Business Egypt

  • *Abu Dhabi's UNB, ADCB, ADIB drop after denying merger rumors. DUBAI, Nov 20- Shares of three of Abu Dhabi's top lenders pulled back on Sunday after the banks denied they were in merger talks, while Saudi shares were hit by profit taking. Abu Dhabi's index dropped 1.7 percent as Union National Bank retreated 5.2 percent and Abu Dhabi Commercial Bank lost 2.7 percent...

  • *Egypt Kuwait Holding jumps on Q3 results. DUBAI, Nov 17- Egypt's blue chips carried the Cairo stock index to fresh eight-year highs in the heaviest trading volume on record on Thursday as foreign funds continued to flow in, while Saudi Arabia edged down in modest volumes. "The market rally is overdone, but there has been a structural change in the economy brought...

  • **NEW YORK- Brazilian Finance Minister Henrique Meirelles will speak at a banking event in New York. **CAIRO- Central Bank of Egypt holds Monetary Policy Committee Meeting- 1100 GMT. **BRNO, Czech Republic- Senior Director of Czech central bank Vojtech Benda to give a lecture for the Regional Chamber of Commerce.

  • *Egypt blue chips fall back after spectacular run. *Qatar weak as 12 of 13 MSCI shares decline. DUBAI, Nov 14- Profit-taking hit stocks in Egypt and Saudi Arabia on Monday following strong rallies in both markets, while general weakness in emerging markets dragged down the United Arab Emirates and Qatar.

  • CAIRO, Nov 14- A $12 billion loan by the International Monetary Fund to Egypt highlights the extent of the multilateral lender's re-engagement with the Middle East and the risks of a backlash against governments carrying out painful reforms return for the aid. After IMF-inspired spending cuts triggered riots in Algeria, Jordan and Sudan, many governments...

  • LONDON, Nov 14- A surging dollar and rising U.S. The dollar, which is at its strongest in nearly a year, has been roaring higher since Republican Donald Trump won the U.S. presidential election on Nov. 8. Markets in Asia tallied up heavy losses and stocks in Turkey and Russia fell around 0.8 percent.

  • DUBAI, Nov 13- Egypt's stock market gained for a 12th straight session on Sunday after the International Monetary Fund approved a $12 billion loan for the country, while Saudi Arabia rose, bucking a downtrend in the rest of the Gulf. The IMF loan approval had been widely expected, but it added fresh fuel to a rally caused by Egypt's decision to float its currency on...

  • CAIRO/ WASHINGTON, Nov 11- Egypt won International Monetary Fund approval on Friday for a three-year, $12 billion bailout program aimed at reviving a struggling economy, bringing down public debt and controlling inflation while seeking to protect the poor. IMF Managing Director Christine Lagarde described the Egypt bailout as a "homegrown economic program"...

  • *Dubai, Qatar reverse course and close down. DUBAI, Nov 10- Egyptian stocks jumped in record volumes on Thursday, driven by signs that hard currency was flowing into the country after last week's pound devaluation, while Saudi Arabia's index extended recent gains. Egypt's blue chip index surged 4.5 percent, bringing its gains since the currency was floated last...

  • CAIRO, Nov 10- Egypt's central bank said on Thursday it had reached a $2 billion financing agreement with a consortium of international banks, in a deal aimed at boosting foreign reserves as the government pushes ahead with economic reforms. Egypt has been negotiating billions of dollars in aid from various lenders to help revive its economy, battered by...

  • *Dubai, Qatar lag as most exposed to foreign capital flows. DUBAI, Nov 9- Gulf stock markets dependent on foreign funds, such as Dubai and Qatar fell on Wednesday as the region absorbed the shock of Donald Trump's U.S. election win and prepared for more volatile trading ahead. Trump, feared by markets because of his views on trade, immigration and taxation, may enact...

  • *Withdrawal of central bank leaves dealers without guidance. CAIRO, Nov 9- In a Cairo bank, foreign exchange traders cluster anxiously around a dealing terminal, preparing to make their first transaction since the central bank floated the currency. Dealers have been thrown into turmoil by the central bank's Nov. 3 decision to let the Egyptian pound trade freely...

  • *Jan soy hits highest since Oct. 28, Dec corn since Oct. 31. At the Chicago Board of Trade, the January soybean contract settled up 12-3/ 4 cents at $10.11-1/ 4 a bushel after reaching $10.20-3/ 4, its highest since Oct. 28. December corn ended up 8 cents at $3.54-1/ 4 per bushel after reaching $3.56-1/ 2, its highest since Oct. 31, and December wheat rose 5-1/ 4 cents at $4.15-1/ 4 a...

  • *Jan soy hits highest since Oct. 28, Dec corn since Oct. 31. At the Chicago Board of Trade as of 12:18 p.m. CDT, the January soybean contract was up 16 cents at $10.14-1/ 2 a bushel after reaching $10.20-3/ 4, its highest since Oct. 28. December corn was up 8-1/ 2 cents at $3.54-3/ 4 per bushel after reaching $3.56-1/ 2, its highest since Oct. 31, and December wheat was up 3-3/ 4 cents at...

  • *EGX30 index rises above February 2015 peak. CAIRO/ DUBAI, Nov 8- Egypt's stock market surged to an eight-year high on Tuesday because of hopes for foreign fund inflows after the currency was floated last week, while a plan by Saudi Arabia's government to pay debts to the private sector boosted that market. Tuesday's rise brought the index above major technical...

  • CAIRO/ ABU DHABI, Nov 7- Saudi Arabia has informed Egypt that shipments of oil products expected under a $23 billion aid deal have been halted indefinitely, suggesting a deepening rift between the Arab world's richest country and its most populous. Saudi Arabia has been a major donor to Egypt since President Abdel Fattah al-Sisi seized power in mid-2013 but...

  • *Devaluation may take months to draw big capital inflows. *Investment climate still a concern for foreigners. CAIRO, Nov 7- The pain of Egypt's currency devaluation may be felt well before the benefits, creating a period of at least several months in which there is little positive news to offset rising inflation and falling living standards, businessmen and...

  • CAIRO/ ABU DHABI, Nov 7- Saudi Arabia has informed Egypt that shipments of oil products expected under a $23 billion aid deal have been halted indefinitely, suggesting a deepening rift between the Arab world's richest country and its most populous. Saudi Arabia has been a major donor to Egypt since President Abdel Fattah al-Sisi seized power in mid-2013 but...

  • CAIRO/ ABU DHABI, Nov 7- Saudi Arabia has informed Egypt that shipments of oil products expected under a $23 billion aid deal would be halted indefinitely, suggesting a deepening rift between the Arab world's richest country and its most populous. Saudi Arabia has been a major donor to Egypt since President Abdel Fattah al-Sisi seized power in mid-2013 but...

  • *Egypt up 15.6 percent since devaluation. CAIRO/ DUBAI, Nov 7- Egypt's stock market rose sharply for a third day on Monday in response to the devaluation of the Egyptian pound which has raised hopes for capital inflows, while higher oil prices boosted petrochemical shares in Saudi Arabia. Regional investment bank Arqaam Capital said it was going overweight on...