Politics Hosni Mubarak

  • CAIRO— Egypt is in the "final stages" of negotiating an agreement with the International Monetary Fund to secure a $12 billion loan over three years, while targeting more loans totaling $7 billion annually, according to a Cabinet statement. Amr el-Garhy, the finance minister, told the CBC TV network on Tuesday that Egypt is discussing a total of $12 billion from the...

  • CAIRO, July 26- Economists expect Egypt's central bank to keep rates unchanged at its monetary policy committee meeting on Thursday, after it raised rates by 100 basis points at its last meeting. The central bank put up its key rates by 100 basis points to their highest level in years at its last MPC meeting on June 16, a move economists said was meant to rein in...

  • CAIRO, July 25- Economists expect Egypt's central bank to keep rates unchanged at its monetary policy committee meeting on Thursday, after it raised rates by 100 basis points at its last meeting. The central bank put up its key rates by 100 basis points to their highest level in years at its last MPC meeting on June 16, a move economists said was meant to rein in...

  • CAIRO— Egypt's currency has fallen to new lows on the black market, with media reports saying it had reached levels of about 12 pounds to the dollar. Thursday's slide comes a day after local newspapers carried comments by Central Bank Governor Tarek Amer that were taken to imply that another devaluation was in the works. Years of unrest since the 2011 overthrow of...

  • Prices have soared since Egypt devalued its currency by 13 percent in mid-March to end speculation against the pound and ease a dollar shortage that has disrupted trade in a country that relies on imports of everything from food to fuel. But the black market for dollars has since rebounded, putting Egypt back at square one: under pressure to devalue and spark a...

  • CAIRO, June 19- Investigators have begun analysing the two severely damaged black boxes from EgyptAir flight MS804 as they seek to explain why the plane plunged into the sea, killing all 66 people on board. It would require "lots of time and effort" to fix the two badly damaged black box recorders, sources on Egypt's Aircraft Accident Investigation Committee told...

  • The Airbus A320 crashed into the Mediterranean early on May 19 on its way from Paris to Cairo. Egypt's investigation committee said in a statement that a specialist vessel owned by Mauritius- based Deep Ocean Search was forced to salvage the device in stages because it was extensively damaged, but was able to retrieve the memory unit. Egypt's public prosecutor...

  • CHICAGO, June 16- Egypt, the world's top wheat importer, faces $860 million in extra costs and lost export opportunities this year because of "unorthodox agricultural measures," including a zero-tolerance policy on ergot fungus in wheat, the U.S. Department of Agriculture said on Thursday in a report. The report, from a USDA attache in Cairo, criticized the...

  • *Egypt plans jail terms for black market trading. CAIRO/ RIYADH, June 15- Egypt's efforts to stamp out illicit currency trading is pushing black market dealers to carry out transactions abroad, beyond the reach of the law, robbing the economy of its last vital source of foreign currency. Dealers say they are scooping up dollars held by expatriate workers and...

  • CAIRO, June 14- Economists are roughly evenly split on whether Egypt's central bank will raise interest rates at its monetary policy committee meeting on June 16, after a jump in inflation in May. "Whilst a rise in interest rates might, in other scenarios, prove an efficient policy response, at the moment, given the increasingly heavy burden on the budget from rising...

  • CAIRO, June 14- Economists are roughly evenly split on whether Egypt's central bank will raise interest rates at its monetary policy committee meeting on June 16, after a jump in inflation in May. "Whilst a rise in interest rates might, in other scenarios, prove an efficient policy response, at the moment, given the increasingly heavy burden on the budget from rising...

  • LONDON, May 25- Egyptian investment firm Qalaa Holdings is confident its new refinery will cut the country's dependence on crucial oil product imports, particularly as a weaker currency and rising crude prices force the government to reduce its energy bills. The $3.7 billion Egyptian Refining Co will have the capacity to produce 4.2 million tonnes of refined...

  • *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...

  • 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, 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...