Latest in Highlight
The second quarter growth was less than the first quarter, which saw an increase of 2.4% of the GDP
Galal downplayed the importance of resuming talks with the International Monetary Fund (IMF) over the country’s pending $4.8bn loan, which the previous government under former president Mohamed Morsi had been pursuing since August 2012.
Minister of Planning and International Cooperation Amr Darrag discussed a €200m grant to support Egypt’s public budget (currently running a 10.6% of GDP deficit) with EU delegation head James Moran
Hamdi Rashad said the government, and ministers in particular, needed to take tangible steps to address the country’s economic problems.
The government is currently engaged in international commercial and legal disputes
Oman and Kuwait are members of the energy-rich GCC along with Bahrain, Qatar, Saudi Arabia and United Arab Emirates.
A report reveals that from July 2012 to mid-May this year Egypt achieved 65% of customs revenue goal
Aim to provide electricity subsidies and ensure the safe transport of gas to factories
Egypt’s currency continues to devalue despite attempts by Central Bank to slow the decline with foreign currency auctions
An interesting assumption is continuously being adopted by many of Egypt’s intelligentsia as well as political analysts: “Egypt is too big to fail!” Several people have weaved their own theories touting Egypt’s strategic position and weight in the region which will make it unwise for the “powers that be” to allow it to descend into …
Adviser Sami Khallaf accuses Muslim Brotherhood of interfering in his work and marginalising him
The moment I heard of the closure of Egypt Independent I felt solemn and gloomy. I knew that this was always a possibility, especially with their financial troubles, but this has been the case for a while now, and the suddenness of its shutdown shocked me as well as most of its readers. Suddenly I …
Protestors marched from the High Court to the Cabinet to denounce the IMF loan
At a time when many Egyptian workers are protesting against the chief executives of companies demanding better rights, employees at Orascom Construction Industries demonstrated an unusual display of loyalty against accusations from the government that the company owes EGP 14bn ($2.1bn) in back taxes relating to the 2007 sale of its cement arm to France’s Lafarge. Hundreds of …
Egypt’s Catch 22
The value of personal loans made in November 2012 increased by EGP 900m from the month of October. The total value of loans in local currency was EGP 111.2bn for the month of November 2012, as opposed to EGP 110.2bn in October 2012. During the same period, loans made in foreign currency increased from EGP …
Breather rather than a new equilibrium
Economic researcher accuses minister of using his research to advance his career and boost Muslim Brotherhood popularity
The rise of prices is also reflected in all other products in the Egyptian market, especially imported ones
EGPC is seeking to buy 968 thousand tonnes of diesel to be delivered between April and June
By Robert Tashima Despite an uncertain political climate and a sluggish economic recovery, the long-term prospects of Egyptian banks are attracting attention from their Gulf counterparts. Two recently announced acquisitions have brought the sector back into the headlines on a positive note, helping offset a recent ratings downgrade. While the transactions also represent the …
The jump represented the largest weekly increase in two months
The goal of the package is to create an environment conducive for Islamic banks to operate
Petroleum, electricity and finance ministries to hold discussions about price raise
The stock exchange’s main indicator, the EGX30, reflected ongoing instability in the market with a shaky day of trading Wednesday. A slight dip started the day, followed by an up-swing that lasted until midday before it closed at 5,668 points, losing 0.38 per cent of its value. The market has been sensitive to contradictory news …
“Eurozone crisis aggravated by common monetary policy in Europe”
During a media roundtable discussion the bank’s MENA regional head of retail banking and wealth management, Francesca McDonagh, announced the bank’s plan to open three new branches this year to cope with the growing residential developments in Egypt.
Tony Blair sponsors talks which could solve Palestinian Authority’s financial problems
By Hend El-Behary The Ministry of Finance has received offers equating to EGP 2.5 billion for the first Floating-Rate Note (FRN) ever issued in Egypt. The move comes in the context of the ministry’s strategy to diversify public debt instruments, according the ministry’s press release. FRN are bonds with a variable interest rate. The adjustments …
The Euromoney Egypt Conference 2012 will now be held on 9 and 10 October at The Fairmont Towers Hotel, Heliopolis. Euromoney confirms that HE Dr Hisham Kandil will open the conference. Other government speakers include the Minister of Finance, Minister of Investment and Minister of Communications and IT. Political leaders from many parties will also …