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Business Egypt


  • NAIROBI, July 30- Kenya Airways sunk deeper into the red in the year through March, sending its shares plummeting on Thursday, but CEO Mbuvi Ngunze said the tourism slump that sparked the losses may have bottomed out. The carrier, one of Africa's largest, said its pretax loss widened to 29.71 billion shillings for 2014/ 15, from 4.86 billion shillings a year earlier,...

  • Egypt confounds wheat thieves with hi-tech U.S. storage Wednesday, 8 Jul 2015 | 11:36 AM ET

    ALEXANDRIA, Egypt, July 8- A move to store Egypt's wheat in state-of-the-art warehouses monitored by a control center in Cairo could end losses from theft and waste, cutting its $3 billion bread subsidy bill, an executive at the U.S. firm designing the project said. Blumberg Grain, a family-owned food storage firm based in Florida, signed a $28 million contract with...

  • WITNESS-A front-row seat as Libya's hopes faded Wednesday, 8 Jul 2015 | 5:48 AM ET

    But the episode shows how Libya had changed since rebels toppled Muammar Gaddafi in August 2011. Back then, young fighters in Tripoli had celebrated into the night after they seized Gaddafi's Bab Aziziya compound. Libya is split between two rival governments: an official one, which has decamped to Tobruk in the east, and an unrecognized one in the capital Tripoli.

  • CAIRO, July 1- After a year in power, Egyptian President Abdel Fattah al-Sisi's aura of invincibility may be fading as he comes under closer scrutiny from a public growing impatient with the same social inequalities that triggered a mass uprising in 2011.. I'm fed up with this entire country, "complained a 35- year-old food cart owner at a crowded market in...

  • CAIRO, June 17- One of Egypt's top dairy makers, Arabian Food Industries Co., plans an initial public offering on the Cairo bourse this year, or early in 2016, its vice CEO said. As well as Edita's IPO, cheesemaker Arab Dairy drew keen foreign interest before being bought eventually in March by Egyptian financial services firm Pioneers Holding.

  • Egypt's economy: On the road to recovery? Friday, 12 Jun 2015 | 6:30 AM ET
    Egypt's economy: On the road to recovery?

    Egypt's economy is showing signs of significant growth. Angus Blair, president of the Signet Institute, weighs in on its current state.

  • MELBOURNE, June 12- London copper firmed a touch on Friday from near three month lows hit the session before, and was facing its fourth consecutive weekly fall as worsening economic indicators from top consumer China cast a pall over the demand outlook. *The International Monetary Fund dramatically raised the stakes in Greece's stalled debt talks on Thursday,...

  • *Two attacks in eight days on top destinations. CAIRO, June 11- After a violent campaign directed at security forces, Egyptian militants appear to be zooming in on President Abdel Fattah al-Sisi's most vulnerable point: the economy. Security forces on Thursday dismantled a bomb found at the entrance of the supplies ministry in Cairo, state news agency MENA said.

  • JERUSALEM/ PARIS, June 8- Orange's CEO Stephane Richard has accepted an invitation from Prime Minister Benjamin Netanyahu to visit Israel as he tries to end a diplomatic row sparked by his remarks about ending a licensing deal there. Israel protested to France after Richard said last week the 25 percent state-owned group planned to terminate an arrangement...

  • JERUSALEM, June 7- Orange's CEO Stephane Richard should come to Israel to explain his "hostile" remarks about ending the telecom company's licensing deal in the country, Prime Minister Benjamin Netanyahu was quoted as saying on Sunday. Israel protested to France after Richard said last week the 25 percent state-owned group planned to terminate an arrangement...

  • Orange says plans to expand in North Africa Wednesday, 3 Jun 2015 | 9:17 AM ET

    Stephane Richard said at a news conference in the Egyptian capital Cairo that the expansion would be through new operations in Tunisia and Morocco.

  • Why Jordan is investing in alternative energy Tuesday, 19 May 2015 | 7:00 PM ET
    Why Jordan is investing in alternative energy

    Jordan's economy faces many challenges - including high numbers of refugees and energy needs - says King Abdullah II of Jordan. But the Kingdom is taking steps to address them.

  • Egypt's ousted President Morsi sentenced to death Saturday, 16 May 2015 | 6:06 AM ET
    Change is in the air: demonstrations in Cairo's Tahrir Square

    An Egyptian court sentenced ousted President Mohammed Morsi to death over his part in a mass prison break in 2011.

  • *Iran- allied Houthi forces accept truce to let in aid. *UAE welcomes move, hopes they won't act as Iran proxy. CAIRO/ ADEN, May 10- Yemen's dominant Houthi group accepted a five-day humanitarian ceasefire proposed by its adversary Saudi Arabia on Sunday but said it would respond to any violations of the pause.

  • Will Indonesia's Mideast maid ban backfire? Thursday, 7 May 2015 | 10:08 PM ET
    Indonesian activists protest against the death penalty, in response to the execution of 2 Indonesian maids in Saudi Arabia.

    Indonesia has imposed a ban on any more of its domestic helpers from working in 21 Middle Eastern countries, but will the move backfire?

  • *CEO Mike Coupe found guilty of embezzlement by Egypt court. Chief Executive Mike Coupe attended a court hearing in Giza last Sunday to try to overturn the conviction which related to the collapse of an Egyptian business which Sainsbury's had invested in over a decade ago. "We are aware of media coverage today outlining a legal case in Egypt brought against our...

  • *Yemen faces mounting humanitarian crisis. LONDON, April 27- Yemen is facing mounting problems bringing in food by sea as the danger from fighting between Houthis and government supporters is exacerbated by an arms blockade by Saudi-led coalition navies searching ships for weapons destined for the rebels. The Arabian peninsula's poorest country, Yemen...

  • CAIRO, April 26- Egypt's currency black market, a thorn in the side of successive governments, has virtually disappeared in the past two months following a central bank crackdown. The black market had flourished as a slump in tourism and investment since the overthrow of Hosni Mubarak in 2011 limited supply of hard currency-- undermining an image of relative...

  • The trade, known as Alexandria, is at the heart of a scandal that rocked Monte dei Paschi in 2012 just as it was being hit hard by the euro zone debt crisis. The bank emerged as the weakest lender in a Europe- wide review of lenders last year and has been told by the European Central Bank to close the Alexandria trade because its exposure to Nomura breaches regulatory...

  • DIARY- Emerging Markets Economic Events to May 5 Wednesday, 22 Apr 2015 | 8:02 PM ET

    CAIRO- Central Bank of Egypt holds Monetary Policy Committee Meeting- 0100 GMT. BANGKOK- Bank of Thailand holds Monetary Policy Committee meeting. MOSCOW- Central Bank of Russia announces interest rate decision- 1000 GMT.