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Egypt

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  • Egypt passes new budget for fiscal year 2015-2016 Thursday, 2 Jul 2015 | 2:28 PM ET

    CAIRO— Egypt's president has approved a new budget for fiscal year 2015-2016, slashing the projected budget deficit to 8.9 percent of gross domestic product, the country's finance ministry said Thursday, in a move likely to please international creditors. Also Thursday, Egypt's currency fell to a new low point against the dollar, the first such drop since...

  • CAIRO, July 1- After a year in power, Egyptian President Abdel Fattah al-Sisi's aura of invincibility may be fading as he comes under closer scrutiny from a public growing impatient with the same social inequalities that triggered a mass uprising in 2011.. I'm fed up with this entire country, "complained a 35- year-old food cart owner at a crowded market in...

  • Saudi cables suggest money links with media Tuesday, 23 Jun 2015 | 5:06 PM ET

    BEIRUT— A financially troubled Lebanese TV network received a $2 million Saudi bailout in return for adopting a pro- Riyadh editorial policy. Many of the cables were linked to the growing rivalry between Sunni Saudi Arabia and mostly Shiite Iran over influence in the region and point to Lebanon, an ethnically and religiously diverse nation with a vibrant press,...

  • BERLIN— The Al-Jazeera journalist who was detained in Berlin on an Egyptian arrest warrant has been released from custody, and is free to leave the country, Berlin prosecutors said Monday. Ahmed Mansour, 52, was detained on Saturday at Berlin's Tegel airport as he tried to board a Qatar Airways flight to Doha. Berlin prosecutors decided Monday afternoon to free...

  • CAIRO— Switzerland is dropping part of a prosecution case against Egypt's longtime autocrat Hosni Mubarak, his close aids and family members, involving hundreds of millions of Swiss francs frozen in Swiss banks. Switzerland froze the funds and opened criminal proceedings over suspicion of money laundering and "support of a criminal organization" after the...

  • CAIRO, June 17- One of Egypt's top dairy makers, Arabian Food Industries Co., plans an initial public offering on the Cairo bourse this year, or early in 2016, its vice CEO said. As well as Edita's IPO, cheesemaker Arab Dairy drew keen foreign interest before being bought eventually in March by Egyptian financial services firm Pioneers Holding.

  • MELBOURNE, June 12- London copper firmed a touch on Friday from near three month lows hit the session before, and was facing its fourth consecutive weekly fall as worsening economic indicators from top consumer China cast a pall over the demand outlook. *The International Monetary Fund dramatically raised the stakes in Greece's stalled debt talks on Thursday,...

  • *Two attacks in eight days on top destinations. CAIRO, June 11- After a violent campaign directed at security forces, Egyptian militants appear to be zooming in on President Abdel Fattah al-Sisi's most vulnerable point: the economy. Security forces on Thursday dismantled a bomb found at the entrance of the supplies ministry in Cairo, state news agency MENA said.

  • JERUSALEM/ PARIS, June 8- Orange's CEO Stephane Richard has accepted an invitation from Prime Minister Benjamin Netanyahu to visit Israel as he tries to end a diplomatic row sparked by his remarks about ending a licensing deal there. Israel protested to France after Richard said last week the 25 percent state-owned group planned to terminate an arrangement...

  • JERUSALEM, June 7- Orange's CEO Stephane Richard should come to Israel to explain his "hostile" remarks about ending the telecom company's licensing deal in the country, Prime Minister Benjamin Netanyahu was quoted as saying on Sunday. Israel protested to France after Richard said last week the 25 percent state-owned group planned to terminate an arrangement...

  • Orange says plans to expand in North Africa Wednesday, 3 Jun 2015 | 9:17 AM ET

    Stephane Richard said at a news conference in the Egyptian capital Cairo that the expansion would be through new operations in Tunisia and Morocco.

  • *Iran- allied Houthi forces accept truce to let in aid. *UAE welcomes move, hopes they won't act as Iran proxy. CAIRO/ ADEN, May 10- Yemen's dominant Houthi group accepted a five-day humanitarian ceasefire proposed by its adversary Saudi Arabia on Sunday but said it would respond to any violations of the pause.

  • *CEO Mike Coupe found guilty of embezzlement by Egypt court. Chief Executive Mike Coupe attended a court hearing in Giza last Sunday to try to overturn the conviction which related to the collapse of an Egyptian business which Sainsbury's had invested in over a decade ago. "We are aware of media coverage today outlining a legal case in Egypt brought against our...

  • *Yemen faces mounting humanitarian crisis. LONDON, April 27- Yemen is facing mounting problems bringing in food by sea as the danger from fighting between Houthis and government supporters is exacerbated by an arms blockade by Saudi-led coalition navies searching ships for weapons destined for the rebels. The Arabian peninsula's poorest country, Yemen...

  • CAIRO, April 26- Egypt's currency black market, a thorn in the side of successive governments, has virtually disappeared in the past two months following a central bank crackdown. The black market had flourished as a slump in tourism and investment since the overthrow of Hosni Mubarak in 2011 limited supply of hard currency-- undermining an image of relative...

  • The trade, known as Alexandria, is at the heart of a scandal that rocked Monte dei Paschi in 2012 just as it was being hit hard by the euro zone debt crisis. The bank emerged as the weakest lender in a Europe- wide review of lenders last year and has been told by the European Central Bank to close the Alexandria trade because its exposure to Nomura breaches regulatory...

  • DIARY- Emerging Markets Economic Events to May 5 Wednesday, 22 Apr 2015 | 8:02 PM ET

    CAIRO- Central Bank of Egypt holds Monetary Policy Committee Meeting- 0100 GMT. BANGKOK- Bank of Thailand holds Monetary Policy Committee meeting. MOSCOW- Central Bank of Russia announces interest rate decision- 1000 GMT.

  • DIARY- Emerging Markets Economic Events to May 4 Tuesday, 21 Apr 2015 | 8:02 PM ET

    WASHINGTON- World Bank President Jim Yong Kim speaks at the global philanthropy forum- 1500 GMT. CAIRO- Central Bank of Egypt holds Monetary Policy Committee Meeting- 0100 GMT. BANGKOK- Bank of Thailand holds Monetary Policy Committee meeting.

  • Dubai counting on security, money, international links. Dubai is launching a drive to become one of the Arab world's top centres for art, design, film and fashion- areas that have traditionally been dominated by old Arab cities outside the Gulf. But Dubai has advantages which the old cities can find it hard to provide: security, cosmopolitan lifestyles and...

  • MILAN, April 10- Italian bank Monte dei Paschi di Siena said on Friday it had overstepped regulatory limits with regards to its financial exposure to Japanese bank Nomura, in a surprise disclosure that could raise questions about whether the Italian lender's plans to raise capital and seek a buyer are on track. Monte dei Paschi di Siena, Italy's third largest...