Egypt
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Karim Abadir, founding member of the Free Egyptians Party, talks to CNBC about Egypt's failing economy, and the lack of any coherent plan.
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*Deal failed to receive nod from Egypt regulator. *EFG co-CEOs under trial in Egypt on corruption charges. CAIRO/ DUBAI, May 1- EFG Hermes, one of the largest investment banks in the Middle East, plans to cut costs, sell non-core assets, and return cash to shareholders after a planned tie-up with Qatar's QInvest failed on Wednesday.
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CAIRO/ DUBAI, May 1- A proposed tie-up between Egypt's largest investment bank EFG Hermes and Qatar's QInvest has been terminated after the two parties failed to receive regulatory approval for the transaction in Egypt.
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CAIRO, May 1- EFG Hermes, the Middle East's top investment bank, said on Wednesday the long-stop date for completion of its deal with Qatari investment company QInvest had passed without approval by Egypt's financial regulator, and so the joint venture would automatically end.
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KHARTOUM, May 1- For Sudanese businessman Mohamed Ali the tedium of the evening hours is finally over- his favourite shisha cafe in the capital Khartoum has reopened after a two-year break.
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*Bankers see more deals coming out of Egypt, Turkey. That strategy underwent an abrupt shift late in 2012 when the bank agreed to buy the Egyptian operations of French lender BNP Paribas for $500 million, securing a foothold in Egypt and diversifying a business hit hard by debt problems at the Dubai state-linked firms it banked heavily.
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*Bankers see more deals coming out of Egypt, Turkey. That strategy underwent an abrupt shift late in 2012 when the bank agreed to buy the Egyptian operations of French lender BNP Paribas for $500 million, securing a foothold in Egypt and diversifying a business hit hard by debt problems at the Dubai state-linked firms it banked heavily.
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*Kuwait rises above 7,500 points. DUBAI, May 1- Dubai heavyweight Emaar Properties. Property developer Emaar reported a worse-than-expected net profit of 556 million dirhams in the quarter ended March 31, compared to 606 million dirhams in the same period a year ago.
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NEW DELHI, May 1- Reliance Industries, owner of the world's biggest refining complex, has raised its dependence on heavier grades from Latin America, replacing some of the Middle Eastern crude it used to purchase, tanker arrival data made available to Reuters showed.
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LONDON, May 1- The liquefied natural gas tanker Bu Samra is due to unload at Britain's Milford Haven port on May 9, AIS Live ship-tracking data on Reuters shows.
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LONDON, May 1- The liquefied natural gas tanker Bu Samra is due to unload at Britain's Milford Haven port on May 9, AIS Live ship-tracking data on Reuters shows.
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Net profit for the opening three months of the year was 344.6 million riyals, versus 283.7 million riyals in the prior year period.
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*Obama won't rush to act against Syria over chemical arms* Russia bars airlines from Syria due to risk of ground fire* Libya aims to end fuel subsidies in 3 years* U.S. regrets Egypt walk-out at nuclear talks* Palestinian killed in Gaza by targeted Israeli air strike* Arab League seems to soften Israeli-Palestinian peace plan* Hezbollah says opposition won't topple Assad with force* Pope accepts invite to Israel, urges peace talks.
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ALGIERS, April 30- Ill-health may force veteran Algerian President Abdelaziz Bouteflika, now in hospital in Paris, to hasten his departure from power, plunging a youthful, restless nation into an uncertain political transition.
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MOSCOW, April 30- Russia has banned its airlines from flying over Syria, the aviation agency said on Tuesday, after a plane with 160 passengers detoured to avoid danger from fighting on the ground.
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CAIRO, April 30- Egypt's Orascom Construction Industries said on Tuesday the tax authority had exonerated it of wrongdoing after it agreed to pay 7.1 billion Egyptian pounds to resolve a tax dispute.
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CAIRO, April 30- Egypt's Finance Minister appointed his economic adviser Abdallah Shehata to manage negotiations with the International Monetary Fund, days after former negotiator Hany Kadry Dimian resigned, state news agency MENA said on Tuesday.
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*Dubai at new 3-1/ 2 year high. DUBAI, April 30- Shares in Abu Dhabi's Aldar Properties and Sorouh Real Estate fell on Tuesday after they reported mixed first-quarter earnings, weighing on the emirate's main stock index. Shares in Sorouh, which will delist from the Abu Dhabi bourse in June and merge with Aldar, dipped 1.6 percent.
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CAIRO, April 30- Egypt's Orascom Construction Industries said on Tuesday it made a net loss of $81.2 million in the fourth quarter of 2012 after extraordinary charges of $181.2 million. The firm reported a net profit of $124.4 million in the same quarter a year ago, it said in an emailed statement.
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MOSCOW, April 30- Russia has banned its airlines from flying over Syria, the aviation agency said on Tuesday, after a plane with 160 passengers detoured to avoid danger from fighting on the ground.
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CAIRO, April 30- Egypt's Orascom Construction Industries said on Tuesday it posted a net loss of $81.2 million in the fourth quarter.