Economy
Faced with shortages, Egypt lifts cheap drug prices by 20 percent
May 16, 2016
Faced with shortages, Egypt lifts cheap drug prices by 20 percent
Egypt is raising the price cap on medicines that cost up to 30 Egyptian pounds (US$3.38) by 20 percent in…
Egypt’s unemployment rate eases slightly to 12.7 percent
May 16, 2016
Egypt’s unemployment rate eases slightly to 12.7 percent
Egypt's unemployment rate eased slightly in the first quarter of 2016 to 12.7 percent from 12.8 percent in the previous…
National Bank of Egypt sells $169 mln worth of special certificates
May 16, 2016
National Bank of Egypt sells $169 mln worth of special certificates
National Bank of Egypt, the country's largest state bank, sold 1.5 billion Egyptian pounds (US$169 million) worth of special certificates…
Oil prices jump as Goldman Sachs says market flips into deficit
May 16, 2016
Oil prices jump as Goldman Sachs says market flips into deficit
Oil prices jumped over 1 percent on Monday after long-time bear Goldman Sachs said the market had ended almost two…
PM discusses investment, economic projects with UAE Development Office
May 15, 2016
PM discusses investment, economic projects with UAE Development Office
Prime Minister Sherif Ismail met Sunday with the director of the UAE-funded Development Office in Egypt to discuss future economic…
Egypt’s Pioneers Holding to invest 1.7 bln pounds by end-2016
May 15, 2016
Egypt’s Pioneers Holding to invest 1.7 bln pounds by end-2016
Pioneers Holding, one of Egypt's largest financial services firms, plans to invest 1.7 billion Egyptian pounds ($191.44 million) in Egypt…
US energy bankruptcy wave surges despite recovering oil prices
May 14, 2016
US energy bankruptcy wave surges despite recovering oil prices
The wave of U.S. oil and gas bankruptcies surged past 60 this week, an ominous sign that the recovery of…
Iraq oil projects face delays as companies resist spending cuts
May 14, 2016
Iraq oil projects face delays as companies resist spending cuts
International oil firms have warned Iraq that projects to increase its crude output will be delayed if the government insists…
Egypt to import 80,000 tonnes of rice ahead of Ramadan
May 14, 2016
Egypt to import 80,000 tonnes of rice ahead of Ramadan
Egypt's government has directed state grains buyer GASC to import 80,000 tonnes of rice "immediately" ahead of the Muslim fasting…
South Africa’s dismal economic growth a concern: Standard & Poor’s
May 14, 2016
South Africa’s dismal economic growth a concern: Standard & Poor’s
A Standard & Poor's executive expressed concern on Friday about South Africa's dismal growth and its reliance on capital flows,…