Mohamed Shoeib, managing director of the energy division at Citadel Capital, says subsidies provided to Egypt by countries such a Saudi Arabia are not the long-term solution to the country's energy problems.» Read More
BAGHDAD— Kurdish security forces took over two major oil fields outside the disputed northern city of Kirkuk before dawn Friday and said they would use some of the production for domestic purposes, escalating a dispute the central government of Prime Minister Nouri al-Maliki.
The 15- member body will meet at 10 a.m. on Thursday to discuss the violence that is building up to the most serious hostilities between Israel and Hamas militants in Gaza since an eight-day war in 2012..
*Gaza rockets hit deeper inside Israel. GAZA/ JERUSALEM, July 9- Israeli air strikes shook Gaza every few minutes on Wednesday, and militants kept up rocket fire at Israel's heartland in intensifying warfare that Palestinian officials said has killed at least 37 people in the Hamas- dominated enclave.
CAIRO— Egypt's President Abdel-Fattah el-Sissi defended Monday his recent decisions to partially lift subsidies on fuel that caused a public outcry, calling them a necessary "bitter pill" to revive his nation's ailing economy.
CAIRO— Egypt's president decreed an increase in sales tax on cigarettes, beer and wine, the latest in a series of price hikes that aim to ease the country's staggering budget deficit. The decision announced Sunday increases a flat tax on local and imported cigarettes to between 25 and 40 cents per pack, depending on the brand.
CAIRO— Egypt's government raised the prices of fuel by up to 78 percent starting Saturday, following on a promise to cut subsidies that eat up nearly a quarter of the state budget, the official news agency reported.
ABU DHABI, United Arab Emirates— The chairman of Arabtec, the embattled Dubai construction firm that helped build the world's tallest tower, moved to calm nervous investors Wednesday by promising to improve transparency at the firm and saying it retains the support of a major shareholder backed by the Abu Dhabi government.
*Dubai stocks rebound, Cairo hit with new tax. LONDON, July 2- Global shares advanced toward fresh highs on Wednesday after European markets tracked gains in Asia, with investors looking to see if U.S. employment figures continue a run of upbeat data that has driven Wall Street to record highs.
*Dubai stocks rebound, Cairo hit with new tax. LONDON, July 2- European shares rose on Wednesday after Asian shares hit a three-year peak, with investors looking to see if U.S. employment figures continue a run of upbeat data that has driven Wall Street to record highs.
DOHA, July 2- Al Jazeera, the Qatari-funded television station whose reporting of the 2011 Arab Spring uprisings won it millions of viewers in the Middle East, is defiant following a backlash by Arab governments that accuse it of supporting Islamists.
*Oil minister sees production from BP project in 2017. AL-ASEEL OIL FIELD, Egypt, June 26- Egypt's oil minister said on Thursday that BP's $10 billion gas project, stalled for three years, had restarted and that production would begin in 2017, a sign of progress in efforts to ease the worst energy crunch in decades.
CAIRO, June 25- A minor explosion wounded three people inside the Ezbet el Nakhla metro station in northern Cairo on Wednesday, Major General Alaa Abdel Zaher, the head of Cairo's bomb disposal unit, told Reuters.
CAIRO/ DUBAI, June 22- Saudi Arabia's Almarai, the Gulf's biggest dairy company, and U.S. soft drinks giant PepsiCo will invest at least $345 million in Egypt over the next five years, the Saudi firm said on Sunday.
*UAE is major backer of Egypt since army ousted Mursi. CAIRO, June 7- Egypt and the United Arab Emirates said on Saturday they had contracted a state-run company headed by a retired Egyptian army officer to build wheat silos that are a key part of the UAE's $4.9 billion aid package to Cairo.
*Advisers Strategy&, Lazard operating in Egypt for months. The driving force behind the consulting project is the United Arab Emirates, which along with Saudi Arabia and Kuwait has showered Egypt with billions of dollars in aid since Sisi removed the Muslim Brotherhood from power last year, sources familiar with the exercise and businessmen told Reuters.
WARSAW/ PARIS- French President Francois Hollande plans to raise concerns about a possible $10 billion- plus U.S. fine on BNP Paribas that he considers disproportionate with U.S. counterpart Barack Obama.
*Would send signal that Egypt "investable again". CAIRO/ DUBAI, June 4- Egypt's currency black market is under threat from two directions, as aid from wealthy Gulf states promises to ease a dollar shortage and an increasingly confident central bank engineers a gradual depreciation of the Egyptian pound.
In an exclusive interview with CNBC, Mohamed El-Nawawy, CEO of Telecom Egypt, relives the moments around the controversial decision to cut Egypt off the Internet on January 28, 2011.
Worldwide, undersea cables carry 99% of intercontinental internet traffic and one of the busiest hubs is in Egypt. CNBC gains exclusive access to the country's strategic "TE North" facilities, and takes a closer look at where the company is moving next.
The first telegraph line from Cairo to Alexandria was inaugurated in 1854 and with it came the birth of Telecom Egypt. The firm's CEO, Mohamed El-Nawawy, discusses the potential of being the country's fourth mobile phone operator, and what he plans to do with the stake in Vodafone Egypt.