Business

State to speed up collection of billions in back taxes

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

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

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

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

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

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…
Hermes managing director considers returning to Egypt to face stock market manipulation charges

Hermes managing director considers returning to Egypt to face stock market manipulation charges

Hassan Heikal, managing director of the Hermes financial group who is currently outside the country, received a call from a…
Egypt’s EFG defends execs against graft charges

Egypt’s EFG defends execs against graft charges

Egyptian investment bank EFG Hermes on Thursday said it would defend its two chief executives against accusations of illegal share…
Political turmoil drops Egypt’s Sewedy Q1 net profit to 43.8%

Political turmoil drops Egypt’s Sewedy Q1 net profit to 43.8%

Egypt's El Sewedy Electric, the Arab world's biggest listed cable maker, on Wednesday reported a 44-percent drop in its 2012…
Economic situation endangered with polarized presidential run-off

Economic situation endangered with polarized presidential run-off

The success of two polarizing figures in Egypt's presidential election could make it harder to put in place an effective…
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