Business
Government drags feet on fuel subsidy reform
February 8, 2012
Government drags feet on fuel subsidy reform
For years, Egypt’s government has discussed the need to reform fuel subsidies that mainly benefit energy-intensive industries and the wealthy,…
Foreign reserves fall, add to pressure on pound
February 7, 2012
Foreign reserves fall, add to pressure on pound
The drain on Egypt's foreign reserves showed little sign of abating in January, adding to pressure on the government to…
Egypt rules out negative impact on Suez Canal from Israeli railway project
February 7, 2012
Egypt rules out negative impact on Suez Canal from Israeli railway project
Abdel Tawab Haggag, economic advisor to the Suez Canal Authority, on Tuesday ruled out any negative effects on the canal…
Deficit in new budget exceeds LE140 bln
February 7, 2012
Deficit in new budget exceeds LE140 bln
The total amount of resources in the new budget is estimated at LE350 billion and the deficit stands at LE141…
Consumers suffer from scarce butane as black market prices soar
February 6, 2012
Consumers suffer from scarce butane as black market prices soar
Mona Farag stood quietly watching military and police beat some of the women around her, forcing them, with the sides…
Egypt woos tourists with incentives, promises of stability
February 6, 2012
Egypt woos tourists with incentives, promises of stability
Egypt announced on Monday that it will offer several unprecedented incentives through Egyptian hotels to attract tourists. Egypt's Ministry of Tourism…
World Bank says Egypt requested US$1bn loan
February 2, 2012
World Bank says Egypt requested US$1bn loan
The World Bank said on Thursday that Egypt has asked for a US$1 billion loan and it will launch talks…
Central Bank leaves interest rates steady
February 2, 2012
Central Bank leaves interest rates steady
The Central Bank left its benchmark overnight deposit and lending rates unchanged on Thursday, contrary to the forecasts of some…
Egypt market plunges after deadly football riots
February 2, 2012
Egypt market plunges after deadly football riots
Egypt's benchmark stock index plunged within minutes of the start of trade Thursday as deadly soccer riots the night before…
EU pledges US$650 million in aid to Egypt
February 1, 2012
EU pledges US$650 million in aid to Egypt
The European Union will give Egypt a financial aid package worth US$650 million, Egyptian Minister of Finance Momtaz al-Saeed said…