Business Egypt

  • KHARTOUM, Dec 2- Mohamed Yassin's minimarket occupies a prime spot in Khartoum but its shelves are largely empty as a plummeting currency and slew of subsidy cuts pushes prices up and customers away. Inflation approaching 20 percent and government austerity have fuelled growing discontent and rare protests in Sudan in recent weeks. At the same time, Sudan has...

  • KHARTOUM, Dec 2- Mohamed Yassin's minimarket occupies a prime spot in Khartoum but its shelves are largely empty as a plummeting currency and slew of subsidy cuts pushes prices up and customers away. Inflation approaching 20 percent and government austerity have fueled growing discontent and rare protests in Sudan in recent weeks. At the same time, Sudan has...

  • KHARTOUM, Dec 2- Mohamed Yassin's minimarket occupies a prime spot in Khartoum but its shelves are largely empty as a plummeting currency and slew of subsidy cuts pushes prices up and customers away. Inflation approaching 20 percent and government austerity have fueled growing discontent and rare protests in Sudan in recent weeks. At the same time, Sudan has...

  • CAIRO, Nov 30- Egypt's central bank has told banks they may allocate dollars to a wider range of clients, according to bankers, potentially making hard currency available to foreign companies seeking to repatriate earnings after months of delays. Egypt's central bank abandoned its currency peg of 8.8 pounds to the U.S. dollar on Nov. 3 in a move aimed at unlocking...

  • CHICAGO, Nov 29- U.S. soybean futures fell 1.2 percent on Tuesday, pulling back from a 4-1/ 2 month high on a round of profit-taking, as well as pressure from falling crude oil prices. Multiple Chicago Board of Trade soft red winter wheat futures contracts hit new lows during Tuesday's session. "There is some macro pressure here in the soy complex," said Terry Linn, with...

  • CHICAGO, Nov 29- U.S. soybean futures fell 1.1 percent on Tuesday, setting back from a 4-1/ 2 month high on a round of profit taking as well as pressure from falling crude oil prices. "There is some macro pressure here in the soy complex," said Terry Linn with Chicago brokerage Linn& Associates. At 10:42 a.m. CST, CBOT January soybean futures were down 11-3/ 4 cents at...

  • SINGAPORE, Nov 28- Egypt will import around 60 cargoes of liquefied natural gas next year and Glencore will be the biggest supplier, trading sources with knowledge of the results of Egypt's mega tender for 2017 and 2018 said on Monday. Glencore bagged the right to supply around 25 liquefied natural gas cargoes to Egypt, while second-placed Trafigura is...

  • *Army said to be unhappy with new currency. HARARE, Nov 25- In Zimbabwe, where worthless $100 trillion notes serve as reminders of the perils of hyperinflation, President Robert Mugabe is printing a new currency that jeopardizes not just the economy but his own long grip on power. According to the Reserve Bank of Zimbabwe, the bond notes will be officially...

  • *Egypt grain importers see over $1 bln in FX losses. CAIRO/ ABU DHABI Nov 24- Huddled in the Radisson Blu hotel on the outskirts of Cairo last week, some of Egypt's top wheat traders talked damage control: they had lost more than $1 billion since the country floated its currency and now they wanted to be bailed out. Egypt took markets by surprise on Nov. 3 when it abandoned...

  • *Army said to be unhappy with new currency. HARARE, Nov 25- In Zimbabwe, where worthless $100 trillion notes serve as reminders of the perils of hyperinflation, President Robert Mugabe is printing a new currency that jeopardizes not just the economy but his own long grip on power. According to the Reserve Bank of Zimbabwe, the bond notes will be officially...

  • *Egypt grain importers see over $1 bln in FX losses. CAIRO/ ABU DHABI Nov 24- Huddled in the Radisson Blu hotel on the outskirts of Cairo last week, some of Egypt's top wheat traders talked damage control: they had lost more than $1 billion since the country floated its currency and now they wanted to be bailed out. Egypt took markets by surprise on Nov. 3 when it abandoned...

  • *Egypt pulls back as local traders dump shares. DUBAI, Nov 24- Egypt's stock index slipped from a multi-year peak on Thursday while shares in the Gulf were mixed with Saudi Arabia's market swinging in volatile, heavy trade but ending the week on a firm footing. Mohamed El Nabarawy, head of asset mananement at Cairo- based HC Securities& Investment, believes that there...

  • *Dubai's Arabtec surges by daily limit, other speculative shares rally. DUBAI, Nov 23- Saudi Arabia's index firmed on Wednesday as blue chips resumed their climb and the positive mood flowed into other Gulf bourses, carrying them higher. Riyad Capital said in note that STC has maintained its dividend policy of 1 riyal per quarter and they believe it has the ability...

  • *Abu Dhabi banks recover following denial of merger talks. *Shuaa Capital surges as new stakeholder seen as positive. DUBAI, Nov 21- Stock markets in the Gulf diverged on Monday with Saudi Arabia's index cooling for a third session as investors book profits on lofty prices while Abu Dhabi rebounded slightly.

  • *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.