Economy news
NSGB investors can repurchase stocks to avoid 10% tax
27 Mar 2013
Investors who sold their National Societe Generale Bank shares to Qatar National Bank can buy back their stocks and avoid being taxed on the sale, according to stock market officials Wednesday.
The decision comes after the...
Yes
ETA imposes new 10% tax on bank takeover, alarming investors
26 Mar 2013
Investors were rattled Tuesday by the unexpected announcement that a takeover of Egypt's second biggest private bank would be subject to a new capital markets tax.
Shares in National Societe Generale Bank, which is being...
Yes
Standard Chartered would consider Egypt buy, plans Iraq push
24 Mar 2013
DUBAI — Standard Chartered would consider acquiring a bank in Egypt to ride an expected boom in one of the Middle East's largest economies, the firm's regional head said. The bank also plans to expand operations in Iraq this...
Yes
Stock market rises after news about Orascom settlement
24 Mar 2013
Heavyweight Orascom Construction Industries gained 2.6 percent after a choppy session on unconfirmed news reports it would soon resolve a tax dispute with the government.
Various news reports have said OCI offered to pay an amount of...
Yes
Orascom denies settlement with government
24 Mar 2013
Statements by Finance Minister al-Morsy Hegazy and the Real Estate Tax Authority over negotiations with Orascom Construction Industries to end charges of evading LE14 billion in taxes have resulted in threats from the company not to pay...
Yes
Moody's downgrades Egypt, citing unsettled political conditions, weak finances
22 Mar 2013
Moody's cut Egypt's credit rating on Thursday, citing unsettled political conditions and public finances, which it said raised the chance of a default within five years to nearly 40 percent.
The economy has been in crisis since the...
Yes
Central Bank raises rates to curb inflation, support pound
22 Mar 2013
The Central Bank raised interest rates on Thursday, hoping to curb soaring inflation and slow a sliding pound currency, but the first increase in over a year is likely to hurt a very weak economy.
The bank's Monetary Policy Committee...
Yes
Stock market sees modest gains Thursday
21 Mar 2013
The criminal court’s reversal of a freeze on the assets of 23 investors accused of manipulative stock market dealings reassured the stock market today, which closed with an increase of 1.2 percent.
The EGX30, which measures...
Yes
Minister predicts $4.8 IMF loan to come ahead of polls
20 Mar 2013
Minister of Planning and International Cooperation Ashraf al-Araby said Wednesday that ongoing negotiations with the International Monetary Fund are going well and that the fund is satisfied with Egypt’s economic program....
Yes
Diesel fuel shortage easing, says Cabinet
20 Mar 2013
The Cabinet discussed fixing the country’s diesel shortage and combating smuggling during Wednesday’s session.
The Cabinet said the number of districts and municipalities suffering diesel shortages had declined...
Yes
