Economy news

Stocks recover some of week's losses

A file photo of the Egyptian stock market
07 Mar 2013
The main index of the Egyptian stock exchange rose 1.95 percentage points Thursday, continuing to recovering from significant losses sustained earlier this week. Stocks had been hit hard Monday and Tuesday, with the EGX 30, the main index...
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Sources claim IMF unhappy with reform program

French Finance Minister Christine Lagarde (R) leaves after her meeting with Egyptian Foreign Minister Nabil al-Araby (L) at his office in Cairo in 2011. The International Monetary Fund said Thursday an IMF team had fruitful talks with authorities in Egypt this week that could lead to an IMF loan.
07 Mar 2013
An unnamed government official said Thursday that the International Monetary Fund is not satisfied with Egypt’s amended economic and social reform program submitted last week, according to privately owned daily Youm7’s website...
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Downtown hotel occupancy drops to 14 percent

06 Mar 2013
Sources at the Federation of Tourism Chambers have said that the attack on hotels in downtown Cairo, mostly notably the Semiramis Intercontinental Hotel near Tahrir Square, had caused a drop in occupancy in neighboring hotels from 80...
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Construction sector shrinks as material prices soar

Construction
06 Mar 2013
  The number of registered contracting and building companies has fallen from 41.000 to 14,000, according to Mohamed Abul Enein, secretary general of the Egyptian Federation for Construction and Building Contractors. Some of the...
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EGX30 recovers slightly Wednesday after heavy losses

06 Mar 2013
The EGX30, the Egyptian Stock Exchange’s main index, recovered slightly Wednesday and gained 0.42 percent following two consecutive days of heavy losses. Stocks had been hit hard Monday and Tuesday, with the EGX30 losing a combined 4...
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Fact box: Egypt boasted 5.85 million vehicles in 2010

A trucker pointing to stationed trucks in protest against a state-proposed increase in truck taxes and fines for excess cargo. Truckers continue to go on strike for fifth day in a row. A Monday meeting in Tanta, Gharbiya, convened 300 drivers with government representatives but failed to solve the dispute. The truckers vowed to escalate the matter until the new measures are officially abandoned. For more: Truckers threaten more strikes as tax negotiations fail. 
06 Mar 2013
A new study issued by the state-run Central Agency for Public Mobilization and Statistics said the country’s total number of vehicles climbed to 5.85 million in 2010, versus 117,000 vehicles in 1961. The agency attributes the figure...
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Fact Box: Experts weigh in on oil prices after Chavez death

Venezuelan President Hugo Chavez, speaks during a meeting of the ALBA bloc (Bolivarian Alternative for the Americas) in Caracas, on March 4, 2011.
06 Mar 2013
Venezuelan President Hugo Chavez died on Tuesday after 14 years in power, during which he remodeled the OPEC country's oil sector and nationalized foreign-run oil fields. Oil production fell sharply during his era, dropping from some...
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Financial Authority head: Certificates with sukuk bonds could prevent money laundering

Egypt Stock Exchange, Cairo, March 23, 2011. As Egypt exchange opened Wednesday, March 23, a mass sell-off dominated tradings, only prompting trading suspension. Bleakly enough, Egypt has been degraded in terms of credit standing, which might write Egypt off emerging markets list. For more: EGP: Intervention Will Prevent Mass Sell-Off.
06 Mar 2013
Ashraf al-Sharqawy, head of the Financial Supervisory Authority, has requested that personal certificates be issued for Islamic sukuk bonds in order to prevent money laundering. He told the Shura Council’s Financial Committee on...
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Tax authority to meet OCI over tax dispute worth LE14 million Sunday

06 Mar 2013
Orascom Construction Industries said Wednesday that it will sit down with the Egyptian Tax Authority on 10 March to discuss recent accusations it has evaded LE14 billion in tax payments over a deal with French cement producer Lafarge. OCI...
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Shura Council approves draft law cancelling Egypt-Cyprus economic zone

06 Mar 2013
The Shura Council's legislative committee approved a draft law submitted Wednesday cancelling current maritime borders of an economic zone between Egypt and Cyprus. The proposed bill was submitted by MP Khaled Abdel Qader Ouda, who...
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