Business Egypt

  • ABU DHABI, Sept 7- Egyptian state inspectors have rejected a 63,000 tonne shipment of wheat at its Romanian port of origin after checking for ergot, the first time Egypt has rejected a cargo at source since taking a zero tolerance stance against the common grain fungus. Egypt, the world's largest wheat importer, last week reinstated its hard-line stance despite...

  • SINGAPORE, Sept 6- Chicago wheat fell on Tuesday while corn dipped as grain markets opened after a long weekend, with ample wheat supplies and an upcoming harvest of a record high U.S. corn crop denting prices. Chicago Board of Trade most-active wheat contract fell 0.4 percent to $3.97-3/ 4 a bushel by 0253 GMT, having gained almost 3 percent over the past two...

  • SYDNEY, Sept 6- U.S. wheat futures fell for the first time in three sessions on Tuesday, pressured by concerns about demand from Egypt, the world's largest buyer of the grain. *The most active wheat futures on the Chicago Board of Trade dropped 0.44 percent to $3.97-1/ 4 a bushel, having closed up 1.1 percent on Friday when prices hit their highest since Aug. 29 at $4.01-1/...

  • SYDNEY, Sept 6- U.S. wheat futures fell for the first time in three sessions on Tuesday, pressured by concerns about demand from Egypt, the world's largest buyer of the grain. *The most active wheat futures on the Chicago Board of Trade dropped 0.44 percent to $3.97-1/ 4 a bushel, having closed up 1.1 percent on Friday when prices hit their highest since Aug. 29 at $4.01-1/...

  • ABU DHABI/ CAIRO, Sept 5- Egypt's health ministry banned wheat with any ergot fungus on Monday, a decision traders said signals the zero tolerance policy that wreaked havoc on the country's grain purchases earlier this year is back to stay. "It's almost impossible now to change the decree, it's like they want to force the zero ergot and think that everyone should...

  • CAIRO/ ABU DHABI Aug 31- Egypt's ability to buy wheat from abroad while demanding zero ergot fungus in shipments was dealt a serious blow on Wednesday, with state grain buyer GASC cancelling its tender after receiving just one offer. The near complete boycott at Wednesday's tender underscores the difficulty of requiring ergot-free shipments even for a...

  • CAIRO, Aug 31- Telecom Egypt, the state-owned landline monopoly, said it acquired the country's first 4 G mobile license on Wednesday at a cost of 7.08 billion Egyptian pounds paving the way for it to become the fourth mobile provider in Egypt. Egypt is giving companies that already operate in the country priority in obtaining 4 G licences but has said it would...

  • CAIRO/ ABU DHABI, Aug 25- Egypt's Minister of Supply Khaled Hanafi has resigned amid the highest-profile corruption case since President Abdel Fattah al-Sisi came to power in 2014.. If Egypt's local wheat procurement figures were misrepresented, it may have to spend more on foreign wheat purchases to meet local demand- even as it faces a dollar shortage that has...

  • CAIRO/ ABU DHABI, Aug 25- Egypt's Minister of Supply Khaled Hanafi has resigned amid the highest-profile corruption case since President Abdel Fattah al-Sisi came to power in 2014.. If Egypt's local wheat procurement figures were misrepresented, it may have to spend more on foreign wheat purchases to meet local demand- even as it faces a dollar shortage that has...

  • MILAN, Aug 19- The latest judicial probe into Monte dei Paschi di Siena is a procedural necessity but it could still damage Italy's third-largest bank as it seeks to solve its financial woes, the lender's chief executive said on Friday. CEO Fabrizio Viola and former chairman Alessandro Profumo are under investigation for alleged false accounting and market...

  • FLORENCE, Italy, Aug 18- The chief executive of Monte dei Paschi di Siena, Fabrizio Viola, and the Italian bank's former chairman, Alessandro Profumo, are under investigation for alleged false accounting and market manipulation, a source with knowledge of the matter said. The source said on Thursday prosecutors in Siena alleged the bank did not correctly book two...

  • The headquarters of Banca Monte dei Paschi di Siena SpA, the oldest surviving bank in the world and Italy's third-largest bank.

    The CEO of BMPS, Fabrizio Viola, and the bank's former chairman, Alessandro Profumo, are under investigation, a source with knowledge of the matter said.

  • FLORENCE, Italy, Aug 18- The chief executive of Monte dei Paschi di Siena, Fabrizio Viola, and the Italian bank's former chairman, Alessandro Profumo, are under investigation for alleged false accounting and market manipulation, a source with knowledge of the matter said. The source said on Thursday prosecutors in Siena alleged the bank did not correctly book two...

  • MILAN, Aug 12- Italy's Eni is talking to oil companies including Lukoil, ExxonMobil, Total and BP about selling at least a 20 percent stake in its giant gas field in Egypt, industry sources said. Chief Executive Claudio Descalzi has said any deal on Zohr would have to wait until next year when final appraisals are complete and production kicks in.

  • Egyptian women are seen as they buy vegetables in an open-air marketplace in Cairo, Egypt.

    The IMF has agreed in principle to grant Egypt a $12 billion three-year loan facility.

  • CAIRO, Aug 11- The International Monetary Fund has agreed in principle to grant Egypt a $12 billion three-year loan facility, to support a government reform programme aimed at plugging a budget gap and rebalancing the currency markets. "Egypt is a strong country with great potential but it has some problems that need to be fixed urgently," the head of the IMF's...

  • CAIRO, Aug 11- The International Monetary Fund said on Thursday it had reached a staff-level agreement with Egypt for a $12 billion three-year funding facility to support a government reform program aimed at plugging a funding gap and rebalancing the currency market. "Egypt is a strong country with great potential but it has some problems that need to be fixed...

  • CAIRO, Aug 11- Egypt has reached a preliminary agreement with the International Monetary Fund after nearly two weeks of talks to secure a $12 billion lending programme and will make an announcement on Thursday, two government sources said. The sources said no deal had been signed yet but that intensive talks with an IMF delegation that arrived in Cairo on July 30...

  • CAIRO, Aug 8- Egypt will increase electricity prices by up to 40 percent for households as part of its plan to repair its finances by eliminating power subsidies entirely over the next few years, the government said on Monday. Egypt began a five-year program of price increases in 2014 to gradually eliminate domestic electricity subsidies.

  • Egypt said late on Tuesday it was seeking $4 billion a year over three years from the International Monetary Fund to help plug a funding gap. Egyptian stocks have surged on hopes a deal would revive confidence and allow Egypt to remove restrictions on access to hard currency that have hit manufacturing and trade and made it hard for foreign firms to repatriate...