Latest in Tag: Economy Highlight
Latest in Tag: Economy
IMF says Egypt loan talks ‘must reflect evolving conditions’
Fund spokesman said that no new IMF mission to Egypt has been discussed or scheduled.
Sukuk law approved, government to hold two bidding rounds for projects
Now that the law has been approved, the government is set to hold two bidding rounds for sukuk projects, the first to be held in US dollars and the second in Egyptian pounds
Standard and Poor’s downgrades Egypt credit rating
Egypt’s long-term rating was lowered to ‘CCC+’ from ‘B-‘, while its short-term rating dropped to ‘C’ from ‘B’
Morsi seeks closer trade ties with Brazil
Rousseff hailed her guest’s “historic” visit and the two leaders witnessed the signing of several technical cooperation accords
Morsi begins visit to Brazil
President Mohamed Morsi wants to learn from Brazil’s own revolution and social programmes, State Information Services says
Review: The media, Qatar and businessmen
One columnist addresses what he sees as flaws in the media, and another addresses current economic issues, including reconciliation with businessmen such as Sawiris and Ezz, and the issue of receiving money from Qatar. Four Subjects Dr Ahmed Khaled Tawfik Al-Tahrir newspaper Author Dr Ahmed Khaled Tawfik addressed the state of the media in his …
ElBaradei: Current situation may lead to angry, hungry people
IMF is essential to economic recovery
Qatari Prime Minister: We are studying new ways to fund additional development projects in Egypt
Hamad bin Jasim bin Jaber Al Thani makes stopover in Cairo en route back to Doha from US
Egypt and the IMF: Between rhetoric & reality
By: Mohamed A. Fouad In a recently televised interview given to Al-Jazeera Channel, Egyptian president Mohamed Morsi has asserted that the delay in the International Monetary Fund (IMF) negotiations is largely due to “Egypt’s refusal to succumb to the IMF’s terms”. This marks the continuation of rhetoric which attempts to politicise a simple loan. This rhetoric …
Labour strikes and protests double under Morsi
Egyptian Centre for Economic and Social Rights reports increasing trend of strikes and protests since President Mohamed Morsi came to power
ECESR sues government over budget transparency
Egyptian Centre for Economic and Social Rights and political parties demand government reveal annual budget proposal before adopting it
New budget presented to Shura Council
Further taxes are expected
Military denies agreeing to civilian oversight
Military spokesperson dismisses reports by Anadolu Turkish news agency that the military’s economic activities would be subject to state oversight
Consumer inflation rate rises
Poorest consumers feel commodity price increases most painfully
Egyptians continue illegal immigration
Despite numerous warnings from Foreign Ministry, Egyptians continue to enter other countries illegally
CAPMAS: Unemployment rate jumps to 12.7% in 2012
Rate has increased by 3.7 percentage points since 2010
Qandil arrives in Doha
An Egyptian delegation led by Prime Minister Hesham Qandil arrives in Qatar on Tuesday evening to discuss eight new investment projects
After Arab Spring, Islamists test religion in economics
By Farah Halime With the rise of political Islam across North Africa in the wake of the Arab Spring uprisings of 2011, Islamic finance is being touted as the solution to decades of unemployment and economic inequality. “We’ve tried socialism, we’ve tried capitalism, now we’re trying Islam,” cried supporters of Mohamed Morsi, when he was …
Cairo University conference discusses economic challenges
‘No reasons to be pessimistic’ about the economy, says Ashraf Al-Araby
El-Araby: Foreign investment in the Arab world drops 37.4%
Main contributing factor to rising unemployment was the inability of governments to attract foreign, Arab and local investment
Egypt’s Islamist Groupies
There are few Egypt’s president can rely on more in these economic hard times than his band of Islamist brothers. Key financial supporters from Islamist-led governments have come through with cash injections at times of extreme economic hardship, when Mohammed Morsi faced a spike in inflation and subsequent social unrest. Egypt’s Islamist groupies, including Qatar, Turkey, …
Egypt’s Economic Crisis Growing
By Sherif Elhelwa Egypt’s political and civil unrest is combining with economic decline to threaten the country’s future. President Mohamed Morsi’s decision to remove government subsidies from some forms of energy and to establish ration cards for gasoline has sparked popular anger. Dozens of Egyptians were injured when thousands of supporters and opponents of Morsi’s …
Egypt’s untold diesel story
By Farah Halime The people at Cairo-based brokerage firm Pharos Holding have sent investors a thorough breakdown of the reasons behind Egypt’s diesel crisis. Titled “Diesel Crisis: Unquoted Figures and Untold Stories. The Secret behind Diesel Shortages in Egypt”, the document sheds light on the country’s fuel crisis. Pharos Research sourced diesel import data from the main government …
Moody’s downgrade
Rating agency drops Egyptian government bond to Caa1 from B3
Pity Sawiris
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 …
Bakery owners protest during minister’s meeting
Bakery owners protest at ministry of supply while minister meets their representative
CBE gives foreign investors access to US dollars
Move by Central Bank aims to reassure foreign investors
Election uncertainty to negatively affect Egypt’s economy: Standard Chartered
The low level of reserves is making it harder for the Central Bank of Egypt to manage the exchange rate, Standard Chartered’s report concluded
Mahalla microbus strike continues
Microbus drivers still striking, taxis return to work
Mahalla drivers shut down city roads
As the diesel crisis worsens, Mahalla drivers respond by blocking the city’s main roads