Economy news

August core annual inflation up, rates seen steady

In this photo, an Egyptian vendor waits for customers by his displayed fruits at the main market of downtown Cairo, Egypt.
13 Sep 2010
Egypt's central bank said on Monday that core annual inflation rose to 8.2 percent in the year to August, but analysts said the higher-than-expected rise was unlikely to prompt an interest rate hike on September 16. The annualized core...
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Importers request ministry's permission to purchase Iranian wheat

Wheat, the most important element in the global food crisis
13 Sep 2010
Egyptian importers have requested that the Trade Ministry allow the import of Iranian wheat in order to diversify the sources of wheat available to Egypt in light of a current Russian ban on the exportation of the vital commodity, said...
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National plan to boost fodder production

Protest of corn growers in Daqahlia as the government declined to purchase year's corn crop after announcing the price which would pay for growers this year in September
13 Sep 2010
The Ministry of Agriculture has developed a national program to increase the cultivation of forage crops and to reduce the use of bread as animal feed. The program aims to increase the production of sorghum from 840,000 to 1.4 million tons...
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Direct foreign investment in Egypt down 16%

Minister of Investment Mahmoud Mohi Eddin
13 Sep 2010
According to data released by the Central Bank of Egypt, direct foreign investment in Egypt in the fiscal year 2009/10 totaled US$6.8 billion, down 16 percent from 2008/09 and 48.5 percent from 2007/08, according to the Ministry of...
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Egypt offers 1580 acres for industrial projects

12 Sep 2010
Egypt, eager to nurture its manufacturing sector and increase exports, will tender 6.4 million square meters (1580 acres) of land to develop industrial projects, the state news agency MENA said on Sunday. The projects, located in eight...
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Iran bans import of 48 agricultural products including Egyptian oranges

Mahmoud Ahmedinejad the President of the Islamic Republic of Iran pose for the media just before starting his meeting with Turkey`s president Abdullah Gul at Ciragan Palace in Istanbul on June 7, 2010.
11 Sep 2010
Iran’s minister of agriculture has banned the import of 48 agricultural products from around the world, including Egyptian oranges. The chairman of the Egyptian Citrus Growers Council Khaled Abu Ismael warned against the implications...
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Ministry of Trade issues import ban on 149 Chinese companies

11 Sep 2010
Trade Minister Rachid Mohamed Rachid has issued a ban on the import of products from 149 Chinese suppliers. The prohibition came because these suppliers have forged documentation and certificates in the past. The ban also included a...
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Sawiris says committed to Italy telecoms

رجل الأعمال المصري نجيب ساويرس ، و صاحب قناتي
10 Sep 2010
Milan--Egyptian tycoon Naguib Sawiris said on Thursday he was committed to the Italian telecoms market, amid speculation that Russian group Vimpelcom Ltd was in talks to buy assets from him. Banking sources have said Vimpelcom is in talks...
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Antitrust Authority calls for regulation of organic products

An Egyptian vegetables vendor waits for customers at his shop in downtown Cairo on August 20, 2010 during Islam's holy fasting month of Ramadan. Egyptians have been complaining from shortages of basic services during Ramadan, which began the first week of August amid sweltering summer temperatures.
09 Sep 2010
Antitrust Authority President Saeed al-Alfi has ordered a study of the quality of organic products sold on the market, saying that consumers prefer organic products because they are not sprayed with insecticides. “We don’t have...
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Egyptian pound falls to lowest level against dollar since 2007

The American dollar
08 Sep 2010
The Egyptian pound has fallen steadily against the US dollar over the past two weeks, with analysts partly attributing the decline to the greenback's rise in value on global markets. On Tuesday, the dollar hit LE5.7057, representing...
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