Minister pursues petroleum projects with APICORP    Investment minister aims for 7% growth in two years    Eight governorates say ‘No' to new governors    Court orders Mubarak's release yet again    Fayoum governorate building attacked    Australia, South Korea, Iran qualify for World Cup    Ethiopia face points deduction after admitting error    Al-Tayar Al-Sha'aby conference Tamrod    Morsi meets Hamas leading figure    Egypt deserves better: Pope Tawadros    Shura Council agrees to NGO bill ‘in principle'    Prosecution orders arrest of Quran reciter for sexually harassing children    Russia participates in Hurghada int'l fest    Zaki makes Kuwait move    Egypt And Ethiopia Agree To Bridge Dam Divide    Egypt's Main Gauge Ends Above 4705 Pts On Foreign Buyers    Egypt Respects Its Ties With UAE- Official Says    Egypt Sends IMF Final Amendments To Its Economic Program - Minister    Egypt, Istanbul Sign MoU On Developing Transport In Cairo    Ezz Steel Raises Ain Sokhna's New DRI Plant Finance To EGP2.8 Bln    Tempers frayed over fuel    Kuwait executes two Egyptians convicted of murder and rape    VIDEO: Australia claim second WC ticket    Opportunities represented by folding paper    Iraqi officials: Death toll from suicide attacks in Baghdad Shiite mosque rises to 24    Putin faces isolation over Syria at G8    EU aid for Egypt failed to stop corruption: Auditors    Luxor governor: My allegiance to people, not Jama''a al-Islamiya    Diplomatic source: Taliban to open Qatar office    Saudi prince eyes world's big cities for mile-high tower    ON THIS DAY: Egypt stun Italy    Iran''s Rohani hopes for friendlier ties    Capturing the world of Tango    Trial of Libya's Gadhafi's son in August: Official    Les Chansons d'Amour: passion in Paris' streets    Chidren's festival issues call for artists    5 Ways to Shut Down Emotional Eating    The curious case of the Wadi el-Natrun escape    Egypt Embassy Staff Safely Out Of Damascus: FM Source    Support For Egypt Brotherhood And Morsi Dwindling: ZRS    Biggest protests in 20 years sweep Brazil    The rights of non-Muslims in Islam (part I)    Suspect In 2011 Police Kidnapping Linked To Al-Qaeda: Egypt Investigators    ِEgypt police officer acquitted in Belal torture case    Muslim Brotherhood to take part in Zamalek club elections    Vegan Canadian figure skater Meagan Duhamel has Olympic dreams    From Opposing Culture Minister To Fighting For Egypt's Identity    Sitcom with all-male cast to air on Islamist satellite channel in Ramadan    

Articles of the author Patrick Werr ReutersPatrick Werr Reuters
Egypt annuls 1990s deal to sell state company
CAIRO: An Egyptian administrative court has ruled that the sale of a state-owned company more than 13 years ago was null and void, sparking fears that ownership of a large number of firms on the bourse may be in doubt, traders said on Sunday. The ruling on Saturday said the state's sale of more (...)

18 - 12 - 2011
Analysis: Egypt's Brotherhood raises stakes by excluding IMF
CAIRO: In all but ruling out an early agreement on an IMF loan, Egypt's Muslim Brotherhood has dramatically raised the stakes in its struggle with the army-led administration for control of a country still reeling from a year of political turmoil. The Brotherhood's candidate for president, (...)

13 - 04 - 2012
Egypt government launches CD sale to citizens abroad
CAIRO: Egypt's government will begin selling three-year certificates of deposit (CDs) to Egyptians living abroad on Tuesday in a bid to reduce the country's balance of payments shortfall and help fund its budget deficit. A year of political turmoil has eaten into key sources of foreign exchange (...)

10 - 04 - 2012
Egypt's economy likely to grow 1.6 pct in 2012/13 year
CAIRO: Egypt's economic growth will remain relatively anemic in the coming fiscal year as political uncertainty drags on and the global outlook remains weak, but growth should pick up in the following year, a Reuters poll showed on Tuesday. Year-on-year gross domestic product (GDP) will grow by (...)

27 - 03 - 2012
Egypt Q4 balance of payments deficit $5.7 bln
CAIRO: Egypt's balance of payments slid into a deficit of $5.65 billion in the politically-fraught final quarter of 2011, turning around a year-earlier surplus of $557.0 million, central bank figures indicated on Sunday. Egypt's economy had been hammered by a year of turmoil since its popular (...)

26 - 03 - 2012
Egypt central bank seen keeping key rates steady
CAIRO: Egypt's central bank is expected to leave its key interest rates unchanged this week after inflation increased only mildly in February and following a cut in the reserve requirement on local currency deposits that should help to spur growth. In a Reuters survey, all five economists (...)

22 - 03 - 2012
Egypt central bank says holds interest rates, as expected
CAIRO: Egypt's central bank kept its overnight deposit and lending rates unchanged on Thursday, in line with expectations after inflation increased only mildly in February and following a cut in the reserve requirement on deposits to help spur growth. The bank's Monetary Policy Committee kept (...)

22 - 03 - 2012
Egypt gets $1.2 bln commodity loan from Islamic bank
CAIRO: Egypt has received a $1.2 billion credit facility from the International Islamic Trade Finance Corporation (ITFC) to help it pay for commodity imports, Planning and International Cooperation Minister Faiza Aboul Naga said. The loan, signed on Thursday, carries a 3.75 percent interest rate (...)

08 - 03 - 2012
Egypt forex reserves drop slows to $636 mln in Feb
CAIRO: A decline in Egypt's net foreign reserves slowed dramatically in February, reducing pressure on the central bank to allow a rapid devaluation of the country's currency. Foreign reserves fell by only $636 million after having tumbled by close to $2 billion in each of the previous four (...)

