News
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Political rivalries thrust Egypt’s economy into collapse
Fitch Ratings downgrades Egypt's long-term foreign currency rating to B+ with negative outlook because of uncertainties over political future.
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Creating jobs and attracting investment are Egypt's biggest challenges
Corruption of the former, ousted Egyptian regime halted the possible liberalisation of the country's economy, while driving unemployment skywards.
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Egypt-Kuwait business council and joint Egypt-Kuwait missions to Africa
Egypt and Kuwait have decided on cooperatively boosting each other's trade sector and acting together in neighboring countries.
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Egypt's Muslim Brotherhood has its eye on Islamic banking
The Muslim Brotherhood’s immediate concern is to implement Islamic banking and finance to fix Egypt’s economy.
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Egypt’s disarray puts a regional investment bank in play
In a complex transaction, EFG-Hermes will put its investment banking, asset management and brokerage units into a joint venture with Qinvest.
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Market sage Art Cashin says Egypt can turn markets upside down
Art Cashin warned that markets are paying too much attention to Greece and not enough attention to the elections in Egypt.
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GAFI Chairman meets major U.S. companies' representatives
Chrysler Group LLC and General Motors stressed that they intend to boost their investments in Egypt in the coming months.
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Fitch downgrades Egypt on political uncertainty as vote looms
The downgrade and negative outlook reflect increased uncertainties surrounding the political transition after the Jan25 revolution.
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New Egyptian crisis threatens currency, finances
Growth in North Africa's biggest economy has flatlined in the 16 months since the toppling of Mubarak's 30-year regime.
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Egypt's central bank likely to keep key interest rates steady at November rate
A Cairo investment house say overnight deposit rate and overnight lending rate are expected to be kept unchanged.
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Wheat experiment produces dramatic yield boost
Egypt's Academy of Scientific Research and Technology succeeded in carrying out an experiment to increase average national wheat yields.
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Citadel Capital closes $3.7 billion financing for refinery
The petroleum refinery is worth $3.7 billion, and will hopefully decrease Egypt's diesel import by 50 percent.
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Egypt's central bank to start 28-day repos
The central bank introduced seven-day repos in March 2011 to manage short-term interest rates after political and economic unrest.
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32% increase in tourism in Red Sea during 2012
Hurghada, Sharm el Sheikh, and the Red Sea seem safer than Cairo, Luxor and Aswan, as tension spreads in Egypt.
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Market Update: Egypt stocks close Thursday at slight loss
EGX30 falls 0.05 pct to 4,419 points on Thursday as broad-based EGX70 rises 0.5 pct.
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Tourism Federation threatens legal action against Constituent Assembly
Although tourism is an important sector in Egypt, it is not appropriately represented in the Constituent Assembly, according to the ETA.
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Egyptian firms look abroad for business
After the revolution ousted President Mubarak last year, Egyptian firms started looking at foreign markets for growth.
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Two candidates, one dire economy
Economic issues have taken a back seat to political instability, lacking security and ideological power struggles.
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Petrochemicals complex costs $ 3.7 billion in Suez
A new complex for petrochemicals is being established, with the help of a $1.4-billion-loan from the Export-Import Bank of the US.
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Will Egypt be the Mideast's gaming capital?
Egypt is gaining a positive image and popularity in the video game development scene throughout the Middle East and North Africa.