Economy news
Suez Canal scores highest monthly profits in two years
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...
Yes
Successful Arctic passage may spell trouble for Suez traffic, warn experts
01 Sep 2010
Moscow--In an effort to avoid passage through the Suez Canal, a Russian gas tanker has succeeded in breaking through the ice of the Arctic Ocean and delivering its shipment to the Chinese city Shanghai.
The Baltica tanker, carrying 70,000...
Yes
Communications Minister says no mobile phone money transfer soon
31 Aug 2010
Phone companies will not be permitted to provide mobile money transfer services until adequate security provisions are implemented, Minister of Communications and Information Technology Tarek Kamel told Al-Masry Al-Youm.
Kamel refused to...
Yes
The government pledges LE38 million for fine arts investments
31 Aug 2010
An official source at the Ministry of Economic Development said LE38 million have been allocated to the fine arts sector for Egypt's current fiscal year. The source said the financial allocation discredits claims of shortfalls in...
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Telecom Egypt wants termination of its mandated subsidies
30 Aug 2010
Telecom Egypt has formally requested termination of its LE100 million annual subsidy to ADSL service providers, an industry source told Al-Masry Al-Youm. The request was submitted to the National Telecommunciation Regulation Authority (...
Yes
Egypt's ASCOM says found gold targets in Ethiopia
30 Aug 2010
Egypt's ASEC Company for Mining (ASCOM) has said it had found two gold mining targets in an Ethiopian concession with enough tonnage and grade potential to suggest an economic discovery is possible.
ASCOM plans to start drilling on the...
Yes
Banks vie to fund Egypt’s first nuclear project
30 Aug 2010
A number of local banks plan to amend their credit policies in order meet the requirements to finance Egypt’s first nuclear project in Dabaa. Hassan Abdallah, chief executive officer at the Arab African Bank, said his bank is ready...
Yes
CBE: Overseas investment by Egyptian banks decline sharply
29 Aug 2010
Overseas investment made by Egyptian banks dwindled in the first half of 2010 by nearly 22.7 percent, with a nearly LE16.9-billion decrease between January and July of this year.
Egypt's total overseas accounts reached LE57.3 billion...
Yes
Government to expand sources for imported meat
29 Aug 2010
The Ministry of Agriculture and Land Reclamation has concluded a new plan aiming to diversify sources for imported livestock and meat in a bid to offset rising demand and surging local prices. Senior sources at the ministry noted that the...
Yes
Third phase of cab project to replace another 50,000 old cars
28 Aug 2010
The Ministry of Finance announced that preparations are ongoing for the third phase of a project to replace old cabs. The target of this phase is to replace 50,000 old vehicles.
Minister of Finance Youssef Boutros-Ghali said that the...
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