Business - Economy

US crisis impact on Egypt 'will not be heavy,' says minister of finance

A locally-made liquidity crunch is recently-appointed Hazem El-Beblawi's worst fear as he warns of the country's perilously high budget deficit

Shareholders in Egypt's AJWA plan boycott to force legal decision

Shareholders in one of the country's leading food producers are eying a boycott of company products to pressure the chairman into meeting a legal demand it repurchases 28.5 million shares sold at average market price last year

Egypt foreign reserves plunge by $860m, rate of depletion grows

Monthly fall in the country's incoming is far higher than over the last two months but compares well to the $2 billion lost between March and April

Global policymakers discuss debt crisis, market turmoil

After $2.5 trillion was wiped from global markets in the last week, leaders are under mounting pressure to reassure investors that Western governments can reduce their growing public debt

Egypt mobile phone May subscriptions up 28 per cent

Numbers using the country's three networks continue their steady month-on-month and year-on-year rises

Saudi stocks slump on uncertainly in global markets with US rating downgrade

The largest stock market in the region lost more than 5 per cent in its first day of trading, as analysts wait for the effect on Middle East markets on Sunday

Can you hear us now? Egypt mobile carriers struggle with politics

Condemned for shutting down communications during the January 25 Revolution, Egypt's main telecom companies have been struggling with PR problems ever since

Iran's new oil minister seeks $40 bln to develop shared fields

The newly appointed oil minister vowed to prioritize development of jointly owned fields, notably the giant South Pars gas reservoir in the Gulf where Qatar has leapt ahead of Iran in developing the valuable resource they share

Egypt competition authority to be granted more power

In the middle of internal reforms, Egypt's Competition Authority seeks more powers to confront monopolistic activities to help open the economy for much-needed activity

US loses AAA rating, G7 finance ministers to meet

S&P cuts U.S. long-term credit rating to AA-plus; a move which is likely to eventually raise borrowing costs for the American government, companies and consumers.

Khartoum blocks South Sudan oil shipment

Sudan has blocked a shipment of southern oil after Juba refused to pay Khartoum's transit fees, the foreign ministry said on Friday, escalating a row between the north and the newly independent south.

Global stocks rebound on US higher jobs report

Stock traders breath a sigh of relief at the news that the U.S. added more jobs than expected during July, putting a halt to one of the worst selloffs since the height of the 2008 financial crisis

Egypt's businessmen all for a minimum wage but figure, time and mechanism not yet set

Ahmed El-Boraie, Egypt's labor minister, says the government will not unilaterally set minimum wages for Egypt’s private sector

OPEC will need to meet if oil drops further : Iran

Oil prices has been dropping over the past week on the back of a broader market selloff driven by economic concerns in Europe and the U.S.

An explosion shuts down oil pipeline west Iran

The explosion, the second in 2 two weeks, will lead to stoppage of flows of up to 4,000 barrels per day

World equities reel towards 8th day of losses

An overnight panic triggered the worst sell-off on Wall Street since the global financial crisis, investors in Asia slashed positions in equities and commodities and scrambled for the safety of cash and government bonds

Egypt eyes new wheat tender as Russian grain prices climb 5 per cent

Inflated prices for newly-available Russian wheat are leading Egypt's state buyers to consider alternative sources during today's tender

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