CAIRO, Oct 1- The IMF has delayed sending a team to Cairo to negotiate a $4.8 billion loan while the Egyptian government works to complete its economic reform programme, a newspaper quoted the country's Finance Minister as saying. Egypt was due to receive a team from the International Monetary Fund at the end of September to discuss the terms of the loan.
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As protestors prepare to rally in Tahrir Square once again on Tuesday, the renewed anxiety about Egypt’s fragile political process serves a potent reminder that despite the election of a new President, the country’s power structure has yet to be fully defined.
Trade on Egypt’s stock market was suspended as stocks were surging on Monday but even so the market closed 7.6 percent higher, the first reaction to the announcement of Mohamed Mursi as Egypt’s new President. The surge places the index among the world’s best performers once again.
Egypt's Muslim Brotherhood warned that a court ruling to dissolve the Islamist-led parliament and let Hosni Mubarak's former prime minister run for president is a move toward reversing the gains of the revolution.
They toppled a pharaoh, but now the small circle of liberals, leftists and Islamists who orchestrated Egypt’s revolution say they realize they failed to uproot the networks of power that Hosni Mubarak nurtured for nearly three decades, the New York Times reports.
The Islamist candidate of the Muslim Brotherhood will face former President Hosni Mubarak’s last prime minister in a runoff to become Egypt’s first freely elected president, several independent vote counts concluded Friday morning, the NYT reports.
Ratings agency Standard and Poor’s (S&P) on Tuesday pointed to increased risks for issuers in the Middle East as the spiraling tensions between Iran and the West showed no sign of slowing down. Although the agency believed that the risks were already accounted for in its current ratings, it cautioned that a reassessment depended on how the situation developed.
It’s been just over a year since former Egyptian President Hosni Mubarak stepped down after 18 days of protests, but the country’s grueling transition continues to weigh heavily on its economy.
Now that the "Arab Spring" is turning into the "Arab Winter" the former prime minister writes, "the challenge emerging from the changes taking place is so big that we had better put in place a common Western strategy or we'll find that national approaches are totally irrelevant to shape events there."
Protestors in Cairo’s Tahrir Square were preparing for a million-man march on Friday to call on the ruling military council to step down, saying steps announced recently were insufficient.
The head of Egypt's ruling army council will deliver a statement to the nation later on Tuesday, state television said, as protests demanding an end to military rule intensify.
In Egypt's government ministries, factories and especially universities, daily protests have focused on those viewed as Mr. Mubarak’s surrogates, the New York Times reports.
The stock market's easy glide higher could continue in the week ahead, as its steady advance draws in fresh money. But investors will continue to watch for signs of a pullback, now that the market is up nearly 6 percent since the start of the year.
The news for Hosni Mubarak keeps getting worse: First he loses power in Egypt—now the Swiss government has announced that Switzerland is freezing accounts belonging to Mubarak and his family.
After Hosni Mubarak's resignation, ZeroHedge is reporting that Field Marshal Mohamed Hussein Tantawi is in control of Egypt—though, possibly, on an interim basis.
Sharm el-Sheikh, the Egyptian city where Hosni Mubarak is holed up, is an interesting place for an autocrat to attempt to ride out a revolution.
In the week since, Tunisia's President has fled the country, with similar self-immolation in places like Egypt, Algeria and Mauritania.