Economy news

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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Committee to formulate new exceptional pension law

04 Sep 2010
Minister of Finance Youssef Boutros-Ghali has decided to set up a committee to formulate a new draft law on exceptional pensions to replace the current law number 71/1964. Boutros-Ghali said the new law is intended to improve the incomes...
Yes

Egypt wheat reserves to last five months

03 Sep 2010
Egypt’s wheat reserves will last until the end of January, said Ahmed al-Rakaiby, head of Egypt's wheat committee. "The safe strategic reserve of wheat will now last until the last week of next January instead of December,...
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Egypt imports 100 megawatts of Jordanian electricity in single day

A file photo of electricity pylons.
02 Sep 2010
Jordan on Tuesday announced it had exported between 50 and 100 megawatts of electricity to Egypt via the shared Inter-Arab Electricity Network. “We had to import some electricity from neighboring countries in order to meet rising...
Yes

Citigroup cuts Egypt's OCI to sell

02 Sep 2010
Citigroup downgraded Egypt's Orascom Construction Industries (OCI) to "sell" from "hold," saying ongoing fierce competition across the Middle East and North African region's construction market would lead to...
Yes

Egypt mulls gas imports from Iraq, Qatar to supply local industry

02 Sep 2010
Egypt’s Supreme Energy Council has tasked the ministries of foreign affairs, petroleum and industry with studying the possible import of natural gas from Iraq and Qatar in order to meet the demands of the local industrial sector. An...
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Economists call for govt price controls to offset inflation

Dozens of members of Free Popular Front, along with Kefaya and 6th of April movements protest in front of cabinet, August 9, 2010. Protesters use dishes and spoons expressing disappointment for raising prices of supply commodities before Ramadan.
02 Sep 2010
Local economy experts are proposing that the government adopt mechanisms aimed at controlling skyrocketing retail prices, including mandatory pricing schemes and profit ceilings. Economy professor Hamdi Abdel Azim maintains that price...
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Consortium: Egypt capable of producing cement needed for nuke reactor

cement for building
01 Sep 2010
A consortium of multinational companies comprised of KHD (Germany), ABB (Switzerland) and UZIN (Romania) have submitted a feasibility study to the Egyptian government asserting that the high-quality cement needed for the construction of...
Yes

Egypt’s TMG buys out al-Waleed bin Talal's share of Cairo Four Seasons

Gourmandise, the bakery and coffee shop in the atrium of the First Mall, next to the Four Seasons in Giza
01 Sep 2010
Talaat Moustafa Group's(TMG) Arab Company for Hotels and Tourism Investment said Wednesday it signed a deal to buyout Kingdom Holding Investment’s shares of the Four Seasons Hotel Cairo at Nile Plaza. Prior to the buyout, the...
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Suez Canal scores highest monthly profits in two years

Suez Port , which is one of the oldest ports that was built on the Red Sea coast and is located on the northern tip of the Gulf of Suez at the southern entrance to the Suez Canal.
01 Sep 2010
August recorded the Suez Canal’s largest monthly profits since the start of the global financial crisis in November 2008, according to a Suez Canal Authority statement disseminated Wednesday. Authority head Ahmed Fadel said in the...
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