Business
IMF predicts global recession, forecast for Egypt is positive
April 15, 2020
IMF predicts global recession, forecast for Egypt is positive
The International Monetary Fund on Tuesday significantly reduced its expectations for global economic growth, anticipating a global recession amid the…
Egypt buys less wheat than anticipated at tender to boost reserves
April 15, 2020
Egypt buys less wheat than anticipated at tender to boost reserves
* Traders say prices offered were high * Egypt wants to buy 800,000 tonnes from abroad * Rare purchasing tender…
CBE suspends work for Resurrection Sunday and Sham al-Nassim
April 15, 2020
CBE suspends work for Resurrection Sunday and Sham al-Nassim
The Central Bank of Egypt (CBE) has suspended work across all its banks for April 19 and April 20 due…
Oman says will cut oil output by 200,000 bpd from May 1
April 14, 2020
Oman says will cut oil output by 200,000 bpd from May 1
DUBAI (Reuters) — Oman has told its oil producing companies to cut 200,000 barrels per day starting from May 1…
UAE central bank urges commercial lenders to use stimulus scheme
April 13, 2020
UAE central bank urges commercial lenders to use stimulus scheme
DUBAI (Reuters) — The United Arab Emirates (UAE) central bank has urged commercial lenders to use the US$70 billion-worth of…
Saudi Telecom extends Vodafone Egypt stake purchase process by 90 days
April 13, 2020
Saudi Telecom extends Vodafone Egypt stake purchase process by 90 days
DUBAI (Reuters) – Saudi Telecom Co (STC) 7010.SE, the kingdom’s biggest telecoms operator, said on Monday it needed more time…
OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic
April 13, 2020
OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic
BAKU/DUBAI/LONDON (Reuters) — OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop…
Egypt postpones Banque du Caire stake sale due to coronavirus: chairman
April 12, 2020
Egypt postpones Banque du Caire stake sale due to coronavirus: chairman
CAIRO (Reuters) – Egypt has postponed its plans to sell a minority stake in state-owned Banque du Caire (BQDC.CA) in…
UN raises $2 bn to counter coronavirus globally: UN official
April 10, 2020
UN raises $2 bn to counter coronavirus globally: UN official
The UN has so far raised US$2 billion to combat the coronavirus crisis globally, the United Nations Resident Coordinator in…
Egypt’s foreign currency reserves fall due to coronavirus crisis
April 8, 2020
Egypt’s foreign currency reserves fall due to coronavirus crisis
The Central Bank of Egypt (CBE) said that it has used US$5.4 billion from its foreign currency reserves during March…