Business
Stable investment environment is unlikely following runoff
June 6, 2012
Stable investment environment is unlikely following runoff
Egyptian investors are in wait-and-see mode ahead of a crucial runoff vote in the country's presidential election, with many skeptical…
Update: Jump in Egypt foreign reserves may mask problem
June 6, 2012
Update: Jump in Egypt foreign reserves may mask problem
Egypt's foreign reserves rose by US$302 million in May, their second successive monthly increase, but the positive number may mask…
Parliament does not intend to reject government’s new budget
June 5, 2012
Parliament does not intend to reject government’s new budget
People's Assembly committees intensified their meetings Tuesday to discuss the new state budget announced by Finance Minister Momtaz al-Saeed. Abdel…
Suez Canal made US$434 mln in May
June 5, 2012
Suez Canal made US$434 mln in May
Ahmed Fadel, head of the Suez Canal Authority, said the canal brought in US$434.6 million in revenues in May. Around…
State to speed up collection of billions in back taxes
June 5, 2012
State to speed up collection of billions in back taxes
Finance Minister Momtaz al-Saeed announced Tuesday that he has ordered the Egyptian Tax Authority to implement legal changes to help…
Election worries hammer stock exchange, index slumps to 19-week low
June 5, 2012
Election worries hammer stock exchange, index slumps to 19-week low
Egypt's stock exchange slumped to a 19-week low on Tuesday as further protests ahead of this month's presidential run-off spurred…
Naguib Sawiris to drop EFG buyout: source
June 5, 2012
Naguib Sawiris to drop EFG buyout: source
Egyptian billionaire Naguib Sawiris will drop out of a buy-out consortium targeting investment bank EFG Hermes after EFG shareholders backed…
Minister announces plan to double GDP in 10 years
June 4, 2012
Minister announces plan to double GDP in 10 years
The government has devised a pilot plan that aims to double the GDP in 10 years and reduce the unemployment…
Egypt falters on fuel payments, suppliers say
June 1, 2012
Egypt falters on fuel payments, suppliers say
Egypt has struggled to obtain bank payments for its fuel purchases, trade sources said, delaying diesel supplies for transport, industry…
Sawiris backs bid for EFG Hermes
June 1, 2012
Sawiris backs bid for EFG Hermes
Egyptian billionaire Naguib Sawiris is helping finance a takeover bid for Egypt's biggest investment bank EFG Hermes that would ensure…