Economy
British Airways offers support to Egyptian tour operators
August 15, 2016
British Airways offers support to Egyptian tour operators
British Airways has affirmed its support for Egypt's travel and tourism industry, stressing the need for joint action to support…
Egypt’s 2015/16 petroleum subsidy spending down 23 percent
August 15, 2016
Egypt’s 2015/16 petroleum subsidy spending down 23 percent
Egypt's spending on petroleum subsidies fell by 23 percent in 2015/16 to 55 billion Egyptian pounds ($6.27 billion), Tarek al-Hadidi,…
Combating deficit, Finance Ministry proposes raise on gov’t service prices
August 14, 2016
Combating deficit, Finance Ministry proposes raise on gov’t service prices
Egypt is mulling raising the prices of some 14 government services to generate additional revenue for the state budget, a…
Egypt’s finance minister expects first tranche of IMF loan in six weeks
August 12, 2016
Egypt’s finance minister expects first tranche of IMF loan in six weeks
Egypt expects to receive the first $4 billion tranche of a $12 billion three-year IMF loan facility within six weeks,…
Iraq, oil companies agree to restart investment, boost output
August 11, 2016
Iraq, oil companies agree to restart investment, boost output
Iraq has reached agreement with BP, Shell and Lukoil to restart stalled investment in oil fields the firms are developing,…
Egypt’s Orascom Telecom Q1 net profit tumbles to LE48.733 mln
August 11, 2016
Egypt’s Orascom Telecom Q1 net profit tumbles to LE48.733 mln
Egypt's Orascom Telecom Media and Technology Holding said on Thursday its first quarter net profit had fallen to 48.73 million…
Egypt’s EFG-Hermes losses deepen to 67.55 mln Egyptian pounds in second quarter
August 11, 2016
Egypt’s EFG-Hermes losses deepen to 67.55 mln Egyptian pounds in second quarter
Egypt's EFG-Hermes, the country's largest investment bank, said on Thursday it made a net loss of LE67.55 million ($7.61 million)…
Egypt’s cabinet approves draft tax settlement bill amid IMF talks
August 11, 2016
Egypt’s cabinet approves draft tax settlement bill amid IMF talks
Egypt's government approved a draft bill that would settle tax disputes, the cabinet said in a statement on Wednesday, a…
Egypt inflation rate at 14.8% in July: CAPMAS
August 10, 2016
Egypt inflation rate at 14.8% in July: CAPMAS
The government statistics agency has announced an official inflation rate of 14.8 percent in July, showing now increase on the…
Egypt sets jail as punishment for black market forex trading
August 10, 2016
Egypt sets jail as punishment for black market forex trading
Egypt's parliament on Tuesday set prison sentences of between three and 10 years in jail and fines of up to…