Politics Hosni Mubarak

  • *Germany says "America first" is no answer to post-Cold War world. LONDON, April 28- Donald Trump's first major foreign policy address alarmed American allies, who view the Republican front runner's repeated invocation of an "America first" agenda as a threat to retreat from the world. "I can only hope that the election campaign in the USA does not lack the perception...

  • EASTERN DESERT, Egypt— Off the off-road tracks deep in Egypt's eastern desert, prospectors are ramping up the hunt for the treasure once revered by the Pharaohs as the "skin of the gods"— gold. Essential for ancient artifacts like the famed burial mask of Tutankhamun and still highly desired in Middle Eastern culture today, gold has been mined in Egypt for millennia.

  • CAIRO, April 27- The Egyptian central bank's monetary policy committee is expected to hold interest rates steady on Thursday as it continues to assess the impact of last month's rate hike of 150 basis points, a Reuters poll showed. On March 14, the central bank devalued the pound to 8.85 pounds per dollar from 7.73. "The central bank increased interest rates by an...

  • *Central bank struggles to curb black market. *With a little innovation, traders still thrive. CAIRO, April 21- Egypt's war on black market currency traders is not going to plan.

  • CAIRO— Egypt's currency fell to new lows on the black market this week, with traders selling it on Thursday from between 11 and 11.15 Egyptian pounds to the dollar amid speculation it will be officially devalued further. The Associated Press noted the 11 to 11.15 range at three different currency traders. "Rumors have circulated on the market suggesting the...

  • CAIRO, April 18- Egypt's economy will grow by just 3.5 percent over the 2016/ 17 fiscal year, widely missing the government's target of 5.2 percent and dipping below last year's growth rate, a Reuters poll found. Egypt's fiscal year runs from July through June. "We expect this year is likely to be a tough one for Egypt owing to the short-term pain caused by the...

  • CAIRO, April 10- Egypt is confident of luring back millions of foreign visitors and putting a smile on their faces, according to its new tourism minister, despite heavy first quarter losses and setbacks including a bomb that brought down a Russian passenger plane. "I am very hopeful, optimistic about the future of tourism into Egypt," Rashed told Reuters in an...

  • CAIRO, April 8- Egypt's hard-currency crisis and competition from modern factories in Asia and at home threaten one of the last dyeing workshops in Egypt but one of its owners takes comfort in the trade's ancient resilience. Before those days, when protests in Tahrir Square raised high hopes of a bright future for millions of Egyptians, the small workshop used to...

  • SAN FRANCISCO, April 1- Egypt blocked Facebook Inc's Free Basics Internet service at the end of last year after the U.S. company refused to give the Egyptian government the ability to spy on users, two people familiar with the matter said. Free Basics, launched in Egypt in October, is aimed at low-income customers, allowing anyone with a cheap computer or smartphone...

  • CAIRO, March 28- President Abdel Fattah al-Sisi on Monday sacked Egypt's top auditor who had stirred controversy by publicly concluding that government corruption had cost the country billions of dollars. Geneina's removal is likely to raise questions about Egypt's commitment to fighting graft as it struggles to rebuild an economy hammered by years of...

  • *Wheat is a strategic commodity in Egypt. CAIRO, March 23- Egypt's supply minister said the world's top wheat buyer is close to eradicating graft in its strategic sector, defending the country's management of the system against criticisms that it is vulnerable to corruption. Wheat has become a key issue in recent months because the stability of Egypt's supply...

  • CAIRO, March 15- Egypt's central bank is expected to raise interest rates on Thursday, a Reuters poll showed, in an attempt to defend the pound after the central bank devalued the currency and said it will adopt a more flexible exchange rate policy. "We've seen measures from the central bank to enhance foreign exchange liquidity... but for this cycle to be complete...

  • CAIRO, March 15- When Egyptian lawyer Ahmed Gad stepped out of a cafe on the outskirts of Cairo to take a call last October, a gunman on the back of a motorcycle trained a semi-automatic rifle on him and opened fire. Gad, who survived, said the men were trying to silence him for his attempts to expose corruption in one of Egypt's most important commodity markets: wheat.

  • CAIRO, March 14- Egypt's central bank devalued the pound on Monday and said it would move to a more flexible exchange rate policy in an effort to rebalance markets and ease a foreign exchange shortage that had stifled business activity and hit confidence. Egypt devalued the pound to 8.85 per dollar from 7.73 and simultaneously pumped nearly $200 million into...

  • CAIRO, March 8- Sami Khangy's printing press has a problem: finding paper. Prices are rising, profits are falling and uncertainty over the fate of Egypt's currency is clouding investment plans. "They want to cut imports but there are only two paper plants in the country and the quality is rubbish," said Khangy, sipping coffee in the office at his factory west of Cairo.

  • CAIRO, March 6- Egypt's central kept bank kept the pound stable at 7.7301 pounds against the dollar at an exceptional auction on Sunday for the sale of $500 million to cover imports of strategic goods, bankers said, pumping more foreign exchange into an economy that has been starved of dollars. Egypt, which relies heavily on imports, hasn't been able to recover...

  • CAIRO, March 6- Egypt's central bank said on Sunday it would hold an exceptional auction for $500 million to cover imports of strategic goods, pumping more foreign exchange into an economy that has been starved of dollars. Egypt, which relies heavily on imports, hasn't been able to recover since a popular uprising in 2011 toppled autocrat Hosni Mubarak, driving...

  • *Egypt starved of forex as tourists, investors dwindle. CAIRO, March 3- The Egyptian pound slipped to its weakest rate on the black market on Wednesday, raising pressure on the central bank to devalue as firms complain of problems clearing imports and repatriating earnings. Egypt has been starved of foreign exchange since an uprising in 2011 ended Hosni...

  • *Threat of rejected shipments has kept suppliers away from Egypt. CAIRO/ ABU DHABI March 2- A global grain glut should make purchasing wheat cheap and easy for Egypt, the world's biggest importer, but traders say one bureaucrat has made it anything but. Moussa, who did not respond to repeated attempts to contact him for this story, told Reuters in January: "Any wheat...

  • *Health Ministry considering increasing prices of finished drugs. CAIRO, Feb 10- Nahed Ibrahim has scoured Egypt in vain to find a regular supply of medication to help her mother to recover from a stroke she suffered four months ago, since then the 75- year-old has struggled to follow conversations. A weaker currency has also made it more expensive to import raw...