05 - 03 - 2012
Egypt interim government faces tough task selling IMF reforms
CAIRO: Egypt's interim government will have to muster all its skills of persuasion to sell austerity measures to a country weary after a year of political and economic strife, if details emerging on Cairo's planned deal with the IMF are anything to go by. Egypt wants the $3.2 billion IMF accord (...)

29 - 02 - 2012
OTMT says Mobinil talks to finish in weeks
CAIRO: Egypt's Orascom Telecom Media Technology (OTMT) said on Wednesday it hoped to wrap up negotiations within a few weeks with France Telecom over the sale of most of its stake in Egyptian mobile operator Mobinil. Under the terms of a preliminary accord signed last week, France Telecom would (...)

23 - 02 - 2012
Egypt says to offer citizens abroad $2 bln in CDs
CAIRO: Egypt will offer its citizens living outside the country $2 billion in three- and five-year certificates of deposit (CDs) within one or two weeks, the finance minister said on Wednesday. The CDs will carry an interest rate of "no more than 4 percent" and have maturities of three to five (...)

22 - 02 - 2012
Egypt to sell short-term dollar debt in March: report
CAIRO: Egypt plans to offer US-dollar certificates of deposit (CD) to Egyptians living abroad at the beginning of March to help it raise foreign currency, Al-Borsa newspaper on Tuesday quoted Finance Minister Mumtaz Al-Saeed as saying. Egypt has said it is looking to sell CDs as well as Islamic (...)

21 - 02 - 2012
GB Auto to assemble Geely autos
CAIRO: GB Auto, Egypt's biggest listed automobile assembler, said on Tuesday it had agreed to assemble passenger cars provided by Hong Kong-based Geely Automobile Holding Ltd and begin distributing Geely cars in North Africa. The two companies signed a cooperation agreement under which GB Auto (...)

21 - 02 - 2012
Egypt to sign IMF loan next month, minister says
CAIRO: Egypt expects to sign a $3.2 billion loan agreement with the International Monetary Fund (IMF) next month and will receive one-third of the funds immediately upon signing, Finance Minister Mumtaz Al-Saeed was quoted on Sunday as saying. The loan accord would be signed during a visit to (...)

19 - 02 - 2012
NSGB says Q4 net income rose 18 pct
CAIRO: National Societe Generale Bank (NSGB), Egypt's second-biggest private bank by market capitalization, boosted its net profit in the fourth quarter, partly due to ending of a charge for a 2005 acquisition, it said on Thursday. Fourth quarter net income rose 18 percent to LE 349 million (...)

16 - 02 - 2012
Lecico posts Q4 loss after one-off provision
CAIRO: Egyptian ceramics maker Lecico said on Thursday it made a LE 35.4 million ($5.87 million) net loss in the fourth quarter, reversing its net profit from a year earlier. The audited consolidated figure compares to a net profit of LE 11.1 million in the fourth quarter of 2010. Lecico said (...)

16 - 02 - 2012
Egypt to allow arbitration on PPP disputes
CAIRO: Egypt on Tuesday amended its rules for public private partnerships (PPP) to allow disputes to be resolved through arbitration rather than through Egyptian courts, a Finance Ministry official said. The move is part of a series of measures to make the PPPs more attractive to investors, said (...)

15 - 02 - 2012
Egypt's OTMT to pay dividend from Mobinil proceeds
CAIRO: Egypt's Orascom Telecom Media Technology (OTMT) said on Monday it would give shareholders much of the $1 billion it stands to gain by selling its stake in Mobinil and keep part of it for new business opportunities. OTMT said earlier it had reached a preliminary accord to sell most of its (...)

14 - 02 - 2012
Egypt foreign reserves fall, add to pressure on pound
CAIRO: The drain on Egypt's foreign reserves showed little sign of abating in January, adding to pressure on the government to let its currency slide after a year of political turmoil in which the currency has remained almost steady against the dollar. The Egyptian pound has lost only around 1 (...)

08 - 02 - 2012
Egypt foreign reserves fall $1.77 bln in January
CAIRO: Egypt's net foreign reserves fell by $1.77 billion in January, the central bank said on its website on Tuesday. Reserves were $16.35 billion at the end of January, down from $18.12 billion at the end of December. In January 2011, before the uprising that ousted president Hosni Mubarak, (...)

07 - 02 - 2012
Gunmen kidnap two US tourists in Sinai
CAIRO: Gunmen in Egypt's Sinai Peninsula kidnapped two American women on Friday in an apparent attempt to hold them for ransom, security sources said. Security in the isolated desert region has deteriorated since the overthrow of President Hosni Mubarak in a popular uprising last February. South (...)

03 - 02 - 2012
Central Bank keeps rates steady, warns of inflation
CAIRO: Egypt's central bank left its benchmark overnight deposit and lending rates unchanged on Thursday, saying economic growth remained feeble yet warning that local supply bottlenecks could cause inflation to speed up. Some economists had expected the central bank to increase rates to dampen (...)

03 - 02 - 2012
EU says it may lend Egypt up to 500 mln euros
CAIRO: The European Union may be prepared to lend Egypt up to 500 million euros ($660 million) to help it finance a budget deficit provided it successfully concludes a financial assistance agreement with the IMF, an EU official said on Wednesday. Egypt said in mid-January it had formally asked (...)

02 - 02 - 2012
Egypt to sell land to citizens abroad to get cash
CAIRO: Egypt's cash-strapped government has approved a plan to raise $3 billion by selling state land to Egyptians living abroad, a government minister told reporters on Wednesday. Fayza Aboul Naga, Egypt's minister for planning and international cooperation, said buyers would be required to pay (...)

02 - 02 - 2012
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