Business News Egypt

  • CAIRO, April 22- Egypt expects its borrowing needs to reach 820.7 billion Egyptian pounds in fiscal year 2019/ 20, a 26 percent increase from the previous year, the draft budget seen by Reuters showed. Egypt expects interest on debt to climb 23.8 percent to 541.7 billion pounds from 437.4 billion pounds a year earlier. Egypt also aimed to review the general rate of...

  • CAIRO, April 22- Egypt expects its borrowing needs to reach 820.7 billion Egyptian pounds in fiscal 2019/ 20, a 26 percent increase from the previous year, the draft budget seen by Reuters showed. Egypt expects to issue 435.1 billion pounds worth of treasury bills, against 350.8 budgeted for the 2018/ 2019 fiscal year, a 24 percent increase, the draft showed.

  • CAIRO, April 22- Egypt expects its borrowing needs in fiscal year 2019/ 20 to reach 820.7 billion Egyptian pounds, a 26 percent increase from the previous fiscal year, the draft budget seen by Reuters showed.

  • Forces loyal to Libya's UN-backed unity government arrive in Tajura, a coastal suburb of the Libyan capital Tripoli, on April 6, 2019, from their base in Misrata.

    Several air strikes and explosions shook the capital of major oil producer Libya overnight, residents said, in an escalation of a two-week offensive by eastern forces on the city held by the internationally recognized government.

  • President of Egypt Abdel Fattah El Sisi addresses the United Nations General Assembly at UN headquarters, September 20, 2016 in New York City.

    Egyptians vote this weekend on constitutional changes that will potentially allow President Abdel Fattah el-Sisi to stay in office until 2030 and bolster the role of Egypt's powerful military.

  • AL-SUANI, Libya, April 18- Mortars crashed down on a suburb of Tripoli on Thursday, almost hitting a clinic and adding to people's suffering after two weeks of an offensive by eastern troops on the Libyan capital, which is held by an internationally recognized government. The Libyan National Army of Benghazi-based Haftar has become bogged down in the southern...

  • *25 of 30 stocks on Egypt's blue-chip index slide. *Egypt's EKHO falls for 10th session. April 16- Saudi Arabia's stock market rose on Tuesday as most of its banks gained, while a wide sell-off pulled down Egypt's blue-chip share index.

  • *Soybeans also firm as market monitors U.S.- China talks. PARIS/ SYDNEY, April 15- Chicago corn futures edged higher on Monday as the market assessed the extent to which extreme weather may disrupt the U.S. planting season. The most active corn futures on the Chicago Board Of Trade were up 0.6 percent at $3.63 a bushel, as of 1216 GMT, after also edging higher on Friday.

  • CAIRO, April 14- Egypt has signed an agreement with Euroclear, Europe's biggest settlement house for securities, to allow holders of its sovereign debt to clear transactions outside the country beginning in six months' time, its finance minister said. Mohamed Maait also told Reuters that Egypt hopes to announce a new sovereign debt issue by the end of September...

  • Chicago Board of Trade May corn settled up 1 cent at $3.61 per bushel, staying inside Thursday's trading range. All three commodities posted modest weekly declines after the U.S. Department of Agriculture on Tuesday raised its U.S. and world ending stocks forecasts for corn and wheat, and traders waited for signs of progress in U.S. trade talks with top global soy...

  • As of 12:55 p.m. CDT, Chicago Board of Trade May corn was down 1/ 4 cent at $3.59-3/ 4 per bushel, staying inside of Thursday's trading range. All three commodities were on track to post modest weekly declines after the U.S. Department of Agriculture on Tuesday raised its U.S. and world ending stocks forecasts for corn and wheat, and traders waited for signs of...

  • LONDON/ CAIRO, April 11- Eastern-based Libyan forces commanded by Khalifa Haftar launched an offensive last week to take control of Tripoli, the capital, plunging the OPEC country into a new round of armed conflict. Libya began fracturing in 2011 when local groups took up arms against leader Muammar Gaddafi amid the Arab Spring uprisings but also turned against...

  • *Algeria crisis adds to doubts over end of season demand. A political crisis in Algeria- the main overseas market for French wheat-, the upcoming end to Morocco's import season and competition from U.S. wheat in Egypt were all tempering optimism about end-of-season export demand, Manon Duval, deputy head of FranceAgriMer's grain unit, told reporters.

  • DOHA/ LONDON, April 8- Qatar filed lawsuits on Monday against three banks, accusing them of causing billions of dollars of damage to its economy by what it called overseas currency manipulation in the wake of an Arab boycott against Qatar in 2017.. The cases, filed in London and New York, name Luxembourg- based Banque Havilland, the United Arab Emirates' First Abu...

  • DOHA/ LONDON, April 8- Qatar said on Monday it had filed lawsuits against three banks, accusing them of using what it called overseas currency manipulation to sabotage its economy in the wake of an Arab boycott against the country in 2017.. The cases, filed in London and New York, name Luxembourg- based Banque Havilland, the United Arab Emirates' First Abu Dhabi Bank...

  • Container ship in Suez Canal, Egypt.

    Cairo is expected to become a net gas exporter by the end of 2019 and the country has seen widespread interest in its natural gas potential.

  • MOSCOW, April 6- Russia wants all the political forces in Libya to find an agreement, Russian Foreign Minister Sergei Lavrov said on Saturday during a visit to Cairo.

  • EGYPT WILL INCREASE FUEL PRICES TO ACHIEVE 100 PCT COST RECOVERY LETTER TO IMF.

  • CAIRO, April 6- Egypt will remove subsidies on most energy products by June 15, it told the International Monetary Fund in a January letter released by the IMF on Saturday as part of a review of Cairo's three-year, $12 billion loan program with the lender. The letter from Egypt's finance minister and central bank governor was included in an IMF staff report dated...

  • EGYPT WILL INTRODUCE FUEL PRICE INDEXATION FOR PRODUCTS OTHER THAN OCTANE 95 IN JUNE, PLANS FIRST PRICE ADJUSTMENTS MID-SEPT LETTER TO IMF.