Assets plunge EGP 28.2bn end of March
Egypt’s net foreign assets fell to new low since President Mohamed Morsi assumed office last year
Nada Badawi
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Latest by Nada Badawi
Investment minister proposes ‘treasury’ project
Hamed also announced his plans to hold talks with Central Bank of Egypt Governor Hisham Ramez to raise the fund portfolio of “Bidaya” to EGP 500m instead of EGP 130m, in order to finance small and medium sized enterprises.
Egypt, IMF in final stages of verifying economic programme
Loan delayed by inconsistent implementation of subsidy cuts and tax hikes
Bourse plunges to one-year low after MSCI announcement
Egypt may be bumped from “emerging market” to “frontier market” on lack of liquid investments
Internal debt swells
Experts express concerns over Egypt’s alarming internal debt
Supply Ministry: Wheat shipment agreed on with the US came from Canada
GASC said the shipment contained high levels of ambrosia seeds, violating terms of agreement with the US
Inflation rate reaches 8.2% in May: CAPMAS
Workers in the retail sector say prices for most products have increased significantly in recent months, due to increases in the price of the US dollar.
Queues for fuel cause mayhem
The same day in Menufiya, a policeman was injured after residents blocked the Cairo-Alexandria road, in protest against the failure to secure fuel quotas which were promised by the governor.
Morsi’s adviser says “IMF responsible” for loan delay
IMF held up by lack of signs of political consensus over the $4.8bn
Petroleum minister, Morsi’s adviser travel to Qatar to discuss gas needs
$3bn gas swap deal delayed by legal details
High interest rates attract international and Gulf banks
“The fact that there’s a general trend of expansion happening is a positive step for the banking sector in Egypt,” said Hesham Shawqi, head of the investment sector at Arab Investment Bank in Cairo.
Foreign reserves increase to $16.04bn
Analysts say increase is ‘temporary’
Tourism minister: sector won’t be affected if June protests are peaceful
Sun and sand tourism gradually picks up, as street protests are concentrated in urban cities away from beach coasts
PayPal MENA CEO: Egyptians have a big appetite for online transactions
PayPal’s CEO of MENA region Elias Ghanem spoke to Daily News Egypt about PayPayl’s operations in Egypt
Wheat stocks sufficient to end of year: Supply Ministry
79,285 tonnes of locally-produced wheat distributed so far this year
Egypt’s budget deficit estimated to hit EGP 197.5bn by end of June
Last year, the budget deficit reached EGP 134.996bn.
Egypt still has the fundamentals to grow: Multinational marketing CEO
Steve Hamilton-Clark, CEO of Taylor Nelson Sofres’ (TNS) MENA office, spoke to Daily News Egypt about the company’s activities and the challenges facing its clients.
Tourism Ministry’s calls for Egyptian hotels to ‘go green’ draw scepticism
Initiative viewed as superficial by industry experts
Cairo Airport to take energy saving measures in June
Ministry of Aviation considers shutting down runways
Suez Advisory group explains resignation
The group of advisors for the Suez Canal development project had resigned last month
Egypt ranks low for competiveness
Country slides 13 places in global competiveness survey
Kerry urges Morsi to make progress on economic reforms
Reform measures hampered by unrest and lack of political support for plans
Brazilian investors eyes Egypt’s market after Morsi’s visit
The president’s trip earlier this month was focused on finding economic opportunities and strengthening bilateral relations between Egypt and Brazil.
Fuel production rise to combat shortages
Minister of Petroleum plans to increase fuel production in attempt to meet demand and address nationwide electricity crisis
Google to hold a forum for agencies to join “Engage for Agencies”
The multinational corporation plans forum to encourage marketing agencies to join “Engage for Agencies” programme
IMF: Inflation in Egypt expected to rise by 10.9% this year
The International Monetary Fund also projects the country’s budget deficit to shrink to 8.7% in 2014
Court postpones Omar Effendi case to 16 June
Iconic department store’s sale to Saudi businessman had been invalidated because of unfair sale price
Disapproval over increased taxes on bank loan loss provisions
Banking figures dissatisfied with Shura Council’s decision to raise taxes on loan loss provisions, likely to affect investments
French oil company buys Shell’s fuel network in Egypt
The details of the transaction and its price have not been disclosed.
Egyptian pound slumps to seven against US dollar
Egypt’s currency continues to devalue despite attempts by Central Bank to slow the decline with foreign currency auctions