Business Egypt

  • *Sources say Egypt may introduce stamp duty. DUBAI, Jan 19- Egypt's blue-chip stock index tumbled on Thursday after Reuters reported that authorities were considering temporarily reintroducing a stamp duty on stock market transactions, while Saudi Arabia was supported by quarterly corporate earnings. Local traders were heavy net sellers after a Finance...

  • CAIRO— The International Monetary Fund said Wednesday that Egypt is making progress with its economic reform program, although it will still take time to improve living standards in a poor country beset with rocketing inflation. While the currency depreciated more than expected when it was floated as part of the reform package enacted late last year, there is...

  • DUBAI, Jan 18- Shares in Saudi Electricity Co weighed on Saudi Arabia's stock market on Wednesday after the company reported a wider net loss for the fourth quarter, while Egypt's index pulled back as local traders booked gains in blue chips. The Saudi equities index edged down 0.3 percent as SEC slumped 3.4 percent after posting a quarterly loss of 2.34 billion...

  • *Saudi Cement, Jabal Omar, Albilad up on higher Q4 profits. DUBAI, Jan 17- Qatar's stock market rose to a multi-month high on Tuesday in the heaviest volume since late November, buoyed by the banking sector, while firmer oil prices supported the rest of the Gulf and foreign investors bought up Egyptian shares. It reported an 8 percent drop in fourth-quarter net profit...

  • *Dubai soft but ends week with gains. *Arabian Cement continues surge in Egypt. DUBAI, Jan 12- Saudi Arabia's stock market edged higher in volatile trade on Thursday but suffered its worst weekly decline since September, while Egypt extended its bull run as international funds accumulated shares.

  • *Dubai down but stays near 15- month high. DUBAI, Jan 11- Saudi Arabia's stock market declined for a fourth straight day on Wednesday after oil prices fell further, but other Gulf bourses largely moved sideways and Dubai held near a 15- month high. "Beyond fourth-quarter earnings, which may show moderate improvement in earnings for some sectors like banks,...

  • CAIRO— Egypt on Tuesday reported a dramatic jump in the country's annual urban consumer price inflation, a stark reflection of the heavy toll inflicted by the government's tough economic measures. The statement by the Central Agency for Public Mobilization and Statistics said that food and beverage prices increased in one month by about 5.2 percent and...

  • PHOENIX— The Associated Press has named Anna Johnson as regional news director for the U.S. The appointment was announced Monday by Brian Carovillano, AP's vice president for U.S. News. She has extensive experience as an AP reporter, editor and newsroom leader in the United States and in the Middle East.

  • *Petrochemical shares weigh on Saudi as Brent near $56. DUBAI, Jan 9- Egypt's main stock index corrected on Monday as local traders booked profits and Gulf markets diverged with United Arab Emirates markets outperforming as traders focused on financial shares while a retreat in oil prices weighed on Saudi Arabian petrochemical producers.

  • *Many in Cairo decry rising prices. But on the streets of Cairo it is hard to find people who agree. But while Egypt has floated its currency with the aim of easing a shortage of the dollars it needs to import goods, taxes have gone up, subsidies have been removed and inflation at around 20 percent is eating away at living standards, hitting the poor hardest.

  • CAIRO, Jan 6- Mohsen al-Gedamy has run a successful business for the past seven years importing beans, a staple food for many Egyptians, but after the currency was suddenly floated late last year he now faces bankruptcy. "We've been handcuffed and thrown into the sea," Gedamy said in an interview in a Cairo cafe after a three-hour drive from his home town of Minya in...

  • CAIRO, Jan 6- Mohsen al-Gedamy has run a successful business for the past seven years importing beans, a staple food for many Egyptians, but after the currency was suddenly floated late last year he now faces bankruptcy. "We've been handcuffed and thrown into the sea," Gedamy said in an interview in a Cairo cafe after a three-hour drive from his home town of Minya in...

  • CAIRO, Jan 6- Mohsen al-Gedamy has run a successful business for the past seven years importing beans, a staple food for many Egyptians, but after the currency was suddenly floated late last year he now faces bankruptcy. "We've been handcuffed and thrown into the sea," Gedamy said in an interview in a Cairo cafe after a three-hour drive from his home town of Minya in...

  • CAIRO, Jan 6- Mohsen al-Gedamy has run a successful business for the past seven years importing beans, a staple food for many Egyptians, but after the currency was suddenly floated late last year he now faces bankruptcy. "We've been handcuffed and thrown into the sea," Gedamy said in an interview in a Cairo cafe after a three-hour drive from his home town of Minya in...

  • *Dubai Islamic Insurance soars amid merger speculation. DUBAI, Jan 5- Egypt's stock market closed the week at a record high on Thursday as foreign funds continued to buy, while Gulf markets inched up on the back of firmer crude oil and global bourses. "Since the float of the currency on Nov. 3 the market has not witnessed a correction and foreign funds have been...

  • *Palm Hills soars on new project in West Cairo. DUBAI, Jan 4- Stock markets in the Middle East where foreign funds are most active outperformed for a second straight day on Wednesday, with Egypt's index hitting a record high while Saudi Arabia was dragged lower by profit-taking. Palm Hills Development jumped 8.5 percent after saying it signed an agreement with the...

  • *Dubai, Qatar top two performers, following global shares. DUBAI, Jan 3- Stock markets in the Middle East gained on Tuesday, with those most exposed to international funds outperforming as global equities and crude oil prices firmed on their first full-scale trading day of 2017.. Qatar's main index climbed 1.6 percent with Commercial Bank, the top performer,...

  • *Travel agency Al Tayyar surges. DUBAI, Jan 1- Saudi Arabia's stock market rose on Sunday with much activity focusing on second- and third-tier stocks rather than blue chips, while Oman's bourse was dragged down by a higher tax on telecommunications companies. Banking stocks were soft but major gains were seen in a few stocks such as conglomerate Jazan...

  • A Christian pilgrim lights a candle in the Church of the Nativity, traditionally believed to be the birthplace of Jesus Christ, in the West Bank biblical town of Bethlehem.

    Thousands gathered in the biblical town of Bethlehem to celebrate Christmas eve in the traditional birthplace of Jesus.

  • CHISINAU- National Bank of Moldova announces interest rate decision. CAIRO- Central Bank of Egypt monetary policy meeting. BOGOTA- Bank of Colombia publishes the minutes of its December board meeting.