Business News Egypt

  • Egyptian billionaire Naguib Sawiris, executive chairman of Orascom Telecom.

    Disruptions caused by the coronavirus will cause the world economy to shrink if the outbreak continues, Egyptian billionaire Naguib Sawiris told CNBC.

  • According to Nielsen, total bread sales in the United States have been stagnant since 2015. But sourdough bread is making a comeback.

  • A combo of pictures shows Egyptian demonstrators tearing a huge portrait of President Hosni Mubarak during a protest against his rule in the northern port city of Alexandria on January 27, 2011.

    Mubarak spent six years in jail following the 2011 Arab Spring protests but was released after being cleared of most charges.

  • ALEPPO, Syria, Feb 19- A SyrianAir passenger plane landed on Wednesday at Aleppo's civilian airport, the first scheduled flight to touch down in the country's war-devastated economic hub for eight years. The reopening of the airport comes days after the Russian-backed Syrian army said it had seized rural areas northwest of Aleppo, a major strategic gain in...

  • *Tripoli gov't appears less dependent on oil than before. CAIRO/ BENGHAZI, Libya, Feb 17- Libya's combatants are readying for a long conflict, as foreign weapons flood in, eastern factions close oil ports and rival alliances wrangle over revenues from Africa's largest petroleum reserves. He is an ally of Commander Khalifa Haftar, whose self-styled Libya National...

  • *Tripoli gov't appears less dependent on oil than before. CAIRO/ BENGHAZI, Libya, Feb 17- Libya's combatants are readying for a long conflict, as foreign weapons flood in, tribesmen close oil ports and rival alliances wrangle over revenues from Africa's largest petroleum reserves. He is an ally of Commander Khalifa Haftar, whose self-styled Libya National Army...

  • *China reported 5,090 new cases in mainland China, including more than 120 deaths, taking the number of infected to 63,851, and the number of deaths to 1,380.. *A World Health Organization- led mission to China will start its outbreak investigation this weekend. This is the third death outside mainland China the Philippines and Hong Kong have reported a death each.

  • *China's 2020 gas demand to grow 6% versus 10% in 2019. SINGAPORE, Feb 12- Several analysts cut their gas demand forecasts for China, the world's top gas importer, as the fast-spreading coronavirus outbreak is expected to depress industrial, commercial and transportation appetite over the next few months. "China's industrial or commercial gas demand has already...

  • *Q4 loss of 5 cents, smaller than est. of 8 cent loss. Feb 12- Noble Energy said on Wednesday it took a $1.16 billion charge related to its assets in the Eagle Ford basin, becoming the latest producer to write down the value of its natural gas holdings as prices plunge amid record U.S. output and a global glut. Noble also cut its spending plans for 2020 to between $1.6...

  • We have buffers to prevent more economic shocks, Egyptian central bank governor says

    Tarek Hassan Amer, governor of the Central Bank of Egypt, discusses the Egyptian and global economies.

  • *China's 2020 gas demand to grow 6% versus 10% in 2019. SINGAPORE, Feb 12- Several analysts cut their gas demand forecasts for China, the world's top gas importer, as the fast-spreading coronavirus outbreak is expected to depress industrial, commercial and transportation appetite over the next few months. "China's industrial or commercial gas demand has already...

  • Egypt and its neighbors will benefit economically from gas, Egyptian minister says

    Tarek El-Molla, Egypt's minister of petroleum, discusses the energy market in Egypt and the surrounding region.

  • *Wheat at lowest since mid-Dec as USDA forecasts higher supplies. SINGAPORE, Feb 12- Chicago wheat slid for a third straight session on Wednesday to its lowest since mid-December, weighed down by a U.S. government forecast of bigger-than-expected world inventories. Soybeans eased as the market was pressured by concerns over demand from top importer China,...

  • ISTANBUL, Feb 11- The Turkish lira weakened some 0.6% against the dollar on Tuesday as investors grew increasingly concerned about an escalation of violence between Syrian government forces and Turkish forces in northwest Syria. Five Turkish soldiers were killed in shelling by Russia- backed Syrian forces on Monday, marking the second deadly attack on...

  • TRIPOLI, Feb 9- Libya's Azzawiya Oil Refining Company said on Sunday it was forced to stop refining operations due to a lack of crude supplies and no inventory. A source from the company, a subsidy of Libya's state oil firm the National Oil Corporation, said two refining units with a capacity of 60,000 barrels each had stopped. Oil output in Libya has fallen sharply...

  • GENEVA, Feb 6- The United Nations expects eastern Libyan tribal leaders to submit their list of conditions to reopen blocked oil terminals, United Nations envoy Ghassan Salame said on Thursday, pressing for a resumption of oil exports. Salame also told reporters in Geneva that indirect U.N.-led talks between five military officers from the Libyan National...

  • *China virus worries still hang over market. PARIS/ SINGAPORE, Feb 4- Chicago soybean futures rose for a second session on Tuesday to extend a rebound from a two-month low, supported by U.S. export data and a steadier trend in financial markets after losses sparked by a coronavirus outbreak in China. Equity and commodity markets were generally firm on Tuesday, as...

  • CHICAGO, Feb 3- U.S. corn futures fell to a two-week low on Monday as traders worried that the fallout from the coronavirus epidemic could include an economic hit to China, traders said. Chicago Board of Trade March corn settled down 2-1/ 2 cents at $3.78-3/ 4 per bushel after dipping to $3.76-1/ 2, the contract's lowest since Jan. 16. March soybeans rose 4-1/ 2 cents to...

  • PARIS/ SYDNEY, Jan 31- Chicago soybeans edged up on Friday, consolidating after an eight-session slide on concerns that a new coronavirus in China could crimp demand for U.S. supplies. The most active soybean futures on the Chicago Board of Trade were up 0.1% at $8.77-1/ 4 a bushel by 1100 GMT. The World Health Organization said on Thursday it was declaring the...

  • Jan 31- Airlines have started suspending flights to China in the wake of a new coronavirus outbreak, which as of Friday had killed 213 people. Air Canada said on Jan. 28 it was cancelling select flights to China. Air France said on Jan. 30 it suspended all scheduled flights to and from mainland China until Feb. 9.