Business News Egypt

  • BEIRUT, Jan 19- Qatar's emir will visit Beirut on Sunday for an Arab economic summit which has been marred by regional rifts and internal Lebanese disputes even before it began. Rifts among Arab states over Syria and its ally Iran, on top of divisions inside Lebanon, have overshadowed the summit, with several leaders pulling out. Saudi Arabia, the United Arab...

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  • SUEZ, Egypt, Jan 17- Egypt reopened three ports on Thursday that it had shut on Wednesday due to bad weather as conditions improved and winds stabilized, the Red Sea Ports Authority said. Several Egyptian port cities and the capital Cairo were hit by a severe sandstorm on Wednesday, which prompted the closure of several ports. Ayman Saleh, head of the Red Sea Ports...

  • CAIRO, Jan 16- Egypt has agreed a $1.2 billion deal with the Export-Import Bank of China to finance a light rail system from an industrial city on the outskirts of Cairo to a new capital it is building, the transportation minister said. He said $461 million would go to infrastructure and $739 million for trains. The new capital, announced in March 2015, is intended...

  • CAIRO, Jan 16- Egypt agreed a $1.2 billion deal with the Export-Import Bank of China to finance a light rail system from an industrial city on the outskirts of Cairo to a new capital it is building, the transportation minister said. The loan has a 1.8 percent interest rate and matures in five years, the minister said. $461 million will be for infrastructure and $739...

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  • CAIRO, Jan 14- Israel will begin exporting natural gas to Egypt in a few months' time, Energy Minister Yuval Steinitz said on Monday, a key step in the country's plans to sell its expanding gas production abroad and bolster diplomatic ties. Israel has discovered vast amounts of gas since the early 2000 s, signing deals to export to Egypt and Jordan.

  • CAIRO, Jan 14- Israel will begin exporting natural gas to Egypt "in a few months' time", Israeli energy minister Yuval Steinitz said on Monday. Steinitz was speaking on the sidelines of a regional gas forum in Cairo, where he said Israel and Egypt had discussed how to extend cooperation on natural gas, including through exports.. Egypt is hoping to leverage its...

  • *Lisbon airport at maximum capacity. LISBON, Jan 14- Portugal's long-running tourism boom is set to move decisively into reverse in 2019 due to capacity constraints at Lisbon airport and a drop in British visitors because of a Brexit-hit pound, Portugal's biggest hotel group told Reuters. Jose Theotonio, chief executive of the Pestana Group which operates 94...

  • On Sunday, two government sources said Egypt planned to issue $2 billion worth of Japanese yen-denominated bonds in the coming week.

  • CAIRO, Jan 13- Egypt has settled a 700 million Egyptian pound dispute between its customs authority and an importer of Mercedes-Benz vehicles, the finance ministry said on Sunday. The announcement came two days after an Egyptian cabinet statement said that Mercedes-Benz production chief Markus Schaefer had told Prime Minister Mostafa Madbouly that the...

  • DOHA, Jan 13- Qatar Investment Authority aims to raise investments in the United States to $45 billion in the next two years as it rebalances its portfolio of assets away from Europe, its chief executive said on Sunday. Mahmoud's predecessor Sheikh Abdullah bin Mohamed bin Saud al-Thani in 2015 committed to invest $45 billion in the U.S. over a five-year period.

  • WASHINGTON, Jan 11- The United States plans to jointly host a global conference focused on the Middle East, particularly Iran, next month in Poland, the U.S. State Department said on Friday. Secretary of State Mike Pompeo told Fox News in an interview to air on Friday that the meeting would "focus on Middle East stability and peace and freedom and security here in this...

  • SYDNEY, Jan 11- U.S. soybeans edged higher on Friday, rebounding from an eight-day low touched in the previous session. However, the oilseed was poised to record its first weekly loss in three as optimism that Beijing and Washington can reach a trade deal began to fade. *Soybeans hit a low of $9.06 a bushel on Thursday, the lowest since Jan. 3.

  • *Optimism over U.S.- China talks tempered by lack of detail. CHICAGO, Jan 10- U.S. soybean futures dropped nearly 2 percent on Thursday, the steepest slide since Nov. 26, reversing a week of gains due to a lack new purchases by China following trade talks with the United States. Corn and wheat futures followed soybeans lower as optimism that China would be soon buying a...

  • *Optimism over U.S.- China talks tempered by lack of detail. CHICAGO, Jan 10- U.S. soybean futures dropped nearly 2 percent on Thursday, the steepest slide since Nov. 26, reversing a week of gains due to a lack new purchases by China since trade talks with the United States. Corn and wheat futures followed soybeans lower as optimism that China would be soon buying "a...

  • CAIRO, Jan 10- Egypt's current account deficit narrowed to $1.751 billion in the three months to end-September, the central bank said on Thursday, from an apparently revised $1.754 billion a year earlier. The trade deficit increased to $9.90 billion from $8.91 billion, with exports rising 16 percent to $6.79 billion and imports 13 percent to $16.68 billion.

  • CAIRO, Jan 10- Egypt's current account deficit narrowed to $1.751 billion in the three months to end-September, the central bank said on Thursday, from an apparently revised $1.754 billion a year earlier. Last year the central bank had put the July- September 2017 figure at $1.64 billion. Remittances from workers abroad rose to $5.91 billion from $5.82 billion...

  • *Qatar index at its highest level since March 2017. Jan 10- The Qatar stock market hit its highest level in nearly two years on Thursday, as financial stocks boosted most major Gulf bourses ahead of corporate earnings announcements next week. Egypt's blue-chip index was flat, with El Sewedy Electric adding 2 percent and Commercial International Bank inching up...

  • *Optimism over U.S.- China talks tempered by lack of detail. PARIS/ SINGAPORE, Jan 10- Chicago soybean futures edged lower on Thursday as optimism over trade talks between U.S. and Chinese officials this week was tempered by a lack of signs that China was continuing to buy soybeans or other U.S. crops. "Beans are under a bit of pressure after gaining ground in the last...