Politics Hosni Mubarak

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  • 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...

  • CAIRO, Feb 8- Egypt is drafting its next budget on the basis of an exchange rate of 8.25 Egyptian pounds to the dollar, weaker than the central bank's official rate, two government sources said on Monday, indicating the monetary authority may be preparing to devalue. Egypt's fiscal year begins in July. "The government has begun preparing the state budget in...

  • CAIRO, Feb 8- Egypt is drafting its 2016-2017 budget on the basis of an exchange rate of 8.25 Egyptian pounds to the dollar compared to 7.75 pounds this fiscal year, two government sources said on Monday, indicating the central bank is preparing to devalue. Egypt's central bank has defended the pound against growing pressure to devalue, but with foreign exchange...

  • CAIRO, Feb 8- Egypt is preparing its 2016-2017 budget on the basis of an exchange rate of 8.25 Egyptian pounds to the dollar, as compared to 7.75 pounds the previous year, two government sources told Reuters on Monday. The proposed value of the pound in the budget being drafted indicates the Central Bank of Egypt is planning to devalue the pound from the official...

  • *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.

  • 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.

  • Egyptians voted narrowly in favor of a constitution shaped by Islamists but opposed by other groups who fear it will deepen divisions, officials in rival camps said on Sunday.

  • Egyptians stood in line to vote on Saturday on a constitution promoted by its Islamist backers.

  • Egyptian President Mohamed Morsi

    An odd alliance between pro-democracy activists and Mubarak loyalists is raising eyebrows. Who is playing who?

  • MILAN-- The Associated Press has withdrawn its story about Italy's Silvio Berlusconi in a Milan court today. Background in the story erroneously stated that former Egyptian President Hosni Mubarak was dead. Another Italy-Berlusconi story will be filed.

  • MILAN-- Silvio Berlusconi made a rare court appearance Friday to deny some of the more salacious accusations at the center of a sex scandal in Italy that has muddied his reputation. Berlusconi's declaration was spontaneous, a practice that Italy allows defendants and which does not have the weight of testimony.

  • GENEVA-- Switzerland has blocked almost 1 billion Swiss francs linked to rulers in four Arab Spring nations, a senior government official said Tuesday.

  • CAIRO, Oct 12- Egypt has no foreign military bases on its soil and has no plans to downsize its armed forces, said the military spokesman, rejecting media reports claiming so.