Dennis Ross, Counselor at The Washington Institute and former special aide to the Obama administration, explains why Egypt's regional importance would make walking away a mistake for the U.S.» Read More
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.
1st paragraph of story should go here
1st paragraph of story should go here
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.
Alia Moubayed, head of research for the Middle East at Barclays, told CNBC, "If there is one word that describes Egypt at this moment it is that you are in a situation of perfect political uncertainty and the only thing that is certain is the fact that the economy is taking a toll."
CNBC's Bertha Coombs reports no deal was made between Chairman Darrell Issa and Attorney General Eric Holder on the ATF documents, and also reports on conflicting news that former Egyptian president Hosni Mubarak is "near death" in a Cairo hospital.
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.
Egyptians head to the polls on Wednesday and Thursday next week to elect a president to replace Hosni Mubarak. It will be the first fair leadership election in the country, nearly a year and a half after the revolution which saw Mubarak ousted amid months of violent protests. Lawrence Saez, a politics professor at London's School of Oriental and African Studies, gave CNBC a preview.
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.
Florence Eid, founder and CEO of Arabia Monitor, told CNBC, " In Egypt the test today is whether the elections are postponed or not, my hope is that they will go through on schedule and that they won't be interrupted through the process."
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.
Egypt's stock market reopens today after being closed for about two months. Insight with Max Rodenbeck, The Economist Middle East correspondent.
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.