice"
26 Feb 2013
The government may send its amended economic reform program to the Shura Council within two days, Finance Minister Morsy Hegazy said, emphasizing that the success of the plan requires sacrifices by Egypt’s citizens.
The...
Yes
Bakers threaten strike if govt doesn't shelve new bread subsidy plan
25 Feb 2013
Bakeries across the nation have threatened to shut down if the government doesn't reconsider a new subsidization system for bread products.
Ministery of Supply and Internal Trade Bassem Ouda proposed the new system, which he says would...
Yes
Ministry seeks tourism boost after Ahmadinejad visit
25 Feb 2013
Tourism Minister Hesham Zaazou is heading to Tehran, the government said on Sunday, as Cairo tries to halt sliding visitor numbers and thaws relations with Iran after a 30-year freeze.
Zaazou will visit the Iranian capital from...
Yes
Minister: IMF loan talks to resume in early March
25 Feb 2013
Egypt will resume talks with the International Monetary Fund on financial aid early next month, Investment Minister Osama Saleh said on Monday.
"There have been pledges of international and regional support to Egypt and most of these...
Yes
