Politics Hosni Mubarak

  • *Could lead to joint venture to restore flights with Russia. CAIRO, Feb 2- An Egyptian airline plans to buy up to 10 Russian-made jets in a deal with Sukhoi Civil Aircraft that could also see the creation of a tour agency to restore flights between the two countries that were suspended after a plane crash last year. An Egyptian source said the deal included the...

  • *Traders shaken by mixed signals from Egypt. *Egypt is world's biggest importer. Wheat supplies, critical to a bread subsidy programme that feeds tens of millions, are a red line in Egypt, the most populous Arab country.

  • CAIRO— Egypt has placed new import duties on luxury goods, applying a presidential decree aimed at steering demand toward local products. Cairo airport official Mohammed Mahmoud says Sunday that the decree issued last week raises taxes 10 percentage points to 40 percent. The move comes as Egypt attempts to shore up dollar reserves and make sure they are used...

  • CAIRO— Egypt will allow importers to keep larger amounts of foreign currency in banks, the Central Bank said Tuesday, in a move that will be welcomed by businesses. "It's positive news for the business community," said Mohamed Abu Basha, an Egyptian economist at regional investment giant EFG Hermes. "The central bank has lately shown itself ready to resolve the issue...

  • *Wheat imports must have zero ergot fungus- quarantine body. *Wheat shipments stuck at French port. CAIRO/ ABU DHABI, Jan 6- Egypt, the world's largest purchaser of wheat, has imposed restrictive import requirements, an agricultural authority official told Reuters, alarming traders who threatened to boycott tenders for the politically sensitive commodity.

  • CAIRO, Dec 15- The African Development Bank has approved a $1.5 billion loan to Egypt to be paid out over three years, International Cooperation Minister Sahar Nasr told Reuters on Tuesday. Egypt expects to receive an additional $1 billion from the World Bank by the end of the year to support the budget and could discuss potential IMF financing once parliament...

  • *Egypt depends on imports, forex shortage hampering trade. CAIRO, Dec 13- Egypt's central bank injected more foreign currency liquidity into the banking system in a surprise operation on Sunday, bankers said, the latest in a series of steps aimed at ending a foreign exchange shortage that had seen goods pile up at ports. A dollar injection has been anticipated...

  • CAIRO, Nov 26- From bankers to carmakers, Egypt's business community will breathe easier when Tarek Amer takes charge at the central bank on Friday, with hopes high he will revamp a monetary policy that has undermined investment and growth. Announced last month, the leadership change unleashed anger against outgoing governor Hisham Ramez, who capped dollar...

  • Egypt returns ex-governor Okda to central bank fold Thursday, 26 Nov 2015 | 6:07 AM ET

    CAIRO, Nov 26- Egypt has appointed ex-central bank governor Farouk al-Okda to a high-level committee at the central bank as part of a reshuffle analysts say is aimed at helping steer the country out of a foreign exchange crisis. The move suggests that Egypt is headed for a change of course on monetary policy after the capital controls introduced by outgoing...

  • Egypt's new wheat subsidy could cut future wheat harvests Wednesday, 18 Nov 2015 | 9:28 AM ET

    CAIRO, Nov 17- Egypt's decision to slash wheat subsidies, which has infuriated farmers, threatens to cut future harvests and force the country to burn scarce dollars on more imports during a foreign currency crisis, traders and experts say. Earlier this month Egypt said it would no longer pay a fixed, and highly subsidised, price to procure local wheat in what...

  • CAIRO, Nov 18- Egypt's industrial federation has called for tighter regulations on imports in an attempt to ease demand for dollars and prevent a repeat of the currency crisis that has seen goods pile up at ports this year. Mohamed El Sewedy, head of the Federation of Egyptian Industries, said the dollar crunch had hit manufacturing, with raw materials held up at...

  • CAIRO, Nov 4- Banque Du Caire, Egypt's third largest state bank, expects a 40-45 percent increase in profits this year following a restructuring, according to its chairman, Mounir El Zahid. The bank's annual profits have been increasing since it restructured central departments in 2011, with annual profits growing from 44.9 million Egyptian pounds in 2011 to...

  • *Bankers laud choice of Tarek Amer as new cenbank governor. CAIRO, Oct 23- When Egyptian central bank governor Hesham Ramez quit, phones began ringing as bankers congratulated each other on the departure of a man they say refused to change course even as Egypt careered from currency crisis toward trade crisis. His named successor, Tarek Amer, who begins his...

  • *Top businessmen want say in policy-making. *Delicate balancing act between reforms and the generals. CAIRO, Oct 16- When Egyptian general-turned-president Abdel Fattah al-Sisi removed the unpopular Muslim Brotherhood from power in 2013, billionaire Naguib Sawiris promised to invest in his country like never before.

  • Egyptian currency clampdown clobbers small business Wednesday, 9 Sep 2015 | 10:06 AM ET

    CAIRO, Sept 9- Egypt has become the victim of its own success in clamping down on the black market for foreign currency. The winner is the central bank itself, which capped hard currency bank deposits in February at $10,000 a day, up to a maximum of $50,000 a month. One businessmen to suffer is wood importer Abdel Khalek Mohamed, who has long been unable to get dollars...

  • * "Zero" investment by Sawiris in Egypt since Red Sea summit. Naguib Sawiris, who has made an eye-catching but as yet unanswered offer to buy an island from Greece or Italy to house refugees from wars in the Middle East, said he had invested "zero" in Egypt since an upbeat investment summit in March. The chairman and chief executive of Orascom Telecom, Media and...

  • Egypt national elections offer hope: EFG co-head Wednesday, 14 May 2014 | 7:03 AM ET
    Abdel-Fattah el-Sissi

    The co-chief executive of EFG Hermes told CNBC that Egypt was undergoing political rejuvenation, meaning it had a lot to offer investors.

  • We would live to regret cutting Egypt aid: US expert Monday, 19 Aug 2013 | 9:52 PM ET
    We would live to regret cutting Egypt aid: US expert

    Dennis Ross, Counselor at The Washington Institute and former special aide to the Obama administration, explains why Egypt's regional importance would make walking away a mistake for the U.S.

  • Egypt's Mubarak cleared of corruption charges Monday, 19 Aug 2013 | 4:36 PM ET
    Egypt's Mubarak cleared of corruption charges

    A criminal court in Cairo orders the release of ousted president Hosni Mubarak. Ayman Mohyeldin is live in Egypt with the details.

  • Brazil Protesters Struggle to Define Next Steps Saturday, 22 Jun 2013 | 6:08 AM ET
    Clashes between Civilians and Brazilian right police break out after an afternoon of peaceful demonstrations on Avenida Presidente Vargas June 20, 2013 in downtown in Rio de Janeiro, Brazil.

    Middle-class protesters marching for the first time say the challenge for Brazilians is to keep alive the political spirit that was awakened in the last week, after decades of apathy.