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Business Egypt

  • *Egypt floated its pound currency in November. CAIRO, Feb 24- Egypt will receive in March the second $1 billion tranche of a $3 billion World Bank loan aimed at supporting a government economic reform program, Central Bank Governor Tarek Amer said late on Friday. Facing a gaping budget deficit, Egypt began a series of painful economic reforms and has been taking...

  • CAIRO— Egyptians are bearing down under their worst inflation in a decade, cutting spending as much as possible as prices surge on basic food items, transport, housing, and even some essential medicines. The move was part of a reform package to secure an IMF bailout loan of $12 billion desperately needed to shore up investor confidence and overhaul the economy.

  • Since then, political differences have emerged as the two Arab powers have diverged on the conflict in Syria, and an Egyptian court blocked the transfer of two Red Sea islands to Saudi Arabia which Cairo had agreed during Salman's visit. Al Ahly for Real Estate Development, Talaat Mostafa Group, Misr Italia, and Orbit Group were to build housing units in Saudi...

  • CAIRO, Feb 23- Egypt's Finance Ministry is recommending a tax on stock exchange transactions of 0.2 percent on both sellers and buyers, a senior ministry official told Reuters on Thursday. Egypt imposed a stamp duty on buyers and sellers in May 2013, collecting more than 350 million Egyptian pounds in revenue before the levy was replaced in July 2014 by a 10...

  • Since then, political differences have emerged as the two Arab powers have diverged on the conflict in Syria, and an Egyptian court blocked the transfer of two Red Sea islands to Saudi Arabia which Cairo had agreed during Salman's visit. Al Ahly for Real Estate Development, Talaat Mostafa Group, Misr Italia, and Orbit Group were to build housing units in Saudi...

  • A member of the Iraqi security forces uses a wireless radio as he mans a turret on an armed vehicle in the village of al-Buseif, south of Mosul, during an offensive by Iraqi forces to retake the western side of the city from Islamic State (IS) group fighters on February 22, 2017.

    Here are some of the key stories CNBC is following this hour.

  • CANBERRA- Reserve Bank of Australia Governor Philip Lowe will appear at the House of Representatives Standing Committee on Economics. CHISINAU- National Bank of Moldova announces interest rate decision. ANKARA- Central Bank of the Republic of Turkey monetary policy meeting.

  • SINGAPORE- Federal Reserve Bank of Cleveland President Loretta Mester speaks on "View From the Federal Reserve" before the Global Interdependence Center "Central Bank Series: Singapore" event- 0115 GMT. SYDNEY- Reserve Bank of Australia Governor Philip Lowe to speak at the Australia-Canada Economic Leadership Forum- 2230 GMT. WARSAW- National Bank of Poland...

  • CAIRO, Feb 16- Egypt's agricultural exporters are seeing a surge in demand and finding new foreign markets only months after the currency was floated, with many rushing to expand capacity to keep up. "Demand has doubled, with every product gaining one or two markets," said Mostafa al-Naggari, Chairman of Fresh Fruit Co, which recently signed deals to ship to China and...

  • CAIRO, Feb 16- Egypt's agricultural exporters are seeing a surge in demand and finding new foreign markets only months after the currency was floated, with many rushing to expand capacity to keep up. "Demand has doubled, with every product gaining one or two markets," said Mostafa al-Naggari, Chairman of Fresh Fruit Co, which recently signed deals to ship to China and...

  • CAIRO- Central Bank of Egypt monetary policy committee meeting. SYDNEY- Reserve Bank of Australia Governor Philip Lowe to speak at the Australia-Canada Economic Leadership Forum- 2230 GMT. WARSAW- National Bank of Poland monetary policy council meeting.

  • BANGKOK- Bank of Thailand Governor Veerathai Santiprabhob and National Economic and Social Development Board head, Porametee Vimolsiri, to speak about the Thai economy- 0600 GMT. CAIRO- Central Bank of Egypt monetary policy committee meeting. SYDNEY- Reserve Bank of Australia Governor Philip Lowe to speak at the Australia-Canada Economic Leadership Forum-...

  • CAIRO, Feb 14- Egypt is nearing a deal to import crude oil from Iraq and is looking to other countries to help secure supply, Egyptian General Petroleum Corporation's chief Tarek al-Hadidi said. Cairo's search for additional crude comes after Saudi Arabia's state oil firm Saudi Aramco halted shipments of oil products to Egypt last year. Egypt has turned to Iraq...

  • PARIS— American-Egyptian author Mona Eltahawy is one of many activists and human rights advocates targeted in a sweeping cyberespionage campaign blamed on Egypt's government, The Associated Press has found. Eltahawy, a fierce critic of Egypt's government who has frequently complained about state surveillance, said she felt violated but not surprised.

  • CAIRO, Feb 13- Egypt's core inflation has soared to its highest level in more than a decade, hitting 30.86 percent in January as the effects of a currency float and IMF-endorsed austerity measures ripple through an economy undergoing painful reforms. Prices have risen sharply since Egypt abandoned its currency peg to the U.S. dollar on Nov. 3.

  • CAIRO, Feb 13- Egypt's most famous export, the silky soft cotton prized by makers of luxury bedding and clothing, has become so scarce as production has fallen that most supplies sold under its brand name last year were fake. Last year, agricultural production of Egypt's high quality long-staple cotton hit a more than 100- year low. Production has slumped since...

  • *Currency's dive makes imported goods unaffordable for many. CAIRO, Feb 12- Egyptian chocolate spread maker Swifax has doubled its sales and is struggling to keep up with demand since the pound currency dived in November, forcing shoppers traditionally "obsessed with everything foreign" to ditch pricy imports and buy local. "People started changing their...

  • ALEXANDRIA, Egypt, Feb 9- Egypt's Alexandria Mineral Oils Co plans a secondary offering of 10-20 percent of its shares on the Cairo stock market and will also issue 10 percent as global depositary receipts in London, its chairman said. The oil company first floated on the Cairo exchange in 2005 and around 20 percent of its shares are currently listed there.

  • SYDNEY- Reserve Bank of Australia Governor Philip Lowe to speak at the A50 Australian Economic Forum dinner. MEXICO CITY- Central Bank of Mexico monetary policy statement. MANILA- Philippines Central Bank monetary policy meeting.

  • WARSAW- National Bank of Poland monetary policy council meeting. SYDNEY- Reserve Bank of Australia Governor Philip Lowe to speak at the A50 Australian Economic Forum dinner. MEXICO CITY- Central Bank of Mexico monetary policy statement.