Economy news

Foreign firms in Algeria face stringent new rules

07 Sep 2010
The Algerian government has set stricter conditions on foreign corporations in Algeria, prompting fears of bankruptcy among some Egyptian firms with operations in the country. Algiers on Monday announced that any foreign company bidding on...
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Egypt's wheat bill up, but bread riots unlikely

An Egyptian carries a load of bread 'aish' Arabic for life, at a Cairo street.
07 Sep 2010
Egypt, the world's biggest wheat importer, faces a higher bill for bread subsidies in the next year but has adequate financial resources and stocks to avoid any rerun of the violent protests of 2008. Egypt raced to redo orders after...
Yes

Report: Local govt debt rises as subsidy expenditures fall

Residents of Kafr Talkha village, in the city of Shebin El Qanater, spend their early morning hours lined up in hope of getting the subsidized bread loaf for their families.
07 Sep 2010
A report issued Tuesday by the state budget monitoring committee revealed an LE107 billion increase in local government debt in July of this year compared to the same month in 2009. The total national debt reached LE574.2 billion last July...
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CBE: Egypt scores BoP surplus for 2009/10

China's ship destroy coral reefs in South Sinai in January 2010 and the Ministry of Environment asking them to compensate for the environmental losses
06 Sep 2010
Egypt's foreign balance of payments recorded a US$3.36 billion surplus for the 2009/2010 fiscal year, compared to a deficit of US$3.38 billion the previous year, according to a report issued Monday by the Central Bank of Egypt (CBE)....
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Govt announces mortgage reform programs

Slums of Ein El Sira, Cairo.
06 Sep 2010
The Ministry of Investment announced the completion of the first phase of its non-banking financial reform program, which extends to 2012. Meanwhile, mortgage loans made a record rise to LE4 billion during the 2009/10 fiscal year, which...
Yes

Egypt buys 57,200 tons of rice from local market

أحد المزارعين يقوم بحصاد القمح ، 16 مايو 2009 .
06 Sep 2010
Egypt's General Authority for Supply Commodities (GASC) said on Sunday it had bought 57,200 tons of rice from the local market through a tender. Nomani Nomani, vice chairman of GASC, told Reuters the price range was 2,000-2,230...
Yes

Govt considers private-sector participation in nuclear program

Iranian technicians are seen at the Isfahan Uranium Conversion Facilities (UCF), 420 kms south of Tehran.
05 Sep 2010
The ministries of finance and electricity are reportedly thinking about establishing partnerships with local and foreign private-sector companies for the finance and construction of Egypt's first nuclear power stations, expected to go...
Yes

Coinage pumped into local market to meet Ramadan liquidity demand

05 Sep 2010
The Ministry of Finance disbursed some LE14.9 million worth of coinage into the Egyptian market in August in an effort to offset anticipated liquidity shortages during the Islamic month of Ramadan and the subsequent Eid feast. Finance...
Yes

Govt plans to offset rising wheat prices by increasing reserves

Quantities of wheat which is imported from abroad upon its arrival in seaport
05 Sep 2010
The Minister of Trade and Industry, Rachid Mohamed Rachid, revealed several state-administered plans to increase both local production and strategic reserves of wheat in an effort to offset surging commodity prices. Before leaving for...
Yes

Textile workers end protest

Karim Reda protests against his dismissal from Petrotrade outside the headquarters of the state-controlled Egyptian Trade Union Federation
04 Sep 2010
Two days ago, dozens of workers from four textile companies--Misr-Iran, Mansoura-Spain, Shibeen Spinning and Mahalla Spinning--ended an open-ended sit-in they had started on Wednesday at the Egyptian Federation of Trade Unions (EFTU). The...
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