economy

Egypt’s CIB sells 72 pct of investment arm to local, Gulf investors
Business

Egypt’s CIB sells 72 pct of investment arm to local, Gulf investors

Egypt's largest listed lender CIB sold a near-72 percent stake in its investment banking arm CI Capital to Egyptian and…
Kuwait to supply Egypt with 2 million barrels of oil a month
Business

Kuwait to supply Egypt with 2 million barrels of oil a month

Egypt's state news agency says Kuwait has agreed to supply Egypt with 2 million barrels of crude per month, starting…
No quick portfolio inflows due to Egypt devaluation, fund managers say
Business

No quick portfolio inflows due to Egypt devaluation, fund managers say

Egypt's currency devaluation may eventually bring foreign money into the country, but fund managers say uncertainty about the economy means…
Egypt cancels treasury bill auctions signalling more moderate rate hike
Business

Egypt cancels treasury bill auctions signalling more moderate rate hike

Egypt cancelled its three and nine month treasury bill auction on Sunday, data from the central bank showed, confounding market…
FEDCOC calls for halt to importation of non-essential goods
Business

FEDCOC calls for halt to importation of non-essential goods

The Federation of Egyptian Chambers of Commerce (FEDCOC) has called for a rationalization of imports over the next three months,…
External debt rose by 16% in 2015-2016: CBE
Egypt

External debt rose by 16% in 2015-2016: CBE

The Central Bank of Egypt (CBE) said on Wednesday that external debt rose by $7.7 billion by the end of…
Italy warns of disaster if Europe rejects its budget: paper
Business

Italy warns of disaster if Europe rejects its budget: paper

Italy's economy minister said on Sunday the European Union must choose between allowing Rome to raise its deficit to cope…
Britain’s banks to reveal solid third-quarter results, warn of Brexit storm ahead
Business

Britain’s banks to reveal solid third-quarter results, warn of Brexit storm ahead

Britain's major banks are set to report stronger-than-expected results this week, confounding expectations that political and economic upheaval caused by…
Egypt’s annual inflation drops to 14.6% in September: CAPMAS
Business

Egypt’s annual inflation drops to 14.6% in September: CAPMAS

Egypt's annual inflation rate dropped to 14.6 percent in September down from 16.4 percent in August, the state statistics agency…
Egypt to boost subsidies on household goods to balance currency devaluation
Egypt

Egypt to boost subsidies on household goods to balance currency devaluation

The Egyptian government is planning to increase subsidies on household goods to prevent soaring prices resulting from an imminent currency…
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