Finance News
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Egypt says lower oil prices to slash energy subsidies bill by 30 pct
If low world oil prices continue during FYH2, it is estimated that the year's total petroleum subsidies bill will decrease by about 30 billion Egyptian pounds.
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Did ISIS affect Egypt economically?
The MENA-region suffered a $35 billion loss due to the Syrian war and the emergence and spread of the Islamic State in Iraq and Syria (ISIS).
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Sourcing Program Auditor needed for Olympic Group
Conduct Code of Conduct compliance assessments at factories in Egypt and less frequently in other countries of the MEA-region.
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Fitch Upgrades Egypt to 'B'; Outlook Stable
Fitch Ratings has upgraded Egypt's Long-term foreign and local currency Issuer Default Ratings (IDR) to 'B' from 'B-'. The Outlooks are Stable.
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Egypt's stocks rally as regional markets stabilise
A turbulent week spurred by falling oil prices ends with EGX30 stocks in the green as regional markets stabilise.
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Minister: Egypt-China trade exchange to reach $11.5 bn by 2015
Council member Ahmed al-Sewedy said the council, with its new formation, will work on attracting more Chinese investments to Egypt.
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U.S. welcomes ‘flexibility’ in $1.4 bln aid to Egypt
The massive fiscal 2015 spending bill that Congress passed on Saturday includes a longer list of conditions for releasing aid to Egypt.
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World Bank urges Egypt to make reforms before investor conference
Investors say they have only seen the general outlines of those reforms and need details before they can plan new investments.
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Petroleum prices drives stock market down: Experts
Market gains EGP 5.9bn Monday after witnessing a huge loss the previous day.
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US poised to lift curbs on $1.5bn aid to Egypt
The potential US spending bill allows the secretary of state to waive conditions placed on Washington’s nearly $1.5 billion in economic and military aid to Egypt.
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Egypt, MENA, and Subsidies: Whereto?
Egypt spends seven times more on fuel subsidies than on health, whereas the amount of fuel subsidies going to the richest quintile lies at 60%.
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41% of Egyptian corruption investigations incomplete: World Bank
World Justice Project says Egyptian citizens and businesses find it difficult to access public services without paying bribes.
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EBRD injects $50m in trade facility for Egypt
EBRD will issue guarantees in favour of international commercial banks, covering political and commercial payment risks for transactions made by CIB.
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Egypt has only begun to tackle subsidy problem, World Bank says
Steps by the government in July to reduce energy subsidies were “tremendous,” Shantayanan Devarajan said.
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Egypt's inflation slows to 9.1% in November
Urban inflation down in November after significant spike during September and October.
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An investment bank revives along with Egypt
EFG Hermes has re-emerged as the go-to investment bank in Egypt — bringing companies public and funneling foreign investor money.
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Subsidies and the Construction Industry
The Cement and Steel Industry are under threat due to the government’s plans to reduce subsidies on energy-consuming industries.
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Egypt's net international reserves down to $15.9 bn
Egypt has returned most of a $3bn loan from Qatar received during Mohamed Morsi's rule.
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Numerous public bank officials resign to protest maximum wage
New maximum wage sets wages at 50% less than original wages, resigned NBE official says.
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IDB allocates $220m for Egypt-Saudi power interconnection project
The approval covers sectors including energy, roads, petrochemicals, water, education, and health